(a) Submission to Council. The City Manager, in collaboration with the City Treasurer, shall prepare and submit to the Mayor and Council a five-year capital program at least three weeks prior to the final date for submission of the budget.
(b) Contents. The capital program 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 fiscal years next ensuing, with appropriate supporting information as to the necessity for such improvements;
(3) Cost estimates, method of financing and recommended time schedule for each such improvement; and
(4) The estimated annual cost of operating and maintaining the facilities to be constructed or acquired.
The above information shall be revised and extended each year with regard to capital improvements still pending or in process of construction or acquisition.