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L Cityof <br />Louisville FINANCIAL POLICIES <br />COLORADO • SINCE 1878 <br />Capital Asset <br />Investment & <br />Management Policies <br />Policy Section: 7 <br />Adopted by Resolution No. _, Series <br />Effective Date: <br />Purpose and Scope <br />Capital assets have a major impact on the ability of the City of Louisville to deliver services, the <br />economic vitality of the City, and the overall quality of life for the City's citizens. The purpose of <br />this policy is to provide general guidelines for a comprehensive process of allocating limited <br />resources to capital investments. This policy applies to all funds included in the City's Five -Year <br />Capital Improvement Plan. <br />Policies <br />7.1 General Process for Five -Year Capital Improvement Plan (C -I -P). The Finance <br />Department is responsible for coordinating the C -I -P process within the annual budget <br />calendar and for compiling the requested, recommended, and adopted C -I -P document. <br />Each year, City departments will submit a list of prioritized projects for inclusion into the C -I- <br />P. The City Manager will review the requests and make the final recommendations to City <br />Council. City Council will review the recommended C -I -P and direct any changes for the <br />final C -I -P. The first year of the C -I -P will be included in the Annual Operating & Capital <br />Budget presented to the City Council for formal adoption in November. <br />The City shall provide meaningful opportunities for all stakeholders to provide input into the <br />C -I -P development process. <br />7.2 C -I -P Project Selection. An objective set of criteria will be used to assess and evaluate <br />project proposals. Although specific criteria may be updated from time to time, the following <br />concepts are core principles to be considered in the development of such criteria: <br />• Long -Term Forecasts — Long -term forecasts will be prepared to better understand <br />resources available for capital spending and to assess operational impacts and eventual <br />maintenance and replacement costs. <br />• Impact of Other Projects — Projects shall not be considered in isolation. One project's <br />impact on others should be recognized and costs shared between projects where <br />appropriate. <br />36 <br />