For Immediate Release: Tuesday, March 16, 2021
ROCKVILLE, Md., March 16, 2021—Today, the Montgomery County Council unanimously approved legislation authored by Councilmember Andrew Friedson (District 1) to create a Revenue Estimating Group that will review and forecast County revenues. The Revenue Estimating Group, a best practice employed by the State of Maryland, will help the County more accurately project revenues and build consensus to improve fiscal management of the County’s $5.97 billion annual operating budget and $14 billion six-year Capital Improvements Program (CIP).
Committee Chair and Councilmember Nancy Navarro, (District 4) and Councilmember Sidney Katz (District 3), who serve with Councilmember Friedson on the Council’s Government Operations and Fiscal Policy Committee, were co-sponsors of Bill 6-21.
“Accurate and useful revenue estimates are the foundation on which our County’s budget is built. By having better data, we’ll be able to better predict and communicate the County’s fiscal situation, including changes in recordation and transfer tax rates that impact our economy,” Councilmember Friedson said. “Importantly, the Revenue Estimating Group will bring together staff from the County Council and County Executive branch to help build consensus and improve our County’s budget process.”
The Revenue Estimating Group will review and forecast County revenues and report its projections quarterly. The group will consist of staff members from the Department of Finance, Office of Management and Budget, County Council, Office of Legislative Oversight, and Office of the Chief Administrative Officer.
Bill 6-21 is based on a similar group formed to provide revenue forecasts for the State, the Consensus Revenue Monitoring and Forecasting Group. The group’s revenue estimates must be used as a basis of the County Executive’s recommended operating budget.
For more information, read the Council Staff report here.
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Release ID: 21-103