The Town of Wake Forest will host a public hearing on the proposed 2019-2024 Capital Improvement Plan (CIP) Update during the Board of Commissioners (BOC) meeting on Tuesday, Feb. 19. The meeting will take place at 7 p.m. in the Town Hall Board Chambers, 301 S. Brooks St.
Wake Forest residents are invited to attend and provide input in this important process. The public can view a copy of the proposed CIP Update on the Town’s website at www.wakeforestnc.gov/capital-improvement-plan.aspx or in the Town Clerk’s office, located in town hall, from now until Tuesday, March 19.
The CIP Update is the revised CIP and covers the five fiscal years 2019-20 through 2023-24. The CIP Update document contains capital expenditure requests from each of the Town’s departments/divisions for items over $25,000 that typically have a useful life of five years or more.
The CIP is a five-year plan identifying the Town’s capital outlay and improvement needs. As a long-range plan, the CIP reflects the Town’s policy regarding long-range physical and economic development. By providing a planned schedule of public improvements, the CIP outlines present and future public needs and priorities. A capital improvement is defined as any expenditure for equipment, buildings, infrastructure, land acquisition, plan or project in which the cost exceeds $25,000 and the estimated useful life is greater than one year.
The Town of Wake Forest adopted its first CIP in 1985. However, capital project planning is an ongoing process, so the CIP document has been updated each year since then. Changing needs and priorities, emergencies, cost changes, mandates and changes in technology all require the CIP to be updated annually.
The approved CIP Update will outline the Town’s official commitment to funding capital expenditures in the upcoming budget. During the annual budget process, Wake Forest refines first-year projects and develops a financing plan within the budget to fund those expenditures receiving the highest priority.
Town staff will present the CIP Update to the BOC during the board’s work session on Tuesday, March 5. Final approval by the BOC is scheduled for the March 19 meeting.
For more information, email Senior Budget Analyst Ben Blevins at email@example.com.