Mission Statement

The purpose of the Montgomery County Revenue Authority is to own and operate self-sustaining projects to support the County's education, economic development, human services, recreation, and transportation needs through enterprises conducted within its authority as a public corporation. To accomplish its goals, the Revenue Authority engages in activities to:

• construct, improve, equip, furnish, and maintain projects devoted wholly or partially for the public good, use, or general welfare;
• initiate public projects designed to stimulate employment or economic growth;
• develop and operate recreational facilities in the County; and
• assist in financing County government projects through the issuance of Revenue Authority bonds or other debt.
  

Agency Description

The Revenue Authority is an instrumentality of Montgomery County and a public corporation created in accordance with State law in 1957 to construct and operate a variety of self-supporting projects. In 1992, State legislation authorized Montgomery County to establish the Revenue Authority in local law. In December 1992, the County Council enacted legislation that recreated the Revenue Authority in local law (Montgomery County Code, Chapter 42), and the operations of the existing Authority were assumed. The Revenue Authority Board of Directors consists of six members, five of whom serve five-year staggered terms, and are appointed by the County Executive, subject to confirmation by the County Council. In 1998, the County Council amended County Code, Chapter 42 to add the Chief Administrative Officer to the board as a non-voting member. The Revenue Authority is authorized to issue its own revenue bonds which are repaid solely from funds of, and revenues received by, the Authority. General tax receipts are not used for either the retirement of debt for projects developed and operated by the Authority or for the Authority's operating costs. Authority projects and debt are tax-exempt under State law unless declared taxable by the Authority. The Revenue Authority publishes an annual report, and is required to publish its annual budget by May 1 of each year.

Budgetary Requirements

The six-year Capital Improvements Program (CIP) of the Revenue Authority is subject to County Executive review and County Council approval, with further County Executive approval required prior to the start of any specific project. Operating costs of maintaining, preparing, and operating Revenue Authority projects, including payment of principal and interest on bonds issued, are funded from rates, tolls, rents, and charges to users of its projects, such as golf course fees. The Revenue Authority Board of Directors reviews the operating budget recommendations of its staff during April, publishes its budget by May 1, and adopts an operating budget for the forthcoming fiscal year by July 1.