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Capital Debt Affordability Advisory Committee


The Capital Debt Affordability Advisory Committee (CDAAC) completes an annual review of the size and affordability of the State tax-supported general obligation debt, and submits to the Governor and to the General Assembly an estimate of the maximum amount of new long-term general obligation debt that prudently may be authorized for the next fiscal year. The estimate of the committee is advisory, but historically has been adopted by the state legislature as a bonding limit.

The committee is made up of four ex officio members, two appointees of the Governor, one appointee of the Treasurer. The ex officio members are the State Treasurer, who serves as Chair, the Auditor of Accounts, the Secretary of Administration, and a representative of the Vermont Municipal Bond Bank.

The work of the CDAAC has been very successful in reducing the State's debt burden, and is recognized by the rating agencies as a significant factor in maintaining Vermont's fiscal discipline and resulting strong bond rating.

Committee Members with name and position.

  • Michael Pieciak, Chair, State Treasurer
  • Doug Hoffer, Auditor of Accounts
  • Kristin Clouser, Secretary of Administration
  • David R. Coates, Governor's Appointee
  • David Kimel, Governor's Appointee
  • Michael Gaughan, Executive Director of VMBB
  • Premila Peters, Treasurer's Appointee
  • Thomas Kavet, Legislative Economist

Meeting Notices, Agenda and Minutes


09/25/2023 Meeting


                Draft Minutes

09/11/2023 Meeting




11/10/22 Agenda/Meeting Minutes

10/26/22 Agenda/Meeting Minutes

10/14/22 Agenda/Meeting Minutes

9/23/22 Agenda/Meeting Minutes

9/6/22 Agenda/Meeting Minutes

8/31/22 Agenda/Meeting Minutes

2/11/22 Agenda/Meeting Minutes


9/29/21 Agenda/Meeting Minutes

9/16/21 Agenda/Meeting Minutes

8/27/21 Agenda/Meeting Minutes


10/26/20 Agenda/Meeting Minutes

10/15/20 Agenda/Meeting Minutes

10/05/20 Agenda/Meeting Minutes


9/25/19 Agenda/Meeting Minutes

9/16/19 Agenda/Meeting Minutes

9/09/19 Agenda/Meeting Minutes


9/26/18 Meeting Minutes

9/19/18 Meeting Minutes

8/20/18 Meeting Minutes

7/25/18 Meeting Minutes


9/21/17 Meeting Minutes

9/15/17 Meeting Minutes


9/19/16 Meeting Minutes

9/9/16 Meeting Minutes

8/24/16 Meeting Minutes

7/18/16 Meeting Minutes


9/28/15 Meeting Minutes

9/1/15 Meeting Minutes


11/24/14 Meeting Minutes

9/26/14 Meeting Minutes

8/27/14 Meeting Minutes

7/8/14 Meeting Minutes

6/3/14 Meeting Minutes


9/26/13 Meeting Minutes

9/12/13 Meeting Minutes

8/21/13 Meeting Minutes


9/21/12 Meeting Minutes

9/13/12 Meeting Minutes

8/22/12 Meeting Minutes

7/19/12 Meeting Minutes