What is Financial Health?
We identify financial health as having core municipal services remain fully funded, necessary reserves are retained, all while carrying a debt commitment commensurate to operational strategies.
Why do we need to pursue financial health?
Financial well-being is the back bone of any successful business. We provide services to our community and are stewards of their money.
How do we plan to pursue financial health?
Through the pursuit of financial health initiatives. This project’s core is to develop financial forecasts, policies and economic development financing options that will monitor the financial needs of our major funds and allow for opportunities to strengthen revenue or reduce costs based on these forecasts.
Research comparable communities and best practices.
Analysis and assessment of comparable data and information.
Development of forecasts, policies, and economic development financing options.
Recommendations and implementations.
*Each phase will have its own scope, objective, due date, budget, and project plan.
The objective for Phase 1 is to define and collect data on the following project areas:
Five-year operating budget forecast for the General Fund, MFT Fund, Water Fund and Airport Fund
Formal debt and fund balance policies
Economic development financing opportunities
Who will ensure we achieve financial health?
Pursuing financial health will be dependent on the unified efforts of the Village Board and the entire workforce. A dedicated commitment will be required from the projects Core Team Members: