Subject:
Title
Resolution establishing a Debt Policy for Pinellas County.
label
Recommended Action:
Recommended Action
Adoption of a resolution establishing a Debt Policy for Pinellas County.
• The Clerk of the Circuit Court and Comptroller (Clerk) is responsible for managing and administering the County’s debts.
• The Government Finance Officers Association recommends that Governments adopt comprehensive written debt management policies and that Governments review their debt management policies periodically for necessary updates.
• The proposed Debt Policy has been written in collaboration between the Clerk, Clerk staff, Office of Management and Budget staff, and outside financial advisors reviewed.
• The proposed Debt Policy codifies currently available practices into one policy without changing the existing operations of the County.
• Adoption of this policy has no fiscal impact on Pinellas County.
Body
Strategic Plan:
Deliver First Class Services to the Public and Our Customers
5.2 Be responsible stewards of the public’s resources
Summary:
Summary
Pinellas County wishes to written guidelines, allowances, and requirements to guide the process of debt evaluation and debt issuance practices, including the issuance process, management of a debt portfolio, adherence to various laws and regulations, federal tax compliance, and compliance with post-issuance continuing disclosure requirements.
A debt policy, by its very nature, should improve the quality of decisions, articulate policy goals, provide guidelines for the structure of debt issuance, and demonstrate a commitment to long-term capital and financial planning.
Establishment of and adherence to a debt management policy signals to rating agencies, lenders, and investors that a Government is well managed and therefore is likely to meet its debt obligations in a timely manner.
Body
Background Information:
Pinellas County has been operating without a formal debt management policy since its inception without harm or hindrance. Staff from the Clerk of the Circuit Court and Comptroller and the Office of Management and Budget have been meeting for more than a year to write and discuss the proposed Debt Policy. Advisors and attorneys from outside the County have been consulted and have provided input to this policy. The County Attorney’s Office has provided valuable input and language to the during the drafting as well.
Fiscal Impact:
Adoption of this policy has no fiscal impact on Pinellas County.
Staff Member Responsible:
Ken Burke, Clerk of the Circuit Court and Comptroller
Jeanette L. Phillips, CPA, CGFO, Chief Deputy Director, Finance Division, Clerk of the Circuit Court and Comptroller
William E. Seiter, CPA, Assistant Director, Finance Division, Clerk of the Circuit Court and Comptroller
Chris Rose, Director, Office of Management and Budget
Partners:
N/A.
Attachments:
1. Debt Policy Resolution {proposed RES 23-XXX}
2. Pinellas County New Policy