Much work has gone into the latest draft of Auburn’s new city charter. But one important element is unlikely to satisfy advocates for less municipal borrowing.

The charter would allow city voters to veto borrowing exceeding 10 percent of the budget. This year, that would mean that bonds worth less than $6.1 million would not need voter approval.

While the idea of putting borrowing before the voters has gotten a lot of attention and has support among many vocal elements in the city, the threshold is too high to have the desired effect of curtailing capital projects.

For example, renovations of Auburn Hall, with a $7.8 million price tag, would have required voter approval. Smaller, but still expensive, projects would get a pass. The $3.5 million for the renovation of the library would have fallen under the cap, as would have the controversial $5 million bond to build a parking garage at Great Falls Plaza.

On the other side, the new rules do limit the authority of the City Council and make it more difficult to undertake big projects, which is the intent of the change. But we could foresee larger projects being split into smaller pieces to artificially limit the amount included in a single bond and to avoid a public vote.

It’s a tough nut to crack.

It’s not practical or desirable to send every bond to voters. At the same time, no matter where the line for borrowing is set, the possibility for manipulation exists. Public borrowing, which is often critical for economic development and growth, remains controversial and can become a lightning rod for criticism, some of it unwarranted, encompassing broader issues of how the city uses its resources.

We have faith that elected councilors will act, as best as they can, in the interests of the city. And, if they don’t, voters have the opportunity to hold them accountable during the next election.

Some residents would like a more immediate system of checks and balances. The borrowing limit in the new charter likely falls short of what they were hoping for.