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June 15, 2024

Capital Investment Plan to invest $13.9 billion over the next five years

Over the next five years $13.9 billion will be invested in capital projects in Massachusetts, Gov. Charlie Baker said.

The governor announced the fiscal year 2023 Capital Investment Plan that will provide $2.78 billion in bond cap spending for investments in transportation, economic development, climate resiliency, housing, education, technology, and health and human services. The five-year plan features nearly $14 billion in investments.

“The capital budget is an important vehicle for enabling long-term economic growth and improving the way state government serves its constituents, and our FY23-FY27 plan supports infrastructure initiatives that will benefit residents in every corner of the Commonwealth,” Baker said in a release. “We are proud to release our eighth Capital Investment Plan today, and we look forward to the lasting positive impacts it will drive in the coming years.”

According to the release, the plan features a fiscally sound and balanced blueprint for long-term spending directed at the state’s assets. The plan also features new investments that are designed to support economic growth and development coming out of the COVID-19 pandemic.

“The Baker-Polito Administration’s FY23–FY27 capital plan continues to be grounded in fiscal discipline and thoughtfully leverages available resources to maximize the impact of our capital spending,” Secretary of Administration and Finance Michael J. Heffernan said in the release. “The plan carefully balances the maintenance of existing state assets and investments in new infrastructure – a responsible approach that will drive growth and deliver outsized benefits to the people of Massachusetts over many years.”

According to the release, the blueprint for the next five years leverages “unprecedented” amounts of federal funding the state will receive. The plan features a $3.5 million investment in fiscal year 2023 and earmarks $51.9 million in the next five years to replace the Quincy courthouse with a regional justice center that will bring the court departments together.

Funding sources for the initiative, according to the release, continue to be using available funding sources mixed in with funding from the Bipartisan Infrastructure Law that will serve transportation and environmental programs. The plan features using $700 million in state matching funds that will lead to securing federal funds for highways, bridges, municipal water and electric vehicle infrastructure.

According to the release, the blueprint builds on revitalization efforts that has included $2.4 billion from the CARES Act; $2.9 billion from the American Rescue Plan Act, which also funded $3.4 billion for direct aid to cities and towns; $2.6 billion for housing and economic development; and another $1.1 billion for transit.

The bond cap, according to the release, features a 4.7% increase over the previous fiscal year and represents a $125 million increase.

According to the release, the capital plan is supported by bond bills, including the General Government Bond Bill, the MassTRAC infrastructure bond bill, and the FORWARD legislation.

This article was originally posted on Capital Investment Plan to invest $13.9 billion over the next five years

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