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Capital Equipment is defined as machinery and equipment that has a cost of at least $3,000, and a useful life of at least 1 year.
A Capital Improvement Project is public infrastructure, land and construction, that has a cost of at least $25,000, and a useful life of at least 2 years.
"CIP" is an acronym for "Capital Improvement Project"..
Funding for Capital Outlay is from a variety of sources including, but not limited to: the General Fund, the Enterprise Fund (from your water bill), the Streets One-Third Cent Sales Tax, and Special Revenue Funds, such as: the Replacement Fund, the Highway Users Revenue Fund (HURF) (our allocation of the state "gas tax"), the Donation Fund, the Grant Fund, and the Development Impact Fee Fund (from the sales of new homes).
These funds may also receive funding from such sources as grants, bonds, loans, and cash reserves..
Here is an example of a typical project timeline:1 - The need is identified, and sometimes includes studies and models.2 - The project scope and schedule is determined.3 - Funding is secured.4 - A designer is selected, and design commences.5 - Surveying, soils studies, traffic studies, etc. are performed, as needed.6 - Land is acquired, if necessary.7 - Design is completed, estimates are refined, and necessary permits are obtained.8 - The project is bid, and a contractor is hired to begin the work.9 - The project is built, with inspection oversight and testing.10 - The new infrastructure is approved, and the warranty period begins.11 - The Town accepts ownership, and begins operations and maintenance..
Typically, the Town uses a traditional "Design-Bid-Build" procurement process to hire designers and contractors. This means that designers are selected on their qualifications, and contractors are hired by low bid.
As required, the Town advertises bids and RFQs, in the local newspaper - and you will typically see these advertisement in the newspaper legal section on Sundays..