What is a fundamental aspect of ongoing debt disclosure?

Ongoing debt disclosure is critical for transparency and accountability in municipal finance. The correct choice emphasizes the importance of disclosing all current debt and associated costs, which reflects a comprehensive view of a municipality’s financial obligations. This practice is essential for several reasons.

First, it ensures stakeholders—including investors, taxpayers, and regulatory agencies—have access to complete and accurate information regarding the municipality's financial commitments. This transparency aids in financial planning, allows for better risk assessment, and can influence the municipality's credit rating.

Second, by including all current debt and costs, municipalities can better manage their financial health. Understanding the total obligations helps in making informed decisions about new borrowing, budget allocations, and long-term financial strategies.

In contrast, other options fall short in providing complete oversight. Listing only future debts or major obligations could lead to an incomplete picture, while summarizing for audit purposes may not serve the interests of ongoing transparency that is needed for stakeholders at all times. Thus, including all debt ensures that the financial disclosures are robust and reliable.