What should a group establish before prioritizing capital projects?

Before prioritizing capital projects, establishing broad guiding principles for the process is crucial. These guiding principles serve as the framework for decision-making and ensure that the prioritization aligns with the organization’s goals and vision. They help define the criteria against which all potential projects are evaluated, ensuring consistency and fairness in the process.

These principles can include considerations such as community needs, long-term sustainability, return on investment, alignment with strategic priorities, and risk assessment. By having these principles in place, the group can make informed decisions about which projects to prioritize based on a common understanding of what is important to the organization and its stakeholders.

While funding strategies, specific project timelines, and legal requirements are all important aspects of capital planning, they come into play after the guiding principles are established. The principles give context and direction, helping ensure that all subsequent discussions about funding and timelines reflect the initial values and goals set by the organization.