Ordinance - #94-03 - 02/22/1994 - Laserfiche WebLink

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the form presm'ibed by ordinance and by state statues. The Annual Financial Statement shall be in such form as state statutes, this charter or the Council may prescribe. 7.4.2. For each utility operated by the City, its budget shall show anticipated net surplus or deficit and the proposed 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 years. This information shall be revised and extended each year. The City Council shall hold an annual public hearing on the long-term financial plan and adopt it by resolution with or without amendment. The financial plan, at minimum, shall consist of three elements as specified in Sections 7.5.2 through 7.5.4 which follow. 7.5,2. The Public Service Program. The program shall 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. 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 public 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 each anticipated improvement; 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. 7.5.4. Five Year Financial Forecast. This forecast shall detail the estimated revenues and expenditures 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. 7.5.5. A summary of the long-term financial plan shall be published in the City newsletter annually. 7.6. Council Action on Budget. 7.6.1. The budget public heating 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 expenditures 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 County Auditor in accordance with state law.