Proposed changes to the city’s financial management policies and discussions of the Rockville’s response to the June 29 storm and of a Maryland Avenue sidewalk project are on the Rockville City Council’s agenda for Monday.
The Council at . The meeting will be broadcast live on Rockville 11.
Financial management policies
The Council is scheduled to discuss and vote on new guidelines for issuing tax-supported general fund debt. The proposed changes to the city’s financial management policies were developed by the city’s Finance and Budget Task Force. The task force, headed by Councilman Mark Pierzchala, issued a report in December 2010.
The proposed changes call for:
- Raising the city’s net per capita debt limit from $700 to $1,200 for fiscal 2013, which began July 1.
- Pegging the net per capita debt limit to the consumer price index for the Baltimore-Washington metropolitan area.
- Paying off at least 25 percent of any debt within five years and at least 50 percent within 10 years.
The Council also is scheduled to discuss and vote on changes to the city’s financial management policies in order to comply with Internal Revenue Service regulations and Government Accounting Standards Board requirements.
Among the proposed changes are requirements that the city keep a rainy day fund equal to 15 percent of its general fund and keep “a minimum fund balance in the Debt Service Fund equal to the average annual outstanding principal on the City’s debt service schedule,” according to a staff report.
The Council also is scheduled to continue a discussion, begun last week, of to .
The Council is expected to discuss three areas in order for staff to draft an assessment and action plan to be used in major storms. The areas are:
- Operational issues such as equipment purchases, communication strategies and funding for tree trimming.
- Policy issues such as how the city establishes cooling centers, the use of city facilities at no cost and building code requirements for power generators.
- Pepco issues such as participation in , an invitation to Pepco to discuss the storm with the City Council, work with elected state officials and other jurisdictions to seek improved electric service and the collection of information on the feasibility of undergrounding utilities.
Acting recreation and parks director Christine Henry said last week that she would or other alternative. The in the wake of the June 29 storm.
The Council also is scheduled to hear an update on the Maryland Avenue sidewalk project. The West End Citizen’s Association to move a planned sidewalk along Maryland Avenue away from the street curb and plant trees between the sidewalk and street.