The board may also prepare a five-year capital program to include:
(1) a clear, general summary of its contents;
(2) a list of all capital improvements which are proposed to be undertaken during the next five fiscal years, with appropriate supporting information as to the necessity for the improvements;
(3) cost estimates, method of financing, and recommended time schedules for each improvement; and
(4) the estimated cost of operating and maintaining the facilities to be constructed or acquired.
The information may be revised and extended each year with regard to capital improvements still pending or in the process of construction or acquisition.