How do regular reviews benefit a capital plan?

Regular reviews of a capital plan are essential for ensuring that the plan remains relevant to changing needs. As environments, priorities, and conditions evolve—such as economic factors, community needs, or regulatory requirements—what may have been a sound plan at the time of its initial development could become outdated or misaligned with current realities.

By conducting regular reviews, organizations can assess whether their capital spending aligns with the updated goals and objectives of the community or organization. This proactive approach allows decision-makers to adapt the plan accordingly, ensuring that resources are allocated to projects that are still pertinent and provide the most value. It helps identify any gaps or emerging priorities that weren't previously accounted for, which is vital for maintaining effective capital planning and resource management.

In contrast, while reviews might lead to reduced implementation costs, eliminate the need for future audits, or guarantee full funding, these outcomes are not the primary focus or guaranteed benefits of performing regular reviews. The core advantage lies in maintaining the alignment of the capital plan with current needs and goals.