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Annual Budget: City Administrator Develops <br /> Summary and Estimate Proposal for Council Aug. 1 to Sept. 15 <br /> Annual Budget: Estimates Submitted to Council Sept. 15 <br /> Annual Budget: Proposal and Tax Levy Estimates <br /> Council Adoption Sept. 15 <br /> Annual Budget: Council Review and Amend Sept. 15 to Nov 23 <br /> Annual Budget and Tax Levy: Proposal <br /> Published to Public Sept. 15 to Dec. 1 <br /> Annual Budget and Tax Levy: Public Review Sept. 15 to Dec. 20 <br /> Annual Budget: Public Hearing Advertised Nov. <br /> Annual Budget and Tax Levy: Initial Public Hearing Nov. 29 to Dec. 20 <br /> Annual Budget and Tax Levy: Council Adoption Dec. 5 to Dec. 20 <br /> Annual Budget and Tax Levy: Final Council <br /> Budget Summary Published to Public Dec. 20 to Feb. 1 <br />(Amended 2023 Ord. 1009; Amended 2024 Ord. 1017.) <br /> Section 7.05. Five-Year Financial Plan. <br /> Subdivision 1. The Council shall have prepared a five-year (5-year) financial plan commencing with <br />the ensuing calendar year. The Council shall hold a public hearing upon at least ten (10) days’ posted <br />and published notice in the City’s official newspaper and, if available, the City web-site and shall then <br />adopt the five-year (5-year) financial plan, with or without amendment, by August 1 of each year. The <br />financial plan shall consist of at least the following three (3) elements as specified in subdivisions 2 <br />through 4 which follow: (Amended 2009 Ord. 839; Amended 2023 Ord. 1009; Amended 2024 Ord. <br />1017.) <br /> Subdivision 2. The capital improvement program shall contain a list of all capital improvements <br />proposed to be undertaken during the next five (5) fiscal years, with appropriate supporting information <br />as to the necessity for such improvements; cost estimate, method of financing and recommended time <br />schedule for each such improvement; and the estimated annual cost of operating and maintaining the <br />facilities to be constructed or acquired. This information shall be revised and extended each year for <br />capital improvements still pending or in process. <br /> Subdivision 3. A five-year (5-year) revenue and expense estimate shall contain a tentative revenue <br />policy that describes five-year (5-year) plans for financing public services and capital improvements. It <br />shall measure the objectives and needs for each City department, the standard of services desired, <br />and the impact of each such service on the annual operating budget. <br /> Subdivision 4. The capital budget shall be a summary on the basis of a five-year (5-year) period of <br />the capital or money requirements for the above described programs. It shall list a priority for each <br />anticipated investment in community facilities and balance this with a consideration of the availability <br />of necessary revenues. <br /> Subdivision 5. A summary of the five year (5-year) financial plan shall be published on or by August <br />15 each year in the official City newspaper, the City newsletter, and, if available, the City web-site. <br />(Amended 2009 Ord. 839; Amended 2023 Ord. 1009; Amended 2024 Ord. 1017.)