Reply to Elrich budget built on unsustainable revenue projections

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[quote=Anonymous]Spending too much and can't support it long-term.

https://www.montgomerycountymd.gov/council/Resources/Files/agenda/col/2022/20220419/20220419_2.pdf

• The level of budget growth proposed by the Executive has not been seen since the Great
Recession and funds substantial programmatic and/or staffing enhancements across all County
agencies.

• Council staff has significant concerns about the sustainability of the unprecedented level of
spending, use of one-time resources, and multi-year funding commitments included in the
recommended budget:
   o The Executive’s assumed budget growth is a historical outlier, with FY23 revenues
supported by the County’s most volatile taxes and one-time resources.
   o The Executive’s recommended use of $20 million in OPEB Trust assets to pay current year
retiree health costs does not align with current fiscal policies.
   o The Executive’s recommended expenditures may create a structural imbalance as early
as FY24 based on the assumed revenue growth in FY24-28.

• These concerns are intensified as the current economic and global news are signaling the
potential for economic contraction in the coming years with inflation at a 40-year high,
investment returns expected to decline, and global instability due to supply chain issues and the
war in Ukraine.[/quote]

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