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Page 5 of 6 <br />infrastructure, facilities, vehicles, and equipment. <br />We recommend that the City prepare a single analysis and presentation illustrating, at a high <br />level, all of these needs so that the City Council and the public can effectively appreciate and <br />evaluate the sizable long-term budgetary requirements associated with fully funding these <br />needs. <br /> <br />Next Steps <br />The City is developing a Long-Term Financial Sustainability Plan, which will follow the adoption of <br />the two-year budget and includes broader considerations as noted in the chart below. <br /> <br /> <br />Budget Strategy <br />Implement immediate program and expenditure reductions <br />Explore new revenue options <br />Identify resources and implement economic development strategy aimed at attracting <br />new businesses <br />Conduct municipal service reviews/evaluate service delivery models <br />Develop a funding plan for infrastructure upon completion of the Citywide Asset <br />Management Plan <br />Re-evaluate and develop a pension funding strategy <br />Update the Financial Sustainability Plan and implement new budget strategies where <br />applicable <br /> <br />EQUITY AND SUSTAINABILITY <br />Financial forecasting is an important tool to facilitate the City’s financial planning, health, and <br />resiliency. Ensuring long-term fiscal sustainability allows the City to continue to provide <br />programs and services to benefit the entire community, including vulnerable and underserved <br />populations. <br /> <br />OUTREACH <br />This independent assessment report was provided to the Budget Advisory Committee in an <br />agenda packet that its publicly available on the City's website and included on the City's <br />Budget Development webpage. <br /> <br />STRATEGIC PLAN ALIGNMENT <br />This agenda item aligns with the ONE Pleasanton Strategic Plan goal of Funding our Future to <br />support fiscal sustainability through financial health and sound fiscal policies. <br /> <br />FISCAL IMPACT <br />There is no direct fiscal impact in accepting the independent assessment report. <br /> <br />Prepared by: Submitted by: Approved by: <br /> <br />Pamela Ott, Assistant City <br />Manager <br />Pamela Ott, Assistant City Manager <br /> <br />Gerry Beaudin, City <br />Manager <br />Page 7 of 33