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Consultant pitches 10-year capital investment plan to Caribou council to smooth future costs
Summary
Consultant Jim Gardner presented a proposed capital investment program based on city audits and department inventories, urging the council to adopt phased reserve accounts and to provide department lists so staff can produce a consolidated 10-year plan for review by the capital improvement committee.
Jim Gardner, who identified himself as a municipal finance professional, told the Caribou City Council on Jan. 12 that he had prepared a packet outlining a 10-year capital investment program and that the proposal was "not for the 2026 budget" but intended to set a framework for future capital spending and reserves.
Gardner said the plan would treat capital as both equipment and buildings and rely on department-provided inventories and audit figures to establish reserve accounts. "Reserve accounts are really what a capital investment plan is," he said, and proposed that the council ask department heads for lists showing item, year and…
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