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129 <br />130 <br />131 <br />132 <br />133 <br />134 <br />135 <br />136 <br />137 <br />138 <br />139 <br />140 <br />141 <br />142 <br />143 <br />144 <br />145 <br />146 <br />147 <br />148 <br />149 <br />150 <br />151 <br />152 <br />153 <br />154 <br />155 <br />156 <br />157 <br />158 <br />159 <br />160 <br />161 <br />162 <br />163 <br />164 <br />165 <br />166 <br />167 <br />168 <br />169 <br />170 <br />Capital Improvement Policy <br />Purpose <br />The purpose of the City's Capital Improvement Policy is to ensure that capital expenditures are well <br />planned and enable the city to replace capital items when needed, without requiring significant fluctuations <br />in the property tax levy. <br />Scope <br />All departments and City funds are included in the 10 -Year Capital Improvement Program (CIP). The CIP <br />identifies the timing and financing of all capital items. <br />Policy <br />❑ All capital improvements shall be made in accordance with an adopted Capital Improvement <br />Program <br />❑ The City will develop a 10 -year Plan for capital improvements and update it annually <br />❑ The City will coordinate development of the capital improvement budget with development of the <br />operating budget. Future operational costs associated with new capital improvements will be <br />projected and included in operating budget forecasts <br />❑ The City will provide ongoing preventative maintenance and upkeep on all its assets at a level <br />adequate to protect the City's capital investment and to minimize future maintenance and <br />replacement costs <br />❑ The City will identify the estimated costs and potential funding sources for each capital project <br />proposal before it is submitted to Council for approval <br />❑ The City will determine the least costly financing method for all new projects <br />❑ For future development or redevelopment proposals that require public infrastructure and /or <br />public financing assistance and /or City support services; a fiscal analysis shall be prepared <br />identifying the project sources and uses. The analysis should also demonstrate the costs and <br />benefits of the project. The cost of this analysis shall be borne by the developer. <br />Implementation <br />The Capital Improvement Program has been updated to reflect capital expenditures through the next five <br />years. <br />Page 6 of 13 <br />