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City of Roseville — 2006 Budget City u r kjh,61 Capital I Policy 1 I -:SA Purpose The purpose of the City's Capital Improvement Policy is to ensure that capital expenditures are well planned and enable the city to replace capital items when needed, without requiring significant fluctuations in property tax levy. Scope All departments and funds are included in the Five -Year Capital Improvement Program (CIP). The CIP identifies the timing and financing of all capital items. Policy ❑ All capital improvements shall be made in accordance with an adopted Capital Improvement Program ❑ The City will develop a Five -Year Plan for capital improvements and update it annually ❑ The City will enact an annual capital budget based on the multi-year Capital Improvement Plan. Future capital expenditures necessitated by changes in population, changes in real estate development, or changes in economic base will be identified and included in capital budget projections ❑ The City will coordinate development of the capital improvement budget with development of the operating budget. Future operational costs associated with new capital improvements will be projected and included in operating budget forecasts ❑ The City will provide ongoing preventative maintenance and upkeep on all its assets at a level adequate to protect the City's capital investment and to minimize future maintenance and replacement costs ❑ The City will identify the estimated costs and potential funding sources for each capital project proposal before it is submitted to Council for approval ❑ The City will determine the least costly financing method for all new projects Implementation The Capital Improvement Program has been updated to reflect capital expenditures through the next five years. 115