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the form prescri~,d by ordinance and by state statues. The Annual Financial Statement shall be in
<br />such form as staB statutes, this charter or the Council may prescribe.
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<br /> 7.4.2. Fbr each utility operated by the City, its budget shall show anticipated net surplus
<br />or deficit and th{ proposed method of its disposition; and subsidiary budgets for each utility giving
<br />income and eXl~rnditure information shall be included or attached as appendices.
<br />7.5. Long-terrm Financial Plan
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<br /> 7.5.1 The City Council shall have prepared a long-term financial plan of at least five
<br />years~,~.~,~,,..~,~,;~'~ ;-.. "~,,,. ,~,~.,,..,,,~"~"'~ ....... .,,-,~ ,..,,~.~n°'~ This information shall be revised and extended each
<br />year. The City {ouncil shall hold a an annual public hearing on the long-term financial plan and
<br />adopt it by resolution with or without amendment. The financial plan, at minimum, shall
<br />consist of~ three elements as specified in sections 7.5.2 through 7.5.~ ,4. which
<br />follow.
<br /> 7.5.2. T~e Public Service Program. The program shall be a continuing five-year plan for
<br />all public services, estimating future needs for the public health, safety and welfare of the city. It
<br />shall measure ~e objectives and needs for each city department, the standard of services desired,
<br />and the impact d~f each such service on the annual ope'rating budget.
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<br /> 7.5.3. '~'he Capital Improvement Program. This program shall consist of projects and
<br />facilities that ar~ or will be needed by the City in carrying out the anticipated program of public
<br />services. It shaltl include a hst of all capital improvements proposed to be undertaken during the
<br />next five fisca~ years, with appropriate supporting information as to the necessity for such
<br />improvements;t the priority of each anticipated improvement; cost estimate, method of
<br />financing and r~commended time schedule for each such improvement; and the estimated annual
<br />cost of operatin~ and maintaining the facilities to be constructed or acquired. This information
<br />shall be revised Ired extended each year for capita/improvements still pending or in process.
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<br /> 754 The Long * '~' ~ ........ ~ogram 'r~ ....... ,,~u .... ~, ,,c ~ '
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<br />~spr~aa~.~ive Year Financial Forecast. This forecast shall detail the estimated
<br />revenues and[expenditures necessary to carry out the Public Service and Capital
<br />Improvement IPrograms as described in sections 7.5.2. and 7.5.3. In addition,
<br />the forecast ~ill identify financing sources and uses, cash flow projections, and
<br />financial poli~ies that impact or exercise control over revenues and expenditures.
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<br /> 75,~
<br /> · ~,,.7,5.5. A summary of the long-term financial plan shall be published in the CiD,
<br />newsletter anw~_~lly.
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<br />7.6. Council Action on Budget.
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<br /> dates, procedures to be followed during the hearings and
<br />publications a. re established by state statute. However, the actual adoption of the
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