Strategic Plan

Village of Richton Park Strategic Plan of Action 2011


The Current RP Strategic Plan is available below. For the link to printable version CLICK HERE


Village of Richton Park Strategic Plan of Action 2011 Item 1 of 7


Item 1: Continue to Address the Fiscal and Financial Sustainability of the Village

The strategy to address the fiscal sustainability of the Village is to review and manage the Revenue, Expense & Cash Flow for its major funds (General, Water & Sewer, Commuter Parking and Refuse).
The Village has achieved its goal for the Water & Sewer and Refuse funds because the Village has the authority to set rates. As long as the Board of Trustees and the Administration are united in balancing spending plans with required revenue increases these funds will maintain their financial goals. The General Fund and Commuter Parking have not achieved their goal.
In summary, the Finance Department will seek to maintain as strong of a cash position as possible so the Village has sufficient time to adjust to any financial emergencies or opportunities that present themselves.
The overall goal for the financial health of the Village is to achieve 90 days cash on hand for each of its major funds.

Current Status:
  1. State Shared Revenues (Income Tax) – represent 15% of the Villages General Fund Budget. This revenue source has been affected negatively by slow or negative growth in the economy and budget problems at the State.
  2. Tax Cap Regulations do not allow the Village to fund large cost increases. The Village is currently limited to the CPI rate plus any increase in the Village’s property equalized asset valuation.
  3. The property tax rate has increased 2% per year, whereas, the General Fund expenses have increased 5% per year.
  4. Village has achieved the goal of 90-days cash-on-hand with water/sewer fund.
  5. General fund & commuter parking have not achieved their initial goal.
  6. Village ability to fund reasonable capital needs plus reach some of its financial goals has become difficult to achieve.

Strategic Goal 1: Develop an annual update to the Village Five Year Financial Plan that estimates a cash flow goal for each fund of 25% of total revenues
Tactics:
  1. Continually review the General, Water & Sewer, Refuse and Commuter Parking Funds.
  2. Develop estimates for increases in major revenue and expense groups for each fund
  3. Update the revenue rate ordinances to reflect the needs of each fund to meet its cash flow goals:
a) Vehicle Sticker Rates
b) Water and Sewer Rates
c) Storm Water Rates
d) Refuse Rates
e) Commuter parking Monthly and Quarterly Rates
  1. Project a five year revenue, expense and cash flow report for each fund based upon the estimates in item 2

Strategic Goal 2: Develop an annual update to the Village Five Year Capital and Infrastructure Plan within the financial resources available
Tactics:
  1. Vehicle and equipment inventory will be prepared by the Village Mechanic that lists the following information for all vehicles
a) Vehicle or equipment Description
b) Year of model
c) Mileage or hours used
d) Original Cost
e) Historic repair cost
f) Last year’s repair cost
g) Vehicle rating by Village mechanic A thru F
h) Replacement year estimate by Village Mechanic

  1. Infrastructure report for Village to be prepared by Public Works Director and Village Engineer
a) Roads and bridges
b) Water and Sewer System
c) Storm Water System
d) Parking lots at all Village owned property

  1. Village-owned property inventory for Village to be prepared by Village Staff
a) Condition of basic structure
b) Condition of roof
c) Condition of mechanical systems
d) Condition of interior including flooring and walls
e) Condition of plumbing

Strategic Goal 3: Develop an annual Village Budget Document
Tactics:
  1. Utilize estimates for revenues and expenses developed in five year plan
  2. Utilize rate ordinances updated in the five year plan
  3. Utilize capital needs developed in the five year capital plan

Strategic Goal 4: Collect 98% of the following fees; Water, Sewer, Storm Water and Refuse.
Tactics:
  1. Initiate a connection fee for new costumers.
  2. Initiate a security deposit for at-risk costumers (define at-risk costumers as those who have had service interruptions two times in one year).
  3. Develop a protocol to assist delinquent costumers.
  4. Develop a Policy to work with individual property owners for outstanding debt.