Murfreesboro City Council has adopted a resolution that sets new financial policies assuring credit rating agencies, bond holders and residents that the city remains committed to sound financial management and fiscal integrity.
Many of the adopted financial policies simply documented the long-standing practices of the city. The policies also incorporate best-practices from other city governments.The policies include various benchmarks and targets relative to financial performance. These will help us make sure that we remain strong financially.
“We understand that it is imperative that we manage the public’s money in a responsible manner, Murfreesboro City Manager Rob Lyons said. "An adopted strategy and plan with performance indicators will help us remain in a strong financial position with the necessary accounting controls.
The new policies, will enhance transparency in government for all citizens, Lyons explained. Adherence to adopted financial policies promotes sound financial management, which can lead to improvement in city bond ratings and lower the cost of capital.
City officials developed these guidelines with substantial help from the Finance and Legal departments and the city's independent financial advisor Public Finance Management, Inc., Lyons said. PFM is the nation’s leading financial advisory firm serving primarily governmental clients. It served as the city’s financial advisor during last fall’s $122 million bond re-funding.
These policies will cover budget, capital improvement planning, reserves, debt, cash management and investments, Lyons said. As we are faced by options and choices in these areas, it is helpful to understand how other communities and financial professionals may evaluate them as we make a decision for what is best for our community.
“These financial policies will be dynamic and subject to revisions, amendments and additions over the years,” Lyons said, “and this document will evolve over time as well.
“It will provide us a good roadmap as we make financial decisions for the city,” he continued.
A copy of the city’s financial policies is available on the city’s web site, www.murfreesborotn.gov. |
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