02/02/2022 CAPITAL IMPROVEMENT PROGRAM Minutes

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*CIP MINUTES 2-2-2022* Approved 2-17-2022 Mr. Collins further gave an update on the Capital Stabilization Fund as per the chart below: 'Capital Stabilization: r Current Balance j ; $ 2,748,059.83 1 E E Free Cash added May STM $ 1,974,712.00 ? P Tota l after May STM, $ 4,722,771.83 FY 2023 Capital (1,385,740.00) k i, ;Capital Stabilization Fund Balance $ 3,337,031.83 The Town Manager further stated that the proposed use and addition to the Capital Stabilization Fund is consistent with the Select Board Policy#072 Section I. Policy. The entire policy appears below: Town of Mashpee Board of Selectmen Policy No: 072 Capital Improvement Policy I. POLICY Upon the annual certification of Undesignated Funds (Free Cash) and at the first town meeting following said certification, the Town will ask the voters to appropriate 15% of those certified funds into the Capital Stabilization Fund to be used for future capital use. A majority vote will be required for this appropriation. It is the intention to use the Capital Stabilization funds for capital expenditures of $200,000 or less. Possible funding options for major capital items, as well as the financial impacts of those options, will be identified by the Town Manager and Finance Team prior to the start of each fiscal year's capital review process. IL PURPOSE The purpose of this policy is to provide a strategy for the maintenance, replacement, and construction of the community's major public assets, such as municipal buildings, roadways, parks, and any other infrastructure for which they are responsible. Major public assets are defined in Chapter 6, Article VII, §6- 14, of the Mashpee By-laws, as "the acquisition of land or any expenditure of$25,000 with a useful life of at least three (3) years". This policy exists to ensure the Town will maintain its assets at a level adequate to protect the Town's capital investment, and to minimize future maintenance and replacement costs.