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(a) Submission. The manager, with such assistance as he may desire or the council may direct, shall prepare and submit to the council a long-range capital program, two (2) weeks prior to the submission of his recommended budget.

(b) Contents. The capital program shall include:

1. A clear general summary of its contents.

2. A list of all capital improvements which are proposed to be undertaken during the following fiscal years, with appropriate supporting information as to the necessity for the improvement.

3. Cost estimates, method of financing and recommended schedules for each such improvement.

4. The estimated annual cost of operating and maintaining the facilities to be constructed or acquired.

This information may be revised or extended each year with regard to capital improvements still pending or in process of construction or acquisition.