Residents » Folsom Strategic Plan

Goal A: Financial Stability and Sustainability

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2024folsomicons-09Support fiscal health through long-term planning, cost control, heightened efficiency, increased revenue, and cost recovery.

Success Indicators for Goal A:

Strategy FY 2022-23
FY 2023-24
FY 2024-25		 FY 2025-26
FY 2026-27		 Lead
Department		 Status
1. Evaluate current policies for cost recovery and actual revenue received and modify as needed to implement increased cost recovery. x Finance In progress
2. Identify and prioritize services needed, and determine the costs of those services, to meet current and increased population. x City Manager Ongoing
3. Assess the procurement process for contracts to streamline processes, identify inefficiencies, and achieve cost savings. x Environmental & Water Resources In progress
4. Prepare and implement updated financial policies that incorporate a minimum emergency reserve and policy for use of any surplus funds at year-end. x Finance In progress
5. Create a long-term funding plan that includes a fund-balance policy for deferred and ongoing infrastructure needs including asset replacement (e.g., drainage, parks, vehicle replacement, city facilities, technology, and other). x Finance In progress
6. Develop new funding sources and strategies to build new facilities or expand and enhance existing facilities to meet the demands of a growing population. x City Manager Research and analysis
7. Develop additional revenue sources for consideration to provide sufficient revenues to deliver services to the community. x City Manager Research and analysis
8. Quantify the costs and resources assigned to carry out major special events to ascertain any potential changes needed and determine the economic impacts of such events. x Parks & Recreation Planned
9. Update the Public Facilities Financing Plan for the Folsom Plan Area. x Planned