At a Glance
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120K
Population of Coral Springs
- Location
- Coral Springs, Florida
- Offices
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- Location
- Coral Springs, Florida
- Offices
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Interactive Financial Sustainability Analysis
Like many communities in Florida, Coral Springs was facing a grim financial outlook stemming from the housing collapse in 2008. Management balanced budgets by delaying capital investments and relying on one-time cash windfalls from property sales and other non-recurring sources. Cash flow deficits continued and were projected to worsen without corrective action. The City engaged Â鶹´«Ã½¡¯s financial services practice to prepare a diagnostic analysis of the City¡¯s General Fund using our proprietary Financial Analysis & Management System (FAMS).
The analysis revealed that annual cost escalation would outpace revenues, resulting in cash flow deficits through the ten-year project period. The deficits would require use of unrestricted reserves and ultimately deplete them below the minimum required threshold within a year. The solution? Using FAMS, our team evaluated the impacts of adjusting key variables, including salary increases and the structure of the City¡¯s employee healthcare plan. The City used our live modeling capabilities in townhall style sessions with employee groups to show how the City had reached a critical point requiring tough decisions to restrict cost growth.
City Management credits the use of FAMS in real-time during department meetings for getting buy-in from employees and ultimately their ability to pass the adopted budget.?
At a Glance
-
120K
Population of Coral Springs
- Location
- Coral Springs, Florida
- Offices
-
- Location
- Coral Springs, Florida
- Offices
Share
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