TO: Honorable Mayor & Members of the North Port Commission
FROM: Heather Faust, MMC, City Clerk
TITLE: Discussion and Possible Action Regarding the Debt Management Advisory Committee.
Recommended Action
I move to direct the City Clerk to draft an Ordinance repealing Ordinance No. 2024-37 regarding the Debt Management Advisory Committee.
City Commission Options
Option 1: Dissolve the Debt Management Advisory Committee.
• Pro: Aligns structure with current environment: Low debt and limited borrowing authority after unsuccessful referendums.
• Con: Loss of independent, citizen-based oversight may reduce perceived transparency and public trust on future financing decisions.
Option 2: Continue the Debt Management Advisory Committee as an active advisory body and modify the Committee duties to (insert duties).
• Pro: Maintains independent, citizen-based oversight and transparency on any future financing options with revised duties as determined by the City Commission.
• Con: Administrative and staffing time to coordinate meetings; prepare the annual Debt Evaluation Report; and support the Committee may outweigh the benefits when the City has minimal debt activity. With recent Charter referendums unsuccessful and borrowing authority constrained, the Committee’s purpose could be limited in the near term.
Background Information
During the City Commission Special Meeting held on November 4, 2024, the Commission approved Resolution No. 2024-R-57, adopting City Commission Policy No. 2024-01 related to the Debt Management Policy. In addition, the Commission also adopted Ordinance No. 2024-37 relating to the establishment of the Debt Management Advisory Committee.
Both Policy 2024-01 and the establishment of the Debt Management Advisory Committee were to be proactive with the potential passing of the November 2024 referendum question allowing the City to incur debt. All referendum questions during the November 2024 election failed, therefore limiting the need for the Commission Policy and the Debt Management Advisory Committee.
Strategic Plan Pillar
Good Governance
Financial Impact
Not applicable.
Procurement
Not applicable.
Attachments:
1. Debt Management Policy
2. Ordinance No. 2024-37
Prepared by: Sara Lane, Administrative Services Specialist
Department Director: Heather Faust, MMC, City Clerk