The Finance Committee and the Select Board,
or its designee, shall develop annually a Capital Improvement Program
("CIP") for the Town. An Article setting forth the CIP shall be included
annually in the Annual Town Meeting Warrant for adoption by the Town.
The CIP set forth in the Warrant shall propose capital expenditures
in an amount equal to or greater than $10,000 for the fiscal year.
For the purposes of this bylaw, capital projects shall include any
projects relating to the purchase of equipment and or machinery or
the construction, reconstruction, repair, or alteration of a public
building or public work as those terms are defined by applicable general
law, and the acquisition of real property.
To qualify for the CIP, capital projects and
acquisitions must meet all of the following criteria:
A. Purchased or undertaken at intervals of not less than
three years.
B. Have a useful life of at least three years, and
C. Have an estimated cost of $10,000 or more.
Not later than January 30 of each year, officers,
boards, commissions and committees shall transmit to the Finance Committee
written request for capital projects and acquisitions anticipated
for the ensuing five-year period. The Finance Committee shall consider
the relative need, timing, cost and other impacts of the requested
expenditures, including the effect each will have on the financial
position of the Town. The Finance Committee shall consider no appropriation
for a capital project or acquisition unless it is included in the
CIP.
Departmental operating budget expenditures for
architectural, engineering, planning and other professional services
associated with a capital project or acquisition shall be recognized
and authorized in the CIP. Further, except as authorized by vote of
Town Meeting or to comply with any General or Special Law or grant
in aid requirement, no expenditure shall be made for capital projects
or acquisitions which are not included in the program nor for preliminary
planning for capital projects or acquisitions planned to be commenced
at a time more than the five years following.
The Finance Committee shall publish an annual
report detailing its recommendations relative to the Capital Improvement
Program and transmit a copy to the Town Clerk.