TITLE: Title
Capital Improvement Program Update
PURPOSE: To provide Board of Aldermen with an update on the Town's Capital Improvement Program (CIP),
bodyDEPARTMENT: Finance
CONTACT INFORMATION: Arche McAdoo, 918-7439
INFORMATION: The Capital Improvement Program (CIP) is a planning tool that seeks to develop a plan for meeting the Town's immediate and long-term capital needs. It identifies needed capital investments for property, plant or equipment acquisitions and renovations to implement the Board of Aldermen's vision and strategic priorities for the Town. The Board's ultimate goal is to create and maintain Carrboro as a sustainable community that is a highly desirable place to live, with emphasis on quality of life policies such as walkability, environmental protection, recreation and local economic development.
Funding for projects and activities in the CIP is done through appropriation in the operating budget or enactment of project ordinance by the Board of Aldermen. Adjustments for project costs may be made each year during development of the annual operating budget.
Town staff develops and maintains a projection of capital projects for the next six years based on previous capital plans, community needs assessments, and projects approved by the Board of Aldermen.
The CIP includes:
1. Renovation, replacement or construction projects that cost $100,000 or more; large in size; irregular in frequency; and involve assets that last for many years;
2. Vehicles and capital equipment that cost $25,000 or more per item for additions and/or replacements;
3. Information Technology (IT) projects which cost $50,000 or more and are designed to increase or provide new technological capacity. IT projects related to software replacements, upgrades or maintenance costs are provided for in the annual operating budget.
Attachment A includes list of all projects by category with projected revenue sources that equal expenditures.
Funds appropriated ...
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