Capital Improvement Program

A Capital Improvement Program (CIP) is a financial planning, budgeting, and management tool that identifies public facility, infrastructure, and equipment replacement and repairs, and schedules these requirements for funding and implementation. The development of the CIP consists of staff input, discussions of public input, and a review process leading to two products: a capital improvement plan and a capital improvement budget.  

Roadways, sidewalks, buildings, vehicles, and equipment should be replaced as needed to continue to provide for the safety and well-being of the public and Village employees. Deferral of needed infrastructure maintenance activities would only serve to increase overall costs over the long-term.

Capital Improvement Plan & Budget

The capital improvement plan is the multi-year plan that identifies all capital projects that are proposed for funding during that period (subject to annual revision).

The capital improvement budget is the capital spending budget for the upcoming fiscal year. The CIP lists each proposed capital project, the year when it is anticipated to start, the amount expected to be expended on the project each year, and the proposed sources of financing.

Based on these individual project details, summaries of capital expenditure needs in each year are prepared. These are then matched with funding available from all sources, including current revenues, grants, and other intergovernmental assistance as well as borrowing. Thus, a Capital Improvement Program represents a balance between project requests and current and future financing capabilities.

Capital Improvement Program Executive Summary