The people of Prior Lake have a powerful vision and great hopes for the community’s future. For the 2030 Vision to become a reality, the City must ensure that there is financial confidence in the City and that financial resources are available, in the amount and within appropriate time frames, to fund the operating and capital costs associated with implementing the Strategic Plan regardless of the pace of development. Financial strength includes always assuring that financial resources are used to achieve maximum value for the lowest reasonable expenditure needed to achieve the 2030 Vision.

GOAL: Diversify and maximize the City property tax base with high quality development.

OBJECTIVES:
Encourage commercial/industrial development to create a good mix of immediately available developable land in accordance with the City’s Comprehensive Plan.

Promote residential subdivisions which add high quality, high value housing at all price points.

GOAL: Foster transparency in taxes and fees by identifying how and when each is calculated and used.

GOAL: Establish a comprehensive financial management policy which addresses the City’s approach to fund balances, revenues, expenditures and debt.

OBJECTIVE:

Continue to plan for tomorrow's obligations in a sustainable way rather than pass them along to future taxpayers.

GOAL: Identify and develop non-tax revenue sources transparently showing the rationale nexus for each fee.

OBJECTIVES:

Develop and grow non-tax revenue sources to minimize property tax dependence.

 Annually review and update general City license fees.

GOAL: Minimize capital and operating costs and maximize service through collaborative efforts with other public and private entities.

OBJECTIVE:
Pursue SCALE initiatives providing additional cost-saving opportunities (e.g. joint powers agreements, equipment sharing, mutual aid, service swapping).

GOAL: Regularly compile, summarize and publish the results of the City’s audit report to be known as the “Financial Performance Standards” to ensure the financial health of the City and communicate it to the public.

GOAL: Identify and provide for the maintenance and replacement of infrastructure.

OBJECTIVES:

Prepare a facilities maintenance plan to maximize the usable life of needed buildings.

Retain only those buildings and properties essential to effective service delivery and close, sell or repurpose those that are no longer needed.

Analyze what soft and hard infrastructure will cost over time.

Analyze repair and replacement costs.

Program new and replacement City facility maintenance as part of multi-year financial tools.