To ensure that it issues debt when doing so is in the best interests of the city and is consistent with its long-term financial goals, the city should establish a comprehensive debt policy that includes the elements that the GFOA recommends and make the debt policy it establishes available on its Web site.
On February 4, 2014, the City Council adopted the Budget Policies and Procedures Manual, which incorporates best practices recommended by GFOA and contains a debt management section that provides guidelines regarding use limitations, issuance, and repayment of debt. The Budget Policies and Procedures Manual is posted on the Finance Department page of the Citys website. (See page 6 of Budget Policies and Procedures Manual.)
Although the debt management policy is high-level, it does provide the city's overall policy for debt management.
By September 2013, the Finance Director will present for City Council adoption, a comprehensive debt policy that includes elements recommended by GFOA. Upon City Council adoption, the policy will be posted on the City's website.
The city indicates that by May 2013, the finance director will develop and present for city council adoption, a comprehensive debt policy that includes elements recommended by GFOA. After the city council adoption, the city will post the policy on its Web site.
The city did not address this recommendation in its August 2012 response. (See 2013-406, p. 196)
Agency responses received after June 2013 are posted verbatim.