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Funding <br />A critical element of a balanced CIP is the provision of funds to both preserve or enhance <br />,% ~ existing facilities and provide new assets which will help the City respond to changing service <br />needs and community growth. The replacement value for City facilities and park <br />improvements (not including the land) supported by the General Fund is approximately $118 <br />million. Based on this figure, the City Council developed General Fund targets for the CIP to <br />j ` ' preserve and maintain the City's capital assets. The replacement value of facilities supported <br />by other funds is estimated at $83.1 million. <br />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 April 1996, are: <br />'~ 1. The City will plan for capital improvements over amulti-year period of time. The Capital <br />Improvements Program will directly relate to the long-range plans and policies of the City. <br />Operating funds to maintain capital improvements and to fund additional staff and service <br />needs must be estimated and identified prior to making the decision to undertake specific <br />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 <br />self-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 limited <br />to those projects where the required assessed value-to-assessment ratio is met and to the <br />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 assets <br />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 .199&2003 Capital Improvement Program <br />11 <br />Overview <br />5 <br />:_._ ,i <br />i <br />