Agenda - Council - 02/22/1994 - Laserfiche WebLink

Home

7.5.3. The Capital Improvement Program. This program shall consist of projects and facilities that are or will be needed by the City in carrying out the anticipated program of pubhc services. It shall include 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; the priority of ~ach anticipated improvement; cost estimate, method of financing and recommended time schedule for each such improvement; a.nd the est~matecl annual cost of operating and maintaining tine facilities to be constructed or acquired. 'I]nis information shall be revised and ex[ended each },car for capital improvements st{Il pending or in process. 7.5.4. Five Year Financial Forecast. This forecast shall detail the estimated revenues and expenditures necessm'-y 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 expenclitures. 7.5.5. A summary of the long-term financial plan shall be published in the City newsletter annually. Council Action on Budget. 7.6.1. The budget public hearing dates, procedures to be followed during the hearings and publications are established by state statute. However, the actual adoption of the proposed annual budget and the municipal levy shall take place at the next regularly scheduled Council meeting following the mandated public hearing(s) to ensure that comments received during the public hearing(s) are given due consideration before the final budget and municipal tax levy are adopted. The Council may revise the proposed budget but no amendment to the budget shall increase the authorized expenclitures to an amount greater than the estimated funds available. The Council shall adopt the budget by a resolution that shall set forth the total for each budgeted fund and each department, function or program, with such segregation as to objects and purpose of expenditures as the Council deems necessary for purposes of budget control. The Council shall also adopt a resolution levying the amount of taxes provided in the budget, and the clerk-administrator shall certify the tax resolution to the Count5, Auditor in accordance with state law. Adoption of the budget resolution shall constitute appropriations at the beginning of the fiscal year of the sums fixed in the resolution of the several purposes named. 7.6.2. At least two weeks before the proposed budget is adopted for the ensuing fiscal year, a summary of the proposed budget and mumicipal levy increases and decreases shall be given/n the Cits, newsletter. Such summary shall be set forth in lmaguage designed to be readily understood by the layperson, and shall provide appropriate supporting /nformarion as to the necessity for any increases. Failure to provide the specified summary will not invalidate the budget. A summary of the adopted final budget shall be printed in the City newsletter as soon after the adoption is practical.