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Capital Improvement Policy <br /> Purpose <br /> The purpose of the City's Capital Improvement Policy is to ensure that capital expenditures are well <br /> planned and enable the city to replace capital items when needed,without requiring significant fluctuations <br /> in the property tax levy. <br /> Scope <br /> All departments and City funds are included in the 20-Year Capital Improvement Program(CIP). The CIP <br /> identifies the timing and financing of all capital items. <br /> Policy <br /> ❑ All capital improvements shall be made in accordance with an adopted Capital Improvement <br /> Program <br /> ❑ The City will develop a 20-year Plan for capital improvements and update it annually <br /> ❑ The City will coordinate development of the capital improvement budget with development of the <br /> operating budget. Future operational costs associated with new capital improvements will be <br /> projected and included in operating budget forecasts <br /> ❑ The City will provide ongoing preventative maintenance and upkeep on all its assets at a level <br /> adequate to protect the City's capital investment and to minimize future maintenance and <br /> replacement costs <br /> ❑ The City will identify the estimated costs and potential funding sources for each capital project <br /> proposal before it is submitted to Council for approval <br /> ❑ The City will determine the least costly financing method for all new projects <br /> ❑ For future development or redevelopment proposals that require public infrastructure and/or public <br /> financing assistance and/or City support services;a fiscal analysis shall be prepared identifying the <br /> project sources and uses. The analysis should also demonstrate the costs and benefits of the <br /> project. The cost of this analysis shall be borne by the developer. <br /> Implementation <br /> The Capital Improvement Program has been updated to reflect capital expenditures through the next 20 <br /> years. <br /> Page 3of10 <br />