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Legislation #: 120879 Introduction Date: 10/4/2012
Type: Resolution Effective Date: 10/21/2012
Sponsor: None
Title: Stating the intention of the Mayor and City Council to adopt a long-term financial plan and provide for an annual review and update of the plan.

Legislation History
10/4/2012 Filed by the Clerk's office
10/4/2012 Referred to Finance, Governance & Ethics Committee
10/10/2012 Immediate Adoption
10/11/2012 Adopted

View Attachments
120879.pdf Authenticated 1486K Authenticated
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=120879 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=120879
120879 Revised Fact Sheet.xls Fact Sheet 41K Revised Fact Sheet
Long-term Financial Plan Goal for Consideration - Draft 10.02.12.docx Advertise Notice 23K Goals for Consideration - DRAFT
Long-term Financial Plan Fact Sheet 10.02.12.xls Advertise Notice 40K Fact Sheet

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Stating the intention of the Mayor and City Council to adopt a long-term financial plan and provide for an annual review and update of the plan.


WHEREAS, the City Council held its priority setting session on May 11, 2012; and


WHEREAS, during that priority setting session, the City Council expressed interest in establishing a long-term financial plan as a means to address the City’s structural budget issues; and


WHEREAS, in the past two decades, the City Council has considered but never adopted elements of a long-term financial plan including a 2007 financial indicators report, several five-year financial forecasts, and a five-year, long-term financial plan with the assistance of a private contractor in 2008; and

WHEREAS, the City implemented several of the recommendations included in the 2008 five-year, long-term financial plan but did not continue to review and update the report on an annual basis; and


WHEREAS, in 2010, City staff presented financial management considerations to the City Council using white papers from Moody’s, Standard and Poor’s, and Fitch, which outlined the need for a long-term financial plan; and


WHEREAS, the Civic Council of Greater Kansas City and the Greater Kansas City Chamber of Commerce support the City undertaking a long-term financial plan; and


WHEREAS, in June 2012, the Finance Department was tasked to develop a platform for long-term financial planning (LTFP) within 90 days, to complement the City’s next budget cycle; and


WHEREAS, since that time, the Finance Department has prepared a Financial Trend Monitoring System (FTMS) and is constructing a Five-Year Strategic Fiscal Planning Model (SFPM) to achieve the following goals: understand available funding sources, identify key variables that impact revenue, quantify the opportunity costs of funding decisions, assess the likelihood that services can be sustained, assess the level at which capital investments can be made, and identify future commitments and resource demands; and


WHEREAS, work-to-date on the long-term financial plan has produced a series of operational and fiscal strategies, which may form the basis of year one of the plan; NOW, THEREFORE,




Section 1. That the Council hereby states its intent to adopt a long-term financial plan and states that it shall be reviewed and updated on an annual basis.