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CnpIT�L IMPROVE4�L7T POLICIES <br />PURPOSE <br />To ensure capital expenditures are well planned to enable the <br />city to replace capital items when needed, without requiring <br />significant fluctuations in tax levy. <br />SCOPE <br />All departments and funds are included in the Five Year Capital <br />Improvement Program (CIP}. The CIP identifies the timing and <br />financing of all capital items. <br />POLICY <br />. All capital improvements shall be made in accordance with an <br />adopted Capital Improvement Program. <br />. The City will develop a Five Year Plan for capital improve- <br />ments and update it annually. <br />. The City will enact an annual capital budget based on the <br />multi-year Capital Improvement Plan. Future capital expendi- <br />tures necessitated by changes in population, changes in real <br />estate development, or changes in economic base will be <br />identified and included in capital budget projections. <br />. The City will coordinate development of the capital imorove- <br />ment budget with development of the operating budget. Future <br />operational costs associated with new caoital improvements <br />will be projected and included in operating budget forecasts. <br />. The City will provide ongoing preventative maintenance and <br />upkeep on all its assets at a level adequate to protect the <br />City's capital investment and to minimize future maintenance <br />and replacement costs. <br />. The City will identify the estimated costs and potential <br />funding sources for each capital project proposal before it <br />is submitted to Council for approval. <br />. The City will determine the least costly iinancing method for <br />all new projects. <br />D- 3 <br />