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CHAPTER 7: TAXATION AND'FiNANC~S <br /> <br />THIS CHAPTER ESTABLISHES THE COUNCIL AS HAVING AUTHORITY OVER THE FINANCIAL <br />AFFAIRS OF THE CITY WITHIN THE LIMITATIONS ESTABLISHED BY THE STATE AND THIS <br />CHARTER. <br /> <br />IT PRESCRIBES IN ADDITION TO SHOWING PROPOSED CURRENT OPERATING AND CAPITAL <br />EXPENDITURES, THE ESTABLISHMENT OF A 4-PART,LONG-TERM FINANCIAL PLAN. <br /> <br /> 1. PUBLIC SERVICE PROGRAM: A 5-YEAR PLAN ESTIMATING FUTURE NEEDS <br /> FOR THE PUBLIC HEALTH, SAFETY AND WELFARE; AND THEIR IMPACT <br /> ON THE BUDGET. <br /> <br />2. CAPITAL IMPROVEMENT PLAN: A 5-YEAR PLAN CONSISTING OF PROJECTS <br /> AND FACILITIES REQUIRED TO CARRY OUT THE PUBLIC SERVICE PROGRAM. <br /> IT SHALL INCLUDE COST ESTIMATES, METHODS OF FINANCING AND <br /> RECOMmeNDED TI~ SCHEDULES. <br /> <br />3. LONG-TERM REVENUE PROGRAM: THIS PROGRAM CONSISTS OF A TENTATIVE <br /> REVENUE POLICY DESCRIBING LONG-TERM PLANS FOR FINANCING PUBLIC . <br /> SERVICES AND CAPITAL IMPROVEMENTS. <br /> <br />4. THE CAPITAL BUDGET PROGRAM: THIS PROGRAM SHALL BE A SUM~[~RY OF THE <br /> MONEY REQUIRF~NTS FOR THE PRECEEDING PROGRA~. <br /> <br />FINALLY THIS CHAPTER PRESCRIBES THE BUDGET REVIEW AND ADOPTION PROCEDURES. <br /> <br />IT SHOULD BE NOTED THAT THE CHARTER CO~IISSION HAS SPENT SIGNIFICANT TIME <br /> <br />DISCUSSING THIS CHAPTER AND SO~ KEY ALTERNATIVES EXIST. YOUR INPUT TONIGHT <br />WILL BE CRUCIAL IN THE FRAMING OF THIS CHAPTER. THE ALTERNATIVES WILL BE <br />ADDRESSED LATER IN THE HEARING. <br /> <br /> <br />