STRATEGIC BUSINESS PLAN
Baseline Budgeting The SBP has focused on strategic allocation of limited resources as the City maintains its traditionally high level of service to the community. The City Council has emphasized the importance of maintaining the City’s contingency reserves, providing high quality services, providing high quality recreation and open space opportunities, and enhancing citywide mobility. The development of the Five-Year SBP began with the baseline budget that included detailed five-year financial plans prepared by each City department for their respective funds, including revenues, expenditures, and staffing. The City’s baseline five-year departmental fiscal plans formed the foundation for the Two-Year Adopted Budget and Five-Year SBP.
Five-Year Fiscal Outlook The Five-Year General Fund Outlook provides a framework for communicati ng the City’s fiscal priorities and outlining the City’s revenue and expenditure trends. Through significant cost reduction efforts as noted above, the City is projecting a balanced plan, all five years. Remaining balances will be held in the Contingency Reserve Fund to meet the City Council goal of 25 percent of adopted appropriations. The City closely monitors the economic environment and makes revisions to its forecasts as necessary as part of the biennial budget process. Corresponding adjustments will also be made in the City’s operational strategy to adapt to changing economic conditions. The above balancing measures will help the City to achieve a balanced Biennial Budget in FY 2023-25. The Five-Year Strategic Business Plan is balanced all five years as a result of a collaborative effort of management, employees, business partners, and the community in meeting significant financial challenges initially projected in the five-year forecast. The table on the next page reflects the General Fund financial position with the above measures in place. Through the efforts of the dedication of staff, the budget shows a reduction in expenses, balancing of slowing revenues, and resourceful and productive ways to do better with less continuing the excellent services Irvine residents expect.
FY 2023-25 Adopted Budget
427
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