(1) The Finance Director shall adopt a cost-benefit analysis procedure for the capital program. Such procedure shall provide a method to determine, for each new capital project funded in whole or in part through the City's capital program, the costs and benefits of the project, and the rationale for proceeding with projects for which the benefits are not calculable or for which the costs exceed the benefits.
(2) The cost-benefit analysis provided to Council pursuant to Section 21-2201 shall include the following information for each new capital project:
(a) Life-cycle cost of the project, including all initial project costs, periodic or continuing costs of operation and maintenance, and any anticipated costs of future decommissioning or disposal of the capital asset;
(b) Benefits of the project, including the internal and external performance benefits the project will generate (for example, improved working conditions for City employees and increased utilization of the facility by City residents) and any specific quantitative benefits (for example, lower utility expenses as a result of upgrading an HVAC system);
(c) Analysis of any alternatives to the proposed capital investment (for example, de-accessioning a City- owned capital asset and leasing space rather than pursuing substantial repairs to the asset);
(d) Projected return on the capital investment (i.e., manner in which benefits of project exceed its cost) and anticipated payback schedule; and
(e) For each project for which the benefit is not calculable, or the costs exceed the benefits, the rationale for proceeding with the project (e.g., legal mandate, project funded with non-City funds).