A capital project is a specific initiative to construct, acquire, or significantly improve a long-lasting asset. Examples include building a new fire station, reconstructing a road, installing a playground, or purchasing a fleet vehicle. Each capital project has defined scope, budget, and timeline. Projects move through stages: identification and prioritization, approval and funding, design, procurement, construction, and completion. Large capital projects may span multiple years and budget cycles. Project management ensures work proceeds on time and budget. Municipal capital projects create the physical infrastructure communities depend on—from the water pipes underground to the recreation centres where families gather.