Report Date: 2015
Produced For: Mayor Wharton, City Council, and the City of Memphis
Produced By: Mayor-appointed ten-member executive committee, Public Financial Management (PFM), Rick Masson Consulting, V. Lynn Evans, CPA, and Community Capital, LLC
The city of Memphis sought a long-term fiscal plan that would promote fiscal sustainability and complement the other policy efforts being pursued by city government. The resulting five-year plan reflects the most current revenue and expenditure baseline forecasts. Additionally, the report’s analysis presents challenges facing the city of Memphis as it moves forward, and prescribes a series of initiatives that will enable Memphis to meet these challenges while pursuing economic efficiency. Recommendations focus on structural concerns across six main categories: public safety, compensation and benefits, government performance, strategic investments, economic development, and revenue enhancement. The report contains an in-depth analysis of the logistics and five-year financial impact associated with each recommendation, and designates a series of high impact initiatives as implementation priorities. The report also includes other potential initiatives not currently included on the mayor’s priority list but that could arise as important initiatives in the future.
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