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Resolution No. 2005-02 Page 4 <br /> Section 7.05 Long TermFive-Year Financial Plan. <br /> Subdivision 1. The City Council shall have prepared a long term five-year financial plan commencing <br /> • in-with the ensuing calendar year0. The City Council shall hold a public hearing on the long term five-year <br /> financial plan and adopt it by ordinance,with or without amendment,by June 1st of each year. The financial <br /> plan shall consist of at least the following four elements as specified in subdivisions 2-51 which follow: <br /> Subdivision 2. The Public Service ElementProgram. The program shall becontain a continuing five-year <br /> plan for all public services, estimating future needs for the public health, safety and welfare of the City. It shall <br /> measure the objectives and needs for each City department, the standard of services desired, and the impact of <br /> each such service on the annual operating budget. <br /> Subdivision 3. The Capital Improvement Element. program shall ' - .•- - <br /> i�econtain a list of all capital improvements proposed to be undertaken during the next five fiscal years, <br /> with appropriate supporting information as to the necessity for such improvements; cost estimate,method of <br /> financing and recommended time schedule for each such improvement; and the estimated annual cost of <br /> operating and maintaining the facilities to be constructed or acquired. This information shall be revised and <br /> extended each year for capital improvements still pending or in process. <br /> Subdivision 4. A Five-Year Revenue Element shall consist of <br /> contain a tentative revenue policy which that describes long termfive-year plans for financing public services <br /> and capital improvements. <br /> Subdivision 5. The Capital Budget Element. This program shall be a summary on the basis of a five- <br /> . year period of the capital or money requirements for the above--described programs. It shall list a priority for <br /> each anticipated investment in community facilities and balance this with a consideration of the availability of <br /> necessary revenues. <br /> Subdivision 6. A summary of the leng-ternifive year financial plan shall be published in the City <br /> newsletter annually. before August 1st each year in the official City newspaper, the City newsletter, and, if <br /> available, the City website. <br /> • <br />