Long-term financial planning uses financial forecasts and analysis to identify future financial challenges and opportunities, and then identifies strategies to secure financial sustainability in light of these same challenges and opportunities. It must satisfy two requirements that can sometimes be difficult to reconcile. First, the forecast must provide strategies to achieve and maintain financial balance. Second, the forecast must identify how, from a financial perspective, the City will provide a consistent level of public services and also address special issues of utmost concern to the community.
The quickest path to financial balance is usually curtailment of services - cuts which the public may not find acceptable or which may even endanger the community's basic health, safety, and welfare. At the same time, providing public services to the full extent desired by the community may not be financially feasible. Hence, a good forecast requires balance and compromise between the public services provided by the government and the debt and tax burden support by the community.
Below are the City's Five Year Financial Forecasts and Capital Improvement Plan (CIP) documents: