Focus Area: Economy
Staff Contact: Jamie Robichaud/Briana Burrichter
Subject: Discussion regarding proposed revisions to the Debt Management and Fiscal Policy.
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title:
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Discussion regarding proposed revisions to the Debt Management and Fiscal Policy.
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Summary:
During the Spring 2024 Budget Priorities discussion Council requested staff review and update the Debt Management and Fiscal Policy ideally prior to 2025 budget discussions. Key elements suggested for review were debt performance measures as well as outlining fund balance targets for all funds. Staff has worked closely with our city’s financial advisor in the review of the policy as well as considering the organizations current practices and government best practice. Therefore, the proposed revisions serve to align the City’s formal policy with established goals and actual practice.
The attached proposed new policy is accompanied by the red-line version to highlight the changes. In conjunction with our Financial Advisors we will review and discuss these changes with Council on June 18th. Per the direction of the City Council after reviewing the revisions, the revised policy will be scheduled for formal adoption at the July 2nd City Council Meeting.
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Financial Impact:
Rating Agencies look favorably on management practices that include formal periodic update that clarify and formalize accepted practices of the organization.
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Action Needed:
Discuss the proposed policy revisions. Per direction of Council the formal adoption will be scheduled for July 2nd, 2024.
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Attachment(s):
A: Proposed revised version of Debt Management and Fiscal Policy
B: Red-line version of proposed Debt Management and Fiscal Policy