A.
There shall be one Capital Committee for the entire Town, including
the Smithfield Public Schools (Smithfield School Department) and all
other departments of the Town of Smithfield. The Capital Committee
will be an advisory board to the Smithfield Town Council and shall
consist of 11 members: three members of the School Department (one
member of the School Committee, the School Superintendent, and the
School Facilities Director), two members of the Budget and Financial
Review Board, one member of the Asset Management Commission, the Town
Finance Director, the Town Planner, two Town Council members who shall
be selected by the Town Council President and the Town Manager.
B.
Submission to Town Council. The Capital Committee shall meet quarterly
and prepare and submit to the Town Council, three months before the
operating budget submission date, a twenty-year Capital Program consisting
of four increments having a duration of five years each. On or before
November 1 of each year all Town Departments and agencies shall submit
requests for capital improvement projects to the Capital Committee
in accordance with the procedures outlined in the "Capital Budget
Manual of Procedure" published by the Smithfield Planning Board. The
Town Council by resolution shall approve the Capital Program with
or without amendment after the public hearing and on or before the
third Thursday of February of the current fiscal year.
C.
Contents. The Capital Program shall include:
(1)
A clear general summary of its contents; including but not limited
to capital revenues, debt service, and what capital needs require
bonding, etc.;
(2)
A list of capital improvements and other capital expenditures which
are proposed to be undertaken during the five ensuing fiscal years,
with appropriate information as to the necessity of each item;
(3)
Cost estimates and recommended time schedules for each improvement
or other capital expenditure;
(4)
Confirmation with the Town Treasurer to ascertain the availability
of the Town funds and method of financing to support the project;
(5)
The estimated annual cost of operating and maintain the facilities
to be constructed or acquired;
(6)
The Capital Program shall be revised every year with regard to capital
improvements that are still pending or in the process of construction
or acquisition;
(7)
A Town Council resolution shall be required on all capital items
in excess of $10,000.
D.
Life of assets. If the Town finances a capital project through the
issuance of bonds the useful life of the asset shall be at least equal
to the term of the bond.
In formulating the program for capital improvements the Capital
Committee shall establish a priority list of proposed projects. Such
a priority list shall be based on the general needs of the community
with due regard for:
