2011 Approved Budget - Laserfiche WebLink

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I I I Is I - City of Roseville — 2011 Budget El To define the role of debt 'in the Citys. total financial strategy so as to avoid using debt M' If. manner that weakens the City's overall financial condition. W, To establish limits on the amount of City debt which will allow for manageable debt service costs. W— To maintain the best possible Moody's and Standard and Poor's credit rating Polia W The City will confine long-tenn borrowing to capital improvements or projects that cannot bt financed from current revenues. The City shall not use debt for the purchase of vehicles ani-- other rollm'g stock L3 When the City finances capital projects by issum'g bonds, it will pay back the bonds within 7 penod not to exceed the expected useful life of the project LI The City will try to keep the average maturity of general obligation bonds at or below ten years A The City will strive to keep the direct debt per capita and direct debt as a percent of estiMatell market value at or below the median set out by the credit rating agencies 9 Total general obligation debt shall not exceed two percent of the market value of taxabtli property as required by State law TO 1 51 r) MW 1111,1111`1 BY V - I WI, The City will maintain good communications about its financial condition With credit rating agencies —=#MW=Iff nolm=4 51mlomm Emil 4=1 q 4 it Refinancing or bond refunding will only be undertaken when there is significant economio-; advantage to the City, and when it does not conflict with other fiscal or credit policies it The maintenance of the best possible credit rating shall be a major factor in all financial decisions. For the purposes of issuing debt, bond rating categories shall be used as a means of assessing the City's financial condition. IMplementation The debt management section of this approved Budget and Capital Improvement Program demonstrate compliance toward achieving the city's debt policy.