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LONG-TERM FINANCIAL PLAN <br />Page Twenty -Eight <br />CAPIrAL IMPROVEMENT PLAN <br />Section 7.05, Subdivision 3, of the Charter calls for the <br />preparation of a Capital Improvement plan as part of the <br />Long -Term Financial Plan which '...shall consist of projects and <br />facilities that arePor will be needed by the City in carrying out <br />the anticipated program of public services." The development of <br />a Capital Improvement Plan requires the identification of needed <br />capital improvements to existing facilities and equipment, <br />establishment of policies setting forth the City's position <br />regarding capital expenditures and revenues to fund such <br />expenditures, and an evaluation of the long-term needs of the <br />community. <br />9 <br />• <br />C J <br />