Capital Asset Management (CAM) is a comprehensive asset life-cycle-based management system, designed to help managers find ways to minimize capital expenditures and operating expenses by maximizing the useful life of an asset. Thursday, Town Council reviewed and discussed this methodology to manage its assets. This is a move away from the Capital Improvement Plan adopted in January.
The town is changing this approach to capital improvement planning to
balance the equipment and facilities needs and to assess these in
against other Town needs. The plan must be updated yearly.
According to Town Manager Hozey, the CAMP achieves the following objectives as a component of the Town’s budget and financial
planning process:
• Reduces the need for ad hoc programs to finance the construction of Town facilities
• Focuses attention on community goals, needs and capabilities
• Achieves optimum use of taxpayer dollars
• Responds to future community growth and development
• Ensures that projects are well thought out in advance of construction
• Provides for the orderly replacement of capital items
• Encourages more efficient administration
• Maintains a sound and stable financial program
As an example, below is how the General Fund will play out in the CAMP:
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