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Page 2 of 6 <br />DISCUSSION <br />Work Scope <br />The scope of services with Eide Bailly included: <br />• Examine the revenue and expenditure assumptions employed in the City’s financial <br />forecast <br />• Assess the adequacy of the financial forecast in terms of complexity, scope, and <br />content <br />• Request and read related documents to facilitate an understanding of the context and <br />background for the City’s financial forecast <br />• Interview key stakeholders, including the City Manager, Finance Director, and financial <br />consultants previously utilized by the City, to gain an understanding of the history <br />associated with the financial forecast and the City’s financial condition <br />• Conduct a limited sensitivity analysis to assess key elements of the financial forecast at <br />a high level and provide stakeholders with an understanding of the impact of changes in <br />the forecast’s assumptions on projected structural deficits in future years <br />• Prepare a written report and presentation summarizing our observations and <br />recommendations. <br /> <br />The full assessment report prepared by Eide Bailly is provided as Attachment 1. Below are <br />excerpted key takeaways from the report. <br /> <br />Overview <br />“It is apparent that the City has made significant positive changes to its financial management <br />practices over the last several years, including the implementation of the financial forecast, to <br />significantly improve upon historical practices that in our assessment were lacking in a number <br />of areas relative to long-term financial planning. These changes align critical elements of the <br />City’s past financial management practices with industry best practices and will help to <br />facilitate the City’s long-term financial planning, health, and resiliency.” <br /> <br />Assessment <br />“Our assessment of the City’s financial forecast and related financial management practices <br />included categorizing our observations into strengths, weaknesses, opportunities, and threats, <br />commonly referred to as a SWOT analysis, in an effort to highlight the most notable of our <br />observations. These key observations are highlighted in the graphic below and reflect both <br />favorable and unfavorable internal and external influences on the City’s long-term financial <br />planning process.” <br />Page 4 of 33