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BUDGET
FINANCIAL POLICIES
The City has adopted policies which guide its capital improvement planning and its issuance of long-term debt.
These policies are intended to help the City maintain or improve its bond rating, help the City manage its capital
investments in a manner which does not create an undue financial burden on its citizens and taxpayers, and keep
changes in debt service obligations at levels that do not reduce the City’s ability to provide acceptable municipal
and educational services to its citizens.
The following are the City’s Capital Financing Debt Management Policies:
Debt Indicator Established Policy
Outstanding General Obligation to Taxable Real and Personal Property Value No greater than 3.0%
General Fund Debt Service to General Service Fund Revenue No greater than 9.5%
Proportion of Capital Improvement Plan spending with Cash Capital No less than 20%
Outstanding General Obligation Debt Scheduled to be repaid within 5 years No less than 30%
Outstanding General Obligation Debt Scheduled to be repaid within 10 years No less than 60%
A copy of the City’s financial policies can be found in the appendix of this handbook.
In addition to debt management policies, the City has
adopted a Fund Balance Policy, which sets minimum
guidelines for the General Fund unassigned fund
balance to ensure the City maintains sufficient working
capital and has the ability to address emergencies
without borrowing, and a Pension Funding Policy,
which guides the City’s pension funding activities.
Together, these policies ensure the City’s long term
fiscal stability.
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