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be revised and extended each year for capital improvements still pending or in process. (Amended, Ord. 772, 5-22-06) Subdivision 3. A Five -Year Revenue and Expense Estimate shall contain a tentative revenue policy that describes five-year plans for financing public services and capital improvements. It shall measure the objectives and needs for each City department, the standard of services desired, and the impact of each such service on the annual operating budget. (Amended, Ord. 772, 5-22-06) Subdivision 4. The Capital Budget shall be a summary on the basis of a five (5) -year period of the capital or money requirements for the above described programs. It shall list a priority for each anticipated investment in community facilities and balance this with a consideration of the availability of necessary revenues. (Amended, Ord. 772, 5-22-06) Subdivision 5. A summary of the five-year financial plan shall be published before August 1st each year in the official City newspaper, the City newsletter, and, if available, the City web site. (Amended, Ord. 772, 5-22-06) Section 7.06. Council Action on Budget. Subdivision 1. The Council shall annually adopt a budget calendar by June 1s`. The calendar will establish the time line for development and submission of the budget and allow for public review and comment in accordance with this Charter, the City Council, and Minnesota Statutes 275.065, as amended. The budget shall be considered at the first regular monthly meeting of the Council in September and at subsequent meetings until a budget is adopted for the ensuing year. The budget calendar will provide a thirty (30) day period for public review and input to the annual budget prior to final approval by the City Council. The meetings shall be so conducted as to give interested citizens a reasonable opportunity to be heard. The Council may revise the proposed budget but no amendment to the budget shall increase the authorized expenditures to an amount greater than the sum of estimated income and reserves. The Council shall adopt the budget by a resolution that shall set forth the total for each budgeted fund and each department. The budget shall indicate the sums to be raised and from what sources and the sums to be spent and for what purpose as the Council deems necessary for establishing the budget. The Council shall also adopt a resolution levying the amount of taxes provided in the budget, and the Clerk -Administrator shall certify the tax resolution to the County Auditor in accordance with state law. Adoption of the budget resolution shall constitute appropriations at the beginning of the fiscal year of the sums fixed in the resolution of the several purposes named. (Amended, Ord. 772, 5-22-06) Subdivision 2. As specified by Minnesota Statutes 275.065, as amended, before the budget is adopted for the ensuing fiscal year a public hearing notice and summary of the proposed budget will be published in the official City newspaper, the City Newsletter, and if available, the City web site. Such summary should be readily understandable by the layperson, and should provide appropriate supporting information as to the necessity for any increase in the budget over the total for the current fiscal year. Failure to provide the specified summary will not invalidate the budget. (Amended, Ord. 772, 5-22-06) City of Mounds View — Home Rule Charter - Page 14 of 21 Revision Date 1/11/07