MoCo

Per Montgomery County: Montgomery County Executive Marc Elrich today transmitted his $5.4 billion Recommended Fiscal Year 2024 Capital Budget and Amendments to the FY23-28 Capital Improvement Program (CIP) to the County Council. The recommendations are a $136.7 million (2.6 percent) increase from the previously approved capital budget.  This is the second year of the County’s two-year capital budget. As a result, adjustments are limited to project changes that either meet the County’s CIP amendment criteria or are necessary to address capital or operating budget constraints. To see the complete recommended FY24 Capital Budget and amended FY23-28 Capital Improvements Program, go to https://www.montgomerycountymd.gov/omb/publications.html

“My FY24 CIP amendment recommendations take advantage of opportunities to leverage significant non-County resources and reflect our broadly shared values of prioritizing education and core infrastructure improvements while considering racial equity and climate change concerns,” said County Executive Marc Elrich. “These amendments are all affordable within available resources. However, high inflation due to supply chain issues, labor shortages and a tight construction market has had a major impact on this CIP proposal. Without more funding, we are limited in our ability to solve local problems and to build the kind of healthy, just, economically vibrant community we want for our residents.”

Bill 1-23, Property Tax Credit – Elderly Individuals and Retired Military Services Members – Amendments

Introduction: Councilmember Sidney Katz will introduce Bill 1-23, which would update eligibility for certain elderly individuals and retired military service members to receive a property tax credit, increasing the assessment threshold by $50,000. This bill seeks to update the assessed value to $700,000 for senior residents and $550,000 for retired members of the military to account for increases in property values during the last few years. The existing credit amount is 20 percent of the County property tax imposed on the dwelling. The credit must be granted each year for seven years, if the individual remains eligible for the credit. Councilmembers Luedtke, Marilyn Balcombe, Natali Fani-González, Gabe Albornoz and Vice President Andrew Friedson are cosponsors of the legislation.