The City of Madison’s newly formed Citizen Financial Advisory Committee held its inaugural meeting last week, beginning a new effort to help the city build a more sustainable financial foundation.
City Manager John Klimm opened the meeting by walking members through the financial history that prompted the committee’s formation, including the conditions that led to Madison’s 2022 bond rating drop and a general fund balance that has fallen to 9.84 percent of operating expenditures — well below the 15 to 30 percent range recommended for cities of Madison’s size.
CPA Dena Bosten followed with an analysis of more than a decade of general fund data, noting that budgeted expenditures have exceeded revenues since at least 2011 and that critical infrastructure repairs have been deferred for years.
Public Works Director Shawn Wood and consulting engineer Martin C. Boyd of Carter and Sloope closed the meeting with a presentation titled “Madison 2030: The Utility Turnaround Blueprint,” outlining the long-term water, sewer, and stormwater investments the city will need to plan for in the years ahead.
Boyd, who has 36 years of experience in utility design, described the committee’s shared mission as developing a long-range financial plan, reviewing the city’s capital plan, increasing transparency, and evaluating the city’s borrowing schedule.
The committee will continue to examine a range of policy questions central to Madison’s financial future — from infrastructure prioritization and capital planning to how the city funds community programs and events.
As part of that broader conversation, the city is identifying innovative reforms to reduce costs, such as exploring private sponsorship models for community events beginning in 2027, building on the success of the fully sponsor-funded State of the City celebration.
“This committee represents a new chapter for how Madison approaches its finances,” Klimm said. “We are committed to transparency, to discipline, and to making decisions today that strengthen the city for the next generation.”