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<br />Capital Improvement Policy
<br />P�
<br />The purpose of the City's Capital Improvement Policy is to ensure that capital expenditures are
<br />well planned and enable the city to replace capital items when needed, without requiring
<br />significant fluctuations in the �r��rf �r i; i� 1��•�• _
<br />Scope
<br />All departments and City funds are included in the Five-Year Capital Improvement Program
<br />(CIP). The CIP identifies the timing and financing of all capital items.
<br />]'�Ci�a�
<br />❑ All capital improvements shall be made in accordance with an adopted Capital
<br />Improvement Program
<br />❑ The City will develop a five-year Plan for capital improvements and update it annually
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<br />� Comment " Forecasting the City's share of capital improvement costs
<br />on future development is even more speculative than forecasting the
<br />development itself.• In the context ofa 5 year CrP, this exercise has little,
<br />if any, value
<br />[� The City will coordinate development of the capital improvement budget with
<br />development of the operating budget. Future operational costs associated with new
<br />capital improvements will be projected and included in operating budget forecasts
<br />CJ The City will provide ongoing preventative maintenance and �plceep on all its assets at
<br />a level adequate to protect the City's capital investment and to minimize future
<br />maintenance and replacement costs
<br />G1 The City will identify the estimated costs and potential funding sources for each capital
<br />proj ect proposal before it is submitted to Council for approval
<br />C� The City will determine the least costly financing method for all new proj ects
<br />Implementation
<br />The Capital Improvement Program has been updated to reflect capital expenditures through the
<br />next five years.
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