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Mounds View Charter Commission Date: February 10, 2004 Charter Updates; Category 2 Items; Chapter 7 Revision-FINAL Page4 of 7 Section 7.051Long-Ter-mFive-Year Financial Plan. Subdivision 1. The City Council shall have prepared a long-tcrmfive-year financial plan commencing in tkhewith the ensuing calendar year, 1980. The City Council shall hold a public hearing on the longfive-year financial plan and adopt it by ordinance,with or without amendment, by June 1st of each year. The financial plan shall consist of at least the following four elements as specified in subdivisions 2-5 which follow: Subdivision 2. The Public Service Element pProgram. TheProgram shall contain 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 Element . This program shall contain consist of projects and facilities that arc or will be needed by the City in carrying-eut-the- - '-':; -: :-;: : -- ; ;. : ' -- ' - . --; '-- .:- 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 410 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 Five-Year- Revenue Element tris-program shall contain consist of a tentative revenue policy that whit describes five-year long-term plans for financing public services and capital improvements. Subdivision 5. The Capital Budget Element . 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 five year financial plan shall be published before August 1St each year in the official City newspaper,the City newsletter,_ and, if available,the City web site. '-• -- - - - - _ - - •; • Section 7.06. -Council Action on Budget. Subdivision 1. The Council shall annually adopt a 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 this Charter. the City Council, and MN Statute 275.065, as amended. 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 bu et calendar will r vide a 0-da eri for public review and input to the annual b dlecLiori•r o fin.l aimwrov.1117, the i y Council. The meetings shall be so conducted as to give interested citizens a reasonable 1111/ City of Mounds View