8167-07 Request Structural Balance of General Fund

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REBOLUTIONNO- 8167-07 BY'Antonio, Butler, Demro, Dever, FitzGerald, Mmdigan, Seelie. A RESOLUTION to take effect immediafaty provided it receives the affirmative vote of at least five (5) members e~ected to Council, or otherwise to take effect and be in force after the eadiest period allowed by law requesting the Council and the Mayor to take proactive and cooperative [eadersffip to achieve a structural balance of Genera[ Fund ,revenues higher than expenditures during 2007, to create a structurally sound budget for 2008, and to create financial strength and flexibility for 2009 and beyond, hereby- committing to a core ser~faes exercise, as suggested by Council and recommended by the Grow Lakewood Structural Balance Task Force (formed~ known as the Citizens Financial Aawsory Group) on March 8, 2007. zo commence in April of 2007, to be completed by September 1 2007: continuing to develop aha ac[ uoon the fiscal strength strategies as 3resented by the Director of Finance ane ethers that will be upaatea uno reportea on a monthly basis: · agreeing to work with and use the exoedise of community leaders and vommeers, such as but not limited to. the Grow Lakewood Strucfaral Balance Task Force to employ strategies to ~'i) increase municipal revenues, (ii) reauce operating costs of City government, (lilt create and promote efficiencies within City departments and divisions, aha (iv) reallocam exist 3g resources, if necessapj, to build and maintain a reliable infrastructure both physical and fachnoiogicaL aha ensure a standard of excellence for essential City services; and reauestlng the Task Force submil a report of its recommendagons to Council and [he Mayor no later than October 1 2007 in order for these recommendations, to be considerea as an addendum to the omar accomplishments towards fiscal s[rengfa and flexibility that may De ~ncorporafad into the Estimated Revenues and ExDenddures document submitted to Council Dy the 15~ of November per Article Ill, Section 14 of the Second Amended Charter of the Cit, of Lakewood WHEREAS Council aha the Mayor recognize that the City faces slgffificact financial challenges, particularly as evident in a erojected General Fund deficit beginning in Fiscal Year 2008; ant WHEREAS. Council and the Mayor must work together to confront the City's current financial challenges with the objective of creating sufficient financial strength both short and long term. to ~nvest in programs and infrastructure that will accefarafa economic devefaoment ensure a strong municipal bond rating, aha provide resources for essential City services; and WHEREAS as soon as me 2007 appropriation ordinances are oassea Council and the Mayor must commit to a core services exercme as suggested by Counci aha recommended by the Task Force to cooperatively continue to develop and ac[ upon the fiscal strength strafag[es as presented by the DJrbcfar of Finance; and WHEREAS, this exercise witl utilize the civic and financial expertise of community leaders, including, but not limited to the members of the Task Force, to advise Council and the Mayor; and WHEREAS, Council and the Mayor have the responsibility to enact a fisca[Jy sound and responsible annual budget to advance the public health, safety and welfare of Lakewood; and WHEREAS, Council and the Mayor must continue to exercise proactive and cooperative leadership to create a structurally sound budget for 2008, and to create financial strength and l~exibilRy for 2009 and beyond; now, therefore'