HomeMy WebLinkAboutItem 12 CC 4 2 13 Debt Management Policy1
MAYOR AND COUNCIL COMMUNICATION
DATE: 4/02/2013
CONSENT
ITEM #: 12
MOTION
AGENDA ITEM: Approve Debt Management Policy
SUBMITTED BY: Cathy Bendel, Finance Director
THROUGH: Dean Zuleger, City Administrator
REVIEWED BY: Dean Zuleger, City Administrator
SUMMARY AND ACTION REQUESTED: The City Council is asked to consider approval
of a policy related to Debt Management for the City of Lake Elmo.
BACKGROUND INFORMATION: The City of Lake Elmo currently has no official policy
surrounding Debt Management. Although most items listed are currently being adhered to, there
is nothing documenting that fact as there should be. By approving the attached policy the City
Council will strengthen the internal controls surrounding the use of debt.
STAFF REPORT: The use of borrowing and the issuance of debt is an important and flexible
funding source available to the City. With the anticipated growth on the horizon, it is critical to
have a policy surrounding the use of debt and this policy will outline the policy for the City of
Lake Elmo.
Debt management is an integral part of the overall financial management of the City. This
policy will ensure that adequate financial resources will be available for the repayment of debt
while maintaining and/or enhancing the City’s credit rating without placing a financial burden on
the taxpayers.
RECOMMENDATION: It is recommended that the City Council consider approval of the Debt
Management Policy. The suggested motion to do so is as follows:
“Move to approve the Debt Management policy as presented”
2
ATTACHMENTS:
1. Draft Debt Management Policy
SUGGESTED ORDER OF BUSINESS:
Introduction of Item…………………………………………………………….City Administrator
Report/Presentation…………………………………………………………….Finance Director
Questions from Council to Staff……………………………………………….Mayor Facilitates
Public Input, if Appropriate……………………………………….…………..Mayor Facilitates
Call for Motion…………………………………………………………..Mayor & City Council
Discussion……………………………………………………….……….Mayor & City Council
Action on Motion………………………………………….…………………..Mayor Facilitates