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occur over the next six years. It serves as a strategic planning tool and helps address Council’s goal for “Fair, <br />Stable, and Adequate Resources.” It provides an important means to improve the City’s ability to link the Council <br />goals process, the Capital Improvement Program, the General Fund Six-year Financial Forecast, other project or <br />service specific strategic plans, and the annual budget process. A wide range of unfunded needs, challenges and <br />opportunities, are included in the MYFP, including several high-priority items. The MYFP includes General Fund <br />and other current service funding shortfalls, preservation and maintenance of existing City assets and facilities, <br />and implementation of adopted plans or policies. The plan also identifies important emerging issues that may <br />have a financial impact on the City. <br />The FY12-17 MYFP identified a total of about $281.0 million in unfunded challenges and opportunities that may <br />occur within the next six years. Of this amount, $134.1 million is for the following high-priority items: <br /> General Fund shortfall; <br /> Ambulance Transport Fund shortfall; <br /> Parking Fund stabilization; <br /> Parks and Open Space operations and maintenance; <br /> Deferred maintenance of City facilities; <br /> Echo Hollow/Sheldon Pool preservation; <br /> Pavement Preservation backlog; <br /> Envision Eugene implementation; and <br /> Additional jail beds. <br />All of these high-priority items would need to be funded on an ongoing basis in order for the City’s budget to <br />become a truly sustainable, rather than merely stable, in the long-run. <br />With the significant amount of future capital projects, as well as identified unfunded needs, the City also <br />recognizes the need to be thoughtful and deliberate in planning future debt levels. As a result, the City has <br />developed a Debt Affordability Study that is updated every two years in conjunction with the CIP update. This <br />study looks at not just the legally allowable level of debt, but the level of debt that the community would consider <br />affordable, given the ability of the community to pay for that debt. The Budget Committee adopted a debt policy <br />limit of net direct debt of no more than 1% of real market value of property. The Debt Affordability Study <br />measures future debt plans against this debt policy limit to determine whether those plans are considered <br />affordable and those results are included in the CIP. The City’s net direct debt to real market value is projected to <br />be 0.17% by the end of FY12. <br />City Council Vision and Goals <br />The City Council adopts goals that provide major policy direction for budget allocations and service delivery. The <br />City Council adopted the following vision and goals in spring of 2009. <br />CITY COUNCIL VISION <br /> Value all people, encouraging respect and appreciation for diversity, equity, justice, and social well-being. <br />We recognize and appreciate our differences and embrace our common humanity as the source of our <br />strength; <br /> Be responsible stewards of our physical assets and natural resources. We will sustain our clean air and <br />water, beautiful parks and open spaces, livable and safe neighborhoods, and foster a vibrant downtown, <br />including a stable infrastructure; and <br /> Encourage a strong, sustainable and vibrant economy, fully utilizing our educational and cultural assets, <br />so that every person has an opportunity to achieve financial security. <br />CITY COUNCIL GOALS <br />Safe Community <br />A community where all people are safe, valued, and welcome. <br />Sustainable Development <br />A community that meets its presentenvironmental, economic, and social needs without compromising the ability <br />of future generations to meet their own needs. <br />5 <br />