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Consultants present long-range financial model; city staff to begin department scenario planning
Summary
Echo Northwest gave a progress update on a long-range financial model the firm is building for the city; consultants said the model is largely complete and will be used to test multi-year service and revenue scenarios as staff and council advance strategic planning.
Morgan Shook, director and partner at Echo Northwest, told the Tumwater City Budget and Finance Committee on March 28 that her firm is about "85% done building the tool," a multi-fund financial model the city will use for long-range planning.
The model, Shook said, represents spending from the personnel level up through department, fund and citywide relationships. "Once we have kind of this representation of sort of individuals' levels of spending in the departments, in the funds, is we have to then relate the funds to each other," she said, describing how the tool ties general fund commitments to enterprise and restricted funds. The consultants emphasized the tool is intended to inform multi-year choices rather than produce a detailed next-year operating budget.
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