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Montgomery warns that lower-than-expected tax revenues spell budget trouble

Despite an improving economy and projected state surplus, Montgomery County officials have issued a gloomy financial forecast for the coming fiscal year, warning of deep budget cuts if tax revenues don’t rise.

Every November the county gets its largest chunk of income tax payments from the state. This year’s distribution was expected to increase by 16 percent over November 2014. Instead it grew just 2 percent, said management and budget director Jennifer Hughes. As a result, the county has lowered estimated revenues by $37 million in the current fiscal year and $98 million for FY 2017, which begins July 1.

If trends continue, Hughes said, county agencies will have to reduce spending by 11.5 percent to balance the 2017 budget, according to a memo she sent to the County Council on Wednesday.

Read full article here from Washington Post

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