Why is an annual review of the CIP important?

An annual review of the Capital Improvement Plan (CIP) is crucial because it ensures that the plan remains current and relevant to the municipality's needs. Regular updates to the CIP allow elected officials, stakeholders, and community members to align the plan with changing priorities, fiscal realities, and developmental trends. Such reviews enable the incorporation of new data, emerging issues, and shifting public interests, which in turn fosters a proactive approach to capital investment. By revising the plan annually, a municipality can better respond to unexpected challenges and opportunities, ultimately leading to improved decision-making and resource allocation.

While evaluating completed projects and establishing new capital policies are important aspects of municipal finance, they occur within the broader context of reviewing and updating the CIP. This process is key to maintaining an effective roadmap for future improvements and ensuring that municipal resources are used efficiently.