Capital Asset Plan Funding Committee

Capital Asset Plan Funding Committee Charge: 

The Capital Plan Funding and Advisory Committee Shall, in consultation with the Select Board,

 

● Provide a comprehensive tool for capital planning. This tool will provide a 20-year estimate of capital needs of the town, accounting for inflation, interest rates, interest income, and yearly cost estimates of capital items. It will further separate appropriation vs. bonding items and provide for a 5-year smoothing of appropriations, to avoid sudden peaks of appropriations.

 

● Provide a complete Capital asset list, containing Public Works vehicles and construction equipment, Public Safety equipment and vehicles, town buildings and infrastructure, and public facilities and any equipment therein.

 

● Define a Capital Expenditure, with a cost threshold for both appropriation and bonding items.  The Capital Expenditure definition, used for planning purposes, should be periodically updated with consultation with the Town Treasurer and Auditor.

 

● Define and Recommend sources and thresholds of financing, including but not limited to, Appropriation, Issuance of Bonds, Lease, Impact Fees, Grants, Tax Increment Financing (TIF), and Interest Income.

 

● Initiate the Approval Process to add or delete Items to the asset schedule by vetting the proposal and formally voting to add or delete, then bringing to Select Board for approval.

 

● Communicate with all other Boards, Committees, and Departments on a regular basis regarding their future capital needs.

 

Up to 7 Members shall be appointed yearly by the Select Board. Whenever a vacancy occurs, the Select Board will appoint a new member as soon as possible and will advise the Chair of such an appointment. Meetings will be held Monthly or as needed and will be called by the chair.

 

A ⅔ quorum of membership must be in attendance to hold a legal meeting. All minutes once approved will be provided to the Town Clerk for posting.

 

Members