CITY COUNCIL AGENDA ITEM
Memo Date: March 12, 2024
Agenda Date: April 9, 2024
Prepared By: Rebecca Bowman, MBA, CGFO, CGFM
Through: Stockton Whitten, City Manager
Requested Action:
title
Approve Resolution No. 2024-033 Adopting the Emergency Financial Plan
End
body
BACKGROUND:
Florida statute FS 252.391 is a statute regarding emergency financial plans stating that each local government entity is encouraged to develop an emergency financial plan for major natural disasters that may impact its jurisdiction. Section (3) of this statute states that “each emergency financial plan should be based on the likely frequency of the disaster’s occurrence. The financial plan should include a calculation of the costs for the natural disaster event and a determination of the financial resources available to the local government entity. If funds are insufficient, the emergency financial plan should identify strategies to close the gap between the disaster event costs and the local government entity’s financial capacity.” In addition, the Florida Department of Emergency Management’s F-ROC program requests participating agencies to develop the emergency financial plan. Adoption of an emergency financial plan will meet the Florida statute and assist the City in meeting the FDEM’s abatement plan, which will help the City score higher in the F-ROC program. A higher score will qualify the City to obtain a higher percentage of advanced funding when a natural disaster occurs and the City incurs costs under FEMA’s Category A - Debris Management and Category B - Emergency Measures.
Staff has developed an emergency financial plan to meet the requested areas per statute. The plan addresses fund balance and use of fund balance to meet financial emergencies, working with county, state and federal sources to obtain additional financial resources, if needed. It also addresses not only natural disasters, but other disasters such as train derailments, cybersecurity breaches and threats from being close to a space center, space force base and air force base.
Adoption of the Emergency Financial Plan has no financial impact at this time.
STRATEGIC PLAN CONNECTION:
Fiscal sustainablility
BUDGETARY IMPACT:
Budgeted N/A
If not budgeted, is amendment/transfer attached? Choose an item.
PREVIOUS ACTION:
The City Council updated the fund balance policy as part of the Financial Operations Manual in July, 2023 via Resolution 2023-080.
RECOMMENDED MOTION:
Recommendation
Approve Resolution No. 2024-033 Adopting the Emergency Financial Plan