The City Manager shall prepare and submit to the Council a five (5) year capital program at least three (3) months prior to the final date for submission of the budget. The capital program shall include:
(a) A clear general summary of its contents.
(b) A list of all capital improvements which are in the process of acquisition or construction, pending, or proposed to be undertaken during the next five (5) fiscal years.
(c) Cost estimates, methods of financing, justification, and recommended time schedules for each improvement.
(d) The estimated annual cost of operating and maintaining the facilities to be constructed or acquired.