[ghshephard]

You can't predict when the bubble will occur, but you can certainly brace for it. Hiring contingent workforces that can be immediately let go if tax receipts fall, not entering into any long term contracts with large penalties, based on the belief you will always have a large population, and, most, most importantly, don't enter into long term unfunded liabilities with the hope/prayer/belief that times will always be good, and that the future will be able to pay for the present. Unfunded Pension Liabilities (among many other things) crippled Detroit, Puerto Rico, and, very soon, Chicago.

Also - for large infrastructure investments, certainly issue bonds for things like water, sewer, hospital, basic infrastructure - but don't get too crazy/extravagant with Sport Stadiums, or overly complex derivative hedges that blow up if the economy tanks.

If you really want such nice toys for your city, consider saving for them rather than going into debt.

Municipal finances are not like Federal (or heck, even state) finances - you really do have to balance your books.