Economic Revitalization

The City’s financial picture appears moderately stable as compared to previous years. Growth in the City’s “Big 3” revenue sources and the identification of new revenue sources remains critical to continued financial stability. The City’s Economic Revitalization business plan that is under development is intended to boost two of the Big 3 revenues (sales tax and hostelry tax).  It is also important to examine the City’s organizational structure annually to optimize operations, maintain a high level of service and ultimately contain expenditures for utmost efficiency.

The goals and strategies being developed for the City’s Economic Revitalization Plan focus on the following: accommodations, retail, restaurants, entertainment, parking & traffic, policy, ambiance, and marketing. Each economic category has three sets of goals:  in progress, 1-3 years, and 3+ years. Rough strategic direction to meet each goal has been developed and will be flushed out into action plans upon approval.

FY07-08 Economic Revitalization Process
  • ER committee identified economic priorities
  • Analyzed economic trends and factors
  • Interviewed community and businesses
  • Documented findings and developed ER plan
  • Refined administrative draft ER plan
  • Present draft ER plan to community for input
  • Revise ER plan and begin implementing
FY07-08 Main Economic Factors
  • Slow or flat retail growth since 2000
  • High rents and flat sales reduce retail margins
  • High room rates misrepresent today’s expectation
  • Lack of restaurant and retail diversity
  • Limited parking and regular traffic congestion
  • Lack of nightlife and local vibrancy
  • Increased destination competition
  • Under-marketed destination
  • Lack of information and slow processes