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Resolution 2005-02 Page4 <br />Section 7.05 Long Term Five-Year Financial Plan. <br />Subdivision 1. The City Council shall have prepared a long-termfive-year financial plan <br />commencing in thewith the ensuing calendar year. 1980. The City Council shall hold a public hearing on <br />the long-termfive-year financial plan and adopt it by ordinance, with or without amendment, by June 1st of <br />each year. The financial plan shall consist of at least the following four elements as specified in <br />subdivisions 2-5 which follow: <br />Subdivision 2. The Public Service Element Program. Therogram shall be contain a continuing <br />five-year plan for all public services, estimating future needs for the public health, safety and welfare of the <br />City. It shall measure the objectives and needs for each City department, the standard of services desired, <br />and the impact of each such service on the annual operating budget. <br />Subdivision 3. The Capital Improvement Element . This program shall consist of projects and <br />facilities that are or will be needed by the City in carrying out the anticipated program of public services. It <br />shall includecontain a list of all capital improvements proposed to be undertaken during the next five fiscal <br />years, with appropriate supporting information as to the necessity for such improvements; cost estimate, <br />method of financing and recommended time schedule for each such improvement; and the estimated annual <br />cost of operating and maintaining the facilities to be constructed or acquired. This information shall be <br />revised and extended each year for capital improvements still pending or in process. <br />Subdivision 4. A -Long-TermFive-Year Revenue Element. This program shall contain consist of a <br />tentative revenue policy that which that describes five-year long-term plans for financing public services <br />and capital improvements. <br />Subdivision 5. The Capital Budget Element . This program shall be a summary on the basis of a <br />five-year period of the capital or money requirements for the above-described programs. It shall list a <br />priority for each anticipated investment in community facilities and balance this with a consideration of the <br />availability of necessary revenues. <br />Subdivision 6. A summary of the long-termfive year financial plan shall be published in the City <br />newsletter annually. before August 1st each year in the official City newspaper, the City newsletter, and, if <br />available, the City web site .