The Capital Improvement Plan (CIP) Update is the revised CIP and covers the five fiscal years 2015-16 through 2019-20. The CIP Update document contains capital expenditure requests from each of the town’s departments/division
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 $10,000 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 is updated each year. Changing needs and priorities, emergencies, cost changes, mandates and changes in technology all require the CIP to be updated annually.