The Municipalities Act requires the preparation and adoption of an annual operating and capital budget.
While there is no statutory requirement in The Municipalities Act for a five-year capital works plan, council may choose to do so in order to define the municipality's long-term capital goals. Ideally this is done when the annual operating, maintenance and capital plans are prepared and adopted; the existing five-year capital works plan should also be reviewed.
The capital works budget is the financial plan to acquire or construct new capital assets. Capital assets would include:
- Facilities, such as a public works shop, administration office, library
- Equipment, such as graders, pay loaders, computers
- Engineering structures, such as roads, bridges, water distribution systems
Developing a five-year capital works plan is beneficial because it identifies:
- Projects and benefits to the community
- Potential sources of funding available to the municipality (i.e. internal saving levels, grants and partnering with other municipalities)
Please see the section below for the sample form that can be used to assist in completing a five-year capital works plan.