STRATEGIC BUSINESS PLAN
STRATEGIC BUSINESS PLAN
Irvine’s Strategic Business Plan (SBP) establishes the foundation and framework for guiding policy and financial management decisions. This long-term perspective integrates strategic planning and budgeting in order to forecast and actively communicate challenges and opportunities before they arise. Multi-year financial planning, ongoing financial monitoring, frequent financial reporting, prompt corrective actions when necessary, and longer-term financial health strategies, are central elements of sound financial management. Multi-year financial planning, including the adoption of a two-year budget, provides the City Council, departments, and the public with greater certainty regarding ongoing funding and staffing for programs and services. Five-year financial plans allow the City to estimate the impacts of policy decisions during the budget process.
The City Council’s goals are predicated on the understanding that investments of financial, physical and staff resources today ensure the community’s quality of life is preserved and enhanced in the future. Long term financial planning involves financial forecasting and strategizing how to meet both current and future needs of the community within a growing City. The process includes departments developing long-term forecasts projecting revenues and expenditures, using assumptions about economic conditions, future spending scenarios, and other significant variables. Preparing for an uncertain future requires consideration of a wide range of factors as well as direct and indirect influences on the City providing the community’s desired service delivery level on a sustainable basis. The planning process stimulates discussion and provides a framework for decision-makers to develop a long-range perspective. Reflecting current economic conditions and expectations, as well as existing service levels and policies, the SBP provides an early warning of potential budget challenges from a long-term perspective.
FY 2019-21 Proposed Budget
451
Made with FlippingBook Learn more on our blog