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Home My WebLink About04-18 RESOLUTION NO. �y�l A RESOLUTION of the City Council adopting the City's amended Financial Policy and rescinding Resolution 10-14. WHEREAS, on May 20, 2014, a Financial Policy for the City of Port Angeles was adopted by Resolution 10-14; and WHEREAS, a Financial Policy serves as a guide for executing the budget and controlling the financial parameters of the various City programs and services funded in said budget; and WHEREAS, it is in the best interest of City government to periodically update and revise its Financial Policy to ensure the legal use of financial resources through an effective system of internal controls and to maintain appropriate financial capacity for present and future needs. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port Angeles that the Financial Policy attached hereto as Exhibit A is hereby adopted, and Resolution 10-14 is hereby rescinded. PASSED by the City Council of the City of Port Angeles at a regular meeting of said Council held on the 6`h day of March, 2018. Sissi Bruch, Mayor ATTEST: ()��1,10( 1 t J nnifer Vencklasen, City Clerk APPR VED AS TO FO William E. Bloor, Cit` orney UKA-mm,� 8TOZ Qzl9 Doaa�o� 4J papa°a� ©d • .�aPeal'146�a 6b'9 +llal'.SCO :sdols qel'al6ws :6uiDeds rl'1d 0 Nally a-dS'1d 9:1-:1:T DO-L:uopiuyaa ai,4 a2edIZ ----SpjepuelS a3ueuuopad 6'8 sr— WOWIS"Ul Put UuawlSaAul Paz!JGWV 88 sr-- Put Apoisn:)'3u!daajaM L's vr---- pUe'sauaj!sod343'suo!lnl!lsul le!3ueu!j paz!jo41nv 9'8 ft'------ ....................................... ............... 2j"10 sFuepuels S's t'"s rz ......................... 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'T T S30110d 1V!)NVNIj L salaSuV W-d;o Al!:) SaI3110d lei:)ueui j Financial Policies Cay of Port Angeies 2. LONG-RANGE FINANCIAL POLICIES 2.1. Resolution of Conflict between Policies: 2.1.1. If there is any conflict between the Long-Range Financial Policies and an individual financial policy contained elsewhere in this document,the Long-Range Financial Policy shall govern. In such case,the Chief Financial Officer shall notify the City Council and the City Manager in writing of the conflict together with recommendations that will correct any conflict going forward. 2.2. Ability to Pay: 2.2.1. Council shall consider the overall impact on the community and its"ability to pay"against the need to enact any tax,utility rate or fee/charge increase. 2.3. Use of Reserves: 2.3.1. Council shall not use reserves/fund balance as a funding source for on-going operations except on an emergency,short-term basis. 2.3.1.1. The use of rate stabilization reserves to provide for a"phase-in"of a larger utility rate increase shall be permitted provided that Council has adopted a scheduled plan for the utility rate increases as well as a plan to replenish the rate stabilization reserve account for funds previously advanced. 2.4. Unassigned Fund Balance: 2.4.1. Council shall direct that General Fund unassigned fund balance("reserves")be increased from its current minimum level of 10%of the current year General Fund expenditures to 25%of the current year General Fund expenditures. 2.4.1.1. To meet the additional funding requirement,Council shall consider the following actions in rank priority: 2.4.1.1.1. Allocation of any savings generated from prior year operations in the General Fund; 2.4.1.1.2. Allocation of additional utility excise tax revenues as a result of Council-adopted utility rate increases; 2.4.1.1.3. Allocation of new revenues to the General Fund resulting from levying the 1.0%increase in property tax as allowed by state law; 2.4.1.1.4. Allocation of any new sales tax revenue projected in the subsequent year operating budget for the General Fund;and 2.4.1.1.5. Reduction in overall spending in the General Fund necessary to generate the resources to be allocated to the General Fund unassigned fund balance as authorized by Council. 2.4.2. Council recognizes that the actions required to achieve a 25%unassigned fund balance in the General Fund may take an extended period to achieve. Therefore,the Council shall target a five-year horizon to achieve the desired funding level and Council shall review the target funding level on an annual basis as part of its deliberations for the next years operating budget. 