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<br />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 /> <br />C. Funding Sources - Where applicable, assessments, impact fees, pro rata charges, or other <br />fees should be used to fund capital projects which have a primary benefit to specific, <br />identifiable property owners. <br /> <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 ca,pital 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 /> <br />D. Timing and Expenditure Control - The Director of Finance will work with Department <br />Directors during the fiscal year to schedule the timing of capital projects to insure funds <br />availability. All capital projects must be funded and appropriated. The Finance <br />Department must certify the availability of resources before any capital project contract is <br />presented to the City Council for approval. <br /> <br />E. Infrastructure Maintenance, Replacement and Renewal - Consistent with its philosophy <br />of keeping its capital facilities and infrastructure systems in good repair and to maximize <br />the asset's useful life, the City should set aside sufficient current revenues to finance <br />ongoing maintenance needs and to provide reserves for periodic replacement and <br />renewal. <br /> <br />F. Reporting - Financial reports will be made available to Department Directors to manage <br />their capital projects budgets and to enable the Director of Finance to monitor the overall <br />capital projects budget. <br /> <br />VI. <br /> <br />FINANCIAL PLANNING, <br />FINANCIAL REPORTING <br /> <br />ACCOUNTING, <br /> <br />AUDITING, <br /> <br />AND <br /> <br />A. Financial Planning - The Director of Finance provides recommendations for short-term <br />and long-term strategic [mancial planning to efficiently and effectively use the City's <br />financial resources. This financial planning is achieved in accordance with the goals and <br />priorities of the City Council, the City Manager, and in compliance with applicable laws <br />and GAAP. <br /> <br />City of San Marcos Financial Policy <br /> <br />Page 7 of17 <br />