The following capital improvements policies are hereby adopted and shall be followed in the administration of the business of the village:
(A) The village board shall maintain a five (5) year capital improvements program and capital improvements will be made in accordance with that plan. The program shall be updated annually by the village board.
(B) The corresponding year of the capital improvements program will be incorporated into the annual operating budget.
(C) As part of the development of the capital improvements program, the condition of village infrastructure will be evaluated to appropriately prioritize and schedule maintenance and replacement.
(D) Each capital project will be evaluated for its impact on current and future operating budgets.
(E) Projects that will be partially funded with grant proceeds will be considered for higher priority status to capitalize on potential village savings.
(F) The village board will review all operating funds to assure that they are within budget before undertaking capital improvements, unless such capital improvements are deemed central to the efficient functioning of the system to which they pertain. (Ord. 2015-13, 10-1-2015)