51 Page Financial Policies City of Port Angeles 2.5. General Fund Subsidy to Street Fund and Medic I Utility Fund: 2.5.1. Council shall consider implementing a"phase-out"of General Fund subsidyfor the Street Fund(Fund#102)and the Medic 1 Utility Fund(Fund#409). 2.5.2. The phase-out shall be over a period of not less than three(3)years nor more than five(5) years. 2.5.3. Consideration of replacing funding currently provided by the General Fund for the Street Fund shall include the option of the creation and implementation of a Transportation Benefit District(TBD). 2.5.4. Prior to consideration of either a Council-approved TBD or placement on the ballot for voter-approval,the Chief Financial Officer together with the Director of Public Works and Utilities shall prepare a report for consideration by the City Council and City Manager that: 2.5.4.1. Analyzes the proposed method of funding for the TBD,provide an estimate of the revenue for the next six(6)years to be generated if the TBD is approved,and provide a specific list of projects to be funded along with a timeline for completion of the identified projects. 2.5.5. Replacement funding for the Medic I Utility subsidy currently provided by General Fund for the Medic I Utility Fund shall be coordinated with an upward adjustment to applicable Medic I utility rates as provided in a Cost of Service Analysis(COSA). The COSA shall also include a time-line for the utility rate increases intended to replace funding support from the General Fund. 2.6. Issuance of New Debt and Ability to Pay: 2.6.1. Council shall consider,prior to the issuance of any new general government or utility debt, the overall impact of the City's ability to repay the debt obligation from existing taxes or utility rates. 2.6.2. If new taxes and/or increases in utility rates are necessary to generate revenue for the new debt service,the Chief Financial Officer shall provide the City Council and the City Manager a report detailing the annual and total estimated costs of the debt repayment and the plan or schedule for future tax and/or utility rate increases required to pay for the new debt. 2.7. Considerations for Debt Financing: 2.7.1. Council shall require the following for consideration of debt financing for projects: 2.7.1.1. If long-term debt financing is proposed,a financial analysis shall be required prior to any approval of the project that analyzes the long-term sustainability of funding from City resources,as well as the overall impact to the City's total debt obligation. 2.7.1.2. Any maintenance and operation(M&O)costs associated with the completed project must be identified along with the proposed source of funding for the M&O costs prior to seeking Council approval of the capital project. 2.8. Disposition of Unused Property: 2.8.1. Council shall consider selling of the Niichel property and other unused City properties to allow the City to have the resources to meet the debt service obligations of the 2005 Limited Term General Obligation Bond and its$1,000,000 balloon payment in 2021. 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io;pun;aAJasai e;o Sulpun;io;smolle 4314M(£OT#punj)punj luawdolanaa 3lwouo33 a4l io;aoinos gulpun;paleolpap'wal-guol a to u0!leogl3uapl io/pue uolleaio iaplsuoo pe4s pouno:) :punj luawdolaeaa*uouo33 '6TZ -slepalew uoll3nilsuoo io sail pasn jo gwpbai ageinooua of sa3ei paonpai se 4ons sleog algeJlivapl'oyloads aA814oe 01 sasselo Ajp!jn pal;loads io;sales Aiplln le!luaia;;lp 3w4spgeisa iaplsuoo Aew pouno:) Z'gl'Z 'A7!Il1n aAlloedsai 4oea sol slsoo ayi;o ainjeu gul/4iapun a4l pallai of pauglsap aq sa3ei Allllln je41 ailnbai lle4s pouno:) 'T'8T'Z :ugnao ales A3lllln '8T'Z •sweigoid Allunwwoo paseq-peoiq io suollelndod lepads'41noA pue uaiP143 se 4ons saoualpne palagiel uo paseq sweigoid io;punj leiauag a43 io/pue saa;uopeaioai pue shied iayjo woi;Aplsqns lellualod ioj uoljeiaplsuoo aAIS lle4s A43ieialy AianoDai ism a41 'Z'LT'Z •A4oieial4 AiaAowu Ism a