Council updates debt policy to reflect statutory change; adopts resolution

The Roseville City Council unanimously adopted a resolution revising the city’s debt policy on Oct. 27 to align internal policy language with a statutory change increasing the allowable debt limit.

Finance Director Michelle Petrick told the council that the city had reviewed its policies and updated the debt policy because "the statutory debt limit was raised in 2008 from 2% to 3% and our policy hadn't been updated to reflect that change." Petrick also said the updated policy removes an item about maintaining both Moody’s and Standard & Poor’s ratings because the city now receives only one ratings service; other edits were described as cosmetic and aimed at clearer wording.

Council members described the changes as routine and emphasized that the city’s outstanding debt remains low — well below 1% of taxable value. Councilmember Graf noted that the low amount of borrowing is important for taxpayers to understand.

The council adopted the resolution amending the debt policy by motion of Councilmember Strahan, seconded by Councilmember Graf. Vote: Graf — yes; Bauer — yes; Strahan — yes; Grama — yes. Outcome: approved 4–0.

Clarifying detail: staff said the city remains well below the statutory debt limit and "well below 1%" of taxable value.