HomeMy WebLinkAbout2006-207 Council ResolutionCouncil Member Stoltz introduced the following resolution and moved its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 06 -207
RESOLUTION ADOPTING THE 5 -YEAR FINANCIAL PLAN FOR 2007 -2011
WHEREAS, Chapter VII, Section 7.05 of the City Charter calls for the
preparation of a five -year financial plan, and,
WHEREAS, City staff has prepared such five -year financial plan for the years
2007 —2011, including all elements as listed in the City Charter, and,
WHEREAS, City staff has reviewed the proposed 2007 -2011 Five -Year
Financial Plan with the City Council, and,
WHEREAS, the City Council has held a public hearing and taken public
comment on the proposed 2007 -2011 Five -Year Financial Plan as required by the City
Charter.
NOW, THEREFORE, BE IT RESOLVED, that the Lino Lakes City Council
hereby adopts the proposed 2007 -2011 five -year financial plan. In accordance with the
City Charter, the City Council hereby orders a summary of the Five -Year Financial Plan
be published in the official newspaper.
Adopted by the Lino Lakes City Council this 18th day of December, 2006.
The motion for the adoption of the foregoing resolution was duly seconded by Council
MembeiO' Donnelland upon vote being taken thereon, the following voted in favor
thereof:
Stoltz, O'Donnell, Reinert, Bergeson
The following voted against same:
Car son
Whereupon said resolution was declared duly pass
Julian e Bartell, Cit y CIS
•
d adopted.
John .:erges6h, MdS'or
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•
AGENDA ITEM 2Ai
STAFF ORIGINATOR Al Rolek
MEETING DATE December 18, 2006
TOPIC Consideration of Resolution 06 -207 Adopting Five -Year
Financial Plan for 2007 — 2011
Simple Majority
VOTE REQUIRED
1
The Lino Lakes City Charter Section 7.05 requires the annual preparation of a five -year
financial plan. The elements to be included in the plan are a Public Service Program, Revenue
Program, Capital Improvement Program and a Capital Budget. The Charter requires that a
public hearing be held on the plan and that a summary of the approved plan be published.
Staff has prepared a draft Five -Year Financial Plan for the years 2007 -2011. The plan
includes all of the required elements. The Plan first addresses the Public Service Program
and lists anticipated personnel and other resources needed to meet these needs over the
five -year term. Projections of the City's tax capacity and tax levy authority are presented
next, followed by projected revenues (Revenue Program) for the next five years. A detailed
projection of anticipated program expenditures follows. Finally, the Capital Improvement
Plan (CIP) is presented which addresses future needs in the areas of infrastructure
extension and replacement, equipment replacement and park improvements. Project
descriptions, cost estimates, financial resources and cash flow analyses are included within
the CIP, and constitute projected budgets for future capital needs.
The assumptions used in the plan are based upon both historical data and projections of
future growth and needs. The plan includes two tax base growth scenarios based on
assumptions leaning from a conservative to a less conservative approach. These, in turn,
lead to tax rates resulting from those assumptions. In general, an inflation rate of three
percent (3 %) was used in projecting future expenditures. This percentage varies somewhat
based upon what is known about inflation of particular factors, industries, etc. Existing
statutes were used to calculate available taxing capacity and taxing authority. More detailed
assumptions and factors are listed throughout the document.
The plan has been reviewed by the City Council at several work sessions, and a public hearing
was held on December 18, 2006.
Staff recommendation is to approve Resolution 06 -207 adopting the Five -year Financial Plan
for 2007 -2011.
1. Adopt Resolution 06 -207 adopting the Five -year Financial Plan for 2007 - 2011.
2. Refer to Staff for further review.
3. Deny Resolution 06 -207.
10EctiMMtNoArioN,
Option 1