Fiscal Sustainability Plan

Resolution 2015-47, adopted on June 10, 2015, by the Newport Beach City Council set forth the below:

ELEMENTS OF THE CITY’S FISCAL SUSTAINABILITY PLAN

1. The City will proactively seek to protect and expand its tax base by encouraging a healthy underlying local economy.
2. The City will work to enhance and protect the property values of all Newport Beach residents and property owners.
3. The City will work to enhance and protect the City’s quality of life through strategic and sustained investment in quality capital infrastructure improvements that are both long lasting and fiscally responsible.
4. The City will encourage shopping, dining, and visiting at Newport Beach stores, restaurants, and hotels.
5. The City will establish and maintain appropriate cash reserves.
6. The City will manage its Facilities Financial Planning Reserve so that General Fund contributions to the reserve shall not be less than three percent (3%) of the total General Fund Revenue Budget.
7. 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.
8. 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.
9. The City will implement a Performance Measurement/Management Strategy as part of an ongoing effort to ensure high-quality and efficient performance.
10. The City will consider competitive contracting of services and equipment when appropriate and where clear, cost-effective alternatives exist.
11. The City will make it a priority to be energy efficient in its provision of public services.
12. 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.
13. 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.
14. 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.
15. The City will vigorously defend itself and its taxpayers against frivolous lawsuits.
16. 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.