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HomeMy WebLinkAbout2003-009 Council Resolution• • • CITY OF LINO LAKES RESOLUTION NO. 03-09 RESOLUTION ADOPTING THE 5 -YEAR FINANCIAL PLAN FOR 2003 -2007 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 2003 —2007, including all elements as listed in the City Charter, and, WHEREAS, City staff has reviewed the proposed 2003 -2007 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 2003 -2007 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 2003 -2007 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 13th day of January, 2003. /(/ John J. Bergeson, Mayor ATTEST: Ann J. Blair, City Clerk Councilmember Re; yter"t— introduced Resolution No. 03 -09 and moved its adoption. • Resolution No. 03 -09, Adopting the Five -Year Financial Plan for 2003 -2007. The motion for adoption of the foregoing resolution was duly seconded by Council Member Maitre and upon vote being taken thereon, the following voted in favor thereof: 12,e'2"°`1 The following voted against same: Whereupon said resolution was declared passed and adopted. CERTIFICATION OF RESOLUTION NO. 03-09 STATE OF MINNESOTA ) COUNTY OF ANOKA ) CITY OF LINO LAKES ) I, the undersigned, being the duly qualified City Clerk of the City of Lino Lakes, • Minnesota, do hereby certify that the attached document is a true copy of Resolution No. 03 -09 with the original thereof on file in the City Clerk's office, and the same is a full, true and complete copy insofar as the same relates to: RESOLUTION NO. 03 -09, RESOLUTION ADOPTING THE 5 -YEAR FINANCIAL PLAN FOR 2003 -2007. Witness my hand as said City Clerk and the Corporate Seal of the City this %3Y3 day of Jar•�arY , 2003. Ann J. Blair (SEAL) • • • AGENDA ITEM 3A STAFF ORIGINATOR Al Rolek MEETING DATE January 13, 2003 TOPIC Consideration of Resolution 03 -09 Adopting Five -Year Financial Plan for 2003 — 2007 Simple Majority VOTE REQUIRED 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 2003 -2007. 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. 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 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 9, 2002. The City Council needs to take final action Five -year Financial Plan for 2003 -2007. Staff recommendation is to approve Resolution 03 -09 adopting the Five -year Financial Plan for 2003 -2007. P'T 1. Adopt Resolution 03 -09 adopting the Five -year Financial Plan for 2003 - 2007. 2. Refer to Staff for further review. 3. Deny Resolution 03 -09.