New Search
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 CIP are to: <br />• Provide a balanced program for capital improvements given anticipated funding <br />revenues over asix-year planning period; <br />,_ <br />City of Eugene 2002-2007 Capital Improvement Program <br />_. Page 3 <br />