Adopted Budget FY 2018-2019

Budget-Related Policies and Procedures
Debt Management Policies
Financing Capital Projects
The City will limit long-term debt to only those capital projects that cannot be financed
from current revenues.
Debt Term Limitation
The City will not issue long-term debt for a period longer than the estimated useful life of
the capital project.
Use of Long-Term Debt for Maintenance & Operating Costs Prohibited
The City will not use long-term debt to finance recurring maintenance and operating cost.
Compliance with Bond Indentures
The City will strictly comply with all bond ordinance requirements, including the
following:
Revenue Bond Reserve Fund
The City shall be in strict compliance with the requirements of any bond ordinance that
calls for a reserve fund.
Revenue Bond Sinking Fund
The City shall be in strict compliance with the requirements of bond ordinances that call
for the establishment and maintenance of a bond sinking fund. Monthly payments shall be
made to this account, in the manner prescribed, in order to have sufficient balances in
such fund to meet semi-annual principal and/or interest payments.
General Obligation Bond Sinking Fund (Debt Service Fund)
The City shall be in strict compliance with the requirements of any and all ordinances that
call a general obligation bond sinking fund. Property taxes shall be deposited daily to this
account, as received. An adequate balance will be maintained to meet semi-annual
principal and/or interest payments.
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