Charter Resolution 2005-02 - Laserfiche WebLink

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Resolution 2005-02 Page4 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 four elements as specified in subdivisions 2-5 which follow: Subdivision 2. The Public Service Element shall contain a continuing five-year plan for all public services, estimating future needs for the public health, safety and welfare of the City. 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 3. The Capital Improvement Element 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 4. A Five-Year Revenue Element shall contain a tentative revenue policy that describes five-year plans for financing public services and capital improvements. Subdivision 5. The Capital Budget Element 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 6. 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 .