The Recommended FY 2016 Operating Budget of $5.1 billion submitted by County Executive Ike Leggett increases County government tax-supported spending by only 1.1 percent while cutting the County property tax rate by about one cent. The balanced budget closes an estimated $238 million gap.
- Funds the Montgomery County Public Schools (MCPS) budget of $2.2 billion – the Maintenance of Effort level required by State law. That represents a $30.7 million increase over last year, or 1.4 percent, and is nearly 98 percent of the Board of Education’s request.
- Reduces the property tax rate by 0.9 cents per $100 of assessed valuation (from 99.6 cents to 98.7 cents). The average County residence, valued at $455,600, would pay $3,805 in FY16 -- an increase of only $15 for the year.
- Reduces Solid Waste fees by 4 percent across-the-board for families and businesses.
- Provides $43.9 million for affordable housing creation and preservation:
- Adds $7 million in funding for senior housing projects in Silver Spring and Glenmont.
- Increases funding for the Department of Public Libraries by 5 percent – mostly in increased materials.
The full budget and highlights are available on the County’s website at reports.data.montgomerycountymd.gov/omb.
Read the entire news release.
Watch brief budget announcement video by Leggett.