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<br /> -The major sources of funds available for capital projects are dedicated funds. Dedicated funds <br /> must be used for a particular purpose, For he most part, these funds. are. accounted forin the... <br /> City's special revenue or enterprise funds, such as the Road Fund, the Municipal Airport Fund, <br /> or the Systems Development Capital Projects Fund. Projects which are not supported by <br /> dedicated revenue are financed by a transfer from the General Fund. The City may also receive <br /> direct funding for projects from other jurisdictions or through grants and donations. Given the <br /> wide variety of specialized funding sources and the framework of adopted plans and policies, <br /> selection of projects for the CIP does not follow aone-size-fits-all priority settingprocess. <br /> Instead, within each functional area various projects are selected based on a sense of the needs <br /> that have been identified within that area; the funding that is projected to be available (and the <br /> limitations on how it can be used); and any specific support or direction that has been provided <br /> by official advisory groups, neighborhoods, individual citizens, the City Council, outside <br /> agencies or other sources of input and guidance. In the following section of the document, the <br /> narrative portion at the beginning of each functional area describes the specific considerations <br /> that have gone into proj ect selection within that functional area. <br /> Policy Guidelines <br /> The City's Financial Management Goals and Policies provide the framework for financial <br /> planning and decision-making by the City Council, Budget Committee, and City staff. The <br /> Capital Improvements Policies, as last revised by the City Council in Apri11996, are. <br /> 1. The City will plan for capital improvements over amulti-year period of time. The <br /> Capital Improvements Program will directly relate to the long-range plans and policies of <br /> the City. Operating funds to maintain capital improvements and to fund additional staff <br /> and service needs must be estimated and identified prior to making the decision to <br /> undertake specific capital improvements. <br /> 2. Whenever a service is an enterprise or utility-based operation and where the ratepayer <br /> directly benefits, the City will work to finance capital improvements by using self- <br /> supporting revenue bonds, which could be General Obligation-backed. <br /> 3. Use of General Obligation bonds will be limited to major capital construction or <br /> improvements as defined in ORS 310.140 in support of general municipal services. <br /> 4. Financing of infrastructure improvements through use of Assessment bonds will be <br /> limited to those projects where the required assessed value-to-assessment ratio is met and <br /> to the extent the City's financial position permits the use of this financing device. <br /> 5. To maintain the City's physical assets, a current inventory of all of the City's physical <br /> assets and their condition and maintenance costs will be maintained; <br /> 6. Council will make a specific determination whether to establish a replacement reserve <br /> sinking fund when creating an asset with a value in excess of $1 million and a useful life <br /> in excess of ten years. <br /> City of Eugene 2004 - 2009 Capital Improvement Program <br /> Page 5 <br /> <br />