The City Manager shall submit a five-year capital program, in keeping with the City's then current Master Plan, as an attachment to the annual budget. The program as submitted shall include:
(1) A clear general summary of its contents;
(2) A list of all capital improvements which are proposed to be undertaken during the five (5) fiscal years succeeding the budget year, with appropriate supporting information as to the necessity for such improvements;
(3) Cost estimates, method of financing and recommended time schedules for each improvement;
(4) The estimated annual cost of operating and maintaining the facilities to be constructed or acquired.
The above information may be revised and extended each year with regard to capital improvements still pending or in the process of construction or acquisition.