2026 Bond Bank Medians

The annual Vermont Bond Bank Financial Medians are now available. Primarily based on 2025 financial data, these benchmarks remain the only Vermont-specific source of financial benchmarking data for governmental units across the state.

This year’s medians highlight significant differences in debt issuance by community size. Debt leverage increased in towns with populations above 2,000 but remained stable overall. Even where debt increased, budget growth outpaced higher debt service costs, and debt service as a share of budgets declines. Local governments appear to have drawn on reserves year over year and overall fund balances were down. 

Following the pattern of prior years, school districts continued to reduce debt despite rising capital improvement costs.

Water and sewer systems improved across several measures. Median long-term debt declined 10%, accompanied by stronger debt service coverage ratios. Median remaining useful life continued a four-year improvement trend, reaching 23.23 years, while median reserve levels rose, reflected in a 15% increase in the reserve-to-O&M ratio.

Explore the 2026 Bond Bank Financial Medians to see how your community compares and to inform local financial planning.