Baltimore County Now
Director, Office of Budget and Finance
Yesterday, the Baltimore County Council unanimously passed County Executive Kamenetz’s budget for Fiscal Year 15 with only minor changes. The County’s General Fund Operating Budget, subject to spending affordability, for FY 2015 is $1.75 billion, an increase of only 3.85% above the previous year. When including special funds, the total operating budget is $2.9 billion.
The budget holds the line on taxes and maintains our top bond rating.
No increase in property tax rate – 26th year in a row
No increase in income tax rate – 22nd year in a row
Maintains Triple AAA bond rating – one of only 38 counties in the nation
You may view details of the budget on the County web site. Here’s a quick overview of the total operating budget:
by Keith Dorsey
Director, Baltimore County Budget & Finance
In Baltimore County, when we talk about AAA, we’re not talking minor league baseball. We’re talking about the three AAA bond ratings Baltimore County just received (again) from the major rating agencies. Moody’s, Standard & Poor’s and Fitch have each given the County their highest credit ratings.
Why should you care? Think of a bond rating as the County’s credit score. The higher your score/rating, the lower your interest rate when you borrow money. The County’s AAA ratings save us millions of dollars in interest payments when we borrow money for major capital expenses such as new and expanding schools and heavy equipment for public works and the fire department.
Fewer than 1% of the counties in the nation earn a Triple/Triple A bond rating, placing Baltimore County in elite company. We work hard to be sure the County manages taxpayer dollars wisely. Three AAA ratings are a sign that we’re doing a good job.
If you want to find out more about our AAA bond ratings, click here.