Capital improvement expenditures include upgrades to the Distribution and Transmission system such as new substations and transformers. They also include expenditures to build or upgrade power plants, new or upgraded chillers, new or upgraded facilities, and information technology infrastructure. All of these expenditures result in assets for the utility that become part of the rate base. Funding for CIP projects includes both current revenue and short-term debt or commercial paper which is eventually rolled into long-term bonds with a life of 30 years.