Leaders in Prince George’s County, Maryland, have been warning that the upcoming budget process is going to involve hard choices that will leave lots of people unhappy. To provide more, the county needs to increase tax revenues.
But unlike most jurisdictions which see commercial tax sources generate a large portion of revenue, the county is overly reliant on its residents.
Fixing that has been a priority for years, and the urgency to accomplish that is only growing.
“If we continue with no changes, we’re headed for a $407 million deficit over the next five years,” warned County Council vice chair Sydney Harrison at an economic development briefing Thursday afternoon.
For nearly two hours on Thursday, the Government Operations and Fiscal Policy Committee heard from the county’s top economic development leaders about the current challenges that exist and where opportunities lie in the future.
“Sixty percent of our residents who are employed, who tend to be the highest educated and highest paid employees, pre-COVID numbers, have to leave the county for their employment,” said David Iannucci, the president and CEO of the county’s economic development corporation.
Click here to read the rest of the article written by John Domen over at WTOP
