The Capital Outlay Committee represents a cross-section of town management and its committees and, as such, a broad range of interests of the town, with members from each of the following sectors: Selectmen (2 members), Finance Committee (2 members), Planning Board (2 members); School Committee (2 members), Town Administration (Town Manager & Finance Director) in ex-officio/non-voting capacity for technical support, and Chair.
CAPITAL OUTLAY COMMITTEE MISSION STATEMENT
The mission of the Capital Outlay Committee is to consider applications for funding capital requests—items with value of $10,000 or more and a minimum life span of 5 years with the following objectives:
To prioritize the allocation of resources on a town-wide basis
To coordinate long term capital planning
To help maintain the town’s fiscal well being
To help maintain the town’s capital assets and municipal services
To provide recommendations to the town for the allocation of limited funds for capital purchases, recognizing there are competing fiscal needs of the town that need to be taken into account.
To meet the following specific goals:
To use a guideline 6.5% of the Town's corresponding year's annual budget
(less over-rides, debt exclusions and water appropriations) for the "capital
budget."
To gradually shift funding from a debt-based model to a direct purchase to
avoid incurring interest and issuance expense.
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