Public Hearing on 2024-29 CIP Update January 16
The Town of Wake Forest will host a public hearing on the proposed 2024-2029 Capital Improvement Plan (CIP) Update during the Board of Commissioners (BOC) meeting on Tuesday, Jan. 16. 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 and provide input in this important process. The public can view a copy of the proposed CIP Update on the Town website at http://bit.ly/TOWF_CIP or in the Town Clerk’s office, located in Town Hall.
Town staff are currently considering projects to include in the CIP Update which covers the five fiscal years from 2024-25 through 2028-29. 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 Update document contains capital expenditure requests from each of the Town’s departments/divisions for items over $25,000 that typically have a useful life of five years or more.
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. 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 discuss the CIP Update with the BOC during the BOC work session on Tuesday, Feb. 6. Final approval is scheduled for the BOC meeting on Tuesday, Feb. 20. For more information, email Budget & Performance Analyst Ben Blevins at [email protected].