Slide 1 of 55 Darrel L. Thomas, Assistant City Manager/COO City of Weston, Florida Florida Government Finance Officers Association Annual Conference Wednesday,

of 55 Darrel L. Thomas, Assistant City Manager/COO City of Weston, Florida Florida Government Finance Officers Association Annual Conference Wednesday, June 26 th, 2013 Boca Raton Resort and Club

of 55 June 26, 2013 What we’ll cover: Why have strategic and financial plan? How to get started? How to get coordinate input from departments? How to sell management? How to sell elected officials? What to do when its complete?

of 55 June 26, 2013 What in the world do I need a plan for?

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of 55 June 26, 2013 So how do I get started?

of 55 June 26, 2013 Gather up all your data.

of 55 June 26, 2013 Consolidate the data into one, useful tool called a...

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of 55 June 26, 2013 Develop some assumption s going forward.

of 55 June 26, 2013 Press the button. Wait not that one!

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of 55 June 26, 2013 And voilà! It should look something like this…

of 55 June 26, 2013 General Fund Summary by Function Beginning Unreserved Fund Balance $50,234,900$50,554,469$7,040,408$6,530,628$6,611,848$6,370,548$5,975,108$5,540,828$5,024,988$4,325,568Beginning Unreserved Fund Balance Beginning Designated Fund Balance $0$1,019,636$861,792$1,064,592$1,087,992$1,125,192$1,293,892$1,585,292$1,728,992$816,992Beginning Designated Fund Balance Beginning Credit Reserve Fund Balance $0 $7,025,400$7,040,480$6,772,360$7,170,860$7,566,300$8,000,580$8,516,420$9,215,840Beginning Credit Reserve Fund Balance Proposed Resources FY 2009FY 2010FY 2011FY 2012FY 2013FY 2014FY 2015FY 2016FY 2017FY 2018Resources Locally Levied Taxes$24,727,800$26,858,000$27,410,900$27,629,400$28,796,900$30,559,000$32,696,400$34,887,200$37,311,900$39,902,500Locally Levied Taxes Licenses & Permits$688,100$679,300$500,700$796,300 $833,600 $872,700 $913,800Licenses & Permits Intergovernmental Revenue$4,387,100$3,803,100$3,832,900$3,891,000$4,007,400$4,127,400$4,250,900$4,378,200$4,509,200$4,644,100Intergovernmental Revenue Charges For Services$1,724,600$1,520,000$2,481,000$1,697,600$1,740,100$1,769,200$1,799,400$1,870,700$1,903,300$1,953,900Charges For Services Fines & Forfeitures$315,000$160,000 Fines & Forfeitures Miscellaneous Revenue$100,000 $245,000 Miscellaneous Revenue Investment Income$2,289,400$200,000$300,000 $303,000$306,000$309,000$312,000$315,100$318,200Investment Income Other Financing Sources$0 Other Financing Sources Use of Fund Balance$2,378,300$43,801,200$0 Use of Fund Balance Total Resources $36,610,300$77,121,600$34,930,500$34,719,300$36,048,700$38,000,200$40,294,300$42,725,800$45,317,200$48,137,500 Total Resources Expenditures City Commission$105,900$112,900$104,000$99,600$101,000$102,500$104,100$105,700$107,400$109,200City Commission City Manager's Office$1,382,600$1,308,400$946,700$1,059,100$1,065,400$1,125,100$1,188,200$1,254,700$2,474,900$1,399,000City Manager's Office City Attorney's Office$810,000 $831,300$853,400$896,200$941,100$988,300$1,037,800$1,089,800$1,144,400City Attorney's Office Administrative Services$2,882,500$2,835,400$2,701,300$2,385,700$2,390,900$2,515,300$2,646,200$2,783,700$3,078,500$3,080,800Administrative Services Public Safety$16,153,100$17,901,500$18,830,100$18,108,600$19,322,700$20,722,000$22,199,500$23,676,900$25,310,900$27,459,200Public Safety Community Development$1,679,500$1,660,400$1,406,600$1,610,800$1,636,600$1,573,100$1,652,400$1,735,400$1,822,700$1,914,100Community Development Community Services$11,167,300$10,572,200$10,402,400$10,765,600$10,441,500$10,852,400$11,224,200$11,987,900$12,345,000$13,016,900Community Services Transfers Out$0$39,218,400$0 Transfers Out Sub-Total $34,180,900$74,419,200$35,222,400$34,882,800$35,854,300$37,831,500$40,002,900$42,582,100$46,229,200$48,123,600 Sub-Total Reserves Excess Revenue Capture$2,314,400 ($494,700)($186,900)$157,200$0 Excess Revenue Capture Other Designated Reserves$115,000$388,000$202,800$23,400$37,200$168,700$291,400$143,700($912,000)$13,900Other Designated Reserves Sub-Total $2,429,400$2,702,400($291,900)($163,500)$194,400$168,700$291,400$143,700($912,000)$13,900 Sub-Total Total Expenditures and Reserves $36,610,300$77,121,600$34,930,500$34,719,300$36,048,700$38,000,200$40,294,300$42,725,800$45,317,200$48,137,500Total Expenditures and Reserves Ending Credit Reserve Fund Balance $0$7,025,400$7,040,480$6,772,360$7,170,860$7,566,300$8,000,580$8,516,420$9,215,840$9,624,720Ending Credit Reserve Fund Balance Ending Designated Fund Balance $0$507,636$1,064,592$1,087,992$1,125,192$1,293,892$1,585,292$1,728,992$816,992$830,892Ending Designated Fund Balance Ending Unreserved Fund Balance $47,971,600$45,843,469$6,530,628$6,611,848$6,370,548$5,975,108$5,540,828$5,024,988$4,325,568$3,916,688Ending Unreserved Fund Balance

of 55 June 26, 2013 The lack of visibility was not by accident! Haha!!

