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CITY COUNCIL / CHARTER COMMISSION MEETING <br />STAFF REPORT <br />STAFF ORIGINATOR: Roberta Colotti, CIVIC, City Clerk <br />MEETING DATE: April 10, 2025 <br />TOPIC: Five -Year Financial Plan <br />INTRODUCTION <br />The Charter Commission Chair has requested a status report regarding the preparation and <br />posting of the Five -Year Financial Plan as required by City Code. <br />BACKGROUND <br />The Five -Year Financial Plan has been prepared and is posted on the City's website. The <br />Financial Plan is located under the Finance Department page on the website at <br />https://Iinolakes.us/518/Financial-Plan <br />The City Council Resolution Accepting the 2025-2029 Financial Plan is attached. <br />The Financial Plan is a guiding document to be used for decision making. Preparation of the <br />Plan and annual budget are closely linked; projects and financing sources outlined in the Plan <br />are not authorized until the annual budget is adopted by the City Council. The Transmittal <br />Letter on page 3 gives a full overview of the Plan. The Financial Section focuses on all city funds, <br />while the Capital Improvement Program (including Appendix A & B) focuses on the capital <br />project and enterprise funds. <br />City Code Excerpt <br />SECTION 7.05. THE FIVE-YEAR FINANCIAL PLAN. <br />Subdivision 1. The City Council shall have prepared a five-year financial plan commencing in <br />the calender year 1983. The City Council shall hold a public hearing on the five-year financial <br />plan and adopt it by resolution with or without amendment. The financial plan shall consist of <br />four (4) elements as specified in Subdivisions 2-5 which follow. The programs in each element <br />shall be revised and extended each year. <br />(Amended) <br />Subdivision 2. The Public Service Program. The program shall be a continuing five-year plan for <br />all public services, estimating future needs for the public health, safety and welfare of the City. <br />It shall measure the objectives and needs for each City department, the standard of services <br />desired, and the impact of each such service on the annual operating budget. <br />