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Ll Department heads shall be primarily responsible for maintaining expenditures within <br />approved budget guidelines that are consistent with approved financial policies <br />IMplementation <br />The budget as approved meets the above criteria and as a result, the above policies are <br />considered to be implemented <br />Capital Improvement Policy <br />PMose <br />The purpose of the City's Capital Improvement Policy is to ensure that capital expenditures are <br />well planned and enable the city to replace capital items when needed, without requiring <br />significant fluctuations in the property tax levy. <br />la <br />Scope <br />All departments and City funds are included in the Five-Year Capital Improvement Program <br />I <br />(CIP). The CIP identifies the timing and financing of all capital items. <br />lull <br />Ll All capital improvements shall be made in accordance with an adopted Capital <br />Improvement Program <br />Ll The City will develop a five-year Plan for capital improvements and update it annually <br />Ll The City will coordinate development of the capital improvement budget with <br />development of the operating budget. Future operational costs associated with new <br />capital improvements will be projected and included in operating budget forecasts <br />Ll The City will provide ongoing preventative maintenance and upkeep on all its assets at <br />a level adequate to protect the City's capital investment and to minimize future <br />maintenance and replacement costs <br />❑ The City will identify the estimated costs and potential funding sources for each capital <br />project proposal before it is submitted to Council for approval <br />Ll The City will determine the least costly financing method for all new projects <br />Ll For future development or redevelopment proposals that require public infrastructure <br />and/or public financing assistance and/or City support services; a fiscal analysis shall be <br />prepared identifying the project sources and uses. The analysis should also demonstrate <br />the costs and benefits of the project. The cost of this analysis shall be borne by the <br />developer. <br />IMplementation <br />ME <br />