of 55 June 26, 2013 Let’s take a step backwards for a moment.

of 55 June 26, 2013 Perform a SWOT Analysis

of 55 June 26, 2013 Strengths Weaknesses Opportunities Threats

of 55 June 26, 2013 Strengths What do you do well? Relative Advantages Internal

of 55 June 26, 2013 City of Weston Strengths Location (Proximity to major highways, cities, airport, seaport) Age (Relatively new infrastructure) Organizational Structure (Contract-style) Reserves (Always good to have some!) Demographics (Young, culturally diverse, higher than median education and incomes) Technology (Staying current allows max productivity)

of 55 June 26, 2013 Weaknesses What do you not do well? Relative Disadvantages Internal

of 55 June 26, 2013 City of Weston Weaknesses ZERO, NONE, NADA, NIL, ZILCH

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of 55 June 26, 2013 Opportunities What could you exploit? Prospects External

of 55 June 26, 2013 City of Weston Opportunities Consolidation/regionalization/privatization of services Expansions at the airport and seaport Enhancements along I-595 and I-75 Consolidation of E-911 system in Broward County Dissolution of the Resource Recovery Board

of 55 June 26, 2013 Threats What could trouble you? Dangers External

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of 55 June 26, 2013 Use your SWOT Analysis along with other information and data trends to develop your assumptions of future outcomes.

of 55 June 26, 2013 What do you do with all this information ?

of 55 June 26, 2013 Let’s fast forward for a moment.

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of 55 June 26, 2013 A Capital Improvement Plan (CIP) forces you to project your entire plan out 10+ years.

of 55 June 26, 2013 Meet with stakeholder s to develop a list of capital items.

of 55 June 26, 2013 Meet in a smaller group of senior management to prioritize the list of capital items.

of 55 June 26, 2013 Develop funding sources and integrate the projects into your projection starting with the highest priority projects first.

of 55 June 26, 2013 Integrate debt service payments or reserve accruals (“pay go”) into the Plan.

of 55 June 26, 2013 If it goes well it should look like this… Cute isn’t it?

of 55 June 26, 2013 At this point you should have: A 10-year projection of operating revenues and expenses A SWOT Analysis – most helpful in forecasting and crisis prevention management A 10-year CIP with estimated start and completion dates, funding sources, debt service payments, reserve accruals, etc. What else would it help to have??

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of 55 June 26, 2013 Just kidding! Instead how about?: A Reserve Schedule listing minimum, maximum and desired reserve amounts to support your reserve accrual calculations. An Assumptions Schedule listing the trend estimates used in the 10-year projection. Key financial policies supporting the decisions incorporated into the Plan.

of 55 June 26, 2013 Now the money pitch...

of 55 June 26, 2013 Hold a workshop with your elected officials.

of 55 June 26, 2013 Every elected official’s biggest concern is always…

of 55 June 26, 2013 Make sure you’ve projected taxes in a smart, responsible manner…

of 55 June 26, 2013 This is easier to sell…

of 55 June 26, 2013 Then meet with each elected official individually.

of 55 June 26, 2013 Make minor accommodation s where appropriate.

of 55 June 26, 2013 Get the elected officials to accept or adopt the Plan.

of 55 June 26, 2013 And you’re done!! Well, not quite…

of 55 June 26, 2013 What do you do with this Plan?

of 55 June 26, 2013 You could use the Plan in: The budget process - supports annual budget decisions such as changes in tax rates, projects, debt issuance, etc. Preparation for future Threats Communicating the organization’s future with the public and future elected officials Evaluating the effectiveness of the organization in meeting its long-range objectives and challenges

of 55 June 26, 2013 Once you complete one successfully be prepared to…

of 55 June 26, 2013 The City of Weston’s Strategic Value and Business Plan is on the City’s website at: WWW.WESTONFL.ORG Check the Finance Department page

of 55 June 26, 2013 It’s over. No REALLY, it is! Bye Ciao! Aloha Au revior Arrivederc i Sayonara

Slide 1 of 55 Darrel L. Thomas, Assistant City Manager/COO City of Weston, Florida Florida Government Finance Officers Association Annual Conference Wednesday,

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Slide 1 of 55 Darrel L. Thomas, Assistant City Manager/COO City of Weston, Florida Florida Government Finance Officers Association Annual Conference Wednesday,

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Presentation on theme: "Slide 1 of 55 Darrel L. Thomas, Assistant City Manager/COO City of Weston, Florida Florida Government Finance Officers Association Annual Conference Wednesday,"— Presentation transcript:

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