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• <br />• <br />• <br />WS — Item 2 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 2 <br />Date: November 5, 2012 <br />To: City Council <br />From: Jeff Karlson <br />Re: Five -Year Financial Plan <br />Background <br />During the February 6, 2012 Council work session, Finance Director Al Rolek reviewed <br />an updated draft of the Five -Year Financial Plan. The revised plan included a five -year <br />forecast based on taxable market value, revenue, and expenditure projections. <br />The Council expressed some concerns about the projections, particularly because the <br />Charter Commission introduced a tax cap amendment that would have likely impacted <br />the financial plan in future years. As a result, the Council chose not to act on the draft <br />plan. <br />Section 7.05 of the City Charter specifies that the City Council prepare a five -year <br />financial plan by: (1) holding a public hearing; (2) adopting the plan by resolution; and <br />(3) publishing it annually. The plan is to be composed of four elements: the public <br />service program, the capital improvement program, a revenue program, and the capital <br />budget. <br />Requested Council Direction <br />Staff is looking for direction as to how the Council would like to proceed with the five - <br />year plan. <br />