Capital Planning and Investment Committee

Mission Statement:

To review the short and long term capital needs of the Town, establish  schedules for the useful life of  new and existing, buildings and equipment, establish and maintain replacement schedules, examine and approve contractual maintenance and service plans for any new buildings and equipment and recommend annual capital expenditures including sources for funding. It is the Capital Committee’s responsibility to review capital expense items submitted for consideration by various town departments, boards or committees and determine if the proposed item represents a genuine need and if the proposed cost is reasonable. The Capital Committee shall also determine if alternative sources of funding were explored and upon their review, prioritize items to be funded. In considering requests the Capital Committee will take into account the cost of a capital item, future operating and maintenance costs and life expectancy and payback cost recovery if applicable.

From The Bylaws:

The Committee shall study proposed capital outlays involving the acquisition of land or an expenditure of $20,000 or greater and having a useful life of at least five years.

Monies in the Capital Stabilization and Investment Fund may be appropriated at any annual or special town meetings by a two-thirds vote. Said fund may be appropriated for any purpose for which the Town would be authorized to borrow money under Sections 7 and 8 of Chapter 44 of the Massachusetts General Laws, other than clauses (1) and (2) of said Chapter 44, Section 8, and to pay the debt service on said projects, which are recommended by the Capital Investment Committee.

Chapter 44, Section 7
Chapter 44, Section 8

 

Board Members

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