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Overview <br /> Capital Projects <br /> <br /> A capital prof ect is defined as an activity that creates, improves, replaces, repairs, or maintains a <br /> fixed asset and results in a permanent addition to the City's inventory. This is accomplished <br /> through one or more of the following: <br /> • Acquisition of property; <br /> • Construction of new facilities; and/or <br /> • Rehabilitation, reconstruction or renovation of an existing facility to a condition which <br /> extends its useful life or increases its usefulness or capacity. <br /> Fixed assets include land, site improvements, parks buildings, streets, bike paths, bridges, <br /> stormwater facilities, and wastewater systems. Equipment, such as the hardware attached to or <br /> <br /> purchased with the land or building, is also included. The purchase of vehicles is not considered <br /> a capital project. <br /> Capital prof ects are generally large-scale endeavors in terms of cost, size and benefit to the <br /> community. They involve nonrecurring expenditures or capital outlays from a variety of <br /> specifically identified funding sources and do not duplicate normal maintenance activities funded <br /> by the operating budget. <br /> Capital Improvement Program (CIP) <br /> The Capital Improvement Program (CIP) forecasts the City's capital needs over asix-year period <br /> based on various City-adopted long-range plans, goals and policies. The City updates the. CIP <br /> every two years. <br /> For some of the proposed capital projects the CIP represents decisions that have occurred prior to <br /> the review of the draft CIP. Examples of this type of project would include the new downtown <br /> fire station approved by voters in 2002., or a federally funded wetland restoration prof ect. These <br /> projects are included in the CIP to ensure that the document serves as a complete listing of all <br /> capital projects the City plans to construct over asix-year period. Other projects in the CIP <br /> represent proposed capital spending on specific projects, and the public review of the draft CIP is <br /> used to gather additional input and reach a final decision on how the City should allocate its <br /> capital dollars over this period of time. <br /> CIP Goals <br /> The goals of the CIP are to: <br /> • Provide a balanced program for capital improvements given anticipated funding revenues <br /> over asix-year planning period; <br /> • Illustrate unmet capital needs based on anticipated funding levels, and; <br /> • Provide atwo-year plan for capital improvements which can be used in preparing the <br /> Capital Budget for the coming two fiscal years. <br /> City of Eugene 2004 - 2009 Capital Improvement Program <br /> Page 1 <br /> <br />