10 Best Free Capital Planning Templates

Spreadsheet planning

Capital planning requires structured documentation—budgets, project trackers, approval workflows, and closeout checklists. These ten template categories cover the essential documents you need to manage capital programs effectively. While purpose-built software scales better for large portfolios, templates provide an accessible starting point.

How to Use These Templates

Templates are starting points, not finished products. To get value from them:

Customize for your organization:

Add fields relevant to your approval process
Adjust categories to match your accounting structure
Include properties and project types you manage
Align with your reporting requirements

Establish consistent usage:

Train everyone who will use the templates
Define who updates what and when
Store templates in accessible shared locations
Version control to prevent outdated copies

Recognize limitations:

Spreadsheets don't scale well beyond 20-30 projects
Manual updates create data quality issues
Templates lack automation and notifications
Reporting requires manual effort

Templates work for smaller portfolios and getting started. Growing organizations should evaluate dedicated CapEx software.

10 Essential Capital Planning Templates

1. Annual Capital Budget Template

Purpose: Plan and track capital spending for the fiscal year across all properties and projects.

Key components:

Property listing with prior year and planned spending
Project categories (HVAC, roofing, interior, site, etc.)
Budget by quarter or month
Actual spending tracking
Variance calculations (budget vs. actual)
Year-to-date and full-year projections

Column structure:

Property	Category	Project	Budget Q1	Budget Q2	Budget Q3	Budget Q4	Total Budget	Actual YTD	Variance

Usage tips:

Update actuals weekly or monthly
Review variances at regular intervals
Document reasons for significant variances
Roll unspent budget appropriately

2. Capital Project Tracker

Purpose: Monitor status, progress, and key dates for all active capital projects.

Key components:

Project identification (ID, name, property)
Status tracking (planning, bidding, in progress, closeout)
Budget and actual costs
Schedule dates (start, completion, actual)
Responsible party
Notes and issues

Column structure:

Project ID	Property	Project Name	Status	Budget	Actual	Start Date	Target Complete	Actual Complete	Owner	Notes

Usage tips:

Update status at least weekly during active projects
Use consistent status definitions
Track separately from budget template to maintain clarity
Archive completed projects for reference

3. Capital Request Form

Purpose: Standardize how capital projects are requested and documented for approval.

Key sections:

Request information (date, requestor, property)
Project description and scope
Business justification
Cost estimate with breakdown
Timeline and urgency
Alternatives considered
Approval signatures

Form fields:

Project title and property location
Description (what work is proposed)
Justification (why this project is needed)
Estimated cost (labor, materials, contingency)
Funding source (budget line item or special request)
Requested start date and completion date
Priority rating and urgency explanation

Usage tips:

Require completion before projects enter approval workflow
Attach supporting documentation
Track request date for approval timeline metrics
Archive for audit trail

4. Multi-Year Capital Plan Template

Purpose: Project capital needs and spending over 3-5+ years for long-term planning.

Key components:

Year-by-year spending projections
Project categorization by type
Priority ranking
Funding source assumptions
Inflation adjustments for future years
Summary by property and category

Column structure:

Property	Project	Category	Priority	Year 1	Year 2	Year 3	Year 4	Year 5	Total	Notes

Usage tips:

Connect to building condition assessments
Update annually with new information
Show sensitivity to timing changes
Use for reserve study validation

5. Contractor Bid Comparison Template

Purpose: Evaluate and compare contractor bids objectively and consistently.

Key sections:

Contractor identification and qualifications
Bid amounts by line item
Inclusions and exclusions
Schedule and timeline
Experience and references
Scoring and evaluation notes

Column structure:

Line Item	Description	Contractor A	Contractor B	Contractor C	Notes

Include evaluation criteria:

Price (weighted appropriately)
Schedule
Experience with similar projects
Reference checks
Insurance and bonding
Current capacity

Usage tips:

Standardize bid format for easier comparison
Document reasons for selection
Keep for audit trail and future reference
Use alongside contractor interview questions

6. Change Order Log Template

Purpose: Track all change orders throughout project execution with cumulative impact.

