Economic Vitality Committee Agenda and Packet 2020 03 06

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ECONOMIC VITALITY COMMITTEE SUBJECT: DISCUSSION- ECONOMIC VITALITY STRATEGY GOALS AND MEASURES DATE: MARCH 6, 2020 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: One of the Economic Vitality Committee’s Objectives is development of an Economic Vitality Strategic Plan. On February 17, the Committee drafted a Vision Statement that will be the overarching “destination” for the Strategic Plan. The Committee also started to draw out the key themes and ideas that should be developed into actionable and measurable Goals. DISCUSSION: Staff suggests beginning the discussion with review and confirmation of the Vision Statement created at the February 17 meeting. We previously also took feedback to begin development of the Strategic Plan Goals; a draft has been included in the attached materials. We will seek the Committee’s input to refine the four plan Goals. In determining the Goals, we will also consider the Key Performance Indicators (KPIs) previously adopted for the Economic Prosperity Program. Since each of the Goals needs to be measurable (Did we achieve or succeed in what we set out to do?), we want to consider the KPIs before finalizing the goals. As the City is undergoing a process this year to review and refine its KPI program, we will have an opportunity to feed new measures into our Economic Vitality Strategic Plan. Lastly, we will want to review the overall prioritization of the Goals. For staff to work effectively in carrying-out Plan Goals over the next three to five years, we need to gather input about where the most energy should be focused. As previously discussed, we hope to begin preparing the Vision Statement, Strategic Goals, and KPIs for presentation to City Council. RECOMMENDATION: Review and provide direction on draft Goals; discuss measures and prioritization. ATTACHMENTS: • Strategic Planning Discussion Materials Agenda Packet P. 4