The Village Council will meet on Tuesday, May 8, 2012, following the Village Council meeting, to review and update the Long Range Financial Plan. Staff will provide an overview of the current plan including the issues and recommended strategies, outline the key actions taken during the past 12 months in support of the plan, discuss the results of these key actions, and present the recommended updates to the plan.
Each year, the Village updates the Long Range Financial Plan (LRFP) to identify financial trends and issues and to develop strategies and solutions to guide financial and operational decisions. The LRFP, which has a three to five year horizon, is used to prepare annual municipal budgets and to guide day-to-day operations. The Village has been preparing Long Range Financial Plans in this manner since 2009. The financial planning process is a key component to achieving the Village's Strategic Plan goal Steward of Financial & Environmental Sustainability.