HomeMy WebLinkAbout01(A) - 2023-2026 Strategic Plan Progress Report ReportUpdate 01/23/2024 - 1
City of Prior Lake
STRATEGIC PLAN PROGRESS 2023-2026
Date: January 23, 2024
FINANCIAL SUSTAINABILITY – a financially responsible community
Desired Outcome Target & Strategic Initiatives Status
Financial stability in all funds
Improve bond rating to AAA by 2027
• Develop strategy to increase bond rating
Meet fund balance targets by 12/2026
• Update Comprehensive Financial Management Plan (CFMP)
COMPLETE
X
ON TRACK
10-year city financial plan presented to
Council October 2023; funding scenarios are
being evaluated that may impact CFMP.
Adequate resources to fund Capital
Improvement Program (CIP)
Adequate funding to meet Overall Condition Index (OCI) target
• Develop infrastructure funding scenarios
• Establish financial plan that reflects infrastructure needs
ON TRACK
10-year city financial plan presented to
Council October 2023; funding scenarios are
being evaluated that may impact CFMP.
Financial polices guide decision making
Budget objectives met annually COMPLETE
WELL MANAGED GROWTH – growth that meets community needs
Desired Outcome Target & Strategic Initiatives Status
Downtown Vitality
20,000 SF of new downtown commercial by 2026
• Identify strategic property acquisition downtown
ON TRACK
New commercial proposed in Cora Apartment
building and future commercial development
being proposed with Prior Lake Revival Phase
II and redevelopment of the former T-Shirts
and More building. 20,000 in new commercial
should be completed by 2026. EDA continues
to identify strategic property acquisition
downtown with one purchase agreement
currently under review by property owner.
Update 01/23/2024 - 2
80+ new residential units by 2027
ON TRACK
80+ new residential units should be
accomplished by Cora Apartment building by
2027.
Fiscally responsible residential growth
$0 in development costs transferred to existing taxpayers
• Lobby to ensure development costs are not transferred to
taxpayers
ON TRACK
No development costs have been transferred
to existing taxpayers since strategic plan
approval. Lobbying efforts continue.
Adequate supply of
commercial/industrial (C/I) land
No net loss of C/I guided land 2023-2026
• Develop strategy for orderly annexation agreement (OAA)
renewal
• Develop strategy for utility extension in OAA
• Develop education strategy for C/I properties
ON TRACK. Strategy for OAA renewal is
actively being worked on.
ON HOLD. Utility extension in the OAA is on
hold until the OAA is renewed.
ON HOLD. Strategic initiative to be
reevaluated.
STABLE & SUSTAINABLE INFRASTRUCTURE – systems that support reliable service delivery
Desired Outcome Target & Strategic Initiatives Status
Quality street conditions Maintain average OCI 70
Achieve minimum OCI 50 on collector streets by 2033
ON TRACK
ON TRACK
Complete understanding of
infrastructure
Comprehensive needs analysis completed by (ADD MONTH?) 2024
• Complete assessment of utility maintenance needs including
cost and risk implications
• Update inspection and maintenance strategy for infrastructure
ON TRACK
Projected completion Q4 2024.
Adequate Public Works facility
Maintenance Center expansion completed by 2033
• Formalize public property maintenance plan
• Implement plan for Maintenance Center upgrade
ON TRACK
Needs analysis and concept for Maintenance
Center expansion complete.
Update 01/23/2024 - 3
PUBLIC SAFETY - a safe community
Desired Outcome Target & Strategic Initiatives Status
Full-time Fire Department established Full-time Fire Department fully operational by 7/1/2023
• Develop recruitment strategy for full-time firefighters
• Update operating guidelines/policies and procedures
• Complete Fire Station 1 buildout
COMPLETE
FS1 remodel completed June 2023. Full-time
staff began on 7/2/2023. Policy/SOP updates
are on-going as FT staff become integrated
and training requirements are adopted.
Safe and stable buildings Life safety preplan fully implemented by 12/31/2025
• Initiate comprehensive inventory of buildings
• Create inspection program
• Develop pre-plans for commercial buildings
ON TRACK
Inspection/preplan software implemented.
Staff working on building templates and
procedures.
A well-trained Police Department
100% of Police staff meet revised training goals by 7/2025
• Develop comprehensive training program
ON TRACK
Working with leadership team to design
training curriculum. Begin work with line staff,
Fall 2024. Full talent mapping in process.
HIGH QUALITY PARKS & TRAILS - a community that values the natural environment
Desired Outcome Target & Strategic Initiatives Status
Clear direction of future of parks and
trails
Adoption of Parks and Trails Master Plan by 12/2023
Adoption of Lakefront Park Master plan by 1/2023
• Develop Council materials for adoption of plans
COMPLETE
COMPLETE
x
Community support for parks and trails
funding
Identify funding scenarios for parks & trails by 2024
• Develop parks and trails funding strategy
• Create funding plan
Achieve community consensus on parks and trails funding by 2024
• Develop community engagement plan
ON TRACK
Strategies for prioritizing park improvements
in development, and funding scenarios are
being evaluated to include tax levy impacts.
ON HOLD
Potential park referendum considered for
2025. Development of a public engagement
program anticipated to kick-off in Q2 2024.