Public Hearing on 2023-2028 CIP Update set for October 18, residents invited to offer input via Engage Wake Forest
The Town of Wake Forest will host a public hearing to gather citizen input for inclusion in the 2023-2028 Capital Improvement Plan (CIP) Update during the Board of Commissioners (BOC) meeting on Tuesday, Oct. 18. The meeting will begin at 6 p.m. in the Town Hall Board Chambers, 301 S. Brooks St.
Wake Forest residents are invited to attend the session and provide input in this important process.
Town staff are currently in the process of considering projects to include in the CIP Update which covers the five fiscal years from 2023-24 through 2027-28. Residents are invited to visit Engage Wake Forest at https://engagewakeforest.org/ to share their thoughts and opinions on the specific areas in which the Town should focus over the next five years. All comments received will be shared with the BOC for consideration and will become part of the public record.
The CIP is a five-year plan identifying the Town’s capital outlay and improvement needs. As a long-range plan, the CIP reflects the Town’s policy regarding long-range physical and economic development. By providing a planned schedule of public improvements, the CIP outlines present and future public needs and priorities. A capital improvement is defined as any expenditure for equipment, buildings, infrastructure, land acquisition, plan, or project in which the cost exceeds $25,000 and the estimated useful life is greater than one year.
The Town of Wake Forest adopted its first CIP in 1985. However, capital project planning is an ongoing process, so the CIP document has been updated each year since then. Changing needs and priorities, emergencies, cost changes, mandates and changes in technology all require the CIP to be updated annually.
The CIP Update is the first step in the annual budgeting process and will outline the Town’s official commitment to funding capital expenditures in the upcoming budget. Later in the year during the annual budget process, Wake Forest refines first-year projects and develops a financing plan within the budget to fund those expenditures receiving the highest priority.
Town staff will present the CIP Update to the BOC during the BOC work session on Tuesday, Jan. 3, 2023. Discussion with BOC and final approval is scheduled for February 2023. For more information, email Senior Budget Analyst Ben Blevins at [email protected].