City Finance Plans; Comprehensive Long Range Business Models

City Finance Plans are the vehicles for small cities and towns to take a comprehensive long range view of their sources and uses of funds that define their business model. The City’s Comprehensive Long Range Finance Plan answers the questions about where the city will find money over the long haul to stay in business. As an example, state and federal support to cities is dwindling. Gas tax revenues are declining. Costs for health care insurance, pensions, salaries and materials are increasing. Most local governments have annual budgets and multi-year capital improvement plans but these processes do not offer the opportunity for the city to take a comprehensive or long view of their financial position. A comprehensive look at all of the city’s existing and future revenue sources and likely expenditures over a twenty to fifty years period provides the perspective necessary to make changes today that will pay benefits in the long-run. Many towns are adjusting their approach to their pension funds, as an example. Other aspects of city operations may also need dramatic revisions; and the Comprehensive Long-Range Finance Plan facilitates this examination.

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