Subject:
Title
Approve Debt Management Policy
Body
EXPLANATION AND SUMMARY:
It is a best practice to establish financial policies for the Town. These policies direct decision making and establish overall goals for Town operations. Bond rating agencies have asked the Town government to develop a formal policy describing how it manages debt. Council adoption of this policy will help the Town maintain its AAA/Aaa bond rating, enabling the Town to borrow funds at the lowest interest rates available.
Strategic Plan Initiative: Vienna is a fiscally responsible community.
Board or Commission of Interest:
Departmental Recommendation: Recommend Council adopt the Debt Management Policy.
Finance Recommendation: Recommend Council adopt the Debt Management Policy.
Purchasing Recommendation: N/A
Town Attorney Recommendation: The Town Council may approve and adopt the proposed Debt Management Policy in its discretion.
Town Manager's Recommendation: I recommend the Town Council adopt the debt management policy, as presented.
Cost and Financing: N/A
Account Number: N/A
Decision Needed by This date: March 21, 2022
PROPOSED/SUGGESTED MOTION
Recommended Action
"I move to adopt the debt management policy as presented"
Or
Other action deemed necessary by Council.