What type of budget is primarily concerned with long-term improvement projects?

The capital budget is primarily concerned with long-term improvement projects because it focuses on the allocation of funds for significant investments in assets that have a useful life extending beyond one year. This type of budget typically includes expenses related to acquiring new equipment, infrastructure, or renovations that will enhance the value or efficiency of a property.

In contrast, the operating budget deals with short-term expenses necessary for day-to-day operations, such as salaries, utilities, and maintenance costs, rather than long-term investments. The cash flow budget emphasizes the timing of cash inflows and outflows, which is critical for maintaining liquidity, but it doesn't specifically address long-term projects. The financial budget is a broader umbrella that may include various elements of both operating and capital budgets, but it is not solely focused on long-term improvements. Thus, the capital budget is the most appropriate choice for long-term improvement projects.