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and activities for the ensuing fiscal year and except as required by state law <br />or this charter, shall be in such form as the council may require. It shall <br />include a summary and show in detail all estimated income and all proposed <br />expenditures, including debt service and comparative figures for the current <br />fiscal year, actual and estimated, and the preceding year. In addition to showing <br />proposed expenditures for current operations, it shall show proposed capital <br />expenditures to be made during the year and the proposed method of financing <br />each such capital expenditure. The total proposed operating budget to be pro- <br />vided from the property tax shall not exceed the amounts authorized by state law <br />and this charter. Consistent with these provisions, the budget shall contain such <br />information and be in the form prescribed by ordinance and by state law. <br />Subd. 2. For each utility operated by the city, its budget shall show antic- <br />ipated net surplus or deficit and the proposed method of its disposition; and <br />subsidiary budgets for each such utility giving income and expenditure information <br />shall be included or attached as appendices. <br />Sec. 7.05. Long-term Financial Plan. <br />Subdivision 1. The city council shall have prepared a long-term financial plan <br />commencing in the calendar year 1980. The city council shall hold a public hearing <br />on the long-term financial plan and adopt it by ordinance with or without amend- <br />ment. The financial plan shall consist of four elements as specified in subdi- <br />visions 2 - 5 which follow. <br />Subd. 2. The Public Service Program. The program shall be a continuing five-year <br />plan for all public services, estimating future needs for the public health, safety <br />and welfare of the city. It shall measure the objectives and needs for each <br />city department, the standard of services desired, and the impact of each such <br />-19- <br />