15-POINT FISCAL SUSTAINABILITY PLAN
for Newport Beach City Government
Resolution 2013-43, adopted on May 14, 2013, by the Newport Beach City Council set forth the below:
ELEMENTS OF THE CITY'S FISCAL SUSTAINABILITY PLAN
- The City will proactively seek to protect and expand its tax base by encouraging a healthy underlying local economy.
- The City will work to enhance and protect the property values of all Newport Beach residents and property owners.
- The City will encourage shopping, dining, and visiting at Newport Beach stores, restaurants, and hotels.
- The City will establish and maintain appropriate cash reserves.
- The City will manage its Facilities Financial Planning Reserve so that General Fund contributions to the reserve shall not be less than 3.0% of the total General Fund Operating Budget.
- City revenue performance will be reviewed no less than quarterly and appropriate budget adjustments will be made in advance of the end of a budget year if revenue performance is not meeting projections.
- The City will initiate a "results-based budgeting" approach that allows the public and the City Council to prioritize City expenditures strategically rather than simply adjusting legacy expenditures to reflect inflation.
- The City will implement a Performance Measurement/Management Strategy as part of an ongoing effort to ensure high-quality and efficient performance.
- The City will consider competitive contracting of services and equipment when appropriate and where clear, cost-effective alternatives exist.
- The City will make it a priority to be energy efficient in its provision of public services.
- The City will establish appropriate cost-recovery targets for its fee structure and will annually adjust its fee structure to ensure that the fees continue to meet cost recovery targets.
- The City will oppose efforts of the State and County governments to divert revenues from the City or to increase the unfunded service mandate of City taxpayers.
- The City will work in partnership with its employees to ensure fair compensation and that costs related to pension and other benefits are appropriately allocated between employer and employees.
- The City will vigorously defend itself and its taxpayers against frivolous lawsuits.
- The City will seek additional intergovernmental funding and grants, with a priority on funding one-time capital projects. Grant-funded projects that require multi-year support will be reviewed by the Finance Committee.