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CITY COUNCIL <br />WORK SESSION STAFF REPORT <br />ITEM NO. 2 <br />STAFF ORIGINATOR: Hannah Lynch, Finance Director <br />WORK SESSION DATE: November 6, 2023 <br />TOPIC: 2024-2028 Financial Plan <br />______________________________________________________________________________ <br />BACKGROUND <br />The Draft 2024-2028 Financial Plan is attached for Council’s review. The Plan was prepared by <br />staff in compliance to and in accordance with the Lino Lakes City Charter Section 7.05. The <br />Transmittal Letter on page 3 gives a full overview of the Plan. The Financial Section of the Plan <br />focuses on all city funds, while the Capital Improvement Program (including Appendix A and B) <br />focuses on the capital project and enterprise funds. <br />The Project Detail in Appendix A appears in the following order: <br />1.Project Type <br />2.Project Year <br />3.Project Name <br />There are two specific programs within the Capital Improvement Program, Community <br />Development and Citywide. Community Development projects are individually approved by <br />Council through the competitive bidding process while Citywide projects are approved as part <br />of the budgeting process. All Citywide 2024 projects have been presented to Council at budget <br />work sessions, except for the following: <br />•Kitchen/Breakroom Remodel (Project #CW-326) on page 29 <br />Staff will be looking for direction on that specific project. In addition, staff is looking to have the <br />2024-2028 Financial Plan accepted on December 11, 2023 as a guiding document. <br />REQUESTED COUNCIL DIRECTION <br />Staff will give a brief presentation and will be prepared to discuss the Plan. Per the Lino Lakes <br />City Charter, the City Council shall hold a public hearing on the five-year financial plan and <br />adopt it by resolution. <br />30