uo paseq aq 1le4s uol3eaioai pue silted io;pasodwl sagie43 pue saa;1e41 ailnbai Ileys louno:) 'T'LT'Z :sa:)!"aS pue sweAwd uollsasaa Pue s>fied i0;saglelp Pus Saaj;o SuMaS 'LT'Z -slsoo gulleiado llwiad gulpllnq 1e3ol a41431m paleloosse sanuanai u!IlejVo4s Aue las-jjo of punj Ieiauag a4l JO pailnbai Aplsqns tau a4l 10 slsAleue ue 4ym i843ago1'sal3l3 algeiedwoo ia410 woi;sagie4o pue saa;of uosuedwoo uo sagie43 pue aa;iluuad gulpllnq se44l7 a4l saiedwoo le411a3pnq gulleiado lenuue ixau a41;o uolieiaplsuoo of ioud pue sieaA (£)aai41 AiaAa iageueyy Ai!J pue pouno:)A117 ayl of liodai a aiedaid pe4s'luawdolanaa :)lwouoo3 pue A.I!unwwo:);o iomila a41431M Ja41ag01'ja3UjO leloueulj;aIQ a41 "£'9T'Z •uolpnilsuoo s loafoid a4l 10 ilnsai a se xel sales ul aseanul anuaAai vial-guol algeylluapl ue io/pue sgof agem Allwej uual-guol salean loaloid a p.Aluo 'jlwiad gulpllnq a io;sagie4o pue saa;a41 ul uollonpai Iegualod a iaplsuoo Aew Inuno:) T9T•Z •sisoo Ioailpul pue ioailp;o AiaAooai lsoo lelol a apnloul Ile4s sllwiad gulpllnq io;sagie43 pue saa;a413e41 iaplsuoo pegs pouno:) 'T'9T'Z :si!wiad gwPling 10;SaIIIJe4D PYe saaj l0 2U¢ia5 '917 •alei xe1 asoxa Allpin paseanw ayi woi;paAliap aq of gulpunj leuol3lppe ayi sol paau ayl pue sieaA'(9)xls Mu a4l io;sanuanai lenuue leuol3lppe io Mau jo ajewlisa ue'aseanul xel pasodoid a41;0 junowe a43 guliou'iageueyll W)a4l pue lnuno0 Alli a4l io;liodai a aiedaid pe4s iaouujo leloueulj;al43 a4i'alei xel asloxa Allpin a ul aseanul ue io;Inuno:)of lesodaid Aue 01 ioud Z'ST'Z 'ieaA 1-9 6TOZ a4l 10 pua a43 Mal ie 48noi41 sales xel aspxa Mo pin s,/317 a4101 aseanul Aue iaplsuoo jou pe4s Ilouno:) 'T'ST'Z :sa3e8 xel ashx3 Alllm 'ST'Z •suoljoapoo xel Aliadoid ul%O'T a41;o ualeluawaldwl ayi azlio4lne of paloA se4 fpuno0 'Z'T'VT'Z pue'pouno:)Aq pal;tjuapl se saolnias aioo ul uollonpai a sailnbai le413agpnq Ienuue ue guildope guliaplsuoo si pouno0 a41 'T'T"bT'Z Salaguy 3Jod Jo Alli sal3110d lei:)ueui j Financial Policies City of Poet Angeles 2.20. Implementation of Utility Rate Increases: 2.20.1. Council shall give preference to more frequent,but smaller,incremental increases to rates, fees,and charges rather than less frequent but larger increases. 2.20.2. In all cost of service analysis(COSA)efforts,preference shall be given to utilizing a"phased- in"approach for all future rate increases,even if it may be necessary to slow-down or delay planned capital project implementation as part of an overall"ability to pay"analysis within the COSA. 2.21. Annexation and Cost of service Analysis: 2.21.1. Council shall require a Cost of Service Analysis(COSA)prior to any consideration of a potential annexation. Included in the COSA will be an estimation of costs associated with providing the current level of City services to an area under consideration for annexation as well as an estimate of all revenue that may be derived from the area included in the proposed annexation. 2.22. Employee Salaries and Benefits: 2.22.1. Council shall require a salary and benefit survey to assess the comparability of salaries, wages,and benefits paid by the City of Port Angeles in comparison to the market place for prospective City employees. Included in that analysis shall be the following: 2.22.1.1. The survey shall be done no more often than every three(3)years nor less often than every five(5)years. 2.22.1.2. The survey shall take into account internal comparability for responsibility and critical importance to the City for short and long-term decision-making. 2.22.1.3. The survey shall take into account external factors including comparable cities, private-sector jobs,and other factors that influence the City's ability to recruit and retain qualified employees. 2.22.1A. The Chief Financial Officer shall prepare and deliver a report in writing to the City Council and City Manager prior to any consideration of a change in salary, wages,or benefit levels for unionized and/or non-represented employees that details the estimated costs of any proposals that are under consideration for approval by Council. 