Title
City Debt Policy Recommendation
Recommended Action
Committee Recommendation:
Not referred to committee.
City Manager Recommendation:
Approve a draft updated City Debt Policy and forward a recommendation to full City Council for consideration.
Report
Issue:
Approve a draft updated City Debt Policy and forward a recommendation to full City Council for consideration.
Staff Contact:
Aaron BeMiller, Finance Director, 360.753.8465
Presenter(s):
Aaron BeMiller, Finance Director
Background and Analysis:
The objective of the City Debt Policy is to provide general guidance for the issuance and management of all City of Olympia (the City) debt. Further, this policy establishes criteria to protect the City's financial integrity while providing a mechanism to fund the City's capital needs. The City will only utilize debt financing to fund capital improvement projects that cannot be reasonably funded on a pay-as-you-go basis.
The policy includes the governing law which provides cities with the ability to issue debt, it sets the analysis required by staff prior to issuing debt, the types of debt the city can issue, the policy establishes roles and responsibilities of issuing debt, as well as maintaining compliance with federal and state laws and any bond covenants.
Climate Analysis:
This agenda item is expected to result in no impact to greenhouse gas emissions.
Equity Analysis:
One of the goals of the City's budget process is to ensure that city services are provided equitably to our residents and business communities, as well as the greater Olympia community. This agenda item is not expected to further impact known disparities in our community.
Financial Impact:
There is no financial impact.
Neighborhood/Community Interests (if known):
Members of the community may have an interest in this agenda item as it deals with City finances and fiscal governance.
Options:
1. Approve the draft policy and send to full Council for consideration.
2. Do not appr...
Click here for full text