From
Diana G. Ortiz, Chief Financial Officer
Title
Resolution approving the proposed City of Grand Prairie Debt Management Policy to become effective upon passage and approval
Presenter
Diana G. Ortiz
Recommended Action
Approve
Analysis
The City's Debt Management Policy is reviewed each year for necessary revisions, operational procedures, staffing changes and/or new state/federal laws. Staff recommends the following changes to the policy:
Section VIII, Ratios and Reserves - The city will use national rating agency methodology and assumptions, within reason, to calculate coverage ratios and reserves.
Financial Consideration
There is no financial impact resulting from this action.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, APPROVING THE PROPOSED CITY OF GRAND PRAIRIE DEBT MANAGEMENT POLICY TO BECOME EFFECTIVE UPON PASSAGE AND APPROVAL
Whereas, it is the goal of the City to maintain a long-term, stable and positive financial condition; and,
Whereas, well-planned and prudent public funds' debt management is essential to the achievement of the City's goals; and,
Whereas, the City is required to review, revise if necessary and adopt the City's Debt Management Policy annually.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. The attached proposed debt management policy is approved and updated with the following revised sections:
Section VIII. RATIOS AND RESERVES: Add sentence "The city will use national rating agency methodology and assumptions, within reason, to calculate coverage ratios and reserves."
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, JANUARY 9, 2018.