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Boston details $575M in FY24 capital spending; questions linger on White Stadium financing and Madison Park timeline
Summary
City finance officials and an expert witness briefed councilors March 27 on Boston's capital plan, explaining the capital projects fund balance, timing of bond sales and major FY24 projects, while councilors and an outside expert pressed for clarity about White Stadium funding and Madison Park's MSBA process and timetable.
March 27, 2025 — City finance officials told the Boston City Council Committee on Post Audit that fiscal 2024 capital outlays totaled $575 million, and explained how timing of bond sales, accounts payable and fund balances affect what appears on the city's Capital Projects Fund schedules in the ACFR.
"There was $575,000,000 of capital spending in fiscal 24," Budget Director Jim Williamson said while reviewing the Capital Projects Fund schedules included in the city's ACFR. He and Chief Financial Officer Ashley Grothberger walked councilors through how the capital plan is a five-year planning document and not an appropriation, and how the city typically covers project spending with cash and then replenishes those capital accounts when it sells bonds.
Finance staff told the committee the capital projects fund balance stood at $87,000,000 as of June 30, 2024, while outstanding invoices (accounts payable) totaled about $127,400,000. Staff said those unpaid bills…
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