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Capital budgets are used to allocate funds for physical assets that are to be acquired, constructed, renovated, and rehabilitated. In order to develop a capital budget, a jurisdiction must assess its infrastructure needs, prioritize among projects, integrate long-term capital plans into the service-delivery responsibilities of the government, evaluate a range of funding options, and schedule the regular repair and replacement of the capital stock. (1) This is most often achieved through the adoption of a formal capital improvement program (CIP), which sets forth a jurisdiction's construction and maintenance plans over a five- or six-year period. The National Advisory ...