(formerly Wilmington Trust) Bank@Work Program
Call the City Treasurer's Office at (302) 576-2480 or M&T Bank at (302) 472-3341.
Cash Management and Investments
- General and capital funds are invested according to the City Treasurer's Office policy.
- Investments are bid to local banking institutions for varying periods.
- Investment policy stresses safety and requires 100% collateralization.
Debt Management and Bond Issuance
- The City funds large-scale projects with a useful life of over 15 years through the issuance of mutual bonds.
- There are two types of bonds - new money for capital projects and refunding of existing bond issues.
- The City funds new projects on a two-year cycle.
- Projects must be approved by the Planning Commission and included in the City's six-year capital program and, ultimately, in the annual capital budget for funding.
- The City Treasurer's Office monitors existing bond issues for refunding opportunities. Lower interest rates many times provide savings opportunities through the issuance of refunding bonds.
- The City of Wilmington's bond rating is Aa2/AA/AA- by the three major rating agencies (Moody's, Standard & Poor's, and Fitch, respectively).
Effective July 1, 2014
The City has retained an independent registered municipal advisor. The City is represented by and will rely on its independent municipal advisor, Public Financial Management, Inc. (“PFM”), to provide advice on proposals from financial services firms concerning the issuance of municipal securities and municipal financial derivatives generally. The contact at PFM is Katherine Clupper, who can be reached at (215) 567-6100. If a proposal received will be seriously considered by the City, the City will share the proposal with its municipal advisor. The personnel of PFM who will advise the City on such matters have represented to the City that they have not been associated with the firms engaging in principal transactions of the City within the two years prior to the date of this certificate. The City does not make any representations as to the independence of PFM from the firms engaging in the principal transactions of the City. Please note that, aside from any correspondence between an underwriter and municipal advisor mandated by a regulatory authority, no underwriter is required to speak directly with or send documents directly to the municipal advisor unless specifically directed to do so by the City.