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The Board of Finance (BOF) endeavors to ensure that we maintain consistency and predictability in Madison’s taxes. To that end, the board recently adopted an internal regulation that will secure capital funds for the future. Now that we are in the thick of budget season, taxpayers will start to see the virtues of this regulation in action.
This regulation requires that a fixed amount of money be budgeted for capital expenditures each year, reinforcing our goal of not limiting ourselves to the here and now, but rather looking further down the road to ensure that the town will always be able to financially meet its capital needs.
Thinking long-term is of the utmost importance, because historically it has been too easy to sacrifice capital in a large budget year. Please know that if we continue with that trend of not protecting the long-term capital needs of the town, we run the risk of ending up in the exact same place we are now by having huge capital bonding needs all at once.
To be clear, the fixed amount of money set forth in the regulation does not limit the town’s ability to move forward with any projects or maintaining any capital assets. Instead, the regulation actually works to protect all components of the budget, promotes transparent budget practices, and puts us is a stronger financial position to take on potential projects.
The budgeting process is always difficult and this year is no exception. It is my belief that all the elected officials are trying to do their best to meet the needs of the taxpayers and maintain a high quality of life for all Madison residents now and in the future. This regulation will help us all do that.
Jean Fitzgerald (R) chairs the Board of Finance.
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