Montgomery County Economic Development Week Highlighted by Welcoming New Companies—Including One Led by Brothers Who Are Blair High Alumni

For the past 10 months, Montgomery County Executive Marc Elrich has been visiting with business leaders and business owners to find out what they need to succeed in Montgomery County. The majority of businesses in Montgomery County are small. Among his messages has been: Government cannot make any business succeed—but it sure can help them to that goal by providing the support our businesses need.

Montgomery County, in partnership with the Maryland Economic Development Association (MEDA), recently joined in the celebration of Economic Development Week in Maryland. County Executive Elrich used the opportunity to continue visiting businesses of all types and sizes—something he done since his first week in office.

During Economic Development Week, he joined local business leaders to welcome Maryland Commerce Secretary Kelly Schulz and to discuss ways in which the State could help drive additional economic development in the community. Among the businesses he visited was the soon-to-be new operations of RADA Technologies, a radar systems manufacturer, in Germantown.

Another milestone in Economic Development Week was officially welcoming Truebill, Inc., a leading financial technology company, to Downtown Silver Spring. It relocated from the San Francisco Bay area. Truebill CEO Haroon Mokhtarzada is a serial tech entrepreneur and investor originally from Montgomery County — an alumnus of Montgomery Blair High School. He co-founded the company along with his brothers, Zeki, Idris and Yahya. Mokhtarzada.

The County provided $4.7 million in Fiscal Year 2019 for local business growth and expansion.

Last week, the County announced the expansion to the East County of the Business Connect program that brings needed advisory services to business owners, rather than having the previous limited access that was only available from an office in Rockville. The small business hubs were previously opened in Germantown and Silver Spring.

For more information on doing business in Montgomery County, visit the Montgomery County Business Portal.

Montgomery County Executive Marc Elrich was among those formally welcoming Truebill, Inc., to Silver Spring. The leading financial technology company has relocated its corporate headquarters from the San Francisco Bay area.

County Will Continue Its ‘Triple-A’ Bond Rating

Montgomery County received great news last week when it learned that it will maintain its “Triple-A” bond rating from the three major Wall Street bond rating agencies. The County continued its status as a top-rated issuer of municipal securities, with the highest credit rating possible for a local government.

Moody’s Investors Service, Inc., Standard & Poor’s and Fitch Ratings all affirmed the Triple-A rating—the highest achievable—for the County.

Montgomery County has earned Triple-A ratings from Moody's Investors Service, Inc. every year since April 1973 (47 consecutive years); from Standard & Poor’s every year since 1976 (44 consecutive years) and from Fitch every year since 1991 (29 consecutive years).

The rating is very important. By having the highest rating for its bonds, the County can move ahead in building future projects that this County demands.

The analysis from Standard & Poor’s stated, “We view the county's management as very strong, with strong financial policies and practices under our FMA methodology, indicating financial practices are strong, well embedded and likely sustainable.”

More information about the recent affirmation of our bond rating is available here.

Message from the County Executive: Attend a Budget Forum

County Executive Marc Elrich

When I campaigned to become County Executive, I promised, that if given the chance, I would lead a new approach to governing Montgomery County. When I took office in December 2018, the basics for the Fiscal Year 2020 budget were already in place. However, starting this year, we can start making that difference in the way Montgomery County operates—and change starts with your ideas, suggestions and vision. 

There will be five public budget forums this year. One was held in Wheaton and there are four coming up over the next month, with the next one scheduled for 7 p.m. on Monday, Oct. 21, at the Bethesda-Chevy Regional Services Center. It is important for our residents and members of our business community to come to these sessions to tell me and my senior staff your priorities and how you want our future Montgomery County to look.

We want to put together the FY21 budget, and all future budgets, reflecting the true needs and visions of our people—not just of budget managers. If you do not use the opportunity to speak up, it makes it harder for us to design the direction ahead. All are welcome to attend and you do not need to sign up in advance to speak.

One of the important things you will hear me talk about at these sessions, and throughout the budget process, is the need to have a two-year budget cycle. A two-year cycle will enable the County’s elected officials, directors and staff more time to implement programs because they will spend less time at budget worksessions and working to annually juggle numbers. The two-year cycle also will give community members more confidence in knowing where programs are headed, and that those programs have funding stability. Community organization members and nonprofit leaders should spend more time devoted to their programs and less time being forced to annually defend budgets.

Some of the facts and figures involved in the upcoming budget can be viewed here.

I hope this year will be the true start of a new way of governing our great County—and I hope you will come to a budget forum and help make a difference.



Marc

Upcoming Fiscal Year 2021 Operating Budget Forums:

• Monday, Oct 21. 7 - 8:30 p.m. Bethesda Chevy Chase Regional Services Center, 4805 Edgemoor Lane, Bethesda.
• Wednesday, Oct 30. 7 - 8:30 p.m. Silver Spring Civic Building, One Veterans Place, Silver Spring.
• Thursday, Nov 7. 7 - 8:30 p.m. BlackRock Center for the Arts, 12901 Town Commons Drive, Germantown.
• Wednesday, Nov 13. 7 - 8:30 p.m. Eastern Montgomery Regional Services Center, 3300 Briggs Chaney Road, Silver Spring.