Mayor Rhodes-Conway Introduces 2024 Capital Budget

On Sept. 5, Madison Mayor Satya Rhodes-Conway released her 2024 Executive Capital Budget and six-year Capital Improvement Plan. The annual document details funding proposals for capital projects and programs, including buildings, infrastructure and other long-term improvements.

With federal funds slowly dwindling, this year’s proposed budget is substantially less than the current $376.6 million capital budget. The mayor’s proposal relies on $149.2 million in borrowing with the remaining $117.3 million stemming from sources such as state, county, and federal grants.  

The mayor’s stated priorities include familiar items such as affordable housing, transportation and infrastructure. Newer priorities include land acquisition and support for various projects on Madison’s south side. Key figures in the proposal include: 

• $16.5 million to reconstruct John Nolen Drive bridges, roadways and multi-use paths;
• $11 million for the first phase of the Triangle redevelopment;
• $5.5 million for the north-south BRT;
• $3 million toward the Small Business and Equitable Recovery Program;
• $2 million for the Men’s Homeless Shelter; and
• $1.5 million to fund the Imagination Center. 

Most of the CIP is funded through General Obligation Borrowing, a type of municipal borrowing that is secured by the City’s property tax base. Additional sources of funding include intergovernmental sources, Tax Increment Financing, impact fees, special assessments and miscellaneous revenues.

The mayor is expected to announce her Executive Operating Budget on Oct. 3. The Finance Committee is taking up the capital budget as of Sept. 11 and the Common Council will begin deliberations on both budgets on Nov. 14.