MADISON, Wis. (WMTV)-- Madison's mayor released her first Capital Budget and Capital Improvement Plan for the 2020 fiscal year.
Mayor Satya Rhodes-Conway's $1.1 billion spending plan focuses on 195 projects. Those projects span from 2020 to 2025. Rhodes-Conway's top priorities includes expanding the transit system and create affordable housing for all Madison residents.
“Too many cities have become unaffordable for their residents," said Mayor Rhodes-Conway. "Affordable housing combined with investments in Bus Rapid Transit will ensure Madison grows in a way families can thrive.”
The budget and improvement plan reduces borrowing by $116 million. Rhodes-Conway said the capital spending over the next six years brings debt service under 17 percent of the operating budget.
Rhodes-Conway hopes to make Bus Rapid Transit a reality by 2024, create a Land Banking Fund, and increase investments in flood mitigation.
The Land Banking Fund would make $1 million available annually to buy land parcels that can be used for affordable housing and other neighborhood supporting developments.
To learn more about the 2020 Capital Budget and Capital Improvement Plan, click here.