Title
Consider/Discuss/Act on a Resolution Adopting the Debt Management Policy for Fiscal Year 2022-2023
Summary
COUNCIL GOAL: Financially Sound Government
4A: Provide funding and organizational framework to ensure continual economic improvements
4C: Pursue and maintain a AAA bond rating with S&P (Standard & Poor’s) and Moody’s
MEETING DATE: September 20, 2022
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
• Adopt the Fiscal Year 2022-2023 Debt Management Policy
ITEM SUMMARY:
• Annual review of the City’s debt management policy.
• Suggested changes to the policy include:
O Government Accounting Standards Board (GASB) Statement #98 changes the
name of the “Comprehensive Annual Financial Report” (CAFR) to the “Annual
Comprehensive Financial Report” (ACFR). This change has been made
throughout this document.
BACKGROUND INFORMATION:
• The City adopts debt management policies to establish parameters and provide guidance governing the issuance, management, continuing evaluation of and reporting on all debt obligations issued by the City.
• This policy provides for the preparation and implementation necessary to ensure compliance and conformity with Federal, State, and local laws, rules, and regulations.
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A