Finance Committee Meeting | February 23, 2026

The City of Watertown Finance Committee convened on February 23, 2026, primarily to review and recommend a resolution authorizing the issuance of up to $4.9 million in general obligation promissory notes. This financing is intended to fund the city's 2026 capital improvement projects, with an eight-year repayment period to maintain fiscal discipline and minimize interest costs. The committee discussed the city's borrowing history, noting an increase from a typical $3 million annual borrowing to $4.9 million this year, largely due to inflationary pressures and expanded project needs. The projected interest rate is approximately 2.89%, with a maximum allowable rate of 4% under the resolution. The committee also reviewed long-term debt service projections, which indicate stable or slightly declining mill rates due to anticipated property valuation growth. The resolution was unanimously recommended for approval. Additionally, the committee moved into a closed session to discuss legal strategy related to pending litigation.