|December 2, 2020 09:26 AM
|Representative Seth M. Grove
|All House members
|Commonwealth Capital Improvement Plan (CIP)
|Capital Improvement Plans are a long-term planning tool used used by governments all over the world since the 1970’s in order to facilitate and plan for capital projects. If you are familiar with transportation project funding the Ten Year Improvement Plan (TIP) is a type of CIP.
Currently the capital budgeting process lacks any formalized CIP to account for long-range capital budget planning. This proposal would formalize a CIP process, so we can better gauge the capital needs of the Commonwealth and ensure projects are in line with the Constitutional debt limits. CIP's are not capital budgets. CIP's provide the detailed background to help guide capital budgets. The provide a long term, in this case a 5 year look, at upcoming capital expenditures and provide details on the current capital projects. CIP's are an effective financial management tool which the Commonwealth is lacking.
Please join me in co-sponsoring this legislation to improve the transparency and effectiveness of the Commonwealth’s capital budgeting process.
Introduced as HB260