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<br />Item No: 6. <br />Meeting Date: July 6, 2009 <br />Type of Business: Work session <br />Administrator Review: ____ <br />City of Mounds View Staff Report <br /> <br /> <br /> <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Five Year Financial Plan 2010 - 2014 <br /> <br /> <br />The City Charter, Chapter 7.05, requires that a Five Year Financial Plan (FYFP) be prepared <br />annually. It must be presented at a public hearing and adopted by ordinance. <br /> <br />General Fund Operating Budget <br />This document projects revenues and expenses for the General Fund for the next five years. It <br />reflects the cuts of $147,000 and $340,000 in local government aid in 2009 and 2010. 2010 is out <br />of balance since the City Council and department staff has not worked out a solution to the cuts. <br />That solution will be determined in the coming months as the 2010 budget is developed. <br /> <br />Vehicle and Equipment Replacement Fund <br />This document lists all of the City’s vehicles and major pieces of equipment. It provides a schedule <br />for their replacement and calculates the amount that the General Fund and other funds should be <br />contributing to the Vehicle Fund each year. When a vehicle is up for replacement, the Vehicle Fund <br />will transfer the needed money to the responsible fund, which will budget for the replacement. <br /> <br />Capital Improvement Funds <br />This two-part report has sections headed “Capital Improvement Program” and “Impact on Capital <br />Projects Funds’ Cash Balances.” The Capital Improvement Program 2009 – 2018 lists all projects <br />that are contemplated during the five-year period. Some of these projects may be deleted later and <br />others may be added as needs become apparent. The Capital Projects Funds’ Cash Balances <br />reports the current resources of the Capital Projects Funds and the revenues that are anticipated to <br />become available for projects. <br /> <br />Utility Rate Studies <br />These reports detail the revenues, operating expenses, and capital projects of each of the City’s <br />four utilities over the next five years. The reports project the utility rates that will be needed to keep <br />each utility financially solvent. <br /> <br />Long Range Financial Plan Adoption <br />The LRFP will always be a work-in-progress. It is continuously reviewed and frequently modified <br />throughout the year as additional information becomes available. This is a working document and <br />does not commit the City to any specific course of action or project. <br /> <br />Respectfully submitted, <br /> <br /> <br /> <br />________________________ <br />Mark Beer <br />Finance Director <br /> <br />