County Fronts Money To City

| August 23, 2010 | 9 Comments

County Executive Leopold today approved a wire transfer of $875,000 to the City of Annapolis as an early payment of revenues to aid the City’s budget.

“I approved this transfer to provide assistance to the City of Annapolis as Mayor Cohen works to balance the budget,” County Executive Leopold said.  “When our Capital City needs help, we are more than willing to oblige.  As a State Delegate and County Executive, I have always been an advocate for regionalism, because jurisdictions must work together to solve difficult problems.”

Every month the City and State of Maryland receive property tax payments at the beginning of the month.  At the end of each calendar year, the City receives its share of profits from Eisenhower Golf Course.  The payments today reflect $750,000 in property tax revenues and $125,000 in profits from the golf course.

“Despite the fact that the City Council passed a balanced budget for Fiscal Year 2011, the lack of cash in our reserves has posed a lingering challenge,” Mayor Josh Cohen said. “I appreciate County Executive
Leopold working with us to get the cash flowing so we can pay our bills more quickly.”

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