Columbus Voters to Decide on Historic $1.9 Billion Investment for Housing, Infrastructure and Public Services

Columbus Charts Bold Future with Largest Bond Measure in City’s History

In a significant move that signals long-term planning and robust urban investment, the city of Columbus, Ohio, is placing a $1.9 billion general obligation bond package on the November ballot. Approved by the City Council this week, the measure would authorize the largest bond initiative in Columbus history, focusing on affordable housing, utilities, public safety, parks, and infrastructure upgrades.

A City on the Rise

Columbus, now home to over 900,000 residents, stands as the second-largest city in the Midwest by population, trailing only Chicago. With consistent growth and expansion, city leaders say this bond proposal reflects the evolving needs of a booming population. Councilmember Nicholas Bankston, chair of the Finance and Governance Committee, emphasized that the scale of the bond is aligned with the city’s growth and economic vision.

The city has received AAA credit ratings from Fitch, Moody’s, and S&P Global Ratings, allowing Columbus to secure capital at lower interest rates. These high ratings enable the city to save tens of millions in financing costs through general obligation bonds. Importantly, Columbus has maintained a long-standing policy of not increasing property taxes for debt payments. Instead, it allocates 25 cents of every income tax dollar to service bond debt.

How the $1.9 Billion Would Be Spent

The proposed bond allocation breaks down as follows:

$500 million for affordable housing initiatives

$500 million for public utilities

$400 million for public services

$250 million for parks and recreation

$250 million for public safety, health, and infrastructure

“This bond package ensures we're not just keeping up — we're planning ahead,” said Chris Long, Director of Finance and Management for Columbus. He underscored that this approach prioritizes sustainability and fiscal responsibility while investing in the city’s livability.

Doubling Down on Housing

Affordable housing is a major focus of the bond initiative. Previous housing bonds in Columbus helped finance more than 4,000 rental units, including over 630 units designated as permanent supportive housing. The new funds aim to build on that foundation.

“One of the most powerful ways we can address our housing crisis is to get shovels in the ground,” Long explained, reinforcing the city’s strategy of proactive development to address housing instability.

Fiscal Strength and Long-Term Resilience

Columbus’ financial standing remains strong, with its 2024 general fund revenues totaling $1.429 billion against expenditures of $1.168 billion, producing a surplus of over $260 million. Despite a $310 million gap in total governmental funds due to specific overruns, the city maintains a solid financial foundation.

Independent agencies have recognized the city's prudent financial strategies. Fitch noted Columbus’ strong budgetary flexibility and midrange financial resilience. Though the city carries above-average leverage, Moody’s credited Columbus' effective debt management and reduction of long-term liabilities from $11.4 billion in 2021 to $9.9 billion in 2024.

A Thriving Economic Landscape

Beyond its solid financial management, Columbus benefits from a diverse and expanding economy. It is home to 16 Fortune 1000 companies and five Fortune 500 giants, including JPMorgan Chase, Nationwide, and Cardinal Health. The city also continues to attract significant private investment from tech and defense firms such as Intel, Amazon, and Anduril.

Ohio State University (OSU), though exempt from property taxes, plays a vital economic role, employing around 35,000 individuals. Its influence in life sciences, healthcare, and innovation has spurred growth in high-tech sectors and strengthened Columbus’ workforce.

Strategic Outlook and Risks Ahead

Experts warn that federal policy shifts could impact the city, especially with OSU’s deep ties to federal research funding. However, Columbus' economic diversity and financial reserves provide resilience against short-term disruptions. “The city's strong reserves and broad economic base serve as a cushion against potential policy changes,” said one credit analyst.

S&P has indicated that it would take a major economic downturn or a sustained decline in liquidity and reserves to threaten the city's top-tier bond rating.

Looking Ahead

The upcoming November vote will allow Columbus residents to decide whether to approve this major investment in their city's future. If passed, the bond measure will mark a historic milestone — not just for its scale, but for its commitment to strategic planning, housing affordability, and long-term growth.

With sound fiscal management, a thriving economy, and a clear development roadmap, Columbus appears well-positioned to meet the challenges of tomorrow while improving quality of life for its residents today.