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Council may require . It shall include a summary and show in <br /> detail all estimated income and all proposed expenditures, <br /> including debt service and omparative figures for the current <br /> fiscal year, actual and estimated, and the preceding year. In <br /> addition to showing proposed expenditures for current operations, <br /> it shall show proposed capital expenditures to be made during the <br /> year and the proposed method of financing each such capital <br /> expenditure. The total proposed operating budget to be provided <br /> from the property tax shall not exceed the amounts authorized <br /> by state law and this Charter. Consistent with these provisions, <br /> the budget shall contain such information and be in the form <br /> prescribed by ordinance and by state law. <br /> Subdivision 2. For each utility operated by the City, its <br /> budget shall show anticipated net surplus or deficit and the <br /> proposed method of its disposition; and subsidiary budgets for <br /> each such utiliti giving income and expenditure information shall <br /> be included or attached as appendices. <br /> Section 7. 05 Long Term Financial Plan. <br /> Subdivision I . The City Council shall have prepared a <br /> long-term financial plan commencing in the calendar year 1980. <br /> the City Council shall hold a public hearing on the long-term <br /> financial plan and adopt it by ordinance with or without <br /> amendment. The financial plan shall consist of four elements <br /> as specified in subdivisions 2-5 which follow: <br /> Subdivision 2. The Public Service Program. The program <br /> shall be a continuing five-year plan for all public services, <br /> estimating future needs for the public health, safety and welfare <br /> of the City. It shall measure the objectives and needs for each <br /> city department, the standard of services desired , and the <br /> impacto ach such service on the annual operating budget. <br /> Subdivision 3. The Capital Improvment Plan. This program <br /> shall consist of projects and facilities that are or will be <br /> neesed by the City in carrying out the anticipated program of <br /> sublic services. It shall include a list of all capital <br /> improvements proposed to be undertaken during the next fig_ . ) <br /> fiscal years, with appropriate supporting information as Pthe <br /> necessity for such improvements; cost estimate, method of <br /> - financing and recmmended time schedule for each such improvement; <br /> and the estimated annual cost of operating and maintaining the <br /> % At facilities to be constructed or acquired . This information shall <br /> , be revised and extended each year for capital improvements still <br /> pending or in process. <br /> Subdivision 4. A Long-Term Revenue Program. This program <br /> shall consist of a tentative revenue policy which describes <br /> long-term plans for financing public services and capital <br /> improvements. <br /> Subdivision 5. The Capital Budget. This program shall be <br /> a summary on the basis of a five year period of the capital or <br /> money requirements for the above described programs. It shall <br /> ist a priority for each anticipated investment in community <br /> facilities and balance this with a consideration of the <br /> availability of necessary revenues. <br /> -13- <br />