MFP Committee Recommends Six Year Balanced Fiscal Plan and New Reserve Policy

The Management and Fiscal Policy (MFP) Committee, chaired by Councilmember Duchy Trachtenberg, met on Thursday, June 24th at 10:00 a.m. The Committee considered efforts to stabilize County finances to withstand future economic challenges. Specifically, the MFP Committee discussed the following:

• Resolution to Approve Reserve and Selected Fiscal Policies
• Bill 36-10, Finance – Revenue Stabilization Fund – Amendments
• Tax Supported Fiscal Plan Summary for the FY11-16 Public Services Program
• Office of Legislative Oversight’s FY11 Work Program

Council Staff represented at the MFP meeting included Steve Farber, Council Staff Director; Robert Drummer, Senior Legislative Attorney; Chuck Sherer, Legislative Analyst; Karen Orlansky, Office of Legislative Oversight Director and Leslie Rubin, Legislative Analyst. Executive Staff represented at the MFP meeting included Jennifer Barrett, Finance Director; Joseph Beach, Office of Management and Budget Director; Karen Hawkins, Chief Operating Officer and Alex Espinosa, Operating Budget Coordinator.

The MFP Committee recommended approval of the Resolution to Approve Reserve and Selected Fiscal Policies with amendments and recommends approval of Bill 36-10, Finance – Revenue Stabilization Fund with amendments. The Committee also recommended approval of the Resolution on the Tax Supported Fiscal Plan Summary with amendments. Finally, the MFP Committee discussed the work program for the Office of Legislative Oversight. The conversation focused on the report for the County Council on the structural budget deficit.

The full County Council will take action on both resolutions and Bill 36-10 on Tuesday, June 29th. This County Council session is open to the public.

“Today the MFP Committee took important, strategic steps to place Montgomery County on the road to financial resiliency. We approved new fiscal policies that will define our County as fiscally prudent and economically strong. In addition, we will concentrate on results-based budgeting and performance measures. Montgomery County may not look the same in future years, but our County will emerge financially stronger than ever before.”

Please contact Laurie Mintzer Edberg, Director of Management and Fiscal Policy, at 240-777-7948 (direct dial) or laurie.edberg@montgomerycountymd.gov with any questions regarding this MFP session.