(a) Submission to City Council. The Mayor shall prepare and submit to the City Council a five-year capital program no later than the final date for submission of the budget.
(b) Contents of capital program. The capital program shall include:
(1) A clear general summary of its contents;
(2) A list of all capital improvements and other capital expenditures which are proposed to be undertaken during the five fiscal years next ensuing, with appropriate supporting information as to the necessity for each;
(3) Cost estimates and recommended time schedules for each improvement of other capital expenditure;
(4) Method of financing, upon which each capital expenditure is to be reliant;
(5) The estimated annual cost of operating and maintaining the facilities to be constructed or acquired; and
(6) All capital projects must be included in the Capital Program Budget.
The above shall be revised and extended each year with regard to capital improvements still pending or in process of construction or acquisition.
(c) Financing capital projects. Bonds required for Financing Capital Projects shall be secured by competitive bidding.
(d) Capital projects approved. Proposed capital projects in the capital programs must be considered on their own individual merits by the Finance Director, the City Auditor, and the proposer of the project. The procedures to approve the individual capital projects are:
(1) Preliminary feasibility study. The capital project preliminary feasibility study shall include:
(i) A clear general summary of its purpose and justification.
(ii) The cost estimates and time schedule for the capital project including the cost of the post-project completion audit.
(iii) The method of financing and sources upon which this capital project is reliant.
(iv) The annual cost of operating and maintaining the project to be constructed or acquired.
The Council approval of capital projects in this preliminary feasibility study will require a simple majority vote in order to move on to a final approval and funding acceptance.
(2) Final proposal and financing. The final capital project proposal and financing shall include:
(i) A clear general summary of its purpose and justification.
(ii) The cost estimates and time schedule for the capital project including the cost of the post-project completion audit.
(iii) The method of financing and sources upon which this capital project is reliant.
(iv) The annual cost of operating and maintaining the project to be constructed or acquired.
(v) This final capital project proposal will be published and made available for the public to review (Use Notice and Hearing Notice, § 912). Capital project replaces capital program. The final Council approval of capital projects will require five votes to approve.
(3) Capital project reporting.
(a) Current projects. All capital projects in process must be reported on a quarterly basis and provide an update on cost, completion date, and estimated revised operating costs. This information is to be supplied by the Finance Director and the project manager to the City Council in such a form that it is available to the public.
(b) Extended projects. If commencement of a capital project does not begin by end of the fiscal year following the year in which final approval is obtained, the project must go through § 911(d)(1) and (2).
(4) Post-project completion audit. Following completion of the capital project, a complete and detailed audit must be published and made available to the public. This post audit is to be completed by an independent auditor appointed by the Council. The purpose of the post audit is to confirm the estimates of costs and explain any deviation between actual and estimated costs.