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Mounds View Charter Commission Date: June 30, 2004 Charter Updates; Category 2 Items; Chapter 7 Revision—Draft 7 Page4 of 7 Section 7.05 Long Term Financial Plan. Subdivision 1. The City Council shall have prepared a long-term financial plan commencing in the calendar year 1980. The City Council shall hold a public hearing on the long-term financial plan and adopt it by ordinance with or without amendment by June 1 of each year. The financial plan shall consist of four elements as specified in subdivisions 2-5 which follow: Subdivision 2. The Public Service Program. The program shall be a continuing five-year plan for all public services, estimating future needs for the public health,safety and welfare of the City. It shall measure the objectives and needs for each City department,the standard of services desired, and the impact of each such service on the annual operating budget. Subdivision 3. The Capital Improvement Plan. This program shall consist of projects and facilities that are or will be needed by the City in carrying out the anticipated program of public services. It shall include a list of all capital improvements proposed to be undertaken during 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. This information shall be revised • and extended each year for capital improvements still pending or in process. Subdivision 4. A Long-Term Revenue Program. This program shall consist of a tentative revenue policy which describes long-term plans for financing public services and capital improvements. Subdivision 5. The Capital Budget. This program shall be a summary on the basis of a five-year period of the capital or money requirements for the above described programs. It shall list a priority for each anticipated investment in community facilities and balance this with a consideration of the availability of necessary revenues. Subdivision 6. A summary of the long-term financial plan shall be published annually in the official City newspaper,the City newsletter,and, if available.the City website before August 1 • - • -• - •• •. Section 7.06. -Council Action on Budget. Subdivision 1. The Council shall annually adopt the budget calendar by June 1st. The calendar will establish the time line for development and submission of the budget and allow for public review and comment, in accordance with MN Statute 275.065. as amended, and time lines as establish by state statute. City Council and this Charter. The budget shall be considered at the first regular monthly meeting of the Council in September and at subsequent meetings until a budget is adopted for the ensuing year. The budget calendar will provide a 30 day period for public review and input to the annual budget prior to Council final approval. The meetings shall be so conducted as to give interested 1111 City of Mounds View