The Capital Improvement Plan (CIP) represents an annually updated schedule of prospective capital expenditures of major public facilities and infrastructure such as buildings, transportation and recreational needs. Within the plan, estimated capital costs, sources of funding, and timing of work for a five year period is provided.
The Capital Improvement Plan encourages the City to forecast not only what expenditures they intend to make, but also to identify potential funding sources in order to more properly plan for the expenditures required for the acquisition of the asset. Upon adoption of the Plan, the first year of the proposed CIP becomes the list of capital items that are scheduled for that budget year. The program is then updated on an annual basis to insure previous projections are still on course. In so doing, the City is always working on a prospective five-year schedule.
The CIP is designed to be a flexible planning tool. All projects proposed for funding in the CIP are prioritized and include projections of revenues that are expected to become available at the time of any expenditure. If sufficient funds are not made available to pay for CIP projects, the document provides flexibility for the Commission to re-prioritize expenditures and project scheduling.