It was disappointing to read Alderman Derek Thibeault’s recent Union Leader op-ed claiming that “some candidates are distorting the truth” about Nashua’s debt. In fact, it is Alderman Thibeault who has misled the public about the city’s financial position.
Alderman Thibeault stated that “claims of Nashua having $500 million in debt are flat-out false” and that the city’s “actual debt service is under $40 million.” That is simply incorrect. Anyone who has read the city’s FY 2026 budget, specifically pages 250-265, can see that Nashua’s total outstanding obligations far exceed that number.
Debt Service vs. Total Debt
Nashua residents should understand that the city’s debt service is not the same as total debt. “Debt service” refers to the annual payments (principal and interest) the city makes on its outstanding bonds, essentially the city’s mortgages. While Nashua will pay approximately $42 million in FY 2026 toward debt service, taxpayers still owe the remaining balances on those bonds. Saying that Nashua’s debt is “only $40 million” because that’s what is paid annually is like saying a homeowner “only owes $15,000” because that’s the size of their yearly mortgage payments. The total obligation is what matters, and the numbers tell the real story.
All Debt Balances as of FY 2026 (Source: FY 2026 Nashua Budget)
(Source: FY 2026 Nashua Budget)
| Fund | Principal | Interest | Total | ||
| City | $70,103,405 | $16,836,210 | $86,939,615 | ||
| School | $165,473,100 | $74,877,376 | $240,350,476 | ||
| Special Road | $37,755,000 | $10,418,600 | $48,173,600 | ||
| Riverwalk | $14,050,000 | $6,190,303 | $20,240,303 | ||
| School TIF | $4,770,595 | $1,107,031 | $5,877,626 | ||
| Subtotal | $292,152,100 | $109,429,520 | $401,581,620 | ||
| Solid Waste | $14,895,000 | $4,800,340 | $19,695,340 | ||
| Wastewater Fund | $64,646,408 | $17,385,584 | $82,031,992 | ||
| Subtotal | $79,541,408 | $22,185,924 | $101,727,332 | ||
| Pennichuck | $103,835,000 | $45,171,445 | $149,006,445 | ||
| Grand Total | $475,528,508 | $176,786,889 | $652,315,397 | ||
Debt Payments for FY 2026
| Fund | Principal | Interest | Total |
| City | $5,927,048 | $2,380,329 | $8,307,377 |
| School | $644,100 | $7,099,727 | $7,743,827 |
| Special Road | $3,404,000 | $1,714,313 | $5,118,313 |
| Riverwalk | $750,000 | $898,303 | $1,648,303 |
| School TIF | $185,952 | $94,566 | $280,518 |
| Subtotal | $10,911,100 | $12,187,238 | $23,098,338 |
| Solid Waste | $1,485,000 | $650,799 | $2,135,799 |
| Wastewater Fund | $5,392,441 | $2,323,002 | $7,715,443 |
| Subtotal | $6,877,441 | $2,973,801 | $9,851,242 |
| Pennichuck | $4,315,000 | $4,448,084 | $8,763,084 |
| Grand Total | $22,103,541 | $19,609,123 | $41,712,664 |
New Bonds Already Authorized
Alderman Thibeault and other members of the Board of Aldermen have already approved additional bonds totaling $810,86,240.
| R-24-106 | $15,000,000 | $6,300,000 | $21,300,000 |
| R-24-107 | $2,142,351 | $343,649 | $2,486,000 |
| R-24-025 | $2,500,000 | $1,050,000 | $3,550,000 |
| R-25-144 | $600,000 | $240,000 | $840,000 |
| R-25-145 | $1,000,000 | $420,000 | $1,420,000 |
| R-24-147 | $1,000,000 | $420,000 | $1,420,000 |
| R-25-146 | $500,000 | $210,000 | $710,000 |
| R-25-149 | $600,000 | $252,000 | $852,000 |
| R-25-150 | $2,000,000 | $840,000 | $2,840,000 |
| R-25-152 | $3,000,000 | $1,260,000 | $4,260,000 |
| R-25-153 | $3,550,000 | $781,000 | $4,331,000 |
| R-25-175 | $3,275,000 | $720,500 | $3,995,500 |
| R-25-187 | $500,000 | $210,000 | $710,000 |
| R-25-188 | $6,192,000 | $2,600,640 | $8,792,640 |
| R-25-189 | $3,280,000 | $1,377,600 | $4,657,600 |
| R-25-192 | $4,025,000 | $1,690,500 | $5,715,500 |
| R-25-151 | $5,500,000 | $2,310,000 | $7,810,000 |
| R-25-193 | $3,800,000 | $1,596,000 | $5,396,000 |
| $81,086,240 |
Once these bonds are issued, Nashua taxpayers will owe approximately $691,688,973, which is a 45.83% increase in bonded debt since 2017. This is not political spin; it’s arithmetic. And it’s our children who will inherit this burden.
A Question of Priorities
Instead of defending poor fiscal management, Alderman Thibeault has used his newsletter and public comments to attack residents who ask questions about city spending. Ironically, he now claims to support transparency. Nashua’s residents should remind him that the New Hampshire Constitution and the Right-to-Know Law (RSA 91-A) already guarantee transparency as a citizen right, not a privilege granted by politicians.
Misleading Rankings
Voters should also be skeptical of political talking points like the oft-cited WalletHub ranking that calls Nashua ‘one of America’s best-run cities.’ Comparing Nashua to Los Angeles, Boston, and Detroit says little about fiscal discipline. WalletHub’s criteria heavily weight diversity and ‘equity’ metrics, not taxpayer solvency.
What Nashua Really Needs
When candidates say they want to ‘cut taxes,’ Alderman Thibeault mocks them. Yet the city keeps borrowing to fund expensive capital projects, many of which could have been managed through maintenance rather than total replacement. For example, taxpayers could save tens of millions by repairing existing facilities instead of building new garages and other ‘showpiece’ projects.
Nashua needs Aldermen who ask hard questions, prioritize essentials over pet projects, and put residents first. The numbers don’t lie—our debt has exploded, and it’s time for leadership that respects taxpayers’ wallets as much as it respects political image.
