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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, parks buildings, streets, bike paths, bridges, <br /> stormwater facilities, and wastewater systems. Equipment, such as the hardware attached to <br /> or purchased with the land or building, is also included. The purchase of vehicles is not <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 /> For many of the proposed capital projects the CIP represents decisions that have occurred prior <br /> to the review of the draft CIP. Examples of this type of project would include parks <br /> improvements which were approved by the City's voters in the 1998 election, or a federally <br /> funded wetland restoration project. These projects are included in the CIP to ensure that the <br /> document serves as a complete listing of all capital projects the City plans to construct over <br /> a six-year period. Other projects in the CiP represent proposed capital spending on specific <br /> projects, and the public review of the draft CIP is used to gather input and reach a final <br /> decision on how the City should allocate its capital dollars over this period of time. <br /> ~ CIP Goals <br /> The goals of the C!P are to: <br /> Provide a balanced program for capital improvements given anticipated funding <br /> revenues over asix-year planning period; <br /> - <br /> <br /> C City of Eugene 2002-2007 Capital Improvement Program <br /> Page 3 <br /> _ _ _ _ <br /> <br />