Title
Approval of the City's Debt Management Policy.
Presented by Keith Lee, Finance Director
Body
Item Summary:
The purpose of the proposed policy is to establish conditions for the managed use of debt and to create policies and procedures that minimize the City's debt service and issuance costs, obtain and retain the highest practical credit rating, and to maintain full and complete financial disclosure and reporting. The policy applies to all general obligation debt issued by the City, including leases, debt guaranteed by the City, and any other forms of obligation of indebtedness.
A regularly updated debt policy is an important tool:
· to ensure the optimal use of the City's resources to meet its ongoing commitments,
· to provide needed services to its citizens,
· to improve its infrastructure for the taxpayers of the City,
· to maintain sound financial management practices, and
· to protect the City's credit quality.
A good debt policy provides bondholders with assurances that debt burdens will be kept at manageable levels while simultaneously meeting capital needs.
Committee or Staff Recommendation:
On February 12, 2013 the Administration, Finance and Recreation and Parks Committee recommended placing this Item on the February 25, 2013 Mayor and Council Agenda.
Financial Impact:
N/A
Presented by:
Keith Lee, Finance Director