There shall be a Capital Improvement Committee of five members consisting of three Finance Committee members appointed by the Finance Committee and two at-large appointed by the Board of Selectmen. Members shall serve a term of three years, those from the Finance Committee will serve a term contemporaneous with their term of the Finance Committee. A member's reappointment to the Finance Committee shall not automatically cause reappointment to the Capital Improvements Committee. Any vacancy on the Capital Improvements Committee shall be filled by the Board of Selectmen for the remainder of the term.
A. 
The Capital Improvements Committee shall study those capital improvements as defined in § 1-2 that are above $50,000. The Board of Selectmen and all boards, committees, heads of department, or other officers of the Town authorized by law to expend money shall furnish to the Capital Improvements Committee, with their annual budget requests, detailed estimates of the amount necessary for capital improvements for the departments under their jurisdiction for at least the coming five years.
B. 
The Capital Improvements Committee shall consider the relative need, timing, cost, completeness of the planning, community support, availability of outside funding, and other factors the Capital Improvements Committee shall deem appropriate to the individual expenditures and the effect each will have on the financial position of the Town.
The Capital Improvements Committee shall maintain an ongoing five-year Capital Improvement Budget which shall be published yearly in the Annual Town Report and be on file at all times in the office of Town Clerk.
The Capital Improvements Committee shall schedule capital improvement projects for presentation to the Fall Special Town Meeting and other Town Meetings as deemed appropriate.
All requests for transfers or expenditures from the Stabilization Fund must be presented to the Capital Improvements Committee prior to the Town Meeting at which such transfer or expenditures are to be voted. The Capital Improvements Committee shall make recommendations to Town Meeting on the amount and appropriateness of all such transfers or expenditures from this fund.