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City of <br />�� � <br />�. w` <br />hflnn�nra, T.'SA <br />Capital Improvement Policy <br />Purpose <br />The purpose of the City's Ca�pita� �rnuravernent Policy is to ensure that cauital expenditures are <br />well planned and enable the city to replace capital items when needed, without requiring <br />significant fluctuations in property tax levy. <br />Scope <br />All departments and funds are included in the Five-Year Capital Improvement Program (CIP) <br />The CIP identifies the timing and financing of all capital items. <br />P� FLi�.3. <br />�I All capital improvements shall be made in accordance with an adopted Capital <br />Improvement Program <br />Ci The City will develop a Five-Year Plan for capital improvements and update it annually <br />❑ The City will enact an annual capital budget based on the multi-year Capital <br />Improvement Plan. Future capital expenditures necessitated by changes in population, <br />changes in real estate development, or changes in economic base will be identified and <br />included in capital budget projections <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 />❑ The City will provide ongoing preventative maintenance and upkeep 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 />t� The City will identify the estimated costs and potential funding sources for each capital <br />project proposal before it is submitted to Council �o� approval <br />0 The City will determine the least costly financing method for all new projects <br />Implementation <br />The Capital Improvement Program has been updated to reflect capital expenditures through the <br />next five years. <br />� <br />