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(d) a schedule for each department listing required operations of the de- <br />partment for the next fiscal year and any additional activities desired to be <br />undertaken; <br />(e) compensation increases as either additional pay to current employees, <br />or for additional employees; <br />(f) an itemization of all anticipated revenue from taxes and other sources; <br />(g) the amounts required to pay interest on the city's debt, and for bond <br />retirement funds as required by law; <br />(h) the total amount of the outstanding city debt with a schedule of matur- <br />ities of bond issues and any other long -term financial obligations of the <br />city; and <br />(i) any other information as may be required by council. <br />Upon receipt of the estimate, council shall begin the appropriations pro- <br />cess. Council shall hold public hearings upon any proposed appropriation <br />legislation before a committee or the entirety of council. After the public <br />hearings, council, taking the estimate into consideration, shall by tempo- <br />rary or permanent appropriation legislation provide for the funding of the <br />city as provided by general law or except as general law may be limited by <br />council. <br />5.6 REPORTS <br />The director of finance shall periodically report on the finances of the city <br />to the mayor, council, the public and any specific persons designated by <br />law, including financial transactions for the fiscal year or any part of the <br />fiscal year and the effect of those transactions on appropriations within <br />each department of the city government. <br />5.7 CAPITAL PLAN <br />Annually, after consultation with the mayor and the heads of affected city <br />departments, the director of finance shall prepare and submit to the mayor <br />and council a recommended five -year financial plan for the city's capital <br />needs. <br />5.8 ASSESSMENTS <br />15 <br />