Page 413 - City of Arlington FY19 Adopted Operating Budget

Financial/Economic Development

Goal 1: Continue Responsible Fiduciary Emphasis for the Organization and Council
Objective 1: Comply with all Financial Regulations and Policies
Project Performance Measure(s) City Service Team (Department)
Core Create a Debt & Disclosure Rating agencies ratings on City Finance (Treasury)
FED Policy debt
1.1.3
Summary:
Milestone Estimated Actual
As the City reviews its Financial Policies and Completion Completion
Principles to adjust for market changes, Review current Policies 11/30/2017 11/30/2017
changes in best practices, and overall economic Develop draft Policy 3/30/2018 4/30/2018
conditions to maintain fiscal prudence, Finance Outside and/or Peer Review 5/30/2018 5/30/2018
has decided to create a Debt & Disclosure Review by CMO 7/30/2018 6/30/2018
Policy separate from the City’s Finance Policy. Make presentation to Finance & 2/28/2019
Various outside agencies (SEC, IRS, State Audit Committee
Comptroller, etc.) have placed a greater City Council Adoption 3/31/2019
importance on municipal debt and disclosure.
By creating a more detailed policy, the City will
address these changes.

Treasury currently takes the City’s Investment
Policy to Committee and Council in December.
This policy will be taken at the same time for
adoption.

Update:
Treasury has reviewed its current policy. We
have discussed with Financial Advisor, Bond
Counsel, Disclosure Counsel, and outside
disclosure review company to redraft the
policy. The policy is now in review in
conjunction with the Financial Policies. The
overall Financial Policy will go to Committee in
February 2019, and the Disclosure Policy will
follow in April.

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