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Projected Debt Burden <br /> Projections of debt capacity indicate that there is $100 million of additional capacity for debt ' <br /> j issuance within the policy limits during the CIP period. The CIP includes $260 million of <br /> unfunded projects, which greatly exceeds the estimated $100 million of available debt capacity <br /> the City will have over the six-year CIP period. Some of these projects would most likely <br /> require debt issuance in order to be fully funded. The proposed City Hall Replacement project, <br /> for instance, is very likely to be funded in part through issuance of general obligation bonds. <br /> If the City issued bonds to finance all of the unfunded projects during the CIP period, the City's <br /> net direct debt would rise to almost $252 million by FY11. The resulting debt to real market <br /> value would be approximately 1.6°Io. This would greatly exceed the current policy limits. <br /> ~ For more information about the City's debt burden and debt capacity, see the updated "City of <br /> Eugene, Debt Capacity Analysis" available in January, 2005. <br /> i <br /> ~ The CIP Development and Review Process <br /> Typically, development of the Capital Improvement Program is a nine-month process, which <br /> begins in August of even-numbered years and ends the following April. Below is the schedule <br /> for the FY06-FY 11 CIP Update. <br /> Date Meeting Description <br /> j <br /> December 6, 2004 The Draft CIP was published and distributed to the Chairperson of each <br /> neighborhood association throughout Eugene. It was also mailed to <br /> interested parties, published on the City's web page and made available <br /> in a variety of locations throughout the City. <br /> December 13, 2004 The Planning Commission held a work session to review the Draft CIP. <br /> ~ December 14, 2004 The Planning Commission conducted a public hearing in order to ~ ~ <br /> consider public testimony. After considering public testimony and <br /> ~ reviewing the Draft CIP, the Planning Commission voted to keep the ~ , ~ <br /> public record open until January 5, 2005. <br /> January 10, 2005 The Planning Commission held a work session and recommended that <br /> the Council adopt the Draft CIP with three amendments. <br /> ' February 7, 2005 & The Budget Committee reviewed the Draft CIP with primary focus on <br /> ~ February 22, 2005 the financial and budget issues. Their recommendations and ~ ' <br /> amendments were forwarded to City Council. <br /> February 28, 2005 The City Council conducted a public hearing on the Draft CIP in order r <br /> to consider public testimony. <br /> March 7, 2005 The Council delayed the adoption of the CIP in order to provide staff an i <br /> <br /> ' opportunity to review three proposed policies related to capital projects. <br /> April 11, 2005 The City Council finalized and adopted the CIP. <br /> June 24, 2005 The Adopted FY06-FYl 1 CIP was published, distributed and posted to <br /> the City's web site. <br /> r . <br /> City of Eugene 2006 - 2011 Capital Improvement Program ~ <br /> 10 , <br /> _ <br /> <br />