Budget for Website - Flipbook - Page 97
Capital Improvement Programs
A formal Capital Improvements Policy was adopted by the City Commission in 1993.
Background
A capital improvements program is a plan for the scheduling of public improvements, such
as streets, sewers, buildings, and parks over an extended period. The schedule is based on
the priorities for the various needs and desires of the local community, coordinated with the
community's ability to pay for them. These priorities are guided by the community's Master
Plan, and the input of the City's boards and citizens.
There are six advantages to having a capital improvements program:
1.
It ensures that the public facilities and the traffic circulation portions of the
Master Plan will be conducted.
2.
It calls attention to deficiencies in the community and promotes action to correct
them.
3.
It facilitates cooperation and coordination between various municipal
departments as well as between local governments.
4.
It ensures that each project is accomplished in an appropriate period related
to its anticipated need.
5.
It ensures that funds will be provided and allocated in a logical manner.
6.
It protects long-term project and financing needs from being adversely
affected by short-term pet projects.
While a capital improvements program must be viewed as a dynamic planning process, which
will need to be modified from time to time based on changing circumstances and availability
of funding sources, the decision to add a new project or change the relative priorities of
existing projects should always be subject to justification in terms of the overall goals and
strategies of the program.
Types of Capital Improvements
The term "capital improvements" refers to the construction, expansion or renovation of
physical facilities which are large, expensive, and permanent in nature. Smaller communities
often include the purchase of major equipment as well as facilities. Capital improvements are
normally projected to have multiple years of useful life and typically require financial
planning which involves more than one fiscal year. Planning could entail putting aside funds
for multiple years or paying off multi-year bonds. There are four basic kinds of capital
improvements.
City of Plymouth 2026/27 Budget
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