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m <br />CAPITAL IMPROVEMENTS ELEMENT <br />the provision of the needed capital improvements identified in the <br />other plan elements. <br />Capital Improvement Program (CIP) - a multi-year schedule of <br />capital improvements which not only reflects those improvements <br />identified in the plan but also those other capital improvements <br />which are desired by a community (e.g. police, fire, jails, etc.). <br />Level of Service (LOS) Standards - indicators of the extent or <br />degree of service provided by, or proposed to be provided by, a <br />facility based on and related to the operational characteristics of <br />the facility. LOS indicates the capacity per unit of demand of <br />..each public facility. <br />Bonds - indebtness represented by certificates of outstanding debt. <br />Capital Budget - a plan of proposed capital outlay appropriations <br />and means of financing them. <br />Debt - an obligation resulting from the borrowing of money or from <br />the purchase of goods and services. Debts of governments include <br />trends, time warrants, and notes. <br />Debt Service - payments of principal, interest and other required <br />contributions to an amortization or sinking fund resulting from <br />debt obligations. <br />Earmarked Revenue - is a source of funds which is mandated by law, <br />bond requirements, or policy to be used for a specific purpose. <br />Enterprise Fund - a fund established to account for operations <br />financed and operated in a manner similar to private business <br />enterprises. In an Enterprise Fund the costs of procuring goods or <br />services to the general public on a continuing basis is financed or <br />recovered primarily through user charges. <br />Fiscal Year - a twelve month period of time which the annual <br />operating budget applies and at the end of which a government <br />determines its financial position and the results of its operation. <br />Fund - a fiscal and accounting entity with a self -balancing set of <br />accounts in which cash and other financial resources, all related <br />liabilities, and residual equities, or balances, and changes <br />therein, are recorded and segregated to carry on specific <br />activities or attain certain objectives in accordance with special <br />regulations, restrictions or limitations. <br />General Obligation Bonds - are bonds by a pledge of the general <br />taxing power or "full faith and credit" of the issuing government. <br />