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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 Improvement Policies, as last reviewed by the City Council in Apri12000, are: <br />1. The City will plan for capital improvements over amulti-year period of time. The <br />Capital Improvement 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 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 often years. <br />7. Funding sources that have been identified for a specific project and approved with the <br />adoption of the Capital Improvement Program shall remain the funding source for that <br />project unless a specific exception is directed by Council. <br />8. Flexible transportation funding available to the City from federal, state, county, and local <br />sources, that is eligible, will be used to fund operations, maintenance and preservation of <br />existing capital transportation infrastructure, unless a specific exception is directed by <br />Council <br />9. New transportation capital projects, including transit projects, that are located within the <br />Eugene City limits will be reviewed by the Eugene City Council before inclusion into <br />any regional or multi jurisdictional project list or plan. <br />City of Eugene 2008 - 2013 Capital Improvement Program <br />27 <br />