Grove City is planning to create a residents group to help determine how the city can maintain its financial strength with a shifting revenue stream.
The Citizen Financial Review Task Force was one of the goals council and the city administration set for 2019 at their annual retreat in February, Mayor Richard "Ike" Stage said.
"It will be a healthy experience for us to go through," he said. "The setup of our task force is going to be modeled largely over what Upper Arlington has done."
Upper Arlington formed a financial review task force in 2014 to address its financial situation, and the group forwarded a number of recommendations that the city adopted.
Earlier this month, UA established a new nine-member task force to conduct reviews and assessments of the city's financial outlook, its services and community needs.
Stage and council will name 15 residents to serve on Grove City's task force.
Grove City has a large bank of residents with the background and expertise to serve on this group, Stage said.
The city's goal is to maintain its prudent financial operations while still meeting its operating and capital improvement needs, he said.
"The members of the task force will give us a fresh perspective, a more global perspective, on the city's financial operations," Stage said.
The resolution authorizing the creation of the task force identified several goals:
* Complete an extensive "high-level" review of the city's operating expenditures, compare service levels and costs to other communities, consider best practices and identify possible near-term strategies for reducing costs.
* Determine the long-term impact of changes in the city's revenue stream and how that will affect future operating and capital improvement budgets.
* Assess various options for strengthening the city's revenue outlook. The task force would review options including, but not limited to, adjusting user fees, increasing city income and-or property tax rates, reducing the income tax credit and economic development.
* Provide a prioritized list of the city's short-term and long-term capital needs and identify potential funding sources.
The task force will report its finding and recommendations within 180 days after holding its first meeting.