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Capital Improvement Policy 134 135 Purpose 136 The purpose of the City’s Capital Improvement Policy is to ensure that capital expenditures 137 are well planned and enable the city to replace capital items when needed, without requiring 138 significant fluctuations in the property tax levy. 139 140 Scope 141 All departments and City funds are included in the 20-Year Capital Improvement Program 142 (CIP). The CIP identifies the timing and financing of all capital items. 143 144 Policy 145 146 All capital improvements shall be made in accordance with an adopted Capital Improvement 147 Program 148 149 The City will develop a 20-year Plan for capital improvements and update it no less than bi- 150 annually 151 152 The City will coordinate development of the capital improvement budget with development 153 of the operating budget. Future operational costs associated with new capital improvements 154 will be projected and included in operating budget forecasts 155 156 The City will provide ongoing preventative maintenance and upkeep on all its assets at a 157 level adequate to protect the City's capital investment and to minimize future maintenance 158 and replacement costs 159 160 The City will identify the estimated costs and potential funding sources for each capital 161 project proposal before it is submitted to Council for approval 162 163 The City will determine the least costly financing method for all new projects 164 165 For future development or redevelopment proposals that require public infrastructure and/or 166 public financing assistance and/or City support services; a fiscal analysis shall be prepared 167 identifying the project sources and uses. The analysis should also demonstrate the costs and 168 benefits of the project. The cost of this analysis shall be borne by the developer. 169 170 Implementation 171 The Capital Improvement Program has been updated to reflect capital expenditures through 172 the next 20 years. 173 174 175 Page 5 of 12