City Adopts Formal Debt Management Policy: Tightens Policies & Procedures
Working with our financial advisors, Capital Markets Advisors, LLC., and finance consultants funded by a shared-services grant awarded to the City by Dutchess County in 2016, the Finance Department presented the Common Council with a new formal debt management policy which sets limitations on general fund borrowing, and identifies new benchmarks to strive for over the next several years, as the City works to address its negative fund balance. The Common Council adopted the new policy on October 16th, 2017.
Outgoing Commissioner of Finance, Marc Nelson, said: “I’d like to thank the Council for its favorable action, as well as the Finance Committee – Councilmen Lee Klein and Mike Young – for its work on this. The Constitutional Debt Limit applies to all New York municipalities, but the City of Poughkeepsie must do even more to ensure its debt-service costs decline. This policy outlines our plan to curtail borrowing, seek refunding opportunities in favorable markets, and improve the City’s bond rating”
Read the Debt Management plan here.