What is the goal of establishing capital improvement policies?

The goal of establishing capital improvement policies is to create comprehensive guidelines for project evaluation. This is essential for municipalities as it ensures that capital projects are thoroughly assessed and prioritized based on criteria such as community needs, fiscal sustainability, and potential return on investment. By having a structured approach, capital improvement policies help decision-makers allocate resources effectively, ensuring that the most critical projects are funded and executed in a timely manner.

These policies typically outline the various steps involved in evaluating potential projects, including criteria for assessing project feasibility, alignment with community goals, and the financial implications. This structured framework aids municipalities in making informed decisions and helps to enhance transparency and accountability in the capital planning process. Additionally, having clear guidelines supports consistency and fairness in how projects are evaluated and prioritized.