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)