§ 18-1. Intent.

A. 

It is the intention of the Town Board of the Town of Brookhaven to institute and establish a capital budgeting system for the purpose of approving and authorizing all capital projects within the Town.

B. 

The capital budget shall contain all recommended capital projects for the next succeeding fiscal year and the two following fiscal years. No project may proceed nor may funds be expended on any capital project unless said project is included in the capital budget.

C. 

The capital budget shall be prepared and submitted annually by the Town Supervisor to the Town Board. It shall contain all recommended capital projects for the next succeeding fiscal year and the two following fiscal years and a report by the Supervisor to the Town Board on all previously authorized capital projects, including their current status, total estimated cost and estimated completion date.

D. 

The Town Board shall annually adopt a capital budget in accordance with this chapter.

E. 

It is the intent of the Town Board to enact a Debt Management Policy and Capital Budget Policy that ensure long-term fiscal stability for the Town of Brookhaven, establish a limitation on the issuance of new debt and are reflective of the Town’s ability to repay debt issued. It is the intention of the Town Board to reach compliance with this Debt Management Policy by December 31, 2015, and remain in compliance.

[Added 6-15-2010 by L.L. No. 27-2010, effective 1-1-2011]