Definition - What is a Capital Project?
A Capital Project is a project that helps maintain or improve a City asset, often called infrastructure. To be included in the Capital Budget, a project must meet ONE of the following requirements (criteria):
It is a new construction, expansion, renovation, or replacement project for an existing facility or facilities. The project must have a total cost of at least $10,000 over the life of the project. Project costs can include the cost of land, engineering, architectural planning, and contract services needed to complete the project.
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It is a purchase of major equipment (assets) costing $50,000 or more with a useful life of at least 10 years.
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It is a major maintenance or rehabilitation project for existing facilities with a cost of $10,000 or more and an economic life of at least 10 years.