1993_0927_packet - Laserfiche WebLink

Home

J REQUEST FOR COUNCIL ACTION Date: 09/27/93 I t em Igo■ i Department Approval: Manager ' Reviewed Agenda Section Organizational F Business Xtem Deaoription: Cont4nu f al Df nclosare Bow ra=d Because of growing financial mi s!management on the part of some alunicipal bond issuers, there has been a great deal of concern both within the municipal financial industry and the 'U.S . Con- gress . These groups have publicly called for more adequate disclosure of the financial health of municipal issuers The National Federation of Municipal Analysts (NFMA) , whose members do the financial analysis for prospective buyers of municipal issuers, have implemented a program to encourage finan- cial disclosure. The program is a volunteer program in which the local government will provided audited financial statements, appropriate credit information, and to indicate is its bond prospectus that such disclosures will be made. The City of Roseville, which is among the most financially sound municipal governments, has always provided information to inter- ested credit agencies and purchasers of its debt. Volunteering to meet these requirements does not place undue risk upon the city but only makes visible what -we have been doing all along. There are national repositories where we will need to be certain our om p rehens ire Annual Financial Statements are placed on file at the conclusion of each fiscal year.& Examples of those reposi- tories are Bloomberg Financial Markets, and the Bond Buyers ri-nancLal I 3lcatlos There are no costs or budget allocation needed for this voluntary compliance. Roe dation Staff is reco=ending the City proceed to implement the voluntary compliance program of the rational Federation of Xunicipal Ana- lys is. 013. Action Notion to approve the attached resolution providing for voluntary compliance with the NFXAP s financial disclosure program.