A Financially Stable Naperville
The City of Naperville’s strategy to achieve long-term
financial stability is rooted in three principles formally adopted by the
Naperville City Council in 2016. These principles, which were developed with
the invaluable input of residents, business owners, City Council members and
City staff, guide the City’s financial planning and budgeting and serve as the
basic standards against which all financial decisions are tested.
The adopted principles were designed to help accomplish the
City’s long-term goals of achieving financial stability and maintaining its AAA
bond rating by taking into consideration the City’s current state, present
opportunities, and the impact of potential decisions on the City as a whole.
The principles are:
- The
City will pass a structurally-balanced operating budget annually;
- The
City commits to continuous improvement in the delivery of necessary and
cost-effective services; and
- The
City will actively seek to increase its reserves to 25% and reduce its
debt by 25% by 2023.