New Search
GLOSSARY OF TERMS <br />ASSESSMENT <br />Any fee, charge or assessment that does not exceed <br />the actual cost incurred by a unit of government for <br />design, construction and fmancing of a local <br />improvement such as streets and alley paving, <br />sidewalks and sewers. <br />ASSESSMENT BONDS <br />See "Special Assessment Bonds". <br />ASSETS <br />Resources having a monetary value and that are <br />owned or held by an entity. <br />BOND or BOND ISSUE <br />A certificate of debt guaranteeing payment of the <br />original investment plus interest on specific dates. <br />Bonds are typically used by governments to pay for <br />large public projects like fire stations. <br />BORROWING <br />Funds for major capital improvement projects can <br />be acquired through borrowing, which is repaid <br />either through property taxes or project revenues. <br />Borrowing is a way to match the benefits of a <br />capital project with the users of that project over <br />time. The City of Eugene uses short-term and <br />long-term borrowing to create, acquire or renovate <br />capital assets. The City does not borrow on a short- <br />termbasis to support on-going operations. <br />BUDGET COMMITTEE <br />Fiscal planning board of a local government con- <br />sisting ofthe governing body plus an equal number <br />of electors appointed by the governing body. (ORS <br />294.336) <br />BUDGET DOCUMENT <br />Written report showing a government's compre- <br />hensive financial plan for a specified period (usu- <br />ally one or two fiscal years), .including both the <br />capital and operating budgets. In Eugene, the bud- <br />get document is prepared by the City Manager and <br />submitted to the public and the Budget Committee <br />for review. <br />CAPITAL BUDGET <br />A plan of proposed capital projects and the means <br />for financing them. The City's Capital budget <br />includes funding for assets that have a useful life of <br />one or more years such as buildings, public <br />infrastructure, and land acquisitions. <br />CAPITAL IMPROVEMENT <br />A term defined in ORS 310.410(19) to include land, <br />structures, facilities, machinery, equipment ox <br />furnishings having a useful life longer than one year. <br />See "Capital Project". <br />CAPITAL IMPROVEMENT PROGRAM (CIP) <br />A major budgeting and planning tool through which <br />needed capital projects are identified, evaluated, <br />priced and discussed with the general public and the <br />Budget Committee. <br />CAPITAL OUTLAY <br />A departmental expenditure. Includes items that <br />generally have a useful life of one or more years, <br />such as machinery, land, furniture, equipment, or <br />buildings. (ORS 294.352(6)). For the City, an <br />operating budget expenditure for items like <br />furniture, equipment, portable machinery, and <br />vehicles that have a useful life of one or more years. <br />Capital outlay expenditures are reviewed at each <br />fiscal year end for purposes of classifying <br />expenditures as "fixed assets". <br />CAPITAL PROJECT <br />The acquisition, creation or extension of the useful <br />life of a fixed asset that has a life expectancy greater <br />than one year and a monetary value greater than a <br />pre-defined threshold ($5,000 for Eugene), such as a <br />public building. Repair or renovation of an existing <br />fixed asset, acquisition of equipment or general <br />planning and design activities can also be considered <br />a capital project under certain circumstances. See <br />"Capital Improvement" . ' <br />CAPITAL PROJECT FUND <br />A fund created to account for fmancial resources to <br />be used for the acquisition or construction of major <br />capital facilities other than those accounted for in <br />specific funds. <br />City of Eugene 2008 - 2013 Capital Improvement Program <br />233 <br />