As we close out 2025, we always like to reflect on how certain economic and geopolitical events shaped the capital markets over the past 12 months. 2025 provided another reminder that the economy and fixed income markets rarely “follow the script.”

Levy limit referendums have become a critical tool for Wisconsin municipalities seeking solutions for budgetary constraints. These referendums allow local governments to exceed state-imposed levy limits, but because they are proving difficult to get approved, communities are often forced to simultaneously consider alternative solutions.

In 2021, The City of Chanhassen initiated a comprehensive facility study to assess the conditions of its municipal buildings and their sufficiency for future needs.  Originally built in 1981, the City Hall facility was identified to be in critical condition and suffered from an inefficient layout that did not adequately serve the existing population of the City.