2024 Annual Report - Flipbook - Page 41
CHARLES COUNTY’S BUDGET
Charles Count y Government’s budget represents the allocation of resources based upon the deliver y of essential
programs and services. Each year, the County Administrator
and fiscal leaders develop the budget process by:
• Estimating revenues from state and local taxes, federal
and state grants, and user fees and charges;
• Evaluating budget requests from the Charles County
Board of Education, Sheriff's Office, Public Libraries,
State’s Attorney, Courts, College of Southern Maryland, and
other local agencies, and the county’s Executive Leadership
Team, and
• Proposing a balanced budget for the board to review.
IN DEVELOPING THE BUDGET, OUR APPROACH IS:
• Build a fiscally responsible budget
• Discuss department and agency priorities
• Balance budget through internal reallocation of resources;
no tax rate increase
• Plan for a sustainable budget to meet future needs
The Capital Improvement Program (CIP) is budgeted
for funding one-time expenditures that pay for community
assets. The Board of Commissioners reviews the CIP annually
to designate funds for land preservation, construction and/
or renovations of infrastructure. Government projects are
supported by general fund revenues and bonds which cover
schools, transportation, land preservation, and parks.
Enterprise projects are suppor ted by user fees that pay for
stormwater, water and sewer, landfill, and environmental
ser vices related projects.
COUNTY RETAINS
AAA BOND RATING
All three major national bond rating agencies:
Fitch Ratings, S&P Global Ratings, and Moody’s
Investor’s Service, have reaffirmed the county's
AAA bond rating. Bond rating experts met with
county leaders to review the health and stability
of the count y based on budget management,
external audits, financial management, and economic development. This allows the county to
maintain low interest rates when repaying bonds.
"Retaining our AAA Bond Rating for the eighth
consecutive year highlights the strength and stability of Charles County’s financial stewardship.
This achievement is a testament to the hard work
and dedication of our county staff, who ensure
we remain fiscally responsible and administratively sound," Commissioner President Reuben
B. Collins II, Esq said. "It also reaf firms the
resilience and promise of our communit y. On
behalf of myself and my fellow Commissioners,
we remain committed to setting equitable policies that address the needs of all residents and
uphold the trust placed in us to secure a thriving
future for Charles County."
On Dec. 3, 2024, the count y sold $73 million
in consolidated public improvements bonds to
fund capital improvements.
Charles County Government Annual Report • 2024
The Board of Count y Commissioners receives public comments, makes changes based on communit y input, and
approves the final budget by the end of May. The fiscal 2025
budget timeline is available online. Budget approval is anticipated in May 2025.
BE INVOLVED IN THE
BUDGET PROCESS
Visit the new, online engagement platform.
Charles-County-MD.CivilSpace.io
• View the budget timeline
• Tune into episodes of "Let’s Get Fiscal"
• Find answers to frequently asked questions
• Sign up for notifications
/ 41
