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GLOSSARY OF TERMS <br /> ~ ASSESSMENT CAPITAL BUDGET <br /> i Any fee, charge or assessment that does not exceed A plan of proposed capital projects and the means <br /> <br /> 1 the actual cost incurred by a unit of government for for financing them. <br /> j design, construction and financing of a local <br /> improvement such as streets and alley paving, CAPITAL IMPROVEMENT <br /> sidewalks and sewers. A term defined in ORS 310.410(19) to include land, . <br /> structures, facilities, machinery, equipment or <br /> ASSESSMENT BONDS furnishings having a useful life longer than one year. <br /> See "Special Assessment Bonds". See "Capital Project". <br /> ASSETS CAPITAL IMPROVEMENT PROGRAM (CIP) <br /> _ ~ Resources having a monetary value and that are A major budgeting and planning tool through which <br /> owned or held by an entity. needed capital projects are identified, evaluated, <br /> priced and discussed with the general public and the <br /> BOND or BOND ISSUE Budget Committee. <br /> A certificate of debt guaranteeing payment of the <br /> original investment plus interest on specific dates. CAPITAL OUTLAY <br /> Bonds are typically used by governments to pay A departmental expenditure. Includes items that <br /> for large public projects like fire stations. generally have a useful life of one or more years, <br /> such as machinery, land, furniture, equipment, or <br /> BORROWING buildings (ORS 294.352(6)). For the City, capital <br /> Funds for major capital improvement projects can outlay expenditures are reviewed at each fiscal year <br /> be acquired through borrowing, which is repaid end for purposes of classifying expenditures as <br /> either through property taxes or project revenues. "fixed assets". <br /> Borrowing is a way to match the benefits of a <br /> capital project with the users of that project over CAPITAL PROJECT <br /> time. The City of Eugene uses short-term and The acquisition, creation or extension of the useful <br /> long-term borrowing to create, acquire or renovate life of a fixed asset that has a life expectancy greater <br /> _ ? capital assets. The City does not borrow on a than one year and a monetary value greater than a <br /> \ , short-term basis to support on-going operations. pre-defined threshold ($5,000 for. Eugene), such as <br /> a public building. Repair or renovation of an <br /> BUDGET COMMITTEE existing fixed asset, acquisition of equipment or <br /> Fiscal planning board of a local government con- general planning and design activities can also be <br /> sisting of the governing. body plus an equal number considered a capital project ~ under certain cir- <br /> ofelectors appointed by the governing body. (ORS cumstances. See "Capital Improvement" . <br /> 294.336) <br /> CAPITAL PROJECT FUND <br /> BUDGET DOCUMENT A fund created to account for financial resources to <br /> Written report showing a government's compre- be used for the acquisition or construction of major <br /> hensive financial plan for a specified period (usu- capital facilities other than those accounted for in <br /> ally one or two fiscal years), including both the specific funds. <br /> ca ital and operating budgets. In Eu ene, the bud- <br /> P g <br /> get document is prepared by the City Manager and DEBT <br /> submitted to the public and the Budget Committee An obligation resulting from the borrowing of <br /> for review. money or from the purchase of goods and services. <br /> Debt of governmental units can include such items <br /> as general obligation bonds, revenue bonds, short- <br /> term notes, lines of credit and leases. <br /> City of Eugene 2004 - 2009 Capital Improvement Program <br /> Page.120 <br /> _ <br /> <br />