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72 IV. CAPITAL IMPROVEMENT POLICIES A. Purpose The purpose of the city's-capital improvement program is to plan for the replacement of obsolete equipment, purchase of new capital items, and repairing and replacing the infrastructure without implementing significant changes in the tax levy B. Policy The city will plan for the timing, expenditures, and future revenue sources for all capital purchases over$1,000 or lasting for three or more years as part of the five year capital improvement program. All capital expenditures must receive the approval of the city council. When presented with an emergency,the City Manager will make the necessary expenditure, and then bring the matter to the city council for approval. The city will time the capital improvement-projects to accommodate administrative workloads for planning and implementing these improvements each year. The city will plan the capital improvement program to assure that funds remain to accrue interest in each capital account whenever possible and use its reserve policy to provide a revenue source for these funds. The city will plan a realistic capital improvement program including creative,but workable projects The city will anticipate equipment replacements and additions in its capital improvement program. The city will project the future operating costs of capital improvements into the upcoming general operating budgets. For example,the addition of park shelters,play equipment, and landscaping will require more park maintenance expenditures from the operating budget. The city will maintain its capital assets, including infrastructure, land, buildings, and equipment,to protect the city's capital investment and to minimize future capital expenditures. • The city will use the least expensive financing method for all capital projects including multiple cost estimate and bids when appropriate and required by law.