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The CIP is our plan for capital expenditures/projects over the upcoming
five years. We have defined capital expenditures/projects, in general, as
the purchase or construction of long-lived, high-cost, tangible assets. For
our purposes, “long-lived” implies a useful life in excess of one year.
“High-cost” means that the project amounts to at least $25,000. “Tangible”
assets exclude contractual services except those that are necessary for
putting a tangible asset into service.
A project’s inclusion in the CIP does not, in and of itself, commit the
Village to funding and accomplishing it. As stated above, the CIP identifies
our capital needs. Available funds, taxing capacity, and debt capacity may
require that some projects ultimately be deferred beyond the years in which
they are initially programmed for accomplishment in the CIP. Even so, the
CIP will have served its purpose as a planning tool. However, projects
programmed for the first year of the CIP (the year 2007 in the case of this
2007-2011 document) take on special importance because they must be
addressed in the next year’s Village operating budget. | 
