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The San Ramon City Council is set to hear details of an anticipated long-term financial plan for the city as it seeks to stabilize its finances and brace for the sunsetting of the temporary 1% sales tax measure that went into effect last year.
The presentation Tuesday comes on the heels of a number of restructuring efforts in the city’s financial services, including making finance its own department and hiring its first-ever finance director, Jennifer Wakeman, in 2024.
“The City’s new forecasting model was developed by Russ Branson Consulting and looks out 10 years to align with the expiration of Measure N and includes a baseline reflecting financial certainties known by the City today,” Wakeman wrote in a staff report for the July 14 meeting, adding that alternative models might also be used for testing and planning purposes.
While the upcoming discussion is set to be informational only with no financial impact, Wakeman noted that the 10-year forecasting model is set to be used to guide future financial decisions.
The model is based on actual revenue and expenditures from the last fiscal year, as well as projections for the current year.
“The resulting baseline forecast confirms the City’s financial situation; the City would have an operating deficit in the current and outlying years without Measure N,” Wakeman wrote. “Further, it visibly shows the significant shortfalls the City will likely experience when Measure N expires in FY35.”
The long-term financial plan set to be unveiled in the council meeting was anticipated in the city’s budget for the current fiscal year, in which the cost of services continues to outpace long-term revenue.
“A long-term financial plan is a strategic document that helps the City plan its finances over several years to ensure that services can be sustainably provided, infrastructure
maintained, and financial obligations met,” Wakeman wrote.
The San Ramon City Council is set to meet at 7 p.m. Tuesday (July 14). The agenda is available here.
In other business
*The council is set to issue a proclamation recognizing July as Parks Make Life Better Month.
*The council is poised to vote on an amendment to the city’s joint exercise of powers agreement with the town of Danville and Contra Costa County that would discontinue the south county fees for traffic mitigation now that two out of three projects those fees were aimed at funding have been completed.
If approved, remaining funds would be allocated to the remaining project, which consists of lane improvements on I-680 and Stone Valley Road. Any remaining fees after that would be directed to the county for funding of the projects in its Innovate 680 plan.
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