A capital improvement plan is a financial planning and management tool that lists proposed capital projects and capital purchases for a rolling five (5) year period. This multi-year document identifies and prioritizes the need for improvements and purchases and coordinates their funding and optimal time frames for completion. It is also a process that provides order and continuity to the repair, replacement, construction and/or expansion of Lenawee County facilities. It puts a focus on preserving our infrastructure while ensuring the efficient use of public funds.
What Are Capital Improvements?
Capital improvement projects are major and infrequent expenditures, such as the construction of a new facility, a major rehabilitation or repair of an existing facility, or the purchase of major equipment or property. Capital improvement projects are non-recurring expenditures that tend to be large in cost and have a long-term usefulness.
What Are the Benefits of Preparing a Capital Improvement Plan?
A Capital Improvement Plan is an essential planning tool in addition to a statement of budgetary policy. It informs the taxpayers of Lenawee County how the County plans to prioritize, schedule, and coordinate capital improvement projects over the next five years. The benefits of creating and annually updating the Capital Improvement Plan include:
• Prudent use of taxpayer dollars;
• Focusing the County expenditures on the needs expressed by the governmental departments and agencies;
• Transparency in identification of high-priority projects;
• Coordination/cost-sharing between projects;
• Improving the County’s eligibility for State and Federal grants; and
• Budgeting for improvements and major renovations or purchases annually rather than reacting only to the needs for that year.