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Objective: To present an analysis of Natick’s financial condition, generally defined as our ability to pay for the cost of services needed and desired on a continuing basis. This effort will allow us to strengthen our short and long term financial condition and, to the greatest extent possible, facilitate stability within local government and its cost-effective delivery of desired services, thus minimizing impact on taxpayers.
A sound financial condition allows the community to
- maintain existing service levels,
- withstand local and regional economic disruptions, and
- meet demands and challenges associated with economic, demographic and other growth, decline or change.
This strategic financial planning facilitates efforts to
- measure and monitor trends and changes in our financial condition,
- identify forces affecting our condition, and
- foresee emerging problems and identify strategies in response to these factors
Several financial indicators will be presented at the Financial Summit that will be used to develop a better understanding of Natick’s financial condition. These will be updated annually and plotted over time to facilitate ongoing monitoring and analysis.
This effort is a continuation of and consistent with several other initiatives including the development of the Natick 360 Strategic Plan, development of financial management principles, improvements to the capital improvement planning and budgeting processes, improvements to the water and sewer rate setting process, ongoing revenue enhancement and expense control efforts, and more. All of these efforts are designed to allow us to identify and attain the desired future for the Town of Natick and its residents.
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