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Preface <br />The Capital Investment Plan (CIP) has been redesigned to enhance communication to our readers. The <br />CIP is a five-year plan which describes each County project that is to be funded during the planning <br />period. The following definitions for a capital asset and a capital project differentiate the two types of <br />capital items and the treatment of each during the budget process. <br />Definition of a Capital Asset <br />An item with a value exceeding $5,000 and a useful life of one year or greater; includes automobiles, <br />equipment and furniture. <br />Definition of a Capital Project <br />A project with an estimated cost exceeding $100,000 or more and useful life exceeding ten years or <br />greater. Capital projects include the construction, purchase, or major renovation of buildings, parks, <br />utility systems, or other structures and sites; and purchase of land and major landscaping projects. <br />County projects meeting the above definition are included in the CIP document rather than the <br />Operating Budget. <br />What is important to know when reviewing the Capital Investment Plan (CIP)? <br />x The CIP represents a long-range planning resource, and only the dollars in the first year of the <br />plan are adopted by the Board of County Commissioners. <br /> <br />x The CIP is a planning document to be used as a companion document to the Operating Budget <br />document. <br /> <br />x The CIP provides a comprehensive perspective to capital planning and includes projects that are <br />funded from all available funding sources including bond proceeds, grants, or pay-as-you- go <br />(cash). <br /> <br />x The CIP projects are subject to re-prioritization annually as part of funding sources review and <br />conformity to the County debt affordability policy, including debt service limited to 15% of <br />general fund revenues. <br /> <br />x The CIP is a dynamic process that will include changes necessitated by organizational changes, <br />priorities, funding uncertainties, unforeseen emergencies, project delays, or plans by other <br />entities which may alter the most well planned CIP. <br /> <br /> <br />18