Subdivision 1. The City Council shall have prepared a five-year financial plan commencing in the calender year 1983. The City Council shall hold a public hearing on the five-year financial plan and adopt it by resolution with or without amendment. The financial plan shall consist of four (4) elements as specified in Subdivisions 2-5 which follow. The programs in each element shall be revised and extended each year.
(Amended)
Subdivision 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.
Subdivision 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 (5) fiscal years, with appropriate supporting information as to the necessity for such improvements; cost estimates, method of financing and recommended time schedule for each such improvement; and the estimated annual cost of operating and maintaining the facility to be constructed or acquired.
Subdivision 4. A Revenue Program. This program shall consist of a tentative revenue policy which describes five-year plans for financing public service and capital improvements.
Subdivision 5. The Capital Budget. This program shall be a summary on the basis of a five (5) year period of the capital or money requirements for the above described programs. It shall list a priority for each anticipated investment in community facilities and balance this with a consideration of the availability of necessary revenues.
Subdivision 6. A summary of the five-year financial plan shall be published annually.