Resolved Updated

capital borrowing policy

Rules for smart city borrowing tied to property values, limits, and reporting.

What to Watch
Watch how the new borrowing rule gets used in the next annual capital plan and budget discussions.
Coming Up

Typically discussed at City Council. Check back when the next agenda is published.

The Story

On Nov. 3, the City Council locked in a new rule for city borrowing that’s tied to changes in equalized property value, and it wasn’t a feel-good unanimous vote (6-3). The same night, council also reaffirmed a long-running target to keep total general-obligation debt at or below 60% of the state limit (8-1).

Key Decisions
  1. passed 8-1 City Council · Nov 3, 2025

    25-220 Resolution Reaffirming the City's Commitment to Financial Sustainability and Responsible Debt Management

    Motion to waive reading and adopt a Resolution Reaffirming the City's Commitment to Financial Sustainability and Responsible Debt Management.

    Mark Bittner Yes
    Doug Brandt Yes
    Shannon Derby Yes
    Bill LeClair Yes
    Darla LeClair Yes
    Tim Petri Yes
    Bonnie Shimulunas No
    Scott Stechmesser Yes
    Adam Wachowski Yes
  2. passed 6-3 City Council · Nov 3, 2025

    25-221 Ordinance to Create Chapters 2-7-16 of the Municipal Code Establishing a Policy for Responsible Capital Borrowing

    Motion to waive reading and adopt an Ordinance to Create Chapters 2-7-16 of the Municipal Code Establishing a Policy for Responsible Capital Borrowing.

    Mark Bittner Yes
    Doug Brandt Yes
    Shannon Derby Yes
    Bill LeClair Yes
    Darla LeClair Yes
    Tim Petri No
    Bonnie Shimulunas No
    Scott Stechmesser Yes
    Adam Wachowski No
Record

  1. City Manager reintroduced a 2007 city commitment to keep borrowing more conservative than the state’s legal debt limit; discussion item with no recorded vote.

    City Council Work Session

  2. City Manager introduced a proposed ordinance to create Municipal Code Chapters 2-7-16 establishing a capital borrowing policy linking annual borrowing plans to equalized assessed property values; discussion item with no recorded vote.

    City Council Work Session

  3. Council adopted Resolution 25-220 reaffirming its intent to keep total general obligation debt at or below 60% of the state statutory limit (8-1).

    City Council

  4. Council adopted Ordinance 25-221 creating a formal capital borrowing policy tying annual borrowing levels to changes in equalized property value and requiring reporting and safeguards (6-3).

    City Council

  5. After the 6-3 vote on Ordinance 25-221, one councilmember left the meeting immediately afterward.

    City Council
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