Title
Budget Spotlight: City-Wide Debt Financial Audit Briefing
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Receive a briefing on the current status of City-wide debt.
Report
Issue:
Whether to receive a briefing on the current status of City-wide debt.
Staff Contact:
Kensey Wang, General Accounting Manager, Finance, 360.75.8435
Presenter(s):
Kensey Wang, General Accounting Manager
Background and Analysis:
The City borrows funds through various debt mechanisms to finance capital projects. Long-term debt is primarily used for large infrastructure projects such as transportation, utility systems, and major equipment purchases.
The debt policy outlines key objectives to ensure responsible debt management. These objectives include maintaining strong creditworthiness, securing the lowest borrowing costs, controlling capital spending, avoiding excessive debt service burdens while maintaining investor confidence. The ability to meet these objectives ensures financial stability and continues access to funding sources.
The briefing will discuss the different types of debt instruments, information regarding legal debt limits, and the City’s current debt profile.
Climate Analysis:
This agenda item is expected to result in no impact to greenhouse gas emissions.
Equity Analysis:
This agenda item is not expected to further impact known disparities in our community.
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.
Financial Impact:
There is no financial impact resulting from this briefing.
Options:
1. Receive a briefing on the current status of City-wide debt.
2. Do not receive a briefing on the current status of City-wide debt.
3. Relieve the briefing at another time.
Attachments:
None