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Committee raises debt-coverage threshold, approves revised financial and budgetary policies
Summary
The committee approved edits to the town’s financial and budgetary policies, including changing the excise-tax coverage threshold for issuing nonenterprise debt from 3x to 5x annual debt service; commissioners expressed concern the higher threshold will constrain future debt issuance and recommended exploring alternative revenue sources.
The Budget & Finance Committee unanimously approved a package of revisions to Oro Valley’s financial and budgetary policies April 16, including changes to fiscal monitoring language, capital expenditure definitions and the town’s debt issuance coverage rule.
Staff recommended raising the excise-tax coverage requirement for issuing nonenterprise debt from…
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