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:
1. Update job titles from Cash & Debt Manager to Treasurer and Cash and Debt Analyst to Treasury Analyst, respectively, throughout the policy. The revised titles are consistent with the City's payplans and job descriptions;
2. Section IV. Long-Term Debt, A. General: Delete third sentence "The City will strive...of small issuer.."; B. Certificates of Obligation: Delete "...which is usually three years." (This is in paragraph one, last sentence.) This structure is outdated with the life of the assets specifically for heavy equipment used in operations such as by Landfill, Public Works, Fire and other departments.
3. Section VI. Capital Leasing; Delete first sentence stating "Capital leasing is an option for the acquisition of a piece or package of equipment costing less than $500,000." This operational funding level restricts the City's financial considerations by several departments' goals and objectives, such as in Landfill, Public Works, Fire, etc.
4. Section IX. Official Statement, B. Timing: Replace this information with "The Finance Department will compile and review all supporting documents and required schedules in accordance with a timeline provided by the City's financial advisor in advance of each desired bond sale. Timelines are prepared approximately two to three months prior to each debt issue, depending on the complexity of each project."
"In addition, the Finance Department will review and approve the preliminary and final official statements prior to their distribution."
5. ...
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