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• <br />• <br />AGENDA ITEM 2A <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE January 28, 2008 <br />TOPIC Consideration of Resolution 08 -12 Adopting Five -Year <br />Financial Plan for 2008 — 2012 <br />Simple Majority <br />VOTE REQUIRED <br />The Lino Lakes City Charter Section 7.05 requires the annual preparation of a five -year <br />financial plan. The elements to be included in the plan are a Public Service Program, Revenue <br />Program, Capital Improvement Program and a Capital Budget. The Charter requires that a <br />public hearing be held on the plan and that a summary of the approved plan be published. <br />Staff has prepared a draft Five -Year Financial Plan for the years 2008 -2012. The plan <br />includes all of the required elements. The Plan first addresses the Public Service Program <br />and lists anticipated personnel and other resources needed to meet these needs over the <br />five -year term. Projections of the City's tax capacity and tax levy authority are presented <br />next, followed by projected revenues (Revenue Program) for the next five years. A detailed <br />projection of anticipated program expenditures follows. Finally, the Capital Improvement <br />Plan (CIP) is presented which addresses future needs in the areas of infrastructure <br />extension and replacement, equipment replacement and park improvements. Project <br />descriptions, cost estimates, financial resources and cash flow analyses are included within <br />the CIP, and constitute projected budgets for future capital needs. <br />The assumptions used in the plan are based upon both historical data and projections of <br />future growth and needs. In general, an inflation rate of three percent (3 %) was used in <br />projecting future expenditures. This percentage varies somewhat based upon what is <br />known about inflation of particular factors, industries, etc. Existing statutes were used to <br />calculate available taxing capacity and taxing authority. More detailed assumptions and <br />factors are listed throughout the document. <br />The plan has been reviewed by the City Council at several work sessions, and a public hearing <br />was held on January 14, 2008. <br />Staff recommendation is to approve Resolution 08 -12 adopting the Five -year Financial Plan for <br />2008 -2012. <br />1. Adopt Resolution 08 -12. <br />2. Refer to Staff for further review. <br />3. Deny Resolution 08 -12. <br />Option 1 <br />