During last night’s board meeting, Dr. Holly Sun from the County Government shared their Economic and Fiscal Outlook. Several key takeaways:
- recession is possible
- county revenue growth is slow (1.8% in 2017, 1.3% in 2018)
- APFO legislation may have a negative impact on the revenue
- During last two economic downturns, County revenue plunged by $35 million ($26-$43 million) on average
- County revenue: 49% from property tax, 41% from income tax
- County real property tax rate (1.014% general + 0.176% fire) is the 2nd highest in MD counties. For those living on CA, there is another 0.067% annual charge.
- County income tax rate (3.2%) is at the highest level in the State
- Howard County ranked 3nd among all 24 counties in Maryland for County spending per pupil for public schools. County spending per student totaled $10,321 per year, 41% higher than the State average of $7,323.
• No.1. Worcester: $13,526 • No.2. Montgomery: $10,599 • No.3. Howard: $10,321
- A (Significant) Structural Gap Anticipated in Next 6 Years
Here is the document.