City of La Porte Operating Budgets Summary Report

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I I I I I I I I I I I I I I I I I I I 3. Results in the creation of a fixed asset, or the revitalization of a fixed asset. Fixed assets are resources owned by the City which have monetary value, long-term character, and are intended to be held or used, such as land, buildings, and improvements to land other than buildings. Included within the above definition of capital improvements are the following specific items: - Construction of new facilities for the delivery of City services. - Remodeling or expansion of existing facilities. - Purchase, improvement or development of land. - Operating equipment and machinery for NEW or EXPANDED facilities. - Large computer systems encompassing both hardware and software. - Planning, ~ngineering and other professional costs related to the project. Excluded from the above definition of capital improvement are the following specific items. - Replacement of existing vehicles or equipment. - New equipment, available through "direct procurement" for existing facilities. - Individual Computer Systems. The CIP will be prepared annually in the spring and summer. The first year of the program will be adopted in the annual budget. 2. Definitions The following definitions will explain terms used throughout the CIP process. Capita/Improvement Project - A permanent addition to the City's assets of major importance and cost. The cost of studies, engineering, financial and other professional services, land acquisition, construction, renovation, and furnishings or equipment are included. J ,.vJr.. Engineeringl- Expenditures for preliminary plans, final plans, ~nd project monitoring are included in the cost of the capital improvement project. 2