Mayor proposes $368.4 million 2023 budget

Madison Mayor Satya Rhodes-Conway has presented a $368.4 million 2023 capital budget, according to a Wisconsin State Journal report. The funding in the budget paves the way for new bus rapid transit, an “Imagination Center” at Reindahl Part, and lower-cost housing. However, the $5.2 million shortfall for the Madison Public Market is not included in the budget. Rhodes-Conway says she wants feedback from the City Council on ways to close the funding gap for the project. Inflation, supply chain issues, and rising construction costs are factors influencing an additional $35 million in the capital budget and the five-year Capital Improvement Plan. Nearly half of the proposed budget comes from a record $182.1 million in borrowing and the remaining $186.3 million from outside sources including parking and other utility revenues, federal funds for transit facilities, BRT, and the Vision Zero campaign.