Title
Financial Planning Model
PURPOSE: The purpose of this item is for the Town’s financial advisors to present a draft of the financial planning model being developed to assist staff with the evaluation of financial impact of operating and capital planning programs.
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Department
DEPARTMENT: Town Manager and Finance
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Information
INFORMATION: Each year the Town is required to develop budgets for its programs and various funds. These funds include operating (the largest by far), capital projects, affordable housing, debt services and others. A common element of each budget is the balancing of anticipated revenues with expenses. Under state law the Town may not adopt a budget that is unbalanced and is expected to remain in good financial health. The Town Manager and staff have been working with First Tryon Advisors to develop a tool to help gauge the financial impact of decisions related to potential operating and capital projects. Factors included with this tool will help to evaluate impact(s) on tax rate, cash reserves, debt service, as well as other financing strategies.
David Cheatwood, Managing Director, and Chazzo Habliston, V, Vice President, at First Tryon Advisors will present an overview of this financial planning tool, additional work that needs to be done, and future use of this tool. Additionally, we will need Town Council’s input as we ready this tool for use with our FY24-25 budget development.
Fiscal and Staff Impact
FISCAL IMPACT: There is no Fiscal and or staff impact.
Recommendation
RECOMMENDATION: It is recommended that Town Council receive this presentation and offer any comments and ideas to finalize this model.
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