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Summary:
The Finance Committee held a meeting on March 13, 2015. The Committee reviewed the City's Investment Policy, Debt Management Policy, and Interest Rate Risk Management Products (Derivatives) Policy. The three policies are required to be reviewed annually and ratified by the City Council. The Committee recommended changes to the Investment Policy and the Debt Management Policy. The amendment to the Investment Policy removes the minimum duration limitation. The amendment to the Debt Management Policy amends the General Government Direct Debt Per Capita target to account for inflation since 1994, the year the Policy was created. No changes were proposed to the Interest Rate Risk Management Products (Derivatives) Policy.
The Committee also approved the financing parameters for the issuance of the City's Capital Improvement Special Revenue Bond, Series 2015A, to refinance the April 1, 2015 designated maturities of the City's Medium Term Note Program. The Series 2015A bond was approved by the City Council at its meeting on March 23, 2015. |
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Fiscal & Efficiency Data:
N/A
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Recommended Action:
Accept the meeting minutes and ratify the Investment Policy, Debt Management Policy and Interest Rate Risk Management Products (Derivatives) Policy, as amended. |
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Agenda Item attachment(s) on file in the City Clerks Office.
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Note:
All agenda items must
be in the City Clerk's office by Noon Friday, six(6) business days prior to the
regular Monday City Council meeting.
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Contact:
Michele V. Keane
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Approved By:
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Department
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Date and Time
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| Budget Outside Routing Approval |
3/26/2015 8:42 AM |
| City Clerk |
3/26/2015 8:56 AM |
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