Prince George’s County Executive Angela Alsobrooks presents her FY 2024 Proposed Budget, reflecting the County’s strategic policy of building a more robust financial foundation and making critical investments for the future. This budget, which holds tax rates steady, prioritizes schools, safe neighborhoods, economic development, and improving the quality of life for County residents. The proposed fiscal 2024 budget for all funds is $5.4 billion, an increase of $317 million or 6.2 percent over the current…
County Executive Marc Elrich Recommends Property Tax Increase to be Used Exclusively to Fully Fund School System's Budget Request. Montgomery County Executive Marc Elrich unveiled his recommended fiscal 2024 Operating Budget of $6.8 billion, an increase of 7.7 percent from the current year's budget. The recommended budget reflects a record level and significant investments for Montgomery County Public Schools (MCPS), Montgomery College, affordable housing, economic development, public safety, and efforts to combat climate change. "While…
On March 9, 2023, MACo Legislative Director Kevin Kinnally testified before the House Appropriations Committee and Senate Budget and Taxation Committee in support of HB 789 / SB 650 - Public Safety - State Disaster Recovery Fund. By implementing the recommendations of the State Disaster Recovery Fund Workgroup, this bill will help counties streamline and expedite community resources in times of crisis. While a disaster always begins and ends at the local level, a strong…
Last week, MACo Legislative Director Kevin Kinnally testified before the Senate Budget and Taxation Committee in support of SB 659 - 21st Century Financial Systems Council - Establishment with amendments. This legislation envisions a thoughtful but expedient process to replace the State's outdated financial system to improve efficiency and service delivery. As county governments regularly interface with the system, MACo's amendment merely offers local input to help guide this critical transition. MACo supports efforts to modernize…
Moody’s, S&P Global, and Fitch Ratings Reaffirm Maryland’s AAA Bond Rating, Outlook Stable. Maryland State Treasurer Dereck E. Davis announced that the three major bond rating agencies reaffirmed the State's AAA bond rating, the longest continuous Triple-AAA bond rating for a state in the country. Maryland is one of only 13 states* to hold the coveted AAA rating – the highest possible – from all three major bond rating agencies. S&P Global Ratings, Moody's Investors…
Board of Revenue Estimates approves a $478 million revenue write-down during the current and next fiscal year. In the final meeting for two of its three members, the Maryland Board of Revenue Estimates voted today to lower state revenue projections for fiscal 2023 by $77.4 million. The Board, which consists of Comptroller Brooke Lierman, Treasurer Dereck Davis, and Budget Secretary Helene Grady, also lowered revenue projections for fiscal 2024 by $400.3 million. Maryland Revenues and Economy…
The Board of Revenue Estimates (BRE) will hold a virtual meeting on Thursday, March 9, to vote on the revised general fund revenue estimates for fiscal years 2023 and 2024. The three-member panel, which includes Comptroller Brooke Lierman, State Treasurer Dereck Davis, and Secretary of Budget and Management Helene Grady, is responsible for estimating state revenues to manage the State’s budget. The forecasts for the current fiscal year and the one that begins in July…
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