Report to City Council
ID: 25-0256 Page 1
TO: Mayor and City Council
FROM: Dena Heald, Chief Financial Officer/City Treasurer
AGENDA DATE: May 20, 2025
TITLE: ANNUAL REVIEW OF THE DEBT MANAGEMENT
POLICY (REPORT OF: FINANCIAL AND
MANAGEMENT SERVICES) (NOT APPLICABLE)
TITLE SUMMARY: Annual Review of the Debt Management Policy (Not Applicable)
DISTRICT: Not Applicable
Recommendation(s)
That the City Council:
1. Review and approve the Debt Management Policy.
SUMMARY
This report recommends the review and approval of the Debt Management policy. On September 12, 2016 Governor Brown signed Senate Bill 1029, Hertzberg, amending the Government Code to require issuers of public debt in California to have an adopted debt management policy. The City of Moreno Valley has recognized that having a Debt Policy in place is a best practice and first adopted a policy in 2006. Every year staff reviews the policy to industry standards. There are currently no revisions proposed to the policy as part of this annual review.
DISCUSSION
ID: 25-0256 Page 2
Debt management policies are considered a “best practice” by many professional municipal finance organizations including the Government Finance Officers Association, the California Society of Municipal Finance Officers and the Association of Public Treasurers of the United States and Canada. Issuers of public debt within California are now required to have an adopted Debt Policy to participate in the financial markets.
The Debt Management Policy was originally developed in 2006 and revised in 2014, 2017, 2019, 2020, 2021, 2023 and 2024. In recent years additional requirements have been placed on the issuers of municipal securities based on the input from oversight agencies such as the Securities & Exchange Commission (SEC), the Municipal Securities Rulemaking Board (MSRB), the California Debt and Investm ent Advisory Commission, rating agencies and investors.
There are no revisions being recommended to the current policy at this time. Should any new significant developments occur in the regulatory environment, the policy will be adapted to meet these cha nges and will be brought back for review by the City Council at that time.
ALTERNATIVES
1. Approve Debt Management Policy. This alternative is recommended so that the City’s policies and practices conform to the current debt management standards as established by municipal oversight agencies.
2. Not approve Debt Management Policy and provide staff with additional direction.
The alternative is not recommended since it will result in the delay of the review and adoption of the policy and could result in the City being out of compliance with state laws.
FISCAL IMPACT
No current fiscal impact.
NOTIFICATION
Public Notice
PREPARATION OF STAFF REPORT
Prepared By: Department Head Approval:
Kimberly Ganimian Dena Heald
Special Districts Division Manager Chief Financial Officer/City Treasurer
ID: 25-0256 Page 3
CITY COUNCIL GOALS
None
CITY COUNCIL STRATEGIC PRIORITIES
1. Economic Development
2. Public Safety
3. Library
4. Infrastructure
5. Beautification, Community Engagement, and Quality of Life
6. Youth Programs
ID: 25-0256 Page 4
Report Approval Details
Document
Title:
STAFFREPORT_FMS_ANNUALREVIEWOFTHEDEBTMANAGEMENT
POLICY.docx
Attachmen
ts:
- 3.10 Debt Management Policy - 5.21.24.docx
Final
Approval
Date:
May 12, 2025
This report and all of its attachments were approved and signed as outlined below:
No Signature found
Kimberly Ganimian
Natalia Lopez
Dena Heald
Launa Jimenez
Brian Mohan
Patty Rodriguez