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Hi dear Jashua,
Thank you for keeping in touch all useful techniques and information related to municipal finance and creditworthiness. Regarding your question, in our case, lets say that we have two kinds of projects. First, investment projects which are scarce and few. Here, our staff present the technical and financial data with the feasibility study. Then, it is studied by a special committee. The mayor asks his staff to launch public hearings to let the local community prioritize the suggested projects. The municipal council study the results and decide upon them. To be frank, no formal process is found with standard procedures but it is the policy of the mayor. Second type of projects is service projects, these projects are prioritized according to the needs of the local communities. Then, they are studied by a technical committee. Also, the local community is involved to have the chance to prioritize the projects and the needs. Then, the municipal council decide upon them.
Information needed before the approval of any project includes: financial status, expected outcome, time of implementation, local community's point of view, technical status and the circle of priorities.
Really, it is a must that municipalities should apply formal process with standard procedures when choosing a project.