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^ Department heads shall be primarily responsible for maintaining expenditures within approved budget guidelines that are consistent with approved financial policies Implementation The budget as approved meets the above criteria and as a result, the above policies are considered to be implemented Capital Improvement Policy Purpose The purpose of the City's Capital Improvement Policy is to ensure that capital expenditures are well planned and enable the city to replace capital items when needed, without requiring significant fluctuations in The property tax levy. SC07)e All deparhnents and City funds are included in the Five-Year Capital hmprovement Program (CIP). The CIP identifies the tinting and financing of all capita] items. Policv ^ Al] capital improvements shall be made in accordance with an adopted Capital Improvement Program ^ The City will develop afive-year Plan for capital improvements and update it annually ^ The City will coordinate development of the capital improvement budget with development of the operating budget. Future operational costs associated with new capital improvements will be projected and included in operating budget forecasts ^ The City will provide ongoing preventative maintenance and upkeep on all its assets at a level adequate to protect the City's capital investment and to minimize future maintenance and replacement costs ^ The City will identify the estimated costs and potential funding sources for each capital project proposal before it is submitted to Council for approval ^ The City will determine the least costly financing method for all new projects ^ For future development or redevelopment proposals that require public infrastructure and/or public financing assistance and/or City support services; a fiscal analysis shall be prepared identifying the project sources and uses. The analysis should also demonstrate the costs and benefits of the project. The cost of this analysis shall be borne by the developer. 3