Excerpt from Article 2, Section 4 of the Revised General By-Laws:
The committee shall study proposed capital projects and improvements including:
(a) Major non-recurring tangible assets and
(b) Vehicles and equipment which
1. are purchased or undertaken at intervals of not less than five (5) years;
2. have a useful life of at least (5) years; and
3. cost over twenty-five thousand dollars ($25,000.00)
All officers, boards and committees including the selectmen and the school committee shall by December 1st of each year, give to the committee, on forms prepared by it, information concerning all anticipated projects requiring town meeting action during the ensuing five (5) years. The committee shall consider the relative need, impact, timing and cost of these expenditures and the effect each will have on the financial position of the town, and shall report the same either favorably or unfavorably to the board of selectmen. No appropriation shall be voted for a capital improvement requested by a department, board or commission unless the proposed capital improvement is first submitted to the committee as herein provided.
The committee shall prepare an annual report recommending a capital improvement budget for the next fiscal year, and a capital improvement program including recommended capital improvements for the following five (5) fiscal years. The report shall be submitted to the board of selectmen for its consideration and approval. The board shall submit its approved capital budget to the annual town meeting for adoption by the town.