Montgomery: record funds for education and housing
The Montgomery County Council voted unanimously to approve the Fiscal Year (FY) 2023 Operating Budget, effective July 1, and the FY23-28 Capital Improvements Program.
The Council agreed with 99.8 percent of County Executive Marc Elrich’s budget recommendations and approved $6.3 billion in the operating budget and $5.3 billion in the capital budget.
The approved budget is a 6.2 percent increase from the approved budget for FY22 with no increase in the tax rate.
“This is a rock-solid budget, and for the first time in over a decade, we were able to fully fund our most pressing priorities,” Elrich said.
He explained that the funds will go towards improving education, expanding affordable housing opportunities, improving public safety, combating climate change and being committed to equity.
Elrich noted that the fiscal year 2023 budget will also increase the county’s reserves, help preserve the AAA bond rating and provide better compensation for its employees.
“This budget makes historic investments without raising taxes on our residents during these volatile economic times,” the county executive said.