2.22.1.5. The Mayor,with approval of the Council,may appoint a special,ad hoc Council Committee to work with the City Manager in the development of any proposals regarding salaries,wages,and benefits for employees of the City. 2.23. Employee Contributions for Health Insurance: 2.23.1. Council shall require that all employees contribute to the cost of their health insurance coverage for both the employee as well as any family coverage that may be required. 2.23.2. Council recognizes that implementation of this policy statement may require amendments to collective bargaining agreements covering various groups of City employees and will need to be negotiated as part of a collective bargaining process. 2.24. Payments by the City to Vendors and Employees: 2.24.1. Council shall require that all payments made by the City be accomplished via electronic funds transfer wherever possible,as a means of reducing costs to the City. 91Fae I10 •siso:)palelaJ jagio pue'slasse Iel!deo;O uoilepaJdap'aowas lgap'a7ueualu!ew lueid'u0!leJis!u!wpe'suo!1eJad0;O slsoo loanpu!pue loaJ!p lunOooe oju!ajel(legs sa!pnls aleN -uo!3el;u!pue slsoo ao!Aias leuo!1!ppe;o sloaya ayi lun000e olu!aje1 of Ajessaoau se sluawisnlpe Jap!suoo pue sale)pue saa;Jasn ma!AaJ AIleopmalsAs Ilegs Alp ayl lagpnq s JeaA Ieosy lxau ayl;o uo!ldope agl of Joud Ipuno7 Aq suo!ssnos!p u!papnpu!aq pegs pun j IeJauag agl woJ;Ap!sgns ainuy Aue;o uo!leJap!suo: S.E.Z.E *uo!1eJado s,JeaA leosy luauno agl Jo;pun j Paua9 ayl woJ;Ap!sgns aw!l-auo e Jo;sap!Aoid Jo paJayo aq of sao!Alas pue sweigoJd saonpaJ Jagl!a legl IpunOD Aq uoueJap!suoo Jo;ueld a puawwooaJ pegs Jageueyy Al!:)ag1'sjJewgouaq AjaAOoaJ Iso:)palagJel J!agl aAa!yoe lou op sa2jego pue saa;legl Juana agl ul V.E.Z.E 'salaguV 1Jod10 Aip ayl Aq paJosuods SI Juana agl ssalun IeluaJ ay1 Su!le1!lpe;pue Suipwiad 41!m paleposse sasuadxa loanp a141 Janoo'wnw!ww a le'llegs saa;IeluaJ a41'luawannbaj leJauag a sV -sasodJnd ssau!snq alenud Jo;s!!eluai agl V.IeluaJ ayl Aq pazIl!ln slasse;o aoueualu!ew Jolew aJnin;Jo;paAJasaJ aq ollunowe ue snld'sisoo loanpu!pue loaJ!p lelol;o%ool uo paseq aq pegs saaj :sa!gI!oej AUS;o IeluoH E.E.Z.E 'suo!lelndod lepads pue'glnoA'uaJppyo Jo;sweiSoJd az!p!sgns of dlag sweJgoid 11npe AgaJaym AgoJeJa!g AlaAO7aJ Ism a uo paseq aq pegs saaj :uo!leauaa+g s)IJed Z'E.Z'E *sasuadxa loanpu! 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Capital Improvement Policies 3.4.1. It is the City's policy to ensure that adequate resources are allocated to preserve existing infrastructure and other capital assets before targeting resources toward construction or acquisition of public facilities or major equipment. 3.4.2. The City will develop a multi-year Capital Facilities Plan(CFP)to identify and coordinate infrastructure,facility,and equipment needs in a way that maximizes the return to the community. All capital improvements will be made according to the adopted CFP. 3.4.3. The Capital Facilities Plan will be formulated using an analysis of long-term,overall resources and will include projected funding sources and ongoing operations and maintenance costs. Future changes in economic or demographic factors identified in the financial forecasting process will be incorporated in the capital budget projections. The plan will be updated annually. Any planned use of debt financing shall include an analysis of debt service costs and funding resources available to pay the associated debt. 3.4.4. The first year of the Capital Facilities Plan will constitute the capital budget for the ensuing budget year. The capital budget and the base operating budget will be reviewed at the same time to assure that the City's capital and operating needs are evaluated in a balanced manner. 3.4.5. A long-range Transportation Improvement Plan(TIP)will provide the framework for the City's future investment in transportation related infrastructure. This ensures that infrastructure projects incorporated into the Capital Facilities Plan(CFP)will be the embodiment of the officially stated direction of the City's Comprehensive Plan and supporting documents. 