Key components:

Change order number and date
Description of changed work
Reason for change
Requested and approved amounts
Status (pending, approved, rejected)
Cumulative contract value

Column structure:

CO #	Date	Description	Reason	Requested $	Approved $	Status	Cumulative Change	New Contract Value

Reason categories:

Owner-requested change
Unforeseen conditions
Design error/omission
Regulatory requirement
Value engineering

Usage tips:

Update immediately when changes arise
Track pending items separately from approved
Review cumulative impact regularly
Reference in change order management process

7. Project Closeout Checklist

Purpose: Ensure all closeout requirements are completed before project is finalized.

Key sections:

Punch list completion
Documentation collection
Training and turnover
Warranty information
Final payments
Lessons learned

Checklist items:

Punch list walk completed
All punch list items resolved
As-built drawings received
Equipment manuals collected
Warranty certificates obtained
Training completed
Final lien waivers received
Final inspection passed
Retention released
Post-project review conducted

Usage tips:

Start checklist before substantial completion
Assign responsibility for each item
Don't release final payment until complete
Follow closeout best practices

8. Contractor Performance Scorecard

Purpose: Evaluate contractor performance consistently for future selection decisions.

Key sections:

Project information
Performance criteria ratings
Supporting comments
Overall recommendation

Rating categories (1-5 scale):

Schedule performance
Budget performance
Quality of work
Communication and responsiveness
Safety practices
Documentation quality
Change order fairness
Warranty responsiveness

Usage tips:

Complete within 30 days of project close
Get input from project team members
Reference in future contractor selection
Track patterns across multiple projects

9. Capital Meeting Agenda Template

Purpose: Structure regular capital review meetings for consistent, productive discussions.

Agenda sections:

Portfolio status summary (5 minutes)
Active project updates (15 minutes)
Upcoming decisions needed (10 minutes)
Budget vs. actual review (10 minutes)
Issues and escalations (10 minutes)
Upcoming milestones (5 minutes)
Action items and next steps (5 minutes)

Supporting materials:

Project status dashboard
Budget variance report
Issues log
Pending approvals list

Usage tips:

Use consistent agenda for every meeting
Circulate materials in advance
Document decisions and action items
Track action item completion

10. Capital Reporting Dashboard Template

Purpose: Summarize capital program status for leadership visibility.

Key metrics to display:

Total budget vs. actual spending YTD
Project counts by status
Schedule performance (on-time completion rate)
Budget performance (projects on/under/over budget)
Pending approvals aging
Upcoming major milestones

Visualization suggestions:

Budget waterfall chart (original → changes → current → actual → forecast)
Project status pie chart
Monthly spending trend line
Variance table by property/category

Usage tips:

Update monthly or quarterly
Focus on exceptions and trends
Include brief narrative summary
Track KPIs consistently over time

Template Best Practices

Keep it simple: Complex templates don't get used. Start simple and add complexity only when needed.

Define ownership: Someone must own each template—updating it, ensuring quality, and driving adoption.

Establish update cadence: Define when templates get updated (weekly, monthly) and stick to it.

Archive versions: Keep historical versions to track changes and provide audit trail.

Train users: Templates only work if people know how to use them. Invest in training.

Plan for growth: Spreadsheet templates work for smaller operations. Plan transition to proper software as you scale.

Frequently Asked Questions

Where can I find these templates?

Search "capital budget template" or similar terms to find free versions online. Microsoft and Google offer business templates. Industry associations often provide templates for members. Most importantly, customize any template you find to match your specific needs.

Should I build my own or use existing templates?

Start with existing templates and customize them. Building from scratch wastes time reinventing common structures. Modify to fit your organization's terminology, process, and reporting needs.

When should I move beyond spreadsheets?

Consider dedicated software when: you're managing more than 20-30 active projects; multiple people need to update the same data; you need automated notifications and approvals; reporting is consuming significant time; or data quality issues are causing problems.

How do I get people to actually use templates?

Make templates part of required process (no template, no approval). Keep them as simple as possible. Train people properly. Show how templates make their work easier, not harder. Have leadership reinforce expectations.