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each utility operated by the city. Each budget must include estimated revenues. expenses. and net income or 0 net loss. Sec. 7.05. Long-term Financial Plan. • Subdivision 1. The city council shall have must prepared a long-term financial piarommencing in the calendar year 1980. 1-he city council sib must hold a public hearing on the long-term financial plan and adopt it by ordinance with or without amendment. The financial plan eeell consists of four three elements as specified in subdivisions 24 which follow. Subd. 2. The Public Service Program. The program shall be is a continuing five-year plan for all public services, estimating future needs for the public health, safety and welfare of the city. It shall measures the objectives and needs for each city department, the-standard of services desired indicates expected outcomes of services provided, and indicates the impact of each such service on the annual operating budget. Subd. 3. The Capital Improvement Plan. This program shall.consists of projects and facilities that are or will be needed by the city in carrying out the anticipated program of public services. It shall includes a list of all capital improvements proposed to be undortaken during 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 such improvement; and the estimated annual cost of operating and maintaining the facilities to be constructed or acquired. It includes a capital budoet which summarizes the • capital requirements of the public service program and the capital imorovemenYaln)or the next five years and prioritizes anticioated 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 shall 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 or; the basis of a five year period of '-= -_-_e• -.: - - ---• = -• - '-: --- - -- --- - -- - - - ` = -- - - -- revenues. Subd.. 5. A summary of the long-term financial plan-s-111e4 must be published in the city newsletter annually. Sec. 7.06. Council Action on Budget. Subdivision 1. The budget shall bo considered at the-first regular monthly meeting of the council in -:- :....t: _ - - - -• --- -• .-:: •.T. . - -- . --- - :_ 4e '-: -- -•'T -- . The council must. by budoet resolution. adopt the budget at the time required by law. The budoet is the principal item of business at regular council meetinos at the time reouired by law and at subsequent meetings until the budoet is adopted. 41110