Ordinance 1009 - Laserfiche WebLink

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Subdivision 4. The City shall not levy to increase any fund reserve beyond fifty percent (50%) of an average of that fund's previous fives -years of annual expenditures. The Council may raise a fund's reserve beyond fifty percent (50%) provided: b). the Council modifies and adopts by resolution the Ffive Y--year 5- ear FIfinancial Pplan, as defined in Chapter 7, Section 7.05, as amended, specifying the fund reserve purpose and the City follows such proposed increase with the steps outlined in Subdivision 2 of this Section the year prior to the collection of such increased taxation or fee. Moneys raised by Ttax lincrement B_financing shall not be included in the calculation of reserve limit. This Ssubdivision and Ssection shall not limit or impair the City's ability to create Ttax lincrement pfinancing or enter into Ddevelopment Aagreements specified by MNinnesota Statutes, sections 469.174 to 469.1799, as amended. This Ssubdivision shall not require the City to divest or expend any excess of any reserve fund(s) currently exceeding the specified limit, provided the Council, within ninety 90) days of adopting this Ssection, designates by resolution the purpose of the reserve or adopts a modified pfive Yyear 5- ear pfinancial Pplan reflecting the reserve purpose. (Amended 2006 Ord. 772.) Subdivision 5. Nothing in this Section shall be construed to impair any general obligation the City may have in support of otherwise lawful indebtedness or similar obligation supported by the full faith and credit of the City, provided, however, that long-term general obligation indebtedness shall not be used for the purpose of funding the routine and daily business operations of the City. (Amended 2006 Ord. 772.1 Section 7.04 Submission of Budget. Subdivision 1. Annually, on or before the ' 5th ealen'^r day of September 15 of each year or as specified by Minnesota Statutes, section 275.065, as amended, the C-city Aadministrator shall submit to the Council the budget estimates for funds levying property taxes for the ensuing fiscal year and an accompanying summary message in accordance with a budget calendar to be established by resolution. The total proposed operating budget to be provided from the property tax shall not exceed the amounts authorized by state law and this Charter. Consistent with these provisions, the budget shall contain such information and be in the form prescribed by the City Council. The final budget shall provide a complete financial plan for all City funds and activities for the ensuing fiscal year and except as required by state law or this Charter, shall be in such form as the Council may require. It shall include a summary and show in detail all estimated income and all proposed expenditures, including debt service and comparative figures for the current fiscal year, actual and estimated, and the preceding year. In addition to showing proposed expenditures for current operations, it shall show proposed capital expenditures to be made during the year and the proposed method of financing each such capital expenditure. Subdivision 3. The C-city Aadministrator's message shall explain the budget, both in fiscal terms and in terms of the work programs, linking programs to goals of the City and community priorities. It shall outline the proposed financial policies and programs of the City for the ensuing fiscal year and the impact of those policies and programs compared to the City's current five-year plan, as adopted by the City Council. It shall describe the important features of the budget, indicate any major changes in financial policies, expenditures, and revenues together with the reasons for such changes. It shall summarize the City's debt position for each Page 11 of 19 DOCSOPEN\MU2 1 0\4\903 732.v2-9/20/23