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GLOSSARY OF TERMS <br /> <br /> ASSESSMENT CAPITAL BUDGET - <br /> Any fee, charge or assessment that does not exceed A plan of proposed capital projects and the means <br /> the actual cost incurred b a unit of overnment for for financin them. <br /> Y g g <br /> design, construction and financing of a local <br /> improvement such as streets and alley paving, CAPITAL IMPROVEMENT <br /> in RS 310.410 19 to include land <br /> sidewalks and sewers. A term defined O ( ) , <br /> structures, facilities, machinery, equipment or <br /> <br /> ASSESSMENT BONDS furnishings having a useful life longer than one year. <br /> See "Special Assessment Bonds". See "Capital Project". <br /> <br /> ASSETS CAPITAL IMPROVEMENT PROGRAM (CIP) <br /> Resources having a monetary value and that are A major budgeting and planning tool through which <br /> owned or held by an entity. needed capital projects are identified, evaluated, <br /> priced and discussed with the general public and the <br /> BOND or BOND ISSUE Budget Committee. <br /> A certificate of debt guaranteeing payment of the <br /> original investment plus interest on specific dates. CAPITAL OUTLAY <br /> Bonds are typically used by governments to pay for A departmental expenditure. Includes items that <br /> large public projects like fire stations. generally have a useful life of one or more years, <br /> such as machinery, land, furniture, equipment, or <br /> BORROWING buildings (ORS 294.352(6)). For the City, capital <br /> Funds for major capital improvement projects can outlay expenditures are reviewed at each fiscal year <br /> be acquired through borrowing, which is repaid end for purposes of classifying expenditures as <br /> either through property taxes or project revenues. "fixed assets". <br /> Borrowing is a way to match the benefits of a <br /> capital project with the users of that project over CAPITAL PROJECT <br /> time. The City of Eugene uses short-term and The acquisition, creation or extension of the useful <br /> long-term borrowing to create, acquire or renovate life of a fixed asset that has a life expectancy greater <br /> capital assets. The City does not borrow on ashort- than one year and a monetary value greater than a <br /> term basis to support on-going operations. pre-defined threshold ($5,000 for Eugene), such as a <br /> public building. Repair or renovation of an existing <br /> BUDGET COMMITTEE fixed asset, acquisition of equipment or general <br /> Fiscal planning board of a local government con- planning and design activities can also be considered <br /> sisting of the governing body plus an equal number a capital project under certain circumstances. See <br /> of electors appointed by the governing body. (ORS "Capital Improvement" . <br /> 294.336) <br /> CAPITAL PROJECT FUND <br /> BUDGET DOCUMENT A fund created to account for financial resources to <br /> Written report showing a government's compre- be used for the acquisition or construction of major <br /> hensive financial plan for a specified period (usu- capital facilities other than those accounted for in <br /> ally one or two fiscal years), including both the specific funds. <br /> capital and operating budgets. In Eugene, the bud- <br /> get document is prepared by the City Manager and DEBT <br /> submitted to the public and the Budget Committee An obligation resulting from the borrowing of <br /> for review. money or from the purchase of goods and services. <br /> Debt of governmental units can include such items <br /> as general obligation bonds, revenue bonds, short- <br /> term notes, lines of credit and leases. <br /> City of Eugene 2006 - 2011 Capital Improvement Program <br /> 172 <br /> <br />