ROCKVILLE, Md. (WDVM) — Montgomery County might be running into a possible budget shortfall for the next fiscal year.
Officials reviewed a mid-year report that shows shortages on property, income taxes, and wage growth. The county’s department of finance and office of management and budget estimated the shortfall at $99.8 million in fiscal year 2021. The data was collected early this year, but the council has since been focusing on boasting the county’s economy with more jobs.
“We need wages to grow, we need the economy to grow, we need jobs and businesses to thrive, if we don’t grow a private sector economy we will not be able to keep up with our high quality of life, with our high level of government services, with the fact that we take care of people who need help,” said Andrew Friedson, Montgomery County Councilmember.
The data could change as the numbers were calculated from the first few month of the year.