09/10/2026
💰 How has the City retired debt in last 5 years?
From 2020–2025, the City paid off over $226M in debt through steady annual payments and refinancing to lower interest costs.
✔️ What has been paid off?
The City has fully retired several older debts, including:
💲TIF bonds
🚧Water & sewer projects
💧Storm sewer and treatment projects
🚒Fire truck loans
✈Airport-related debt
The Finance Department has actively refinanced debt when market conditions allowed for savings. Refinancing occurs at lower interest rates when bonds reach their callable dates, reducing long-term interest costs.
💰The savings are measured using net present value (NPV), which represents the total value of future interest savings in today’s dollars. Just in 2020 to present, these efforts have resulted in $3.5M cost savings for taxpayers just by refinancing.
📉 The result:
Debt continues to trend down — with no new debt since 2023 and a projected drop to $231M in 2026.
"Like many growing communities, Williston uses debt responsibly to fund long-term projects such as airport improvements, fire trucks, water and sewer upgrades, and public safety facilities — projects that improve quality of life without raising taxes dramatically." said Hercules Cummings, City of Williston Finance Director
The City’s strategy has been to borrow only when necessary, pay down principal steadily, and refinance when interest rates allow us to save money.
The City’s finances are held to strict national standards, not just monitored internally.
✅Credit Ratings: Agencies like Standard & Poor’s review our finances and help us maintain strong credit and lower borrowing costs.
✅Annual Reviews: Bond investors check each year to make sure we are meeting our financial obligations.
✅Lender Rules: Groups like USDA require us to follow strict financial standards and provide clear reports.
✅Accountability: Auditors, lenders, and rating agencies help ensure every dollar is managed carefully.
🌐Residents can view the full debt details, annual budgets, and audited financial statements anytime on the City website at https://www.cityofwilliston.com/departments/finance_department/finance_charts_and_reports.php