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<br />62 Attachment A <br />63 <br />64 Capital Investment Policy <br />65 <br />66 The purpose of the City’s Capital Investment Policy is to ensure future capital improvements and <br />67 replacements are made when needed in a manner which is both fiscally and operationally prudent. The <br />68 Policy also outlines the general process for considering higher-cost capital asset additions or replacement <br />69 of existing assets that feature substantial changes from their original size, functionality, or purpose. <br />70 <br />71 The goal of this policy is to provide a stable funding mechanism for the City’s infrastructure by setting <br />72 aside specific resources on a periodic basis. This will ease the burden on present and future taxpayers, <br />73 without significant fluctuations in annual property tax levies. <br />74 <br />75 It is not the intent of the Capital Improvement Plan to fund major new facilities, which have not had the <br />76 original funding established either through tax increment, general taxes, bonding or other such sources. <br />77 The replacement funds and corresponding fund interest earnings are expected to be only for replacement <br />78 purposes. <br />79 <br />80 Scope <br />81 All City departments are included in this Policy <br />82 <br />83 Policy <br />84 <br />85 The city will develop a 20-year Plan for capital investments and update it at least every 2 years. <br />86 <br />87 All capital investments shall be made in accordance with an adopted Capital Improvement Plan <br />88 or in conjunction with a strategic or other long-term planning process. <br />89 <br />90 The city will coordinate development of the capital improvement budget with development of the <br />91 operating budget. Future operational costs associated with new capital improvements will be <br />92 projected and included in operating budget forecasts. <br />93 <br />94 The city will provide ongoing preventative maintenance and upkeep on all its assets at a level <br />95 adequate to protect the City’s capital investment and to minimize future maintenance and <br />96 replacement costs. The city should periodically review and follow industry-recommended <br />97 replacement schedules for all City capital assets. <br />98 <br />99 The City will identify the estimated costs and potential funding sources for each capital project <br />100 proposal before it is submitted to Council for approval. The city will determine the least costly <br />101 financing and acquisition method for all new projects. <br />102 <br />103 For future development or redevelopment proposals that require public infrastructure and/or <br />104 public financing assistance and/or City support services, a fiscal analysis shall be prepared <br />105 identifying the project sources and uses. The analysis should also demonstrate the costs and <br />106 benefits of the project. The cost of this analysis shall be borne by the developer. <br />107 <br />108 The City will establish departmental Vehicle and Equipment Replacement Funds. The city will <br />109 appropriate monies to them annually to provide for timely replacement of vehicles and equipment. <br />Page 3 of 5 <br />Qbhf!52!pg!231 <br /> <br />