§ 23.7-702. Financial Planning.

 A. The Manager, assisted by the Finance Director, shall each year, at a time specified by Council, submit to Council a financial plan for the Township which shall:

   1. Reflect the policies and objectives established by Council therefor;

   2. Cover all Township funds and activities;

   3. Specify a total of expenditures not to exceed estimated revenue from all sources to be received in the course of normal governmental activity excluding any extraordinary income not contracted for at the date of adoption of such plan. Available surpluses from prior years may be included with estimated revenues;

   4. Be in such form as Council shall, by ordinance or directive, direct; and as a minimum, contain the following:

     a. Operation plan of revenue and expenditures for the next fiscal year to be designated as the Operating Budget which shall be in such detail as Council may direct. The information to be provided in such plan shall contain, as a minimum, the amounts to be appropriated for each activity in terms of:

       1. Personal Services;

       2. Contractual Services;

       3. Materials, supplies and equipment.

     b. Operation plan of revenue and expenditures for a period of at least four (4) additional years, individually stated to be advisory only for the purpose of long range planning. The information to be provided shall be stated in general categories only;

     c. Capital Program for the remainder of the term of the improvements proposed to be undertaken but in no case less than five (5) fiscal years the first year of which shall be in detail and designated as the Capital Budget;

     d. Statement of Debt, the amortization schedule through a time period covering the latest final maturity of any issue, and showing in addition to existing debt, the amortization schedule for all proposed debt for projects included in the Capital Program. The amortization schedule should show, both separately and inclusively, payments for interest as well as principal;

     e. An explanation, by the Manager, of the plan in terms of programs, projects and services to be provided, the policies and objectives established by Council and response thereto, and such other information which he shall deem desirable.

 B. Council shall review the proposed financial plan with the Manager, Finance Director and others it may deem appropriate for viability, legality and compliance with guidelines previously established. Following such review and the completion of changes directed by Council to be made, Council shall cause to be published in one (1) or more newspapers of general circulation within the Township:

   1. A general summary of the plan;

   2. Notice of a public meeting with date, time and place specified at which said financial plan will be considered by Council; and

   3. The times and places where copies of the plan shall be available for inspection by Township residents;

 C. Council shall conduct a public meeting which shall follow such notice by no less than seven (7) days to receive the comments and suggestions of Township citizens. Such public meeting may be held at the regularly scheduled monthly Council meeting.

 D. After the public meeting and on or before the thirty-first of December of each year, Council shall, by ordinance, with or without amendment, adopt the Operating and Capital budgets which shall become effective immediately upon adoption and which shall constitute for the ensuing fiscal year appropriations of the amounts specified therein as expenditures from the funds indicated and shall constitute a levy of the taxes therein proposed. If Council shall fail to adopt such budgets by this date, the amounts appropriated for the current fiscal year shall be deemed adopted for the ensuing fiscal year on a month to month basis until such time as Council adopts the budgets for the ensuing fiscal year.

 E. In the years following a municipal election, the new Council may, within forty-five (45) days from the beginning of the fiscal year adopt a revised financial plan.