Over 1,000 Respondents Identify Challenges, Priorities Facing Public Entities

DALLAS, September 15, 2025– Hilltop Securities Inc. (HilltopSecurities) has released the results of its second annual Public Finance Leaders Survey, offering a snapshot of the priorities, challenges, and opportunities facing municipalities, school districts, and other public entities across the United States. The complete survey results are available here.

“At HilltopSecurities, we take seriously our role and responsibilities as a leader in public finance," said Brad Winges, President and CEO of HilltopSecurities. “Our annual Public Finance Leaders Survey provides in-depth and meaningful insights into the topics that are top-of-mind for leaders at public entities across the United States. This year’s results shed fresh light on some important trends and themes in public finance.”

The survey was conducted from May to July of this year with responses submitted by more than 1,000 public sector financial professionals from all 50 states and the District of Columbia. The survey covered a range of topics including:

• Biggest challenges: Labor/Staffing and Budget/Pension topped the list
• Top priorities for debt issuance: 33% of respondents cited Municipal Buildings/Capital Improvements, with another 30% pointing to Water & Sewer Infrastructure
• Artificial Intelligence adoption rates: 45% of leaders reported using AI in their roles
• Cyber risk and preparedness: 66% of respondents were confident in their cyber-insurance policies
• Cryptocurrency: 57% of leaders did not view cryptocurrency as a viable investment option for public entities

Of those taking the survey, finance leaders at cities or towns, counties, and school districts accounted for 77% of the responses. The remaining responses came from leaders in utility districts, state government, higher education, and other sectors.

About Hilltop Securities Inc.
HilltopSecurities is a full-service municipal investment bank and wealth advisory firm providing a full suite of financial services for public entities, institutional investors, housing finance agencies, broker-dealers, and individual investors. Founded in 1946, its primary areas of focus include public finance, capital markets, structured finance, retail brokerage, clearing services, and securities lending. Hilltop Securities Inc.’s goal is to build long-term relationships to help communities, businesses, and individuals thrive. A wholly owned subsidiary of Hilltop Holdings Inc. (NYSE: HTH), HilltopSecurities’ affiliates include Momentum Independent Network, HilltopSecurities Asset Management, HilltopSecurities Insurance, PlainsCapital Bank, and PrimeLending. Learn more at HilltopSecurities.com. Member: NYSE/FINRA/SIPC.

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CONTACT:
Hilltop Holdings Inc.
Ben Brooks
214.252.4047
Ben.Brooks@Hilltop-Holdings.com