A. Preparation. The City Manager shall prepare and submit to the Council a five year capital improvement program at least three months prior to the final date for submission of the budget, or on such date in each year as shall be fixed by the Council. The capital improvement program shall list all capital improvements proposed to be undertaken during the next five fiscal years next ensuing, including appropriate supporting explanations of the necessity for improvements, costs estimates, proposed methods of financing and recommended time schedules for each improvement. The program shall be in such form as the Manager deems appropriate. The program may be revised and extended each year with regard to capital improvements still pending or in the process of construction or acquisition.

B. Council action on capital improvement program. The Council shall hold a public hearing on the proposed capital improvement program submitted by the City Manager. A notice of the time and place of such public hearing shall be published in the official City newspaper not less than two weeks prior to such public hearing. After the public hearing, the Council, by resolution, shall adopt the tentative capital improvement program with or without amendment.