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53 <br /> Capital Asset and Capital Project <br /> Capital Asset - An item with a value exceeding $5,000 and a useful life <br /> of one year or greater; includes motor vehicles, furniture, fixtures and <br /> equipment. <br /> Capital Project - A project with an estimated cost exceeding $100,000 or <br /> more and useful life exceeding ten years or greater. Capital projects <br /> include the construction, purchase, or major renovation of buildings, <br /> parks, utility systems, or other structures and sites; and purchase of land <br /> and major landscaping projects. <br /> Source - Page 375 of the FY 21 -22 Commissioner Approved Budget — <br /> the preface to the CIP document. <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br />