File #: BL2020-534    Name:
Type: Bill (Ordinance) Status: Passed
File created: 11/9/2020 In control: Metropolitan Council
On agenda: 2/16/2021 Final action: 2/16/2021
Title: An ordinance to require a debt report from the Director of Finance each time a capital spending plan is filed containing specific information about the impact the capital spending plan will have on the Metropolitan Government's debt levels.
Sponsors: Thom Druffel, Burkley Allen
Attachments: 1. Substitute BL2020-534
title
An ordinance to require a debt report from the Director of Finance each time a capital spending plan is filed containing specific information about the impact the capital spending plan will have on the Metropolitan Government's debt levels.

body
WHEREAS, at the suggestion of the State Comptroller, the Metropolitan Council adopted a Debt Management Policy for the Metropolitan Government in 2011 pursuant to Resolution No. RS2011-94; and
WHEREAS, Substitute Ordinance No. BL2017-726 added Section 5.04.105 to the Metropolitan Code to establish a requirement that the Metropolitan Government maintain a debt management policy that includes, at a minimum, the following:
* The appropriate amount of debt (by category) that should be approved in a capital spending plan;
* Multiple metrics by which the Metropolitan Government monitors, measures, and evaluates its financial condition including without limitation the amount of debt and debt service;
* A discussion of available metrics for measuring the amount of debt and debt service, and the reasons why the metrics selected for section 5.04.105(A)(2)(b) are most appropriate;
* A discussion of available metrics for measuring debt service including without limitation debt service as a percent of expenditures, revenues, property tax revenue, or per capita, and the reasons why the metrics selected for section 5.04.105 (A)(2)(b) are most appropriate;
* A discussion of what factors regarding financial performance trends, including projections of key economic variables and population trends, must be considered in determining the appropriate amount of debt to be approved in a capital spending plan;
* A discussion of the purposes for which each category of debt may be utilized;
* A discussion of what impact if any the Metropolitan Government's net pension obligation, has on the amount of debt (by category) that is advisable; and
* A discussion of what impact, if any, the Metropolitan Government's unfunded OPEB obligation has o...

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