3.4.6. The City may administer a Local Improvement District(LID)program. For capital projects whose financing depends in part or wholly on an LID,interim financing may be issued to support the LID's portion of the project budget. The amount of the interim financing shall be the current estimate of the final assessment roll as determined by the administering department. 3.4.7. The City will determine the most cost effective financing method for all new projects. Whenever possible,the City will use intergovernmental assistance and other outside resources to fund capital projects. Additional funding may come from designated surpluses in the General Fund and certain special revenue funds as outlined in the operating budget policy. 3.4.8. An operating cost projection,including all funding sources,will be required for all projects proposed for funding within six(6)years. 121Page agedIET pue'luawd!nba jo juawa3eldaJ Alow!1 aqj Joj ap!Aoid of saAlasaJ jo lana)alenbape ue gs!Igels3 f'D'S.f 'sawll Ile le spaeu lepueug Apep Joj mol)4se3luap!jjns a ap!AOJd Z'V'S'f 'swnjumop 3!wouo3a pajedn!jueun jaspo '1'9'S'f :ol pau!eju!ew pue pays!lgejso aq 111M a:)ueleq pury s!qi •saanl!puadxa le1!de:)8ulpnpxa'sain3!puadxa jo%sZ jo wnw!u!w a aq p!m a3ueleq punj pau8!sseun paja8Jel spun j lejauag ayl -t?'S'E -Allenuue pazAleue aq Ipm sa3ueleq punj asayl •Awouma ayl w swnjumop puejs47!m of pue mol;yseo alenbape ap!Aad of sa:)ueleq purl luapWns u!elu!ew p!m spun]anuaAaa lepadS 'E'S'E •pa3npai aq lleys a:)ueleq punj pau8lsse uayl 'aoueleq purl pau9!sseun ut up3ap a ui sllnsaJ 514111 'paug sse Jo'pau!wwO3 'pap!JjsaJ'algepuadsuou ale 1e43 sa3JnosaJ jo ssa:)xa uj papuadxa lunowe a41 s!a3ueleq punj pau8!sseun'spuny lejuawwano8 Jayjo Ile Joj •aDueleq punj pau8!sseun w lunowe aA!1!sod a lJodaJ pinom 1e41 puny Aluo ayl s!punj IejaueS a41 •asodJnd Aue Joj asn of algepene ale pue pau8!sse Jo'pa11!wwm'papulsaJ 'algepuadsuou se pa!p.ssep lou slunowe'punj IeJauag ayl JOA --pouNIsseun S.Z.S.E •a:)ueleq pury pau8!sseun u!3pojap a uo jlnsaJ lou pinogs pau8!sse se paijodaJ sjunowy •pau5!sse pajappum Apeayjo aq of Japio U!pua-JeaA Aq juawlJedaa aoueu!j a4l01 paplAad pue JaBeueyy Aj!:)a41 Aq 8u!lum ui panoJdde aq lsnw sluawlJedap woJj slsanbaJ a3ueleq punj pau8!sse 11v •asodJnd:)}pads a Joj pasn aq of papualu!sjunowe u8!sse of Aj!Joylne palegalap uaaq set'JaBeueyy A3!:)ayl'pury lejaua8 ayl Joj paA!wwm Jo'papulsaJ'algepuadsuou se pa!yssep jou slunowe aA!l!sod Su!u!ewaJ Aue•puny IeJaual ayl ueyl Ja410 spurt'leluawwano8 pe Joj --pau8!ssy p'Z.S.E •polJad luanbasgns a4l u!pau!w,alap aq ue3 junowe a43'JaAamo4'pua-jeaA of loud iro3o lsnw sa»nosai ujamum o1 uolpe ayl -sa:)Jnosai a41 uo paoeld slu!ejlsum 041 ague43 Jo anowaJ of JapJo ui paJ!nbaJ si 1puno:)a41 Aq uo!pe Ieuo!uppv Ipuno:)A7!:) aql Aq pazuoylne se asodind 3ypads a Joj pau!ensum sjunowy —palvwwo: ETST vo!jels!8al Su!Igeua Jo'uo!s!Aoid leuo!1nj!jsum 'sagged lewajxa Aq asodJnd:)gpads a Joj pau!ejlsum sjunowy—populsaa Z.Z.S'£ •pau8lsse Jo'paw!wwd:)'pappisaJ ale spao3oJd a41 ssalun aJay pauodai aq pinom alesaJ Joj play AlJadoid pue'salgeA!a:)aJ sajou pue ueol wJaj-guol'uo!1!ppe ul ,(punj luoueuuad a jo ledpuud Jo sndJm ayl lulpnpu!)A4lenpenuo3 Jo AIIe3ol oeju!pau!elu!ew aq lsnw le41 sjunowe pue'(s unowe pled-aid pue sa!Joluanui se yens)wJoj of anp juads aq louue7 je41 sjunowy --algepuadsuoN 'T'Z'S'E :sa»nosai uo pa:)eld sju!eJlsum Aq punoq s!A40 ayl yolym of jualxa a41 uo Apiewiid paseq ale 4314m'suo!lvg!ssep a3ueleq punj jo Ay:)JeJa!y 8wmopoj ayl saz!u3O3aJ 00 ayl'spunj IejuawuJaAOS a41 Ill Z'S'E •sa!l!I!geol lejol snulw slasse leloj Aq painseaw'punj a jo 41Jom lau ayl si a3ueleg punj jo uo!j!uyap ayl •swueleq punj pue saAJasai alenbape u!eju!ew of s!A3!I!geu lepueuy jo ved -T-S-E "Niod puna amosoM IT salaguy uod jo A11 Sapilod jeoueui j a�edIVT A3!lod ash ap!4@A pue luawa3elday luawd!nb3 s,A4!7 a41 u!paypads se saAjasai luawa3eldai luawdmba u!elu!ew p!m AI!:)a41 '['WI'S'E 'ssol:)Nd031sein pone pue sl!jauaq uo!lesuadwo3,sialiom pue ain 41lea4 ap!Ao3d of larval luapy4ns a le spun;a3uejnsuw-jlas a41 u!elu!ew p!m Al!:)a41 '9'V'L'S'E sluawaajge ainluapu!puoq 41lm a3uepdwo3 ui a3was lgap jo aaweien8 a41 joj sluawa3!nbai laaw of spun;aA3asa3 u!elu!ew p!m Al!:)a41 'S'V'L*S,E 'slueuano3 puoq 41!m a3uepio33e u!pau!elu!ew pue pa4spgelsa aq p!m punj 3913a13 a413ol a/uasa3 luawa3eldaj pue sapualu!luo3 y 'V'V'L'S'£ 'slueuaA03 puoq a41 u!41Joj las suo!s!Aad a41 41lm a3uepio33e u!spun; Alp!ln u!paj!nba3 se pau!elu!ew pue palean aq Ipm saAjasai puo9 -Allenuue pama!Aaj aq ll!m luawannbei aAJasal s!41 'mel alelS 41!m a3uepl033e u!a3ueualu!ew;01503 paledp!1ue a41 laaw of mol;4se3lua!3!J1ns ap!Aojd of pau!elu!ew pue p845pgelsa aq ll!m punj alseM PHOS a41 u!4l!m aAJasaJ a3ueualwew ainsop-isod y 'Z"V'C S-E 'saAlasa3 u!pa3gd si lunowe alenbape ue ajnsua of Allenuue pazAleue aq ll!m sluno33e asa41 -saseanu! 