TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: Discussion and Possible Direction Regarding the Debt Management Advisory Committee Ordinance No. 2024-37 and Commission Policy 2024-01.
Recommended Action
Discussion and possible direction regarding the Debt Management Advisory Committee Ordinance No. 2024-37 and Commission Policy 2024-01.
Background
During the City Commission Special Meeting held on November 4, 2024, the following actions were taken by the City Commission:
Ø Ordinance No. 2024-37, creating the Debt Management Advisory Committee was adopted by the Commission.
Ø Resolution No. 2024-R-57, adopting Commission Policy 2024-01, Debt Management Policy was incorporated into Resolution No. 2024-R-57, as an administrative policy of the City Commission.
Ordinance No. 2024-37 and Resolution No. 2024-57 were proactively adopted in preparation for the potential passage of City of North Port Referendum Question 1 at the November 5, 2024, General Election, amending the City Charter to allow for the borrowing of funds in certain instances without going to voter referendum.
During the General Election held on November 5, 2024, voters did not approve Referendum Question 1. As such, staff is seeking direction from Commission as to the establishment of the Debt Management Advisory Committee and if there are any revisions needed to Commission Policy 2024-01.
Strategic Plan
Good Governance
Financial Impact
Not applicable.
Procurement
Not applicable.
Attachments:
1. Ordinance 2024-37
2. Resolution No. 2024-R-57 with Commission Policy 2024-01
Prepared by: A. Jerome Fletcher, II, ICMA-CM, MPA, City Manager
Department Director: A. Jerome Fletcher, II, ICMA-CM, MPA, City Manager