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City of Paris Charter — Article V — Section 43(1) "A budget message, explanatory of the budget, which message shall contain an outline of the proposed financial policies of the city for the fiscal year, shall set forth the reasons for salient changes from the previous fiscal year in expenditure and revenue items, and shall explain any major changes in financial policy. " Financial,,,, Policy Our Financial Policy is as follows: The mission of the City of Paris is to serve with professionalism and integrity, promote a safe and prosperous community for all citizens, and provide efficient and effective services for an excellent quality of life. ]3udet,,,,,,,essap e In order to accomplish the Financial Policy stated above, I have carefully considered the priorities for the Proposed FY23/24 Budget. While there are many important tasks, projects, and programs that can be singled out for discussion, the following is a breakdown of the most notable priorities pursued due to the level of impact they had to the overall budget. City Council Strategic Plan — On January 9, 2023, the City Council approved a new Strategic Plan via Resolution 2023-002. This Strategic Plan is made up of a Vision, Mission Statement and Goals for the City of Paris. It is intended to guide the City in the development and implementation of its fiscal budget for the next ten years, with the flexibility of knowing that future City Councils will review and amend as needed to keep this plan relevant and effective. The above stated Financial Policy is based directly on the mission statement in the Strategic Plan and the following narrative explains how the City Council's Goals from the plan are represented within the Proposed FY23/24 Budget. The City Council has prioritized five (5) primary goals, rooted in the Strategic Plan's Vision and Mission Statement. These are intended to be long term goals that will be relevant in the immediate and future fiscal years. From these goals, and as funding is available, action items will be established each fiscal year through the budgeting process. The following are the five goals with action items identified in the Proposed FY23/24 Budget: 1.) Enhance the City's relationship with key State and County Representatives. 2.) Encourage Economic Development through business development and retention planning. 3.) Promote long-term growth in the community. 4.) Retain our citizens. 5.) Market the City. Pursuant to the Strategic Plan, a report will be given to the City Council during the fiscal year budgeting process as to the status of the FY22/23 Strategic Plan Action Items. That report has been created and is attached as Exhibit G. The Proposed FY23/24 Strategic Plan Action Items has been created and is attached as Exhibit H. These action items are made up of those with budgetary notes as well as those that are administrative in nature (not a defined budgetary note). It also includes several carryover from FY22/23 that are ongoing and/or still applicable. For those with a budgetary note, if the reader desires to examine its location in the budget, please either continue to read this memorandum or speak with the City Manager. Page 6 of 23