Capital Improvement Policy (CIP)

To promote transparency, the Town Manager will provide a summary report of the updated equipment schedules1 reserve funding needs, and proposed budget allocations. This report will be shared with both the Select Board and the residents so that the community remains informed about how capital reserve funds are being managed. In addition, the report will be published on the town's official website to ensure public access and accountability. Approval Process and Oversight: All capital reserve expenditures will be presented to elected officials for approval, as required by Maine Statute. As the trustees of the capital reserve accounts, elected officials will ensure that all funding allocations align with the town's long-term financial plans and community needs. This oversight ensures transparency, accountability, and adherence to sound fiscal practices. Conclusion: This Capital Improvement Policy provides a structured, responsible approach to managing the town's capital assets. By saving funds over the life cycle of equipment, the town minimizes financial risk, reduces tax fluctuations1 avoids interest costs, and maintains purchasing flexibility. This strategy ensures that the town remains financially stable while continuing to meet its capital needs efficiently and effectively.

Adopted:      J//Jf? /l u U-
                       Date

� ------r-------- J osh Klein Golden, Vice Chair • • '•• I

Deborah Oliver . (. � ,��� . ... .

John Talbot

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