When we create a budget for say 2019, re create a "wish list" as a Board and management... I then merge it with a list containing any mandatory projects (Local law, violations if any, liability mitigation, etc), then prioritize the list based on
1-emergency work
2-required work (with timelines)
3-needs
4-wants/desired work or improvements
Improvements get further categorized by which brings the most return not just financially, but overall value to the building community.
Then, based on either experience or bidding, I assign budget numbers to each line item and a timeline. This capital budget should always be run and executed in tandem with your operating budget and the mortgage balance or service should not effect the decisions to drive any project.
The payoff of the mortgage and weather that should be done or not would be another conversation.
I hope that helped!
~AR