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Section 7.05UmigTenmFive-Year Financial Plan. Subdivision 1. The City Council shall have prepared a long-terrx►five-year financial plan commencing in4hewith the ensuing calendar year.1980. The City Council shall hold a public hearing on the long term 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 pPrograrn. TheProgram shall contain be 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. This program shall contain ^^"�ovprojects and faGilities that are or will be needded by the City in Garrying out the an i. I I program of publin s ,:Ges. it shall inGlude 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 '' Long -Term Revenue Element. This program shall contain Gonsist of a tentative revenue policy that whiEh describes five-year long-term plans for financing public services and capital improvements. Subdivision 5. The Capital Budget Element. This program 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 long-termfive year financial plan shall be published before August Vt each year in the official City newspaper, the City newsletter, and, if available, the City web site. City, newsletter nnua y Section 7.06. -Council Action on Bud 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 budqet 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_ with S„^h segregation as to as to „h,eGts and purposes of expenditures 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-