Long-Term Financial Planning Underway for the City of Irving

Presented by City of Irving

Making sure Irving steps into the future with solid financial footing is a priority for the city manager, who has commissioned the development of the city’s first long-term financial plan.

City Manager Chris Hillman has assembled a team of city staff to assist in the development of Irving’s long-term financial plan, called Funding Our Future 2030. A first for Irving, goals of the plan include documenting past as well as present economic conditions and making data-driven financial projections for the city’s future.

The plan will examine all things financial in terms of city operations and the general economy. With the initial phase already complete, internal number crunchers are busy with analysis and financial forecasting, council is developing financial goals and strategies for the city, and city staffers are collecting stakeholder input. The end result will be the city’s most detailed financial document that will aid in decisions from now until 2030.

Not to be confused with the Comprehensive Plan, also in the works (featured in the December 2014 “City Spectrum”), Funding Our Future 2030 largely focuses on economic trends and budgetary predictions, and is expected to be the most comprehensive of any previous financial forecasting tool developed by the city.

“The scope of previous financial plans has limited the city’s financial outlook to five years and was not as comprehensive as what we’re developing now,” said Hillman. “Having all of this financial data in one place available to council, city leaders and residents will be beneficial as Irving continues to grow, attract new businesses and improve the overall quality of life.”

In addition to general economic conditions, the plan will examine revenue and expenditures, capital infrastructure, long-term liabilities and the city’s workforce. In its final form, the plan will offer financial forecasts for future economic trends — both good and bad — in five-year intervals presented in resident-friendly language.

The development process has been accelerated to allow for council’s review at the April 2015 Budget Retreat. During the retreat, council will be equipped with data to determine policies and make budgetary decisions that will support future financial goals and strategies.

Transparency coupled with prudent planning has helped the City of Irving maintain solid financial footing. Adding Funding Our Future 2030 to the city’s collection of financial data will strengthen Irving’s place as one of the most transparent municipalities in Texas.

Irving continues to earn impressive recognition for fiscal responsibility including AAA bond ratings from Standard and Poor’s and Moody’s Investor’s Services as well as platinum recognition from the Texas Comptroller’s Office for fiscal transparency.

To learn more about the city’s budget and other financial matters, visit cityofirving.org/financial-services. Stay tuned to “City Spectrum” and visit cityofirving.org for future public input opportunities.

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