Mass. Gov. Charles Baker released a $4 billion
The GO bond cap follows the recommendation of the Debt Affordability Committee, the governor's office said in a release Thursday.
While the plan is due by law on June 30, Baker's administration put it out early to allow for extra planning time so that projects can begin at the start of the new fiscal year.
"The commonwealth's capital plan is an important tool for funding construction and maintaining capital assets, infrastructure and program investments," Baker said in the release.
The fiscal 2017 capital plan gives priority to projects that maintain and modernize existing assets and makes targeted investments for the future.
"We are increasing the bond cap by an affordable $65 million to allow us to continue to meet our long-term capital needs that address deferred maintenance needs of our existing portfolio without putting significant strain on our operating budgets," Kristen Lepore, secretary of the Executive Office for Administration and Finance, said in the release.
In the plan, 46% of the projects will focus on maintenance, 26% will renew existing assets, and 28% will address strategic objectives.
"This capital plan makes substantial investments in maintaining and modernizing our transportation network, preserving thousands of affordable housing units, training an already highly-skilled workforce and supporting programs critical to economic development in cities and towns across Massachusetts," Baker said.
Massachusetts ranked as the ninth largest issuer of debt in 2015, selling over $10.66 billion in 294 issues, up 5.2% from sales of $10.14 billion in 253 issues in 2014.