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Limited Tax General Obligation(LTGO)Bond Policy: 7.4.3.1. As a precondition to the issuance of limited tax general obligation bonds, alternative methods of financing should also be examined. 7.4.3.2. Limited tax general obligation bonds will be issued under certain conditions: 7.4.3.2.1. A project in progress which requires monies not available from alternative sources; 7.4.3 2.2. Matchingfund monies are available which may be lost if not applied for in a timely manner;or 7.4.3.2.3. Catastrophic or emergency conditions exist. 7.4.3.2.4. A clearly identified need that helps achieve Council's desired vision for the City and is in line with the priorities approved by the City Council. 7.4.4. Unlimited Tax General Obligation(UTGO)Bonds and Legal Debt Limits: 7.4.4.1. Under RCW 39.36.020(2),the public may vote to approve UTGO bond issues for general government purposes in an amount not to exceed 2.5%of assessed valuation. Within the 2-5%limit,the Port Angeles City Council may approve LTGO bond issues and/or lease purchases up to 1.5%of the City's total assessed value(RCW 39.36.020(2)and RCW 35.42.200). In addition,state law provides for an additional 2.51/.of assessed valuation for parks and open space purposes with a vote of the people. 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The core of investments are limited to relatively low risk securities in anticipation of earning a fair return relative to the risk being assumed. 8.4.1.4. Legal Considerations: Investments will be placed in accordance with RCW statutes and legal requirements of the City. 8.5. Standards of Care 8.5.1. Delegation of Authority 8.5.1.1. Governing Body:The ultimate responsibility and authority for the investment of City funds resides with the governing body,or the City Council. 8.5.1.2. Investment Officers:Authority to manage the investment program is granted to the City Manager,Chief Financial Officer,City Treasurer or designee as designated by the City Council within the Investment Policy. 8.5.1.3. Responsibility for the operation of the investment program is hereby delegated to the Chief Financial Officer,City Treasurer,or designee,who shall act in accordance with established written procedures and internal controls for management of the investment program consistent with this Investment Policy.Officers will prepare investment reports to the City Council as may be deemed necessary. 8.5.1.4. Investment Adviser:The City may engage the services of an external investment manager to assist in the management of the entity's investment portfolio in a manner consistent with the entity's objectives.Such advisors shall provide recommendation and advice regarding the City investment program including but not limited to advice related to the purchase and sale of investments in accordance with this Investment Policy. 8.S.2. Prudence The standard of prudence to be used by investment officials shall be the"prudent person"standard,which states"...investments shall be mode with judgement and care,under circumstances then prevailing,which persons of prudence,discretion and intelligence exercise in the management of their own affairs,not for speculation,but for investment,considering the probable safety of their capital as well as the probable income to be derived.'. Formatted:Font:Cahbn,Bold,Not Italic,Font color:Autc ■r— 8.5.2.2. in determining whetner an Investment official has exercised prudence with respect Formatted:Font:Not Italic to an investment decision,the determination shall be made taking into consideration the investment of all funds over which the official had responsibility rather than a consideration as to the prudence of a single investment,and, whether the investment decision was consistent with the written investment policy . 