Page 266 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 7 Debt Service Funds
Debt Service Funds Overview

6. Bond Rating Agencies Presentations - Full disclosure of operations and open lines of
communication shall be made to the bond rating agencies. Town staff, with assistance of
financial advisors, shall prepare the necessary materials and presentation to the bond rating
agencies.

7. Continuing Disclosure - The Town is committed to continuing disclosure of financial and
pertinent credit information relevant to the Town's outstanding securities.

8. Debt Refunding - Town staff and the financial advisor shall monitor the municipal bond market
for opportunities to obtain interest savings by refunding outstanding debt. As a general rule, the
present value savings of a particular refunding should exceed 3.5% of the refunded maturities.

Debt per Capita
In order to make apples- to-apples comparisons
of debt levels between different municipalities,
analysts often use measures like debt per capita, Gross Debt per Capita
or the amount of bonded debt outstanding for shown in thousands)
source; CAFR Year Ended 09/30/2017
each resident. It does not include interest
expense. 32.15 $ 31.88
27.02 $ 25.58 29.81 $ 28.55 $ 27.48 $
It is important to note, the rating agencies take
into consideration not only gross debt ratios, but
more notably net debt ratios. While the Town’ s
bonded debt is ultimately secured by a pledge of
its ad valorem tax, the majority of it is actually 2011 2012 2013 2014 2015 2016 2017
paid from municipal sales tax revenues and other
sources.
Net Bonded Debt per Capita
The following series are currently being paid shown in thousands)
with property taxes.
Series 2011 CO for street infrastructure
4.22 $
improvements and repairs 3.78 $
3.46 $
Series 2013 GO-Refunding for the Arts 3.08 $ 2.88 $ 2.65 $
and Sciences Center 2.43 $ 2.27
This comparison results in a more accurate
reflection of the Town’ s net debt per capita.
Series 2019 COs for roads, trails and facility
improvements will be included in FY19/ 20.
2011 2012 2013 2014 2015 2016 2017 2018

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