Madison finance officials present 2026 operating outlook; unassigned general fund balance at 27%

On June 23, 2025, the Madison Finance Committee received an update on the city’s 2026 operating budget outlook, a review of the 2024 year‑end results and a preliminary 2025 projection from Director Dave Schmidke.

Schmidke told the committee that the city’s net position for the primary government was about $2.1 billion at Dec. 31, 2024, up roughly $246 million from 2023, and that the unassigned general fund balance rose to about $111 million, or roughly 27% of the 2025 budget. "While we're at 27%, that's a very strong level of reserves," Schmidke said.

The nut graf: the stronger fund balance reflects higher investment income and underspending in several agencies, but staff project a structural gap of about $6.2 million for 2026 under cost‑to‑continue assumptions, meaning the city will need a mix of one‑time fund balance, revenue adjustments or ongoing spending changes to close next year’s budget.

Most important facts first: Schmidke summarized the city’s audited financial results and several year‑end adjustments. Key figures presented included a primary government net position of about $2.1 billion, enterprise…