Mayor Scott Brainstorms with Public, Private Leaders in Preparation for 10-Year Financial Plan
Friday Sep 15th, 2023
FOR IMMEDIATE RELEASE
BALTIMORE, MD (Friday, September 15, 2023) - Over the past two days, Mayor Brandon Scott held a brainstorming session with over 40 leaders, representing Baltimore’s public and private sectors. The two-day gathering, held at the Baltimore Convention Center, focused on Baltimore City’s $4.6 billion coffers. The one-time convening will establish a foundation for Mayor Scott’s comprehensive 10-year financial plan tailored to retain and grow Baltimore’s population, boost economic development, and ensure a thriving future.
With a proposed publication date of Spring 2024, the Scott Administration has identified four core financial challenges currently facing the City— structural budget balance, service delivery, infrastructure investment, and tax competitiveness— to anchor the plan and shore up the City’s financial footing.
Mayor Scott aims to increase Baltimore’s population and encourage city investment by cultivating an environment for economic viability and mobility for residents and businesses alike. During the session, the group discussed strategies to reduce the property tax rate, while avoiding chronic budget deficits and service cuts that harm the City’s most vulnerable residents, eliminating operational inefficiencies, and delivering premier city services.
“This is a reflection of our shared commitment to securing a prosperous and sustainable future for the City of Baltimore,” said Mayor Brandon M. Scott. “Our dedicated team of city officials, community leaders, and experts collaboratively charted a path forward that encompassed a range of strategic initiatives and innovative approaches, that will not only help us retain our current residents, but also attract new talent and investments that will foster economic growth and enhance our overall quality of life.”
In February 2013, following the Great Recession, the City developed the first ten-year financial plan which proposed changes to employee pensions and benefits, tax structure, vehicle fleet, zoning code, and renovations to antiquated operational practices.
Now, a decade later, Baltimore City faces a new set of circumstances and challenges, creating the perfect opportunity to build a new, bold 10-year financial plan to serve as a roadmap for meeting the challenges of the next decade.
“The past two days were a true testament to financial stewardship and good governance," said Faith P. Leach, Baltimore City Chief Administrative Officer. “The Administration shared data and financial modeling for the next 10 years. Participants provided their perspectives and shared strategies of proven success with Baltimore’s financial stability as the guiding light. Our future is bright.”
Over the next several months, the Scott Administration will convene a series of community engagement activations throughout the financial planning process to influence the policy and legislative reforms necessary to create a robust financial plan.