To: Dale K. Weighill, Governmental Operations Committee Chairperson
From: Chrystal Simpson, Chief Financial Officer
title
RE: Approval of Debt Management Policy
recommendation
BOARD ACTION REQUESTED:
Approval of Debt Management Policy
BACKGROUND:
A government should adopt a debt management policy to ensure long-term financial stability, minimize borrowing costs, and mitigate risks associated with debt, ultimately supporting sustainable fiscal policy and economic growth.
DISCUSSION:
It is best practice to have a debt management policy and bond rating agencies have started asking if we have one.
IMPACT ON HUMAN RESOURCES:
None.
IMPACT ON BUDGET:
Adoption of this policy will provide guidance on how to manage our debt here at the County. While the policy itself doesn’t have a direct impact on cost in the budget, it will help us identify methods for issuing new debt and managing our current debt portfolio.
IMPACT ON FACILITIES:
None.
IMPACT ON TECHNOLOGY:
None.
CONFORMITY TO COUNTY PRIORITIES:
Adoption of this policy conforms to the long-term financial stability priority.
resolution
TO THE HONORABLE CHAIRPERSON AND MEMBERS OF THE GENESEE COUNTY BOARD OF COMMISSIONERS, GENESEE COUNTY, MICHIGAN
LADIES AND GENTLEMEN:
BE IT RESOLVED, that this Board of County Commissioners of Genesee County, Michigan (“Board”), hereby adopts and authorizes the implementation of the attached Debt Management Policy (“Policy”).
BE IT FURTHER RESOLVED, that this new Policy supersedes any and all current or past policies related to debt management, that any other resolutions or policies previously adopted by this Board related to debt management are hereby rescinded, and that this Policy shall remain in effect until further action of this Board.
Attachment