Mayor Rhodes-Conway Introduces 2020 Executive Capital Budget & Capital Improvement Plan
Tuesday, September 3, 2019 - 1:57pm
Prioritizes bus rapid transit and affordable housing which work together to make Madison a more livable, sustainable community
Today Mayor Satya Rhodes-Conway releases her first Capital Budget and Capital Improvement Plan for the City’s 2020 fiscal year. The $1.1 billion spending plan provides funding for 195 projects spanning from 2020 to 2025. To realize that vision the 2020 Capital Budget was built around advancing clear priorities- the expansion of a transit system to ensure fast, reliable, accessible service and affordable housing for all residents.
“Too many cities have become unaffordable for their residents. Affordable housing combined with investments in Bus Rapid Transit will ensure Madison grows in a way families can thrive.” said Mayor Rhodes-Conway. Mayor Rhodes-Conway stated the 2020 Capital Budget is a reflection of realizing the vision she outlined for Madison throughout the campaign. According to Mayor Rhodes-Conway “Every budget is a statement of our values. My capital budget is rooted in my vision of how Madison can be a great city for everyone. A place where individuals and families thrive. A place where businesses start up, grow and prosper. A place where many come to study and play.”
The 2020 Capital Budget and Capital Improvement Plan reduces the overall anticipated borrowing by $116.0 million compared to what was requested by agencies. “We know the capital needs in our growing city are great and exceed the financial capacity of what some of our residents can afford. That’s why my plan for capital spending over the next six years brings debt service down to under 17% of the operating budget.”
Although capital spending has been reduced, the budget advances Mayor Rhodes-Conway’s priorities by:
• Making Bus Rapid Transit a reality in Madison by 2024 through providing funding for the capital costs from 2020 to 2023.
• Creates a new Land Banking Fund that makes $1.0 million available annually to acquire parcels of land that can be used for affordable housing and other neighborhood supporting developments, while prioritizing community partnerships.
• Increasing the City’s investment in flood mitigation projects with an emphasis on using green infrastructure in new ways to dramatically decrease the number of building and roadways that flood during extreme rain events.
Learn more about the 2020 Capital Budget & Capital Improvement Plan by visiting www.cityofmadison.com/budget.
- Katie Crawley, 608-266-4611