Boston details $575M in FY24 capital spending; questions linger on White Stadium financing and Madison Park timeline

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 reflect work completed before June 30 that was paid after the fiscal year end, and that the balance will shift depending on the timing of the city's next bond sale. "We are going out to do a bond sale in the spring," Grothberger said, adding that selling bonds replenishes capital project cash so the schedules will look different after proceeds are recorded.

Councilors sought project-level detail and protections against overcommitment. Councilor Julia Mejia asked a series of questions about White Stadium financing — including a $50 million loan authorization that appears in the record — and sought clarification on other described elements such as a $25 million construction escrow and a potential $45 million completion guarantee from a private entity identified in the discussion as BUSP. Finance staff responded that the administration present at the hearing had not been prepared to discuss the specific RFP and contract details for White Stadium and recommended those questions be addressed by the group overseeing that project.

The committee also heard from Gregory Maynard, co-founder and executive director of the Boston Policy Institute, on the Madison Park school project and the Massachusetts School Building Authority (MSBA) process. Maynard summarized MSBA procedures and timelines and warned that MSBA acceptance is not guaranteed. He told the committee the MSBA has two main programs (Accelerated Repair Program and Core Program) and that core-program projects require a rigid multi-module process. "The MSBA paid for about 46% of the $256,000,000 high school" in Somerville, Maynard said, and he noted Somerville's bid-to-completion timeline as a contrast: invited into MSBA in 2015 and ribbon-cutting in December 2021.

Maynard said Madison Park is currently at the Statement of Interest stage and, if invited, would enter the MSBA eligibility and design modules. He added that initial city estimates for Madison Park had risen from roughly $500 million to over $700 million in the fall of 2024 and that the MSBA invitation is not guaranteed. He projected, using a typical MSBA cadence, that construction would not start before 2029 and that the school would open years later if the city follows the Core Program timeline — a projection he characterized as contingent on MSBA acceptance and numerous variables.

Staff and the expert agreed on the importance of clear sequencing and long-term facility planning. Councilors asked for a breakdown of accounts payable by project category, an explanation of restricted fund balance changes, and details on how large new commitments would be sequenced without crowding out existing obligations. Finance staff said they would provide follow-up documentation and department-level information in future briefings.

No formal votes were taken in the session; the committee recorded the discussion and requested additional materials for oversight as the council heads into budget season.