Title
Approving a resolution with the caption reading: Resolution of the City of Pflugerville, Texas Adopting a Debt Management Policy of the City of Pflugerville, Texas.
Summary
The Government Finance Officers Association (GFOA) recommends that state and local governments adopt comprehensive written debt management policies. Adoption of such policies communicate the City's commitment to sound financial management, assist in maintaining acceptable levels of indebtedness, and provide consistency in the issuance and management of debt. Further, adherence to a debt policy helps ensure that the City maintains a sound debt position and that credit quality is protected.
This proposed Debt Management Policy (Policy) will formalize established guidelines for the issuance and management of the City's debt and related financing activities. The Policy addresses local, state, and federal requirements within the framework of a comprehensive debt policy as outlined by the GFOA. The policy will be reviewed by staff and the City's financial advisor annually and changes, when necessary, will be brought forth for City Council consideration.
This policy has been reviewed by the City’s financial advisor, RBC Capital Markets, LLC, and the City’s bond counsel, McCall, Parkhurst & Horton LLP. The Debt Management Policy was reviewed by the Finance and Budget Committee at its August 29, 2019 meeting and recommended for approval.
Deadline for City Council Action
None.
Funding Expected: Revenue ___ Expenditure __ N/A _X_
Budgeted Item: Yes ___ No ___ N/A _X_
Amount: N/A_____
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A ___ Required _X_ Date Completed: _8/26/19_
Supporting documents attached
Resolution
Debt Management Policy
Recommended Action
Approve the resolution adopting a Debt Management Policy of the City of Pflugerville.