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Regular City Council Meeting Minutes Monday, April 23, 2007 Page 34 Capital Improvement Policy (CIP) Finance Director Miller noted the speculative nature of the formal CIr document and process, using the Twin Lakes development project area and various scenarios as an example. Councilmember Ihlan noted that this point was well taken, and opined that she would like to see in appropriate places in the policy, including a fiscal impact analysis on City expenditures, or proposed policy im- plementations, moving toward a policy analysis for all development projects (i.e., future maintenance of streets, traffic infrastructure im- pacts, etc.). Mayor Klausing opined that, while the Council had held this discus- sion previously, it seemed incredibly speculative if only the costs were factored into the equation without balancing in the benefits and impacts to and for the overall city and surrounding areas. Mr. Miller, from a personal and economic perspective, recognized the advantages of performing fiscal impact analyses, but noted the need for making numerous assumptions that influenced the value-added to the City Council and their decision-making process as a body. Mr. Miller used, as an example, how to determine the value of one job or the value of increasing the tax base of the community; and opined that, unless the entire body was in agreement on the assumptions and their interpretation of those assumptions, the data would only benefit individual decision-makers. Mr. Miller further opined that the bigger a project, the more speculative the assumptions and actual fiscal analysis would be. Councilmember Ihlan reiterated her preference for receiving an analy- sis detailing the cost of implementation for a new policy or a large- sized development as part of the decision-making process, from a cost standpoint at a minimum. Mayor Klausing observed that each individual viewed ideas and is- sues from different perspectives, and each opinion and perspective was valid.