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13 <br />Subdivision 4. The City shall not raise any moneys or increase any fund reserve beyond <br />50% of that fund’s previous annual expenditures. The Council may raise a fund’s reserve <br />beyond 50% provided: <br /> <br />1. the Council designates by resolution and holds a public hearing reviewing the <br />purpose of the reserve increase and the City follows such proposed increase with <br />the steps outlined in Subdivision 2 of this Section the year prior to the collection <br />of such increase taxation or fee; or <br /> <br />2. the Council modifies and adopts by resolution the Five Year Financial Plan, as <br />defined in Chapter 7, Section 7.05, specifying the fund reserve purpose and the <br />City follows such proposed increase with the steps outlined in Subdivision 2 of <br />this Section the year prior to the collection of such increased taxation or fee. <br /> <br />Money raised by Tax Increment Financing shall not be included in the calculation of <br />reserve limit. This Subdivision and Section shall not limit or impair the City’s ability to create <br />Tax Increment Financing or enter into Development Agreements specified by MN Statutes <br />469.174 to 469.1799, as amended. This Subdivision shall not require the City to divest or <br />expend any excess of any reserve fund(s) currently exceeding the specified limit, provided the <br />Council, within 90 days of adopting this Section, designates by resolution the purpose of the <br />reserve or adopts a modified Five Year Financial Plan reflecting the reserve purpose. <br /> <br />Subdivision 5. Nothing in this Section shall be construed to impair any general <br />obligation the City may have in support of otherwise lawful indebtedness or similar obligation <br />supported by the full faith and credit of the City, provided, however that long-term, general <br />obligation indebtedness shall not be used for the purpose of funding the routine and daily <br />business operations of the City. <br /> <br />Subdivision 6. Nothing in this Section shall be construed to limit or impair the voters of <br />Mounds View from petitioning for a referendum, in accordance with methods in Chapter 5, to <br />propose any of the following for levy, or fees; new, increased or decreased an existing, or request <br />an elimination of any tax levy fee, or other method used by the City for raising money. <br /> <br /> Section 7.04. Submission of Budget. <br /> <br /> Subdivision 1. Annually, on or before the 15th calendar day of September of each year or <br />as specified by MN Statute 275.065, as amended, the Clerk-Administrator shall submit to the <br />Council the budget estimates for funds levying property taxes for the ensuing fiscal year and an <br />accompanying summary message in accordance with a budget calendar to be established by <br />resolution. The total proposed operating budget to be provided from the property tax shall not <br />exceed the amounts authorized by state law and this Charter. Consistent with these provisions, the <br />budget shall contain such information and be in the form prescribed by the City Council. The final <br />budget shall provide a complete financial plan for all City funds and activities for the ensuing fiscal <br />year and except as required by state law or this Charter, shall be in such form as the Council may <br />require. It shall include a summary and show in detail all estimated income and all proposed <br />expenditures, including debt service and comparative figures for the current fiscal year, actual and <br />estimated, and the preceding year. In addition to showing proposed expenditures for current <br />operations, it shall show proposed capital expenditures to be made during the year and the proposed <br />method of financing each such capital expenditure.