8.5.2.3. 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Bonds of the state of Washington and any local government in the state of Washington; 8.8.1.1.2. General obligation bonds of a state and general obligation bonds of a local government of a state,which bonds have at the time of investment one of the three highest credit ratings of a nationally recognized rating agency; 8.8.1.1.3. Subject to compliance with RCW 39.56.030,registered warrants of a local government in the same county as the government making the investment; 8.8.1.1.4. Certificates,notes,or bonds of the United States,or other obligations of the United States or its agencies,or of any corporation wholly owned by the government of the United States;or United States dollar denominated bonds,notes,or other obligations that are issued or guaranteed by supranational institutions,provided that,at the time of investment,the institution has the United States government as its largest shareholder; 8.8.1.1.5. Federal home loan bank notes and bonds,federal land bank bonds and federal national mortgage association notes,debentures and guaranteed certificates of participation,or the obligations of any other government sponsored corporation whose obligations are or may become eligible as collateral for advances to member banks as determined by the board of governors of the federal reserve system; 8.8.1.1.6. Bankers'acceptances purchased on the secondary market; 8.8.1.1.7. Commercial paper purchased in the secondary market,provided that any local government of the state of Washington that invests in such commercial paper must adhere to the investment policies and procedures adopted by the state investment board;and 8.8.1.1.8. Corporate notes purchased on the secondary market,provided that any local government of the state of Washington that invests in such notes must adhere to the investment policies and procedures adopted by the state investment board. 8.8.1.1.9. Certificates of Deposit of financial institutions which are qualified public depositories(RCW 39.58.010) 8.8.1.1.10.Local Government Investment Pool managed by the Washington State Treasury(RCW 43.250) 8.8.2. Suitable Investments and Diversification 8.8.2.1. Suitable investments for the City were selected due to the lower level of credit risk exposure and ongoing resources required for oversight of credit risk. To ensure diversification within the investment portfolio,limits have been placed on each class of securities. To eliminate risk of loss resulting from over-concentration of assets in a specific maturity,issuer,or class of securities,assets in all City funds shall be diversified by maturity,issuer,and class of security. Diversification strategies shall be determined and revised periodically by the investment officers. 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POST ISSUANCE COMPLIANCE FOR GOVERNMENTAL BONDS 10.1. Scope: 10.1.1. This Post Issuance Compliance Policy addresses the City of Port Angeles,Washington's(the "City")compliance with federal tax,federal securities and state law requirements and contractual obligations applicable to the City's tax-advantaged governmental bond issues. The Post Issuance Compliance Policy applies generally to all of the City's tax-exempt governmental bonds,and other bonds subject to comparable requirements,such as taxable direct-pay bonds. As used in this Post Issuance Compliance Policy,references to"bonds" include bonds,lines of credit,bond anticipation notes,and equipment and other financing leases. 10.2. Purpose: 10.2.1. This Post Issuance Compliance Policy is intended to improve the City's ability to: 10.2.1.1. Prevent violations in bond requirements from occurring in the first place, 10.2.1.2. Timely identify potential violations,and 10.2.1.3. Correct identified violations through appropriate remedial steps. 