Packet Materials for June 22 Meeting

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each utility operated by the city. Each budget must include estimated revenues, expenses, and net income or net loss. Sec. 7.05. Long-term Financial Plan. Subdivision 1. The city councilh^'�rrctll have must prepared a long-term financial plan commencing in the calendar year 1980. The city council shall must hold a public hearing on the long-term financial plan and adopt it by ordinance with or without amendment. The financial plan shall consists of#sty three elements as specified in subdivisions 2-44 which follow. Subd. 2. The Public Service Program. The program shall bo is a continuing five-year plan for all public services, estimating future needs for the public health, safety and welfare of the city. It sf-ia# measures the objectives and needs for each city department, •- -•e- - - - •-- e: • :e indicates expected outcomes of services provided, and indicates the impact of each mel}service on the annual operating budget. Subd. 3. The Capital Improvement Plan. This program all-consists of projects and facilities that are or will be needed by the city in carrying out the anticipated program of public services. It shalt includes a list of all capital improvements proposed for the next five fiscal years, with appropriate supporting information as to the necessity for such improvements; cost estimate, method of financing and recommended time schedule for each sush.improvement; and the estimated annual cost of operating and maintaining the facilities to be constructed or acquired. It includes a capital budget which summarizes the capital requirements of the public service program and the capital improvement pain for the next five years and prioritizes anticipated investments in community facilities in consideration of expected revenues. This information shall be revised and extended each year for capital improvements still pending or in process. Subd. 4. A long-term Revenue Program. This program elf consists of a tentative revenue policy which describes long-term plans for financing public services and capital improvements. Subd. 5. The Capital Budget. This program shall be a summary on the basis of a five year period of revenues. Subd. 6 5. A summary of the long-term financial plan-s#aU must be published in the city newsletter annually. Sec. 7.06. Council Action on Budget. Subdivision 1. •- - --- - -- - •-- -- - - • --- - ••e• • -- • - - --- ___ :••e: _ _ _ __ ____ __ _ _ - - --- . ____ -_ _ •_ _• __ . The council must, by budget resolution, adopt the budget at the time required by law. The budget is the principal item of business at regular council meetings at the time required by law and at subsequent meetings until the budget is adopted.