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Shorewood council adopts long-term financial plan; staff asked for concise assumptions
Summary
The Shorewood City Council approved a Long-Term Financial Management Plan prepared by Northland Securities, asking staff for a concise list of modeling assumptions and confirming the plan is a management tool rather than the city budget.
The Shorewood City Council on June 23 adopted a Long-Term Financial Management Plan prepared with consultant Northland Securities to guide the city’s revenue, levy, utility and capital-spending projections.
Finance Director Schmuck introduced Tammy Omdal of Northland Securities, who summarized the plan’s scope: revenue sufficiency, levy and rate projections, projected utility rates, anticipated capital-project spending and sources of revenue, and outstanding and planned debt. Omdal emphasized the model is a planning tool built from assumptions that reflect a snapshot in time and may change.
Councilmembers asked for clearer documentation of the assumptions behind the model. Councilmember DiGruttolo requested a concise, consolidated list of assumptions; Finance Director Schmuck said the report includes fund-level assumptions but that staff would prepare a shorter summary for the Council.
Councilmembers also asked about the tool’s format and staff training. Omdal said Northland turns over Excel models and provides limited training as part of its engagement. Councilmember Gorham asked that staff receive the model and training to manage updates.
The Council approved the plan by motion. Finance Director Schmuck noted the plan is not the city budget but a management guide; staff will post the full report and make the model and related materials available to Council and on the city website.
