Danville City Council met on July 17 at 5:30 for a Special Work Session to hear a presentation on a multi-year financial forecasting model developed by the National Resource Network, which is a federally funded consortium of urban experts from private, nonprofit and academic sectors. The model, once in place, will be used to guide City Council in making strategic decisions that will put the city on a sustainable fiscal path.
Launched under the auspices of the White House Council on Strong Cities, Strong Communities and backed by the Department of Housing and Urban Development, the National Resource Network is the only federal program that provides comprehensive technical assistance to cities, including guidance on fiscal management.
David Eichenthal, executive director of the National Resource Network, and his team have been gathering data to develop a budgeting model took with a five-year forecast. Their final report is now ready to be presented to City Council.
Earlier this year, Eichenthal gave City Council a preliminary report with a baseline projection that showed Danville has a structural budget deficit that is only going to worsen over the next five years unless changes are made.
The final report will outline short term strategies to limit spending. These strategies would include potential service reductions, changes in staffing, managed competition, shared services and consolidation, and increases in revenues without inhibiting economic competitiveness.
The report also will provide long term strategies to grow the tax base.