March 17, 2022 Citing strong fiscal management and position as a regional economic anchor, all three major ratings agencies affirmed Baltimore County's creditworthiness TOWSON, MD —Baltimore County Executive Johnny Olszewski today announced that the County has maintained triple-A bond ratings from all three major rating agencies, allowing the County to continue issuing bonds at the lowest possible interest rate-saving millions of dollars for County taxpayers. Moody's Investor Service, Fitch Ratings, and S&P Global Ratings have each reaffirmed the County's triple-A rating, making Baltimore County one of only 49 counties nationwide to receive the highest rating from all three agencies. "Even while navigating the economic disruption caused by the COVID-19 pandemic for the last two years, Baltimore County is proud to have again retained these top financial ratings through responsible fiscal management and a resilient local economy," Olszewski said. "Baltimore County is on strong fiscal footing and we will continue to focus on investing in our residents’ priorities and further strengthening our long-term fiscal health." In their reports, the rating agencies noted Baltimore County's strong management practices, its role as a regional economic center, and its efforts to increase transparency for residents. Olszewski's first budget closed an $81 million deficit and trimmed $35 million in unnecessary spending while making record investments in public education and taking additional steps to stabilize costs for retiree health care benefits. In 2020, anticipating significant economic disruption early in the pandemic, the administration worked in partnership with the County Council to cut over $125 million from the FY21 budget while maintaining key investments in public education, public safety, and the County workforce, and strengthening the County’s reserve fund balance. And last year, the administration continued to make record investments in education, allocated funding to expand mental health services, and invested significant new resources in recreational and green space opportunities, among other priorities. Olszewski is currently hosting this fourth annual budget town hall series to hear from residents about their thoughts and concerns on how the county should prioritize future spending.
Olszewski will submit his proposed Fiscal Year 2023 budget to the County Council on April 14, 2022.