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Central Services Finance Division Financial Analysis MEMORANDUM Date: April 29, 2008 To: Transportation Funding Staff Team City of Eugene 100 West 10 Ave, Suite 400 Eugene, Oregon 97401 (541) 682 -5589 (541) 682 -5802 FAX www.eugene-or.gov From: Sue Cutsogeorge, Becky Carlson, Eric Jones, Jeff Lankston, Mark Schoening and Lauren Sommers Subject: Options for Creating a Project List for a Transportation Bond Measure As directed at the last transportation funding staff team meeting in January, a subgroup met last week to discuss potential approaches to creating a project list for a transportation bond measure. The goal of the meeting was to come up with options for how a project list might be created for discussion at council's June 4 meeting. There are two significant issues embedded in creation of a project list: 1) what is the mix of project types to include the bond measure; and 2) how can the resolution language be written to allow some flexibility in the projects undertaken during the 10 year period of the bond projects. This group was asked to concentrate only on the first task — creating a few options for the project mix. The resolution language will be tackled by a different subgroup that includes the City's bond counsel and Barry Pack, after he consults with key council members. The puzzle pieces identified for creating this project list were: • Mix of reconstruction vs. overlay projects • Mix of arterial and collector streets vs. local streets • Portion of the funds that would be allocated to specific projects vs. an amount that remained unallocated The subgroup identified four options which represent a range of policy choices for the Council. There are two opposing policy goals embedded in these options: • Specificity of Projects — a desire on the part of council to give the citizens as much information as possible about what their money will buy • Effectiveness of Dollars Spent — a desire on the part of the council to prioritize use of the money where it most effectively keeps streets from falling into the reconstruct category. Staff can give the community a fairly high degree of certainty about the reconstruction projects that could be undertaken during the next 10 years (except that construction inflation is unknown). Once a street falls into the reconstruct category, the cost for the repair does not change significantly. It is more difficult to identify a 10 -year list of overlay projects, however, due to changes in pavement condition during that time.