City officials released a proposed budget Tuesday afternoon which, if passed, would allow for the replacement of aging infrastructure and a large investment in affordable housing.
The 2015 Executive Capital Budget and five-year Capital Improvement Plan outline how funding is distributed for city projects and development. In addition to the larger budget points, the plans center on economic growth, servicing Madison’s diverse population and effective use of energy and resources.
“Due to our ongoing efforts, we made progress on controlling the capital budget over the past three years, but there are still challenges,” Mayor Paul Soglin wrote in a message to department and division heads about the capital budget target.
Soglin also wrote in the budget summary the plan reflects the need to balance present demands for improvements with concern for debt service, which is the cash required for a particular time period to cover the repayment of interest and principal on a debt.
The most significant proposals in the budget and improvement plan include $38 million for neighborhood centers, $30 million to renovate the Madison Municipal Building and an additional $24 million for affordable housing.
The $247,629,155 executive budget consists of $163,195,832 in new projects and $84,433,323 in reauthorizations. The 2015 budget marks the largest capital budget Soglin has submitted to date, but has $10 million less for new projects compared to the last budget.
Other projects in the plan include Emerald Ash Borer response, a public market, cooperative business enterprises development, local fresh food development, library developments, sidewalk repair and new dog parks. The budget also supports fire and police department activities.
Due to declining federal support and the previous commitment of city debt, certain city projects have been delayed, including adequate transit facilities, Monroe Street reconstruction and a biodigester, which could help expand the city’s composting efforts.
“These projects are among my top priorities,” Soglin wrote in the proposal.
The first public hearing for the capital budget is scheduled for Sept. 16. The operating budget will be introduced to the city Council Oct. 7, and the first public hearing is scheduled to take place Oct. 21.
