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2015_0914_CCpacket
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2015_0914_CCpacket
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Capital Investment Policy (New) <br />�. The purpose of the City's Capital Investment Policy is to ensure future capital improvements, <br />��� � maintenance, and replacements are made when needed, in a manner which is both fiscally and <br /><��, operationally prudent. The goal of this policy is to provide a stable funding mechanism for the City's <br />� infrastructure by setting aside specific resources on a periodic basis. This will ease the burden on <br />d_ present and future taxpayers, without signi�cant fluctuations in annual property tax levies. <br />r <br />�,� It is not the intent of the City Council to fund major new facilities, which have not had the original <br />< funding established either through tax increment, general taxes, bonding or other such sources. The <br />. replacement funds and corresponding fund interest earnings are expected to be only for replacement <br />_ purposes. <br />� Scope <br />�� � All departments and City funds are included in the 20-Year Capital Improvement Plan (CIP). The CIP <br />���_ � identifies the timing and financing of all capital items. <br />Policv <br />❖ The City will develop a 20-year Plan for capital investments and update it at least every 2 years. <br />❖ All capital investments shall be made in accordance with an adopted Capital Improvement Plan. <br />❖ The City will coordinate development of the capital improvement budget with development of <br />the 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. The City should periodically review and follow industry-recommended <br />replacement schedules for all City capital assets. <br />❖ The City will identify the estimated costs and potential funding sources far each capital project <br />proposal before it is submitted to Council for approval. <br />❖ The City will determine the least costly financing and acquisition 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 />❖ The City will establish departmental Vehicle and Equipment Replacement Funds. The City will <br />appropriate monies to them annually to provide for timely replacement of vehicles and <br />equipment. The amount will be maintained at an amount equal to the proportion of useful life <br />expired multiplied by estimated replacement cost. <br />❖ The City will establish a Building Capital Maintenance Fund, and will appropriate funds to it <br />annually to provide for timely maintenance of all buildings supported by general governmental <br />funding. Only maintenance which meets the capitalization threshold shall be paid for out of this <br />fund. Maintenance includes major items such as roof repair and HVAC replacement. <br />�:���� ❖ The City shall establish a Street Infrastructure Replacement Fund to provide for the general <br />replacement of streets and related infrastructure throughout the community. The annual MSA <br />Page 15 of 19 <br />
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