The Board of Estimates kicked off debate on the capital budget Monday night, reviewing and asking questions about the details of the mayor’s proposed $185 million budget.
City Comptroller Dean Brasser gave an overview of how the budget has evolved the last few years, saying they intend to borrow $99 million of the budget.
“It is a very good time to borrow in this economy right now because the rates are so very low,” Brasser said. “On the one hand, we have a lot of capacity to borrow because we have good credit, but the difficulty is recognizing that we’ll need to pay it back.”
Even though the budget is proposing a fair amount of money to be borrowed, the city is still well below the allowable limits, Brasser said.
Included in this borrowing package is money set aside for the reauthorization of projects that were not completed from the previous year.
Both Brasser and the Board repeatedly mentioned the projected budget is like a weather forecast due to its uncertain nature, as it is not uncommon for projects to be delayed a year or two depending on how difficult it is to move forward.
“In most cases, projects that are included in the capital program are eventually executed,” Brasser said.
Many alders attended the capital budget discussion, addressing concerns regarding the details of the budget.
Ald. Thuy Pham-Remmele, District 20, said she is concerned with making the budget as efficient as possible and focusing on essential spending for the city.
Pham-Remmele added she feels responsible as an alder to the taxpayers at home who are trying to make ends meet during this harsh economic climate.
“This year was very scary because I was told that this was the worst budget ever,” Pham-Remmele said. “So I come into this (meeting) with a lot of reservation because so many taxpayers are watching us. This is a time where we’re looking at what we need to do basically, not what we want.”
Following the initial proposal and discussion, various city departments presented the details behind their individual budget requests. After a division explained which of their expenses would be included in the proposal, the Board responded with questions tailored to each agency.
Some divisions include the Monona Terrace, Public Health, Metro Transit and others. Requests ranged from basic maintenance and upgrades to replacing outdated equipment to adopting more renewable energy products. Each division provided the projected costs for their requests, as well as support for why these costs benefit their department and the city.
Another Board of Estimates meeting will be held today to continue further discussion of the proposed budget and to address any other questions the alders may have.