01-14-2002 WS - Laserfiche WebLink

Home Browse Search

Item No. 10 Type of Business: WK WK: Work Session; PH: Public Hearing; CA: Consent Agenda; CB: Council Business City of Mounds View Staff Report To: Honorable Mayor and City Council From: Charles Hansen, Finance Director Item Title/Subject: Discussion of Long Term Financial Planning Date of Report: January 10, 2002 The City Charter, Chapter 7, Section 7.05 calls for the City of Mounds View to have a Long Term Financial Plan. The City Budget has for several years contained a section titled “Long Term Financial Plan.” However, this section doesn’t meet the standards called for in the City Charter. I interpret the provisions of the Charter in the following ways: Subd.1. A Long Term Financial Plan shall be prepared. The City Council will review it at a public hearing and adopt it by ordinance. Subd.2. Public Service Program. This is to be a five year operating budget for all departments. It will contain a discussion of each department’s objectives and services and budgetary impacts. Subd.3. Capital Improvement Plan. This is the section that is in the current budget, although it doesn’t include street improvements and it isn’t clear that all building needs are included. Subd.4. Long Term Revenue Program. This will be a projection of future city revenues, presumably on the same five-year period specified for the Public Service Program and the Capital Improvement Plan. A utility rate study should be part of this section. Subd.5. Capital Budget. This will summarize the other three sections of the plan and determine a balance between revenues and expenses. Capital projects and new services should be listed by priority. Given current staffing levels and other projects requiring work, it isn’t currently possible to complete a Long Term Financial Plan. I propose that this be taken up next summer in conjunction with the 2003 budget and adopted concurrently with the 2003 budget. Respectfully Submitted, Charles Hansen