What is the required capital plan duration for projects costing over $10,000?

The required capital plan duration for projects costing over $10,000 is six years. This requirement aligns with New Jersey's guidelines for capital budgeting and long-term financial planning, ensuring that municipalities plan for significant expenditures appropriately. By establishing a six-year duration, the municipality can adequately assess, prioritize, and fund projects that require extensive resources over a more extended period.

This timeframe allows for a comprehensive approach to capital improvements and infrastructure development, facilitating informed decision-making and strategic investment. Having a longer capital plan duration also enables better forecasting of future financial obligations and revenue sources, leading to more sustainable fiscal management.