$60 million Budget Surplus Result of Real Estate Boom
Thursday, March 02 2006 @ 04:34 pm UTC
Contributed by: jron
Officials said the money likely will be directed to school construction and other quality-of-life initiatives. The city is projecting a $60.6 million budget surplus this year. Baltimore's booming real estate market has left the city flush with cash.
Mayor Martin O'Malley said this year's rosy budget projections are a sign of the city's progress and offer hope for its financial future. But the suggestions for how to spend the money range from a reduction in property taxes to more frequent trash collection.
But it comes as other cities have faced police layoffs and other deep cuts. The surplus represents a small portion of the city's $2.3 billion budget.