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Administrator. The duties of the treasurer are those specified by State law for the treasurer in a statutory city. CHAPTER 7 TAXATION AND FINANCES Section 7.01 Council to Control Finances. The Council has full authority over the financial affairs of the City except as limited or prohibited by law, or this Charter. It provides for the collection of all revenues and other assets, and the auditing and settlement of accounts. It also provides for the safekeeping and disbursement of public monies by the City Treasurer. Section 7. 02 Fiscal Year. The fiscal year of the City is the calendar year. Section 7 . 03 System of Taxation. The Council has full power to provide by ordinance for a system of local taxation, to assess, levy, and collect taxes on all subjects or objects of taxation, except as limited by law or this Charter. Section 7 . 04 Submission of Budget. The Clerk-Administrator must submit an annual budget request to the Council in accordance with a budget calendar established by resolution. The budget must provide a complete financial plan for all City funds, including utilities, and activities for the ensuing fiscal year in a form prescribed by this Charter. It must include a summary, and details of estimated income and proposed expenditures, including debt service and comparative figures for the current fiscal year, actual and estimated, and the preceding year. It must also show proposed capital expenditures for the year and the proposed method of financing. The total proposed operating budget to be provided from the property tax shall not exceed amounts authorized by this Charter. Section 7 . 05 Long-Term Financial Plan. Subdivision 1.- The City Council must annually prepare a continuing five-year financial plan. The City Council must hold a public hearing on the long-term financial plan and adopt it by ordinance with or without amendment. The financial plan consists of three elements as specified in subdivisions 2, 3 and 4 which follow. Subdivision 2 . A Long-Term Revenue Plan. This plan consists of a tentative revenue policy which describes long-term plans for financing public services and capital improvements. Subdivision 3 . The Public Service Plan. This plan is a continuing five-year plan for all public services, estimating future needs for the public health, safety and welfare of the City. It measures the objectives and needs for each City department, indicates expected outcomes of services provided, and indicates the [95-1] 11