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What
is the Capital Improvements Budget?
Purpose
The
purpose of the capital improvements effort is to:
- identify
short and long term capital needs;
- prioritize
capital improvement projects;
- coordinate
all projects in Metro for more efficiency and cost savings and;
- develop
a financial plan for funding projects.
The
Capital Improvements Budget presented here covers a six-year period (FY03-FY07).
In order for any Metro department, agency or office to undertake a capital
project in the future, that project must be included in this document.
The
CIB is separate from the annual operating budget and is funded in the
most part by general obligation bonds.
A capital
project is any expenditure requiring council authorization that:
- requires
the acquisition, construction, replacement, renovation or modification
to any land, building, public utility, equipment, public thoroughfare,
or place of public activity; and
- which
has a useful life expectancy of ten years or greater.
Capital projects do not include regularly recurring equipment replacement
purchases (like automobiles), and ongoing typical maintenance of facilities
and equipment.
Finance
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