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Posted by Laurie Boucher, Richmond, August 9, 2007: Do any towns have a debt borrowing limit policy & if so, would you please email me a copy?

Responses: It seems that you could simply develop a stand alone policy but the bigger picture should also be addressed;  A good broad fiscal policy that ties into your capital improvements needs, undesignated fund balance and cash management policies and procedures.  I believe these are on the MTCMA web site and many towns have some of these as well. (Policy Page,MTCMA -password needed, see your town manager)

I have attached some samples but do not have the one policy you are looking for since we work from two perspectives on long term debt.  The first is how to avoid it and the second is how to minimize it with reserves and scheduled investments to avoid spiking the tax rate.  Don't forget the statutes regarding debt limits must prevail as well. (Mitch Berkowitz, Bridgton)

(Go to Financial Policy Index)