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Cityof Louisville FINANCIAL POLICIES COLORADO . SINCE 1878 Capital Asset Investment & Management Policies Policy Section: 7 Adopted by Resolution No., Series2 -o15 Effective Date: Purpose and Scope Capital assets have a major impact on the ability of the City of Louisville to deliver services, the economic vitality of the City, and the overall quality of life for the City's citizens. The purpose of this policy is to provide general guidelines for a comprehensive process of allocating limited resources to capital investments. This policy applies to all funds included in the City's Five -Year Capital Improvement Plan. Policies 7.1 General Process for Five -Year Capital Improvement Plan (C -I -P). The Finance Department is responsible for coordinating the C -I -P process within the annual budget calendar and for compiling the requested, recommended, and adopted C -I -P document. Each year, City departments will submit a list of prioritized projects for inclusion into the C -I- P. The City Manager will review the requests and make the final recommendations to City Council. City Council will review the recommended C -I -P and direct any changes for the final C -I -P. The first year of the C -I -P will be included in the Annual Operating & Capital Budget presented to the City Council for formal adoption in November. The City shall provide meaningful opportunities for all stakeholders to provide input into the C -I -P development process 7.2 C -I -P Project Selection. An objective set of criteria will be used to assess and evaluate project proposals. Although specific criteria may be updated from time to time, the following concepts are core principles to be considered in the development of such criteria: • Long -Term Forecasts — Long -term forecasts will be prepared to better understand resources available for capital spending and to assess operational impacts and eventual maintenance and replacement costs. • Impact of Other Projects — Projects shall not be considered in isolation. One project's impact on others should be recognized and costs shared between projects where appropriate.