The Town of Westcliffe (Town) has determined that accumulating and maintaining capital reserves as part of its annual budgeting process is important for long-term sustainability. The Town is committed to maintaining reasonable cash balances (reserves) to help offset the costs of future capital projects and replacements. The Town believes that establishing and maintaining such reserves will assist the Town in taking advantage of the pay-as-you-go philosophy as opposed to relying entirely or heavily on debt financing. As such, the Town will be able to minimize the costs related to debt borrowing.
Capital Improvements Plan 2023-2027: Please contact our office at 719-783-2282, ext. 10 or 11, for a copy.
Policy
The Town is establishing the following fiscal policies as it relates to capital assets:
Capital Projects and Replacement Program
On an annual basis and concurrently with the Town's budgeting process, the Town Manager and/or the Town Clerk/Treasurer will ensure that long-term capital projections (i.e., 5 years) are compiled by soliciting input and information from other Town staff. The capital projections will reflect significant anticipated capital projects (both new and replacement), the associated costs, and the projected time frame/completion of the projects. The capital projections are intended for financial planning purposes and are not intended to obligate the Town, in any manner, to build or construct the projects.