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INTRODUCTION
TO THE CAPITAL IMPROVEMENT PROGRAM
The Fiscal
Years 2004-2008 Capital Improvement Plan (CIP) of the City of
Miami Beach is a five year plan for public improvements and
capital expenditures by the City.
A capital
improvement is defined as capital or "in-kind" expenditure
of $25,000 or more, resulting in the acquisition, improvement,
or addition to fixed assets in the form of land, buildings,
or improvements more or less permanent in character, and durable
equipment with a life expectancy of at least five years.
PURPOSE
AND BENEFITS
The CIP
is a proposed funding schedule for five years, which is updated
annually, to add new projects, to reevaluate program and project
priorities and to revise recommendations while taking into account
new requirements and new sources of funding. The annual
capital programming process provides the following benefits:
The CIP
serves as a source of information about the City's physical
development and capital expenditures to the citizens, City Commission
and Administration, private investors, funding agencies and
financial institutions. The CIP process provides a mechanism
that applies uniformity and consistency in the evaluation of
projects and assists in the establishment of priorities. The
CIP provides for coordination among projects with respect to
funding, location and time. The Capital Plan is developed
in accordance with the City's stated plans, goals and objectives
and provides for the proper physical and financial coordination
of the projects. Private sector development initiatives
that provide/require modifications to certain infrastructure
will be properly coordinated with city projects to achieve compatibility
and greatest benefit.
LEGAL
AUTHORITY
Legal requirements
for preparing the City of Miami Beach's Capital Improvement
Plan are set forth in Miami-Dade County Code (Section 2-11.7-2-11.11),
and the Florida Statutes, respectively. House Bill 2377, passed
during the 2000 Regular Session of the Florida Legislature,
requires the thorough revision of the Capital Improvement Program
as a basis of policy and budget initiatives.
REVIEW
CRITERIA
All projects
submitted for inclusion in the City's Capital Improvement Program
are reviewed on the basis of relative need and cost. In addition,
several guiding policies direct the determination of the content,
scheduling and funding of the Capital Program. These policies
are as follows:
1. Meet
the City plans and policies relative to:
Maintenance
of our environment and quality of life;
Maintenance
of the City's financial stability;
Maintenance
of a high standard of safety and security; and
Maintenance
of the City's effort to stimulate economic growth.
2. Maximize
return on investment, in consideration of financial limitations
and budget constraints so as to: -Preserve prior investments
where possible;
Reduce
operating costs;
Maximize
use of outside funding sources to leverage the City's investment;
and
Maximize
cost effective service delivery.
3. Improve
and enhance the existing network of City service levels and
facilities.
4. Implement
adopted plans.
5. Demonstrate
coordination and compatibility with other capital projects
and other public and private efforts.
Excerpted
from the City of Miami Beach and Miami Beach Redevelopment
Agency Proposed 2004-2008 Capital Improvement Plan.
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