Fiscal 2024 Preliminary Budget Released
Wednesday Apr 5th, 2023
On April 6, 2023, the Department of Finance transmitted the Fiscal 2024 Preliminary Budget to the Board of Estimates.
The Fiscal 2024 Preliminary Budget Plan prioritizes investing in the City’s youth while demonstrating a commitment to core City services. The recommendations reflected in Mayor Scott’s Preliminary Budget fully fund the local commitment to City Schools as envisioned in the Blueprint for Maryland’s Future. In just two years the City’s funding level for schools has increased by $129.1 million or 49%. In Fiscal 2024, funding for City Schools will represent 18% of the City’s total General Fund operating budget, the highest share in the City’s history.
The budget totals $4.36 billion, including $3.47 billion for operating expenditures and $887.9 million for investment in capital projects. The recommended General Fund budget is $2.22 billion, an increase of 3.3% from the Fiscal 2023 Adopted Budget.
The Bureau of the Budget and Management Research (BBMR) will provide a presentation on the budget to the Board of Estimates on April 19. On April 26, the Board of Estimates will hold a special meeting at 10am with BBMR and agency heads to review the Preliminary Budget and Taxpayers' Night at 6pm for residents to provide testimony on the Preliminary Budget.