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The major sources of funds available for capital projects are dedicated funds. Dedicated funds <br />must be used for a particular purpose. For the most part, these funds are accounted for in the <br />City's special revenue or enterprise funds, such as the Road Fund, the Municipal Airport Fund, <br />or the Systems Development Capital Projects Fund. Projects which are not supported by <br />dedicated revenue are financed by a transfer from the General Fund. The City may also <br />receive direct funding for projects from other jurisdictions or through grants and donations. <br />Given the wide variety of specialized funding sources and the framework of adopted plans and <br />policies, selection of projects for the CIP does not follow aone-size-fits-all priority setting <br />process. Instead, within each functional area various projects are selected based on a sense <br />of the needs that have been identified within that area; the funding that is projected to be <br />available (and the limitations on how it can be used); and any specific support ordirection that <br />has been provided by official advisory groups, neighborhoods, individual citizens, the City <br />Council, outside agencies or other sources of input and guidance. In the following section of <br />the document, the narrative portion at the beginning of each functional area describes the <br />specific considerations that have gone into project selection within that functional area. <br />Policy 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 <br />Capital Improvements Program will directly relate to the long-range plans and policies <br />of the City. Operating funds to maintain capital improvements and to fund additional <br />-- staff and service needs must be estimated and identified prior to making the decision <br />to undertake specific 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 <br />limited to those projects where the required assessed value-to-assessment ratio is met <br />and to the 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 <br />..assets and their condition and maintenance costs will be maintained; <br />i~ <br />', ._ <br />~. <br />---- <br />City of Eugene 2002-2007 Capital Improvement Program <br />Page 7 <br />