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any major changes in financial policies, expenditures, and revenues together with the reasons for such changes. It shall summarize the City's debt position for each fund, including factors affecting the ability to raise resources through debt issues, and include such other material as the Clerk - Administrator deems desirable or as requested by the City Council. (Added, Ord. 772, 5-22-06) Subdivision 4. Budget Planning Guideline. The purpose of this section is to provide the public with a general time table for the annual budget process. The dates are guidelines and subject to change by the City Council and Minnesota Statutes 275.065, as amended. Activity Five -Year Plan: Development Five -Year Plan: Public Review Five -Year Plan: Council Approval Annual Budget: Calendar. Adopted by Council Five -Year Plan: Published to Public Annual Budget: Public Input to Department Annual Budget: Clerk -Administrator Develops Summary And Estimate Proposal for Council Annual Budget: Estimates Submitted to Council Annual Budget: Proposal and Tax Levy Estimates Council Adoption Annual Budget: Council Review and Amend Annual Budget and Tax Levy: Proposal Published To Public Annual Budget and Tax Levy: Public Review Annual Budget: Public Hearing Advertised Annual Budget and Tax Levy: Initial Public Hearing Annual Budget and Tax Levy: Council Adoption Annual Budget and Tax Levy: Final Council Budget Summary Published to Public (Added, Ord. 772, 5-22-06) Section 7.05. Five -Year Financial Plan. Estimated Time Period January 1 to May 1 May 1 to May 20 May 20 to June 1 June 1 June 1 to August 1 June 1 to September 1 August 1 to September 15 September 15 September 15 September 15 to November 23 September 15 to December 1 September 15 to December 20 November November 29 to December 20 December 5 to December 20 December 20 to February 1 Subdivision 1. The City Council shall have prepared a five-year financial plan commencing with the ensuing calendar year. The City Council shall hold a public hearing on the five-year financial plan and adopt it by ordinance, with or without amendment, by June 11 of each year. The financial plan shall consist of at least the following three elements as specified in Subdivisions 2-4 which follow: (Amended, Ord. 772, 5-22-06) Subdivision 2. The Capital Improvement Program shall contain a list of all capital improvements proposed to be undertaken during the next five fiscal years, with appropriate supporting information as to the necessity for such improvements; cost estimate, method of financing and recommended time schedule for each such improvement; and the estimated annual cost of operating and maintaining the facilities to be constructed or acquired. This information shall City of Mounds View — Home Rule Charter - Page 13 of 21 Revision Date 1/11/07