Budget Year / Version:

Program Description

  Fiscal Management

This program provides effective management of County capital and operating funds and the fiscal analysis and issue management associated with master plan development, economic development, and legislative issues. It is also responsible for accurate revenue and economic forecasting and publishing reports on economic and revenue analysis on a monthly and quarterly basis for dissemination to the County Council and public. One of the program's primary goals is to maintain the County's AAA General Obligation Bond debt rating and to actively invest the County's working capital to minimize risk while generating maximum investment income.

Program objectives related to debt and cash management include managing the timely and economic issuance of short- and long-term financial obligations; developing and maintaining strong rating agency and investor relations; preparing accurate and timely financing documents, including the County's Annual Information Statement; ensuring strict compliance with disclosure requirements; coordinating bond counsel review; providing high-quality consulting services for County agencies, managers, staff, elected officials, and residents on issues related to debt and cash management; and managing the County's relationship with the banking and investment community.

Program objectives related to policy and fiscal projects include the proactive development of intergovernmental policy alternatives and recommendations, including necessary local and State legislation and regulations; fiscal and economic impact analysis for local and State legislation; fiscal impact analysis and effective management associated with the financing and implementation aspects of Master and Sector Plans; implementing and managing new County initiatives such as the Public Election Fund and Commercial Property Assessed Clean Energy (C-PACE) programs; managing a variety of economic development initiatives that support the growth and/or expansion of economic opportunities in the County; and high quality financial consulting services for County agencies, managers, staff, elected officials, and residents.

Program Contacts

Contact Jedediah Millard of the Department of Finance at 240.777.8855 or Anita Aryeetey of the Office of Management and Budget at 240.777.2784 for more information regarding this department's operating budget.


Program Performance Measures

Program Performance MeasuresActual FY17Actual FY18Estimated FY19Target FY20Target FY21
Bond Rating - Rating given to Montgomery County by Fitch, Moody's, and Standard and Poor's (Bond ratings are a measure of the quality and safety of a bond and are based on the issuer's financial condition)AAAAAAAAAAAAAAA
Interest Rate - True Interest Cost for Montgomery County General Obligation Bonds (the most common debt instrument used by the County) 13.5%1.7%3.3%3.3%3.3%
Interest Rate Benchmarking - County General Obligation (GO) vs. Municipal Market Data Index (basis point spread) 230.03.0000
Investment Return - Rate of return on Montgomery County's investments0.71%1.34%1.70%2.20%2.20%
Investment Return Benchmarking - County Return vs. S&P Local Government Investment Pool Index (basis point spread)1218121212
Revenue forecasting - Percent variance between actual revenue and projected revenue-0.67%-3.31%0%0%0%
1  Did not have a 20 year metric for FY18 as there was not a County issuance with this time horizon, 1.726% reflects true interest cost available for 10-year debt issuance.
2  FY17 value abnormally larger due to the volatile rate environment after the presidential election in when rates went up 75 bps between the election (November 6) and Christmas. This disproportionately affected the longer maturities. The County was above MMD by 5 basis points (bps) for 2017 and 2018 maturities, but greater than 25 bps above in later years. FY18 is a return to a more stable interest rate environment.

Program Budget Changes

FY20 Approved ChangesExpendituresFTEs
FY19 Approved194737111.00
Add: Ten Year Fiscal Plan Consultant1000000.00
Multi-program adjustments, including negotiated compensation changes, employee benefit changes, changes due to staff turnover, reorganizations, and other budget changes affecting multiple programs.1351281.00
FY20 Approved218249912.00