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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 upon at least 10 days posted and published notice in the City's official newspaper and, if available, the City web site and shall then adopt the five-year financial plan, 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 through 4 which follow: Subdivision 2. The Capital Improvement Program shall contain 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 3. A Five -Year Revenue and Expense Estimate shall contain a tentative revenue policy that describes five-year plans for financing public services and capital improvements. 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 4. The Capital Budget 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 5. 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. (Amended by Ordinance 839, Adopted Dec 14, 2009; Published Dec 24, 2009.) 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 budget calendar will provide a 30-day period for public review and input to the annual budget prior to final approval by the City Council. The meetings shall be so conducted as to give interested citizens a reasonable opportunity to be heard. The Council may revise the proposed budget but no amendment to the budget shall increase the authorized expenditures to an amount greater than the sum of estimated income and reserves. The Council shall adopt the budget by a resolution that shall set forth the total for each budgeted fund and each department. The budget shall indicate the sums to be raised and from what sources and the sums to be spent and for what purpose as the Council deems necessary for establishing the budget. The Council shall also adopt a resolution levying the amount of taxes provided in the budget, and the City Administrator shall certify the tax resolution to the County Auditor in accordance with state law. Adoption of the budget resolution shall constitute appropriations at the beginning of the fiscal year of the sums fixed in the resolution of the several purposes named 18