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Baker Tilly Financial Forecast Presentation
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Introduction
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The Village contracted Baker Tilly to develop a 10-year financial forecast. This presentation covers the fiscal model prepared by Baker Tilly.
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Recommended Action
Incorporate insights from the forecast into Finance Committee business and FY 2027 budget decisions in 2026.
Prior Board Action
The Board has taken the following prior action(s):
* On July 16, 2024, the Board adopted Resolution 24-259, approving a professional services agreement with Baker Tilly to provide a Strategic Financial Management Planning Program in an amount not to exceed $75,000.
Background
Baker Tilly was contracted to develop a 10-year financial forecast for the Village in July 2024. This forecast is the completion of Phase I outlined in Baker Tilly's initial proposal: Develop a long-range financial forecast.
The Village contracted Baker Tilly in July 2024 following the issuance of an RFP issued in March 2024 to develop a financial forecast for the Village. Baker Tilly's proposal outlined three phases: Phase I: Developing a long-range financial forecast, Phase II: Conducting a Village-wide organizational assessment, and Phase III: Preparing a fiscal sustainability plan. The Village contracted Baker Tilly to complete Phase I of their proposal - this presentation covers the fiscal model prepared by Baker Tilly. The fiscal model will serve as a tool for Village staff to continue work on developing a comprehensive strategic financial plan for the Village moving forward.
Timing Considerations
This item is a key discussion point for the Finance Committee because it helps establish the baseline financial framework for the FY2027 Budget process. The forecast provides an opportunity to align early on major financial assumptions, long-term expenditure pressures, revenue trends, capital needs, and policy considerations before detailed departmental budget development advances further.
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