An unprecedented windfall is on the horizon for the city of Madison and Madison School District, promising to relieve some budget pressures and affect major issues such as the city ‘s hiring of 30 police officers and the School Board ‘s debate over whether it still needs to ask voters for more money in a referendum.
Under a proposal from Madison Mayor Dave Cieslewicz, the city would receive $3.7 million and the School District would get $5.4 million in money flowing from two fast-developing special taxing districts created years ago by the city. In addition, Dane County and Madison Area Technical College would receive a little less than $1 million apiece.
“It ‘s significant news, and very good news, for the School District and the city, ” Madison Mayor Dave Cieslewicz said Wednesday. “The amount is unprecedented. ”
The one-time payouts would occur by the end of next year if the City Council votes to close the two tax incremental financing districts as recommended by city staff members who say the move is necessary under state law.