Photo by Richard Hurd
Mayor Rhodes-Conway Introduces 2024 Operating Budget
Madison Mayor Satya Rhodes-Conway introduced her 2024 Executive Operating Budget earlier this week, proposing a 5.9 percent increase in spending from the 2023 budget.
The largest share of the budget comes from public health and safety expenditures, followed by general fund debt service and public works. If adopted, taxes on the average home will rise 3.7 percent, equating to $108.82 for a home valued at $424,400. Notably, the average-value home increased 12.6 percent from the prior year, demonstrating continued growth in property assessments.
In her summary statement, the mayor expressed concern with state-imposed levy limits, as well as limited additional revenue tools to fund the fast-growing city. This will also be the last budget where the city can leverage federal funds distributed in response to the pandemic to help balance the budget. As a result, the mayor calls the budget forecast beyond 2025 “bleak.”
Some notable highlights of the budget include:
- $13.7 million increase to restore the Metro transit subsidy that was removed in the 2023 budget.
- 6 percent cost of living increase for General Municipal Employees.
- 5 percent cost of living increase for certain contracts with community organizations.
- $2.2 million increase in general fund debt service payments.
- $1.5 million increase to support elections administration.
The budget goes to the city’s Finance Committee next, followed by full Common Council consideration in November.