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20 Subdivision 4. Budget Planning Guideline. The purpose of this section is to provide the public with a general time table for the annual budget process. The dates are guidelines and subject to change by the City Council and MN Statute 275.065, as amended. Activity Estimated Time Period Five-Year Plan: Development Jan. 1 to May 1 Five-Year Plan: Public Review May 1 to May 20 Five-Year Plan: Council Approval May 20 to June 1 Annual Budget Calendar: Adopted by Council June 1 Five-Year Plan: Published to Public June 1 to Aug. 1 Annual Budget: Public Input to Department June 1 to Sept 1 Annual Budget: Clerk-Administrator Develops Summary and Estimate Proposal for Council Aug. 1 to Sept. 15 Annual Budget: Estimates Submitted to Council Sept. 15 Annual Budget: Proposal and Tax Levy Estimates Council Adoption Sept. 15 Annual Budget: Council Review and Amend Sept. 15 to Nov 23 Annual Budget and Tax Levy: Proposal Published to Public Sept. 15 to Dec. 1 Annual Budget and Tax Levy: Public Review Sept. 15 to Dec. 20 Annual Budget: Public Hearing Advertised Nov. Annual Budget and Tax Levy: Initial Public Hearing Nov. 29 to Dec. 20 Annual Budget and Tax Levy: Council Adoption Dec. 5 to Dec. 20 Annual Budget and Tax Levy: Final Council Budget Summary Published to Public Dec. 20 to Feb. 1 Section 7.05 Five-Year Financial Plan. Subdivision 1. The City Council shall have prepared a five-year financial plan commencing with the ensuing calendar year. The City Council shall hold a public hearing on the five-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 three elements as specified in subdivisions 2-4