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 4.5% 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.