Agenda - Charter Commission - 12/18/2024

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Sec. 7.4. Submission of budget. 7.4.1 Annually, the city administrator shall submit to the council the budget recommendations in accordance with a budget calendar to be established by resolution. The budget shall provide a complete financial plan for all city funds and activities for the ensuing fiscal year and, except as required by state statutes or this Charter, shall be in such form as the council may require. It shall include a summary and show in detail all estimated income and all proposed expenditures, including debt service and comparative figures for the current fiscal year, actual and estimated, and the preceding year. In addition to showing proposed expenditures for current operations, it shall show proposed capital expenditures to be made during the year and the proposed method of financing each such capital expenditure. The total proposed operating budget to be provided from the property tax shall not exceed the amounts authorized by state statutes and this Charter. Consistent with these provisions, the budget shall contain such information and be in the form prescribed by ordinance and by state statutes. 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. (Ord. of 3-25-1994; Ord. of 1-24-2001) Sec. 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 revenue 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 o 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. (Ord. of 3-25-1994) (Supp. No. 13, Update 3) Page 13 of 25 Created: 2024-10-04 12:02:15 [EST]