Third Annual Public Finance Leaders Survey

Welcome to HilltopSecurities' 2026 survey of public finance leaders. Your responses are secure and anonymous. It just takes a few minutes to answer these questions.

Question Title

1. What are the biggest challenges facing your public entity in 2026? Choose four (4). (Required.)

Labor and Staffing

Budget and Pension

Infrastructure Needs

Federal Legislative Changes

Local Legislative Changes

Construction Costs

Social and Political Climate

Housing Development Pace

Cybersecurity

Insurance and Liability Costs

Crime and Public Safety

Supply Chain

Environmental Risks

Energy Costs

Immigration Impacts

Resilience Project Funding

Real Estate Valuation

Workforce Impact from AI Implementation

Question Title

2. Are you using artificial intelligence (AI) in your current role? (Required.)

Yes, I use it daily

Yes, I use it weekly

Yes, I use it monthly

No, I need more training

No, I don’t need AI

No, I don’t have access

Question Title

3. How do you expect AI to affect your workforce over the next three years? (Required.)

Reduce full-time headcount

Reduce the need for external business consultants or companies supporting your public entity

Minimal workforce impact expected

Increase need for new skills and retraining

Increase need for governance and support staff

Increase full-time headcount

Too early, or uncertain to assess

Question Title

4. What type of change, if any, do you expect in your organization’s budget given the current policy and economic environment? (Required.)

Highly cautious: 4% or higher cuts to budgets/capital plans

Cautious: budget reductions up to 4%

Neutral: forecasts consistent with last year

Opportunistic: budget increases up to 4%

Highly opportunistic: 4%+ or higher increases to budgets/capital plans

Question Title

5. Which statement best describes your entity’s position on data center development? (Required.)

We host data centers and view them as a net positive (tax base, jobs, diversification).

We host data centers, but fiscal benefits have been mixed or lower than expected.

We are pursuing data center development.

We are evaluating proposals but have concerns about infrastructure, water, energy or long-term costs.

We have limited or no interest in attracting data centers.

Data center development is restricted or discouraged by policy or regulation.

We have no opinion.

Question Title

6. How does your entity view the risk of energy costs today? (Required.)

Not a concern

Concern for the current fiscal year

Long-term concern

Near- and long-term concern (actively managing or hedging)

Near- and long-term concern (not currently managing or hedging)

Question Title

7. If you were to issue debt next year, what would be your top two priorities? Choose two (2). (Required.)

Core infrastructure (roads, bridges, transit)

Water and wastewater systems

Public safety (police, fire, emergency services)

Schools and education facilities

Municipal facilities and capital improvements

Affordable housing

Economic development and redevelopment

Technology and digital infrastructure

Climate resilience and sustainability projects

Power, utilities, and energy transition

Healthcare facilities

EV Infrastructure including charging stations

Question Title

8. What type of public entity do you represent? (Required.)

City, Town, or Village

County

State agency

Utility (water, electric, gas)

School district (K-12)

Higher Education

Transportation authority

Housing or economic development authority

Advisor/market participant

Other (please specify):

Question Title

9. In what state is your public entity located? (Required.)

Question Title

10. Optional: Do you have any comments regarding this survey?

Question Title

11. Optional: To be entered into our Conference Drawing for a chance to win a prize, please provide your contact information. See hilltopsecurities.com/disclosures for Official Rules.

First Name

Last Name

Email Address