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the provisions of State law. <br />The Director of Finance will establish and maintain payment procedures that will make <br />use of advance payment discounts. Advanced payment discounts will be used in all <br />instances except when the City will earn more interest income than the advance payment <br />discount through investing the idle cash. <br />VII. Capital Improvements Program — Major Projects <br />A. Purpose — The Capital Improvements Program (CIP) is a multi -year financial <br />planning tool used to identify and plan for major capital projects which address growth, <br />transportation, public safety, and utility infrastructure issues in conjunction with goals <br />and priorities as determined by City Council. A major capital project generally involves a <br />significant expenditure of funds, beyond operation and maintenance costs, for the <br />acquisition or construction of a needed facility or infrastructure. A major capital project <br />should exceed $50,000 in cost. The CIP coincides with the adoption of the budget and <br />uses a ten -year projection. <br />B. Preparation — The CIP will be prepared annually and on a project basis <br />categorized by specific program; i.e., streets, drainage, public safety, public buildings, <br />parks and recreation, water, wastewater and electric. The CIP should contain a <br />comprehensive description of the project, funding sources, the timing of capital projects, <br />and the impact on operations. The CIP will be prepared by the Planning Department and <br />reviewed by the City Manager with the involvement of responsible departments. The CIP <br />will be submitted to the Planning and Zoning (P &Z) Commission for their review. After <br />considerable deliberation including public workshops and hearings to gather citizen <br />participation, the P &Z will approve a recommended CIP for City Council's approval. The <br />City Council reviews the CIP for adherence to goals and priorities and approves the CIP <br />for inclusion in the ensuing fiscal year budget. Capital projects within the first year of the <br />CIP are approved for funding. Maintenance and operational costs related to capital <br />projects are included in the ensuing fiscal year budget. <br />C. Funding Sources — Where applicable, assessments, impact fees, pro rata charges, <br />or other fees should be used to fund capital projects which have a primary benefit to <br />specific, identifiable property owners. <br />Recognizing that long -term debt is usually a more expensive financing method, <br />alternative - financing sources will be explored before debt is issued. When debt is issued, <br />it will be used to acquire major assets with expected lives that equal or exceed the <br />average life of the debt issue. The exceptions to this requirement are the traditional costs <br />of issuing the debt, capitalized labor for design and construction of capital projects, and <br />small component parts which are attached to major equipment purchases such as fire <br />trucks. The types of debt issued are listed in Section VIII of this policy. <br />D. Timing and Expenditure Control — The Director of Finance will work with <br />Department Directors during the fiscal year to schedule the timing of capital projects to <br />insure funds availability. All capital projects must be funded and appropriated. The <br />