For the purposes of this chapter, the following words and phrases shall have the meanings respectively ascribed to them by this section:
"Capital budget" means a schedule of capital improvement projects for the coming year for which appropriations have been approved.
"Capital improvement projects" means the construction, reconstruction, alteration or acquisition of fixed assets with a useful life of at least three years and a total cost exceeding five thousand dollars including but not limited to:
A. Buildings;
B. Land;
C. Equipment;
D. Thoroughfares;
E. Vehicles;
F. Any surveys or studies required relative to subsections A through E of this section.
Pavement overlay projects are not to be defined as capital improvement projects.
"Capital improvements program" means a five-year schedule of capital improvement projects including estimates of costs, proposed financing methods and relative priorities. (Prior code § 2-63)