6.2. SR 01-28-2002 - Laserfiche WebLink

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MEMORANDUM TO: FROM: Mayor and City Council e_~,\ Lori Johnson, Finance Director DATE: January 28, 2002 SUBJECT: Key Financial Strategies Worksession: Adopt Financial Management Plan Attached is the final draft of the City's Financial Management Plan. As you may recall, the Council originally reviewed and commented on the draft plan on October 17, 2001. The changes requested by Council at that meeting have been incorporated in the policy section of the final document. In addition three sections have been added: Keys, Actions, and Data. Each of these sections captures discussions and data presented at the Key Financial Strategies work sessions. The Keys section of the plan gives a general background of the major factors that influence the City's financial condition. The Action section lists the actions that are to be accomplished, and the Data section provides actual City data that was used as a basis for decision-making and analysis during this process. This data will continue to be updated on an ongoing basis so that staff and council members can react to and make decisions based on current trends and projections. Rusty Fifield will walk the Council through the final draft at the meeting. As I stated earlier, the only material changes to the Plan are the ones requested by the Council. Hopefully, since this is the final Key Financial Strategies meeting scheduled, the Financial Management Plan can be adopted so that we may begin working on some of the action steps included in the Plan. Of course, if you have any comments or would like to discuss the Plan in more detail prior to the Council meeting, please feel free to contact me at your convenience. Action Requested The City Council is asked to consider the attached Financial Management Plan for the City of Elk River.