True
Reason:
The capital expenditures budget is not part of the operating budget. The operating budget includes all the revenues and expenses associated with the day-to-day operations of the business, such as salaries, rent, utilities, and supplies. The capital expenditures budget, on the other hand, includes all the investments a business plans to make in long-term assets, such as property, plant, and equipment (PP&E), that are not related to the day-to-day operations of the business.