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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. During <br /> the April adoption of the CIP, Council voted to amend the policy guidelines for the CIP to ~ ~ <br /> include items 7, 8, and 9. Council also directed staff to include those policies in the next update <br /> process of the Financial Management Goals and Policies. <br /> 1. The City will plan for capital improvements over amulti-year period of time. The <br /> Capital Improvement Program will directly relate to the long-range plans and policies of <br /> the City. Operating funds to maintain capital improvements and to fund additional staff <br /> and service needs must be estimated and identified prior to making the decision to <br /> 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 self- ~ <br /> 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 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 and r' <br /> to the extent the City's financial position permits the use of this financing device. <br /> ~ <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. 13 <br /> 6. Council will make a specific determination whether to establish a replacement reserve <br /> sinking fund when creating an asset with a value in excess of $1 million and a useful life ~ <br /> <br /> ~ in excess of ten years. <br /> 7. Funding sources that have been identified for a specific project and approved with the , <br /> adoption of the Capital Improvement Program shall remain the funding source for that <br /> project unless a specific exception is directed by Council. <br /> i <br /> 8. Flexible transportation funding available to the City from federal, state, county, and local <br /> sources, that is eligible, will be used to fund operations, maintenance and preservation of <br /> existing capital transportation infrastructure, unless a specific exception is directed by <br /> Council. <br /> 9. New transportation capital projects, including transit projects, that are located within the <br /> Eugene City limits will be reviewed by the Eugene City Council before inclusion into <br /> any regional or multi jurisdictional project list or plan. ~ - <br /> C <br /> City of Eugene 2006 - 2011 Capital Improvement Program <br /> 8 <br /> <br />