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Budget Timeline
  • County Executive submits proposed Capital Improvements Program (CIP) and capital budget to the Council

  • CIP public hearings are scheduled in early February.

  • County Executive submits proposed operating budget to the Council

  • Operating Budget public hearings are scheduled in early April.

  • Council must take final action on the budget no later than June 1. 

  • Each new fiscal year begins

Budget Update

On May 25, 2023, the Council voted to approve a $6.7 billion Fiscal Year 2024 Operating Budget and Amendments to the Fiscal Year 2023-2028 Capital Improvements Program (CIP) focused on education, housing and economic development.

The approved Montgomery County Fiscal Year 2024 budget makes historic investments in education, provides essential services for residents and funds all collective bargaining agreements. The Council also cut County Executive Elrich’s proposed 10-cent property tax increase per $100 of assessed value by more than half and achieved savings across government operations. As a result of the Council’s vote on the operating budget, Montgomery County’s effective property tax rate increase will be 4.7 percent, with a $692 property tax credit for homeowners.

"This budget makes historic investments in education and in meeting the needs of our residents and our workforce,” said Council President Evan Glass. “We achieved these goals by reducing the proposed property tax, finding efficiencies in government operations and making strategic investments to keep Montgomery County moving forward.” 

“The Council’s budget deliberations carefully balanced our strong and steadfast commitment to our students and teachers with our residents’ many other priorities, while also upholding our responsibility to be fiscal stewards of taxpayer dollars," said Glass. "We fully funded teacher contracts and met salary and benefit agreements for our hardworking first responders, police and healthcare workers. At the same time, we cut the County Executive’s proposed 10 percent property tax hike by more than half. I'm grateful to my Council colleagues who brought new and unique perspectives to the table and shared a commitment to transparency and oversight every step of the way."  

The Council voted 7-4 to reduce the proposed property tax rate increase to 4.7-cents per $100 of assessed value, which reduces the tax burden on property owners by approximately $118 million, while also funding Montgomery County Public Schools (MCPS) at the largest year-to-year increase since the Great Recession.

With a total budget of $3.165 billion allocated for MCPS, which is approximately half of the County’s tax-supported budget, Montgomery County continues its strong and steadfast commitment to education. The County ranks near the top of all Maryland jurisdictions for total per pupil funding for MCPS. The budget also fully funds Montgomery College at $345 million.  

In addition, the Council approved Bill 17-23 on May 9, which amends the County’s recordation tax rates in a progressive way for property recordations valued at $600,000 or more. The additional resources generated through these updated rates will raise more than $187 million, which will help close the CIP funding gap and will fund essential construction projects for school and transportation infrastructure improvements. The recordation tax premium rates are projected to have no effect on the price of affordable housing and will raise $52 million more for rental assistance over five years.

The Council also took action to use County resources efficiently by reducing the recommended budget by more than $49 million and identifying an additional $7.7 million in resources. The Council funded a reconciliation list of high priority items to fund essential services for residents totaling $215.4 million. These combined actions reduced the tax supported Fiscal Year 2024 Operating Budget by $110.7 million compared to the Executive’s recommended budget.   

Moreover, the Council ensured that resources were maintained to honor the County’s long-term commitment to its retired employees and to fully fund the County’s reserves. Funding for these fiscal obligations helps the County retain its triple-A bond rating.  

Council President Evan Glass, Vice President Andrew Friedson and Councilmembers Gabe Albornoz, Marilyn Balcombe, Natali Fani-González, Will Jawando, Sidney Katz, Dawn Luedtke, Kristin Mink, Laurie-Anne Sayles and Kate Stewart unanimously voted for the capital budget amendments. Council President Glass, Vice President Friedson and Councilmembers Albornoz, Balcombe, Fani-González, Jawando, Katz, Luedtke, Sayles and Stewart voted to approve the operating budget, including the budget resolutions for County government operations and MCPS.

The effective date for the operating and capital budgets is July 1, 2023. Read the Council’s Fiscal Year 2024 Budget release. View Council President Glass’ full budget comments. In addition, watch the Council’s May 18 straw vote on the budget and watch the Council's final budget vote.

Snapshots of the Operating and Capital Budgets

Overview of the Montgomery County amended FY23-28 Capital Improvements Program. Details on https://www2.montgomerycountymd.gov/mcgportalapps/Press_Detail.aspx?Item_ID=43430&Dept=1

This image provides an visual overview of the Montgomery County amended FY23-28 Capital Improvements Program.

View the Image View the CIP Snapshot

Overview of the Montgomery County Fiscal Year 2024 Operating Budget. Details at https://www2.montgomerycountymd.gov/mcgportalapps/Press_Detail.aspx?Item_ID=43430&Dept=1

This image provides a visual overview of the Montgomery County Fiscal Year 2024 Operating Budget.

View the Image View the Operating Budget Snapshot

Open  Budget

Open Budget

Online budget publications covering all County departments, agencies and projects allowing users to visualize budgets and spending.

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Interactive Fiscal Plan

Online tool that allows users to input alternative assumptions into the Fiscal Plan and to explore alternative approaches to balancing the budget.

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