HomeMy WebLinkAboutIR 8918INFORMAL REPORT TO CITY COUNCIL MEMBERS
To the Mayor and Members of the City Council
No. 8918
Page 1 of 2
Date: February 25, 2008
SUBJECT: CITY MANAGER'S ADVISORY COMMITTEE FOR THE LONG
RANGE FINANCIAL FORECAST
The purpose of this report is to provide an update to the Mayor and City Council on the City
Manager's Advisory Committee for the Long Range Financial Forecast. The Advisory Committee
was originally established for the purpose of evaluating impact fees on the growth of the City;
however, in consideration of recent developments, it is recommended that the Advisory
Committee continue to work toward the goal of developing of a Long Range Financial Forecast to
provide a valuable financial planning tool to the City Council.
In order to provide a comprehensive view of the City's needs and revenue requirements, a 29-
member panel has been established to recommend a comprehensive funding plan for the
provision of City services and infrastructure support over the next five years, with a long -term
focus for the next 10 years.
The Advisory Committee first met on November 30, 2007. At that time, they reviewed their
charter, reviewed a draft Request for Qualifications, and saw a presentation on the City's
infrastructure needs. The merits of hiring an outside - consultant to evaluate long -term City
revenue and expenditures were discussed, and the committee agreed that a consultant should be
engaged to provide a comprehensive financial evaluation.
The Fort Worth Chamber of Commerce ( FWCOC) is partnering with the City to help fund the
study, and staff will work with the FWCOC in the development of a Request for Proposals. City
staff will jointly review the proposals with the FWCOC and prepare a recommendation for the
Advisory Committee. The Advisory Committee's recommendation will then be brought to the City
Council for consideration through a Mayor and Council communication.
Previously, the Transportation and Public Works Department was responsible for the coordination
of committee meetings and the Long Range Financial Forecast effort. However, upon further
discussions concerning the financial implications of the report, this responsibility has been shifted
to the Financial Services Department. The Financial Services Department, which has recently
absorbed the Budget and Management Services Department, will be conducting a high -level
Five -Year Financial Forecast with a primary focus on City's General Fund operating costs. The
report generated by the Financial Services Department will be incorporated into the Long Range
Financial Forecast. Collectively, the two reports will provide valuable planning information as we
move into the FY2009 budget process.
The proposed schedule is as follows:
> March 2008 City staff meets with Advisory Committee and issues Request for
Proposals.
April 2008 Selection committee identifies preferred consultant.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
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fffiark Barnes
Ken Barr
David Berzina
Bill Boecker
Levi Davis
Colleen Demel
Carlos Flores
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Contract scope and terms are negotiated.
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Consultant completes draft study.
Advisory Committee recommends approval • study.
City Council approves study recommendations.
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Joey Goss
Bill Greenhill
Susan Halsey
Bob Herchert
Allan Howeth
Tom Krampitz
Russell Laughlin
John Maddux
Sherry Matina
Rosa Navejar
Lee Nicol
Reed Pigman
Bob Riley
Robert Rouse
Gary Sheffield
John Stevenson
Bob Terrell
James Toal
Should you have any questions regarding this information, you may contact Karen L.
Montgomery, Assistant City Manager/Chief Financial Officer, at (817) 392-6222.
Dale A. Fisseler, P.E.
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH. TEXAS