10.3. Schedule of Review: 10.3.1. The Post Issuance Compliance Policy is to be reviewed at least annually and upon each issuance of new bonds,including refunding bonds. In connection with this periodic review, the Chief Financial Officer will consider whether the Post Issuance Compliance Policy should be amended or supplemented: 10.3.1.1. To address any particular requirements associated with the new bond issue,or 10.3.1.2. To reflect general changes in requirements since the prior bond issue. 10.4. Requirements at Bond Closing: 10.4.1. Numerous federal tax,federal securities,and state law requirements must be met in connection with a bond issue. In some circumstances(e.g.,revenue bonds)rate and other covenant requirements will also need to be satisfied. These requirements are addressed in the bond transcript completed at bond closing,and confirmed in certain respects by the legal opinions included in the bond transcript. 10.5. Requirements after Bond Closing: 10.5.1. Other federal tax,federal securities law,and state law requirements and contractual obligations require on-going monitoring after the issuance of the bonds. 10.6. Officials or Employees Responsible for Review: 10.6.1. The following officers and employees of the City are identified as the responsible persons for reviewing compliance with the City's post-issuance obligations. Each responsible individual is to institute a calendaring system to track compliance with tasks in a timely manner. 10.6.1.1. Federal tax requirements,including arbitrage,use of proceeds,use of facilities and IRS filings: 10.6.1.2. Arbitrage,IRS Filings: Chief Financial Officer or as designated by Chief Financial Officer 361 Page Financial Policies '.r- G,£i Et ,, 10.6.1.3. Use of Proceeds: Chief Financial Officer or as designated by Chief Financial Officer 10.6.1.4. Use of Facilities: Department Director as designated by City Manager 10.6.2. Continuing disclosure requirements: 10.6.2.1. Annual Filing: Chief Financial Officer or as designated in writing by the Chief Financial Officer 10.6.2.2. Material Event Notices: Chief Financial Officer or as designated by Chief Financial Officer 10.6.2.3. Prior to filing each annual filing or material event notice,the Chief Financial Officer is to circulate the draft filing or notice to bond counsel or to the City Attorney for review. 10.6.3. The Chief Financial Officer is responsible for reviewing the other requirements under this policy. 10.6.4. The responsible persons identified above may need to confer,from time to time,with the City's bond counsel and/or financial advisor(if any)to confirm the applicability and scope of the requirements outlined in this policy. For reference,the contact information for these advisors is provided below. 10.6.4.1. Pacifica Law Group LLP,as bond counsel 10.6.4.1.1. Deanna Gregory at 206-245-1716 or Deanna.gregory@pacificalawgroup.com,or 10.6.4.1.2. Stacey Crawshaw-Lewis at 206-245-1714 or Stacey.Lewis@pacificalawgroup.com 10.6.4.1.3. Edward McCullough at 206-245-1727 or Edward.mccullough@pacificalawgroup.com 10.6.5. Training of the responsible official/employee. The City provides opportunities for training to the responsible individuals,specifically including the following training opportunities: 10.6.5.1. At or after bond closing,a conference call or meeting with bond counsel to review the requirements applicable to a new bond issue. 10.6.5.2. Identify other training activities,if applicable—such as participation in in-house training sessions,CPE seminars,or seminars conducted by professional organizations (e.g.,GFOA,WFOA,WMTA) 10.6.6- Records to be Maintained. The following documents are maintained in connection with each bond issue. The goal is to retain adequate records to substantiate compliance with federal tax,securities law,state law and other contractual requirements applicable to the City's bonds. Generally,records should be maintained for the term of the bonds(plus any refunding)plus four years. Unless otherwise specified,the following records are to be maintained in the office of the Chief Financial Officer. 10.6.6.1. Complete bond transcript(provided by bond counsel)in CD or hard copy. 10.6.6.2. 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