Capital Improvements Program (CIP) Document - City of Urbandale

5. The City shall encourage and maintain good relations with financial and
bond rating agencies and will follow a policy of full and open disclosure on
every financial report and bond prospectus.
Debt Analysis
--The City continues to follow a policy of full disclosure in the preparation of
its comprehensive annual financial report and other financial documents.
All official statements for general obligation bond issues are prepared by
the City’s consultant, Piper Jaffray and Company, and conform with the
Securities and Exchange Commission’s disclosure requirements. Since
1983, the City’s financial position has been reported on a modified accrual
basis. This form of accounting more accurately reflects the City’s financial
status at the end of the fiscal year. The City Council’s commitment to full
disclosure in the preparation of the comprehensive annual financial report
has been recognized by the Government Finance Officers Association.
Since 1984, the Association has annually awarded the City its Certificate
of Achievement for Excellence in Financial Reporting.
The debt performance standards referenced above are traditionally used by the
bond rating agencies and investors to determine the creditworthiness of the City’s
debt. In order to assist the Capital Improvements Committee in its financial analysis
of the recommended CIP, a brief discussion of this data follows.
The City’s Council’s six financial performance goals related to debt issuance is
shown on the next page. The Debt Performance Goals table was included in last
year’s approved CIP 2009-14+ document, and will be updated for the CIP 2010-
2015+ after the FY2010-11 budget is approved.
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