2023 Annual Report - Flipbook - Page 7
Charles County’s Budget
Charles County Government’s budget represents the allocation
of resources based upon the delivery of essential programs and
services. Each year, the County Administrator and fiscal leaders
develop the budget process by:
• Estimating revenues from state and local taxes, federal and
state grants, and user fees and charges;
• Evaluating budget requests from the Charles County Board
of Education, Sheriff's Office, Public Libraries, State’s Attorney, Courts, College of Southern Maryland, and other local
agencies, and the county’s Executive Leadership Team, and
• Proposing a balanced budget for the board to review.
In developing the budget, our approach is:
• Build a fiscally responsible budget
• Discuss department and agency priorities
• Balance budget through internal reallocation of resources; no
tax rate increase
• Plan for a sustainable budget to meet future needs
The Capital Improvement Program (CIP) is budgeted for funding one-time expenditures that pay for communit y assets. The
Board of Commissioners reviews the CIP annually to designate
funds for land preservation, construction and/or renovations of
infrastructure. Government projects are supported by general
fund revenues and bonds which cover schools, transportation,
land preser vation, and parks.
County Retains
AAA Bond Rating
All three major national bond rating
agencies have reaffirmed the county’s
Triple-A bond rating. Private independent rating services meet with county
leaders and fiscal staff annually to evaluate the county’s ability to repay bonds’
principal and interest in a timely manner.
Top bond ratings are earned by demonstrating the streng th of the count y’s
financial position and economic stability. This allows the county to borrow at
low interest rates which saves taxpayer
dollars.
T he count y issued $55 million general obligation bonds in November
2023 to fund improvements in schools,
general government facilities, parks,
r o a d s , s t o r m w a t e r, a n d w a t e r a n d
sewer projects.
Enterprise projects are supported by user fees that pay for stormwater, water and sewer, landfill, and environmental ser vices
related projects.
Charles County Government Annual Report • 2023
The Board of County Commissioners receives public comments,
makes changes based on communit y input, and approves the
final budget by the end of May. The fiscal 2025 budget timeline
is available online. Budget approval is anticipated May 14, 2024.
BE INVOLVED IN THE
BUDGET PROCESS
Visit the new, online engagement platform.
Charles-County-MD.CivilSpace.io
• View the budget timeline
• Tune into episodes of “Let’s Get Fiscal”
• Find answers to frequently asked questions
• Sign up for notifications
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