Steve Apfelbacher, CIPMA
As a former public school teacher, I enjoy helping others learn. Instead of a classroom, I get to teach clients about the financial options that will help them achieve their goals.

Steve Apfelbacher, CIPMA

Senior Municipal Advisor/President
Steve Apfelbacher, CIPMA

Steve is a Senior Municipal Advisor and President of our Municipal Fiance Team. In addition to Steve‘s experience as a public school teacher, elected City Council member and City staff member, he brings over 38 years of Municipal Advisory experience to municipal clients across Minnesota and Wisconsin.  Steve’s greatest contribution to his clients, Ehlers and the entire municipal finance industry include his extensive knowledge of the business, his creative problem-solving skills and his leadership which helped Ehlers become a nationally ranked municipal advisory firm.

When Steve isn’t working, he’s either cooking or traveling.

Areas of Expertise

Debt Issuance & Management

  • Alternative Financing Options
  • TIF Revenue Bonds
  • Housing Revenue Bonds
  • Lease Revenue Financing
  • Non-Profit & Industrial Revenue Bonds
  • Refundings/Cash Defeasances
  • Debt Service Fund/Cash Flow Analysis
  • Representation to Bond Market & Credit Rating Agencies
  • Referendum Strategies

Economic Development & Redevelopment

  • Tax Increment District Creation & Amendment
  • Tax Abatement Options, Financing, & Policies
  • TIF & Abatement Analysis
  • Downtown Redevelopment and Revitalization
  • Developer Proforma Analysis/But For Test
  • Developer Attraction & Selection
  • Developer Negotiations
  • Project Management Services
  • Land Acquisition & Relocation
  • Grant Writing
  • Public Participation Process

Financial Management Planning

  • Debt Management
  • Financial Management Planning
  • Capital Improvements Planning
  • Strategic Planning

Special Financing Studies

  • Fiscal Impact Study/Analysis
  • Utility Rate Studies
  • Merger/Consolidation/Annexation Impact Analysis


Certified Independent Professional Municipal Advisor
Series 50  License: Municipal Advisor Representative

Professional Affiliations & Memberships

National Association of Independent Public Finance Advisors
National Government Finance Officers Association
Minnesota Institute of Public Finance
League of Wisconsin Municipalities
Wisconsin Government Finance Officers Association
League of Minnesota Cities
Minnesota Government Finance Officers Association
Municipal Treasurers Association of Wisconsin


Bachelor of Science – Economics, University of Minnesota, Minneapolis
Post Graduate Studies – University of Minnesota, Minneapolis