(a) Capital Improvement Plan. The overall Capital Improvement Plan is formulated to reflect City's capital priorities and needs for the ensuing five-year period, by first addressing legal requirements and life safety hazards, and thereafter taking into consideration the City's goals and policies including those set forth in the Comprehensive Plan, Connectivity Plan, Parks Master Plan, other adopted planning tools of the City and the debt affordability targets established by the City, urgency of a project, the City's ability to administer a project, the involvement of outside agencies, and the potential for future project funding.
(b) Capital Improvement Plan Budget. The Capital Improvement Plan Budget is the first year of the Capital Improvement Plan. The Capital Improvement Plan Budget shall be adopted annually as a separate budget or a separate section within the annual budget to be known as the "Capital Improvement Plan Budget" separate and apart from the operating budget of the City or any other budget required by law. Capital Improvement Projects included in the budget shall list the total anticipated direct and indirect costs to purchase or construct the project, prior year appropriations and revenue received from any other source, all anticipated future sources of revenue to fund each capital improvement project, the estimated cost, the funding source and amount of funding for the anticipated post-construction operation costs, and the priority of the project. (Ord. 2022-201. Passed 12-15-22.)