What is one advantage of using a multi-year capital improvement plan?

Using a multi-year capital improvement plan provides significant advantages, particularly in its ability to identify long-term infrastructure needs and funding requirements. This planning approach involves assessing the current conditions of infrastructure, determining what repairs and improvements are necessary, and prioritizing projects based on various factors such as urgency, cost, and community impact.

By taking a long-range view, a multi-year plan helps organizations allocate resources effectively over time, ensuring that essential projects are adequately funded and scheduled in a manner that aligns with the overall strategic goals of the organization. It allows for more informed decision-making regarding capital investments and provides a framework for managing the financial implications of future projects, which can enhance fiscal sustainability and accountability.

In contrast, the other options do not accurately capture the key benefits of a multi-year capital improvement plan. For example, immediate funding for all projects is typically not feasible, as available funding must be prioritized and phased over multiple years. Furthermore, performance measures may still be necessary to evaluate the effectiveness of projects within a multi-year plan, and simplification of the budgeting process is not guaranteed, as comprehensive planning often adds complexity to ensure thoroughness and oversight.