The governing body of each local government whose budget includes any expenditure for the acquisition or maintenance of a capital improvement shall annually prepare a plan for capital improvements which conforms with its master plan and which includes at least the 3 ensuing fiscal years but not more than 20 fiscal years. The plan for capital improvements must identify:

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1.  Costs that the local government expects to incur; and

2.  Sources of revenue that the local government will use, to acquire, maintain, operate and replace capital improvements.