City of La Porte Operating Budgets Summary Report

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'1 I I I I I I I I I I I I I I I I I I For each proje~ that is requested, a committee representing a cross section of City functions will be appointed by the City Manager. The committee will review each project and individually rate the merits of the project using the Capital Improvement Project Rating Form that is attached as Exhibit B. Once each member has rated the projects, an average rating for each project will be determined. Once the projects have been rated, the City Manager, Assistant City Manager, Director of Planning and Director of. Finance will meet to match the projects against current human and financial resources. The result of the rating and funding matching exercises will be to achieve a list of projects that will be grouped by year and priority number. A coding structure will be utilized that identifies the projected year of the project followed by a dash and then the rating number. 7. Adoption Even though the Capital Improvement Program contains potential and suggested projects for the next five fiscal years, the adoption of the projects will be on a fiscal year basis. The projects that have been scheduled for the first year will be - submitted to City Council during the normal budget approval process. A separately issued "Capital Improvement Program - Five Year Plan" will be separately issued. 8. Reporting The format for reporting in the City's Annual Budget has yet to be determined. The format for the "Capital Improvement Program - Five Year Plan" will be similar to the following: 1. Summary report of projects grouped by year projected for completion, 2. Summary report of projects grouped by responsible department, 3. Individual report sheets for each project that contains the detailed description, purpose and justification, impact on other City operations and the cost breakdown by category and fiscal year. An example of this report can be found in Exhibit C. All capital projects will utilize the Chart of Accounts that are found in Exhibit D During the life of a capital project, the project will be subjected to other reporting requirements. For projects that cost more than $250,000 and have a projected term greater than six months, a quarterly Statement of Financial Condition will be required. 8