2015 Executive Capital Budget

posted September 2, 2014 – 12:58pm

The 2015 Executive Capital Budget and 2015-2020 Capital Improvement Plan [CIP] reflects the continuing need to replace aging infrastructure while investing in affordable housing, economic growth, services to the City’s diverse population, and efficient, effective and sustainable use of our limited energy and financial resources. The increasing capital investment needs have been identified in previous capital improvement plans and are coming due over the next five years. This capital budget continues to reflect the need to balance present demands for infrastructure improvements with concern for debt service. While this is the largest capital budget I have submitted, it has $10 million less for new projects than last year. It pushes back many projects that are a priority for keeping our city great, including adequate transit facilities, reconstruction of Monroe Street, and a biodigester. These projects are among my top priorities and would be implemented much sooner if not for declining federal support and the previous commitment of city debt and the rise in city debt service. The most significant commitments include $8.3 million in 2015 [$38 million in CIP] for neighborhood centers, $4.25 million in 2015 [$24 million in CIP] for affordable housing, $4.1 million in 2015 [$30 million in CIP] for renovation of the landmark Municipal Building, $1.8 million in 2015 [$14 million in CIP] for Emerald Ash Borer response, $8.25 million in 2015 [$10 million in CIP] for a public market, $1 million annually beginning in 2016 for development of cooperative business enterprises, investments in local fresh food development, support for the Starting Block innovation space, feasibility studies for the Nolen Waterfront and an inter-city / intermodal bus terminal, construction and replacement of new library branches and related facilities, a public-private Olin Park Gateway Improvement project, additional sidewalk repair projects, and two new dog parks. These investments will increase the annual funding level for capital projects over the next few years. To look at the entire document use this link: http://www.cityofmadison.com/finance/budget/2015/