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Committee backs flexibility in draft debt policy, asks staff for more analysis before special meeting
Summary
Committee reviewed a draft debt management policy that would extend maximum long-term debt terms from 20 to 30 years and shift certain affordability metrics to include all governmental funds; members asked staff for peer comparisons, clearer benchmarks and separate enterprise thresholds before recommending action.
The Budget and Finance advisory committee on March 16 discussed a draft debt management policy staff circulated ahead of a special called meeting, with members urging flexibility but asking for more data before making recommendations. Rebecca Holden, who presented the draft, told the committee she had "added a purpose section" and that "we changed the term of the debt from 20 years to 30 years," and asked for guidance on the committee's tolerance for debt as the city faces revenue uncertainty.
Committee members emphasized that tolerance should be tied to return on investment. "Tolerance to me has to make sense based on the return of what we get for the debt," Alderman Jimenez said,…
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