Agenda - Council - 01/18/1994 - Laserfiche WebLink

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[ the form prcscribe~ by ordinance and by state statues. The Annual Financial Statement shall be in such form as state [aatutcs, this charter or the Council may prescribe. 7.4.2. For Ieach utility operated by the City, its budget shall show anticipated net surplus or deficit and the p~oposed method of its disposition; and subsidiary budgets for each utility giving income and expenditure information shall be included or attached as appendices. 7.5. Long-term Financial Plan 7.5.1 The :City Council shall have prepared a long-term financial plan of at least five ~ ....... This bfo~ation shall be revised and extend~ each ye~. The Ci~ Co~cfl sh~l hold a an annual public hemng on the long-tern financi~ plan ~d adopt it by resolution with or without amendment. The financial plan, at minimum, shall consist of c ....... ~.~ .... v,~ ......three elements as specified in sections 7.5.2 through 7.5.5 4. which follow. ~ 7.5.2. The public Service Program. The program shall be a continuing five-year plan for all public services, ;stimating future needs for the public health, safety and welfare of the city. It shall measure the o~jectives and needs for each city department, the standard of services desired, and the impact of e~ch such service on the annual operating budget. 7.5.3. The iCapital Improvement Program. This program shall consist of projects and facilities that are off will be needed by the City in carrying out the anticipated program of public services. It shall include a list of all capital improvements proposed to be undertaken during the next five fiscal ye~-s, with appropriate supporting information as to the necessity for such improvements; th~ priority of each anticipated improvement; cost estimate, method of financing and reco ,rgrnended time schedule for each such improvement; and the estimated annual cost of operating a~d maintaining the facilities to be constructed or acquired. This information shall be re¼sed and ~xtended each year for capital improvements still pending or in process. ~Five} Year Financial Forecast. This forecast shall detail the estimated revenues and exgenditures necessary to carry out the Public Service and Capital Improvement PrOgrams as described in sections 7.5.2. and 7.5.3. In addition, the forecast will ~identify financing sources and uses, cash flow projections, and financial policies ;that impact or exercise control over revenues and expenditures. 7,5.6.7.5.5. A summary of the long-term financial plan shall be published in the City newsletter annually. 7.6. Council Action on Budget. h~ public hearing dates, procedures to be followed during the hearings and publications are e~tablished by state statute. However, the actual adoption of the