The University of Tennessee, Knoxville

Tennessee County Municipal Advisory Service

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Capital Budgets and Multi-Year Budgets

Reference Number: MTAS-1829
Tennessee Code Annotated
Reviewed Date: September 07, 2017
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We estimate the wisdom of nations by seeing what they did with their surplus capital.

Ralph Waldo Emerson,
“Wealth,” English Traits (1856)

Overview

The International City/County Management Association publication Budgeting: A Guide for Local Governments defines a capital budget as “a spending plan for improvements to or acquisition of land, facilities, and infrastructure.” The definition continues by describing its elements: “The capital budget (1) balances revenues and expenditures, (2) specifies the sources of revenues, (3) lists each project or acquisition, and (4) must ordinarily be approved by the legislative body.”

Responsible: