The Pequot Lakes City Council on Tuesday, Jan. 21, addressed a capital improvement plan (CIP) that city staff created in 2013.
The five-year CIP is a document designed to anticipate capital improvement expenditures of $2,500 or more so the council can schedule those projects over five to 10 years to be as efficient and cost-effective as possible.
The council agreed to extend the CIP another five years, for a 10-year plan. The CIP is a planning worksheet, and not all projects have been approved. It will be used for budgeting purposes.
As potential expenditures are added to the CIP, the council can consider the benefits, costs, alternatives and impacts on operating expenditures.
The CIP will be updated annually and is a fiscal planning tool to continually anticipate future capital expenditures and funding sources.
Nancy Vogt can be reached at firstname.lastname@example.org. Follow her on Facebook.