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introduction FY2014
6.
Expenditures for major maintenance or
replacement projects on existing public facilities
CAPITAL INVESTMENTS PLANNING
CALENDAR
The Capital Investment Planning Calendar will coincide
with the Annual Operating Budget Planning Calendar
every other year providing for a two-year CIP cycle. The
most recent adopted 5YrCIP will be used in the annual
budget development process.
POLICIES
The CIP will be subject to the same financial polices as the
Annual Operating Budget.
STEPS IN CIP PROCESS
1.
Prepare Capital Needs Assessment once every
other Fiscal Year.
a.
Conduct departmental needs survey for repair
and/or replacement needs on odd fiscal year
b.
Conduct community needs survey to collect
input on areas of focus on even fiscal year
2.
Develop Capital Projects and match to needs
assessment
a.
Review status of previously approved projects
b.
Use departmental and community survey data
to identify and develop information for new
Capital Projects
c.
Examine capital project alternatives
d.
Staff completes and submits to budget office
update and/or new capital project forms
3.
Evaluate and Prioritize Projects
a.
Review project application submittals
b.
Staff uses Project Evaluation Criteria to
preliminarily prioritize all capital projects
c.
Prepare a CIP Prioritization Listing for Council
to evaluate and adjust
4.
Assess financial capacity and Funding Options
a.
Upon completion & Council acceptance of
Annual Audit, the 5YrLRFM will be updated to
project potential financial capacity within a
five-year timeframe.
b.
Program in long-range planning model
prioritized capital projects based on the
current adopted 5YCIP document and test
financial capacity in terms of sustainability of
future budgets.
c.
Allow for revisions to prioritization and budget
as Council directs
d.
Select projects to activate, schedule in CIP
within the five year timeframe based on
5YrLRFM projected financial capacity
5.
Present an Updated Capital Investments Program
in conjunction with Annual Operating Budget
a.
Prepare every other year an Updated 5YrCIP
document
b.
Engage in formal Public Hearing in conjunction
with Annual Operating Budget on the Updated
CIP.
c.
Allow for revisions as Council directs
6.
Implement and Monitor Capital Budget in
conjunction with Annual Operating Budget
a.
Project manager assigned to active projects
b.
Refine project milestones and cost schedules
c.
Project manager prepares progress reports bi-
annually in conjunction with preparation of
Updated 5YrCIP
d.
Assess Bond funded projects
7.
Evaluate CIP Process
a.
Consider organizational/process issues and
adapt
b.
Review forms, documents and survey
effectiveness and adapt
c.
Examine financial assumptions and funding
sources and adapt
EVALUATE AND PRIORITIZE PROJECTS
Formal methods of priority setting tools follow a defined,
consistent, and written process. More specifically, a
criterion is established to measure whether the Town Goals
will be met and mandates are addressed. Utilizing such a
tool can level the competition for limited resources among
competing demands more efficiently and effectively.
Staff utilizes the Project Evaluation Criteria adopted by
Council to aid in the prioritization of proposed projects. A
preliminary prioritization list will be created based on the
application of the adopted criteria. Staff presents the list
to Council to evaluate, modify prioritized list, and direct
staff to activate project for funding within financial
capacity. Please see the Project Evaluation Criteria form
in this section.
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