Read more about the article Inflation Cools as Fed Signals Cautious Approach to Rate Cuts
County News / Finance and Procurement / News You Can Use / School Construction and Capital Budgets / State Budget and Fiscal Issues
Inflation Cools as Fed Signals Cautious Approach to Rate Cuts

Inflation cooled slightly in November, with the Federal Reserve delivering another rate cut amid lingering price pressures. Borrowing costs remain high as the Fed signals a measured approach to future rate adjustments. The Federal Reserve continues its effort to navigate a cooling economy and persistent inflation, delivering a 25-basis-point rate cut this week. The cut brings the Fed’s target range for its benchmark interest rate to 4.25 to 4.5 percent, returning to December 2022 levels.…

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December 20, 2024
Read more about the article Risk Management Ensuring Service Continuity and Protecting Public Resources
County Budgets / County News / Finance and Procurement / Human Resources / Risk Management / Winter Conference
Risk Management Ensuring Service Continuity and Protecting Public Resources

In today's fast-paced world, public entities face numerous challenges in maintaining the services that citizens rely on every day.  From property damage and work-related injuries to liability claims and automobile accidents, every dollar spent on managing these issues is a dollar diverted away from crucial public services.  This is where effective risk management becomes essential. Risk management is not just about reacting to problems as they arise; it's a structured, proactive process that helps public…

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December 19, 2024
Read more about the article Spending Affordability Committee Confronts Escalating Deficits, Urges Targeted Solutions
Finance and Procurement / News You Can Use / School Construction and Capital Budgets / State Budget and Fiscal Issues / Taxes and Revenues
Spending Affordability Committee Confronts Escalating Deficits, Urges Targeted Solutions

The Spending Affordability Committee (SAC) met today and issued recommendations to address Maryland’s worsening budget outlook. The SAC outlined clear steps to restore balance: eliminate the $2.9 billion fiscal 2026 deficit, preserve critical fund reserves, and align spending with revenues to close a projected $6.3 billion shortfall by fiscal 2030. The SAC also called for targeted infrastructure investments, prioritizing critical workforce vacancies, and securing long-term funding for transportation and education programs. Persistent structural deficits, rising…

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December 17, 2024
Read more about the article St. Mary’s Earns Distinguished Budget Award for Fiscal Excellence
County News / Finance and Procurement
St. Mary’s Earns Distinguished Budget Award for Fiscal Excellence

St. Mary’s County has received the prestigious Government Finance Officers Association (GFOA) Distinguished Budget Presentation Award for the fiscal 2025 budget book. This recognition highlights the County’s commitment to transparent and effective financial management, setting a high standard for public budgeting. The fiscal 2025 budget book earned special recognition for its Capital Improvement Program (CIP), achieving the highest possible scores from all three independent reviewers. This accomplishment reflects the Finance Team’s dedication to producing a…

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December 5, 2024
Read more about the article Maryland to Issue $178 Million in Bonds for Affordable Housing
Finance and Procurement / Housing and Community Development / News You Can Use
Maryland to Issue $178 Million in Bonds for Affordable Housing

Maryland’s Community Development Administration (CDA), which operates under the Department of Housing and Community Development (DHCD, is issuing $178 million in sustainability bonds to support the rehabilitation of Villages at Marley Station, a 757-unit multifamily development in Glen Burnie, Anne Arundel County. The development, consisting of 26 low-rise buildings on approximately 32 acres, will begin in December and is expected to be completed in three years. It will incorporate energy-efficient features. Visit the DHCD website…

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November 26, 2024
Read more about the article Carroll Earns Three AAA Bond Ratings
County News / Finance and Procurement
Carroll Earns Three AAA Bond Ratings

This week, Carroll County announced that all three major credit rating agencies—Fitch Ratings, Moody’s, and S&P Global Ratings—have reaffirmed the County’s AAA credit rating, the highest possible designation. The upgrade to AAA reflects the County’s fiscal prudence and promises future benefits for its residents. The higher rating guarantees access to capital markets at the most favorable interest rates, supporting the County’s ability to invest in critical infrastructure and public services without increasing the tax burden.…

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November 15, 2024
Read more about the article Fitch Upgrades St. Mary’s County Credit and Bond Ratings to AAA
County News / Finance and Procurement
Fitch Upgrades St. Mary’s County Credit and Bond Ratings to AAA

Fitch Ratings upgraded St. Mary's County’s credit and bond rating to AAA from AA+, underscoring the County’s robust fiscal management and commitment to maintaining long-term financial stability. The upgrade to AAA reflects the County’s fiscal prudence and promises future benefits for its residents. The higher rating guarantees access to capital markets at the most favorable interest rates, supporting the County’s ability to invest in critical infrastructure and public services without increasing the tax burden. Fitch…

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November 13, 2024
Read more about the article Fed Trims Interest Rates by a Quarter Point
County News / Finance and Procurement / News You Can Use
Fed Trims Interest Rates by a Quarter Point

The Federal Reserve has approved its second consecutive interest rate cut, continuing to recalibrate monetary policy amid signs of a cooling yet resilient economy. The Federal Open Market Committee (FOMC), the Federal Reserve's policy-making body responsible for overseeing the nation’s open market operations, lowered its key overnight borrowing rate by 25 basis points, setting a new target range of 4.50 to 4.75 percent. This quarter-point reduction follows September’s significant half-percentage-point cut and aims to fine-tune monetary policy amid…

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November 7, 2024
Read more about the article Harford Achieves Highest Audit Rating, Reinforcing Fiscal Integrity and Transparency
County Budgets / County News / Finance and Procurement / Winter Conference
Harford Achieves Highest Audit Rating, Reinforcing Fiscal Integrity and Transparency

Harford County's fiscal 2024 financial report received a clean audit opinion, underscoring its commitment to accurate financial reporting and accountability. The independent audit, conducted by CliftonLarsonAllen LLP, verified that Harford’s Annual Comprehensive Financial Report (ACFR) meets strict standards for accuracy and confirmed no material misstatements or deviations from generally accepted accounting principles (GAAP). The clean audit of Harford’s ACFR covers a comprehensive review mandated by state and local regulations. It provides an in-depth snapshot of…

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October 29, 2024
Read more about the article New Digital Grants System for Counties: Faster Funding, Improved Accountability
County News / Finance and Procurement / News You Can Use
New Digital Grants System for Counties: Faster Funding, Improved Accountability

Counties are set to benefit from a streamlined, user-friendly capital grants management system. This week, Governor Wes Moore announced that the Maryland Department of General Services launched a state-of-the-art capital grants management system, replacing a cumbersome, manual-reliant process with a modernized digital platform. The new platform will manage all authorized grants beginning in 2017 and deliver increased efficiencies and accessibility for future capital grants administration.​ “Today, we continue our work towards modernizing state government to…

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October 24, 2024
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