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Overview <br />Capital Projects <br />A capital project is defined as an activity that creates, improves, replaces, repairs, or maintains <br />a 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, buildings, streets, bike paths, bridges, <br />stormwater drains, and wastewater systems. Equipment, such as the hardware attached to or <br />urchased with the land or buildin is also included. The urchase of vehicles is not <br />P g, p <br />considered a capital project. <br />Capital. projects 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 <br />funded by the operating budget. <br />Capital Improvement Program (CIP) <br />The Capital Improvement Program (CIP) forecasts the City's capital needs over a six year <br />period based on various City-adopted long-range plans, goals and policies. The City updates <br />the CIP every two years. <br />CI P 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 .1998 2003 Capital Improvement Program <br />Overview <br />1 <br />