The Planning Board was directed as a result of the 1984 Town Meeting to prepare and maintain a six-year capital improvements program ("CIP") to aid the Budget Committee in its consideration of annual budgets. Related to the preparation of this CIP, RSA 674:7 requires municipal departments, the school board, the library, and the water district to submit statements of proposed capital expenditures to the Planning Board. For CIP purposes, the Planning Board defines "capital expenditure" as the purchase, construction, or improvement of land, buildings, infrastructure, or equipment having an associated cost of $100,000 or more and an estimated useful life of at least seven years. According to the New Hampshire Government Finance Officers Association financial manuals, a well-designed CIP not only facilitates coordination between capital improvement needs and operating budgets but it also serves as a major link in tying together community planning, financial capacity, and physical development. It generally accomplishes the following as well.
- Coordinates the activities of overlapping units of government there by reducing duplication.
- Enhances the municipality's credit rating, possibly reducing the interest cost associated with long-term debt.
- Helps to stabilize the property tax rate.
- Identifies the most economical means of financing capital projects.
- Increases the opportunities for obtaining federal and state aid.
The same source stresses that a significant portion of the appropriations included in annual budgets be dedicated to capital expenditures.
The current CIP can be found by clicking on the CIP 2016-2023 below.