Sugar Land, TX News (June 26, 2014) - Sugar Land City Council recently approved a resolution adopting revisions to the City’s Financial Management Policy Statements, a document that addresses ten key areas of financial management and provides direction in managing finances.
The statements were first adopted in 2002 and reflect City Council’s vision for the City. They are reviewed and adopted semi-annually. The process takes several months of detailed review by finance staff and the council finance/audit committee, with revisions reviewed by the entire City Council in a workshop setting before adoption.
Rating agencies have noted the policy statements — and the City Council’s willingness to abide by them — as contributing factors in the strong financial management of the city and the resulting AAA rating assigned to the City’s outstanding debt by both Fitch Ratings and Standard & Poor’s.
The AAA on tax-backed debt is the highest rating attainable and results in lower borrowing costs for the city when bonds are issued for capital projects.