Biennial Budget
The City of Plymouth prepares a biennial budget. The two-year budget strengthens forecasts and streamlines the budget development process. Because Minnesota law requires cities to adopt a budget annually, the City Council adopts the first year of the budget and approves the second-year budget in concept. This cycle assists in long-term planning while allowing the City Council to adjust the second year’s budget for mandates, unanticipated events or significant changes in the economy.
The City Council holds special budget study sessions throughout the year, and approves the final budget in early December. All budget meetings are open to the public. The City Council also holds a public hearing to receive public comment at a regular council meeting in December.
Capital Improvement Program
The Capital Improvement Program is a five-year projection of the capital replacement costs and additional capital needs. It does not give authority to spend, but assists with the preparation of the biennial budget by detailing upcoming capital expenditures by funding source.
Comprehensive Annual Financial Report (CAFR)
The CAFR provides the City Council, staff, residents and other interested parties with detailed information on the city’s financial status and practices. Detailed financial information for the city’s Housing and Redevelopment Authority (HRA) is also included in this report.