Wednesday, September 3, 2008 - 8:33am
Mayor Introduces Capital Budget Today
Mayor Dave Cieslewicz will introduce his 2009 capital budget at tonight's Common Council meeting. The Mayor's capital budget comes in $7.3 million under the original target. This will save about $1 million in debt service costs when the 2009 borrowing is repaid starting in the 2010 operating budget.
The proposed capital budget would borrow $57.6 million in new general fund supported borrowing compared to the previously adopted target of $64.9 million. That target was adopted as part of the five-year capital borrowing plan in the 2008 budget.
"In economic times like these, we're working hard to not only think about next year, but to also plan for years to come," Cieslewicz said. "We don't have room for new programs this year, but my capital budget helps to position us to take advantage of economic recovery in years to come.
"We've found significant savings, but we've maintained all our commitments to public safety, basic services and promoting the infrastructure that maintains a high quality of life across the City."
The Mayor's capital budget keeps his commitment to building Fire Station 12 on Madison's far west side. Station 12 and the opening of Station 11 in 2005 are the first new stations in 25 years.
Investments in basic infrastructure comprise the single largest portion of the Mayor's capital budget, keeping his five-year commitment to improving streets in the City. This includes much needed improvement projects on East Washington Ave., University Ave., Campus Dr., and Hwy. 113.
The Mayor is also keeping his commitments to build a new South Madison Library in 2009 and to continue progress on a new Central Library proposal.
The budget would also continue commitments to energy efficiency and alternative energy projects, which will yield long-term dividends in energy savings.
The Mayor worked with City managers to cut almost $14 million in proposed capital spending from the agency budget submissions for 2009.
The Mayor's 2009 capital budget will be available on the City's website: http://www.cityofmadison.com/comp/budgetindex.htm. It now goes to the Council, which will review it, consider amendments and vote on it together with the operating budget during the week of November 11th. The operating budget is scheduled to be introduced on October 7th.
- Rachel Strauch-Nelson(608) 266-4611