A "Capital Expenditure" shall be defined as any expenditure, financed in whole or in part by Town funds, for a capital improvement. Such expenditure shall consist of any of the following:

  (a) Any acquisition, disposition, lease or transfer of land; or

  (b) Any acquisition, disposition, lease or transfer of motor vehicles; or

  (c) Any acquisition or lease of any single item of equipment with a total cost of five thousand ($5,000) dollars or more, and a substantial useful life of five (5) years or more as determined by the "Committee" or;

  (d) Any construction, reconstruction, replacement, extension or other improvement of public buildings, highways, sidewalks, storm drains, sewerage installations, playgrounds, parks or substantially similar public works, or for a facility, structure or a utility appurtenant to any of the same, with a total cost of five thousand ($5,000) dollars or more.

The Committee shall ascertain annually what Capital Expenditures will be required by the Town during the subsequent five (5) fiscal years. Department Heads and Chairpersons of all Boards, Commissions and Committees of the Town, whether elected or appointed, shall submit to the Committee, not later than the annual date which is set for the submission of their annual budget requests, recommendations and statements of needs and/or proposed plans involving Capital Expenditures for the subsequent five (5) fiscal years. All such information shall be submitted on forms that are provided by the Committee.