Baltimore Board of Estimates approves $67.9M fiscal year 2024 budget adjustments

The Board of Estimates meeting on February 5, 2025, spotlighted a significant financial maneuver as the city prepares to address budgetary deficits from the previous fiscal year. City Budget Director Laura Larson reported a preliminary surplus of $46 million for fiscal year 2024, driven by a $77 million revenue surplus but offset by a $30.9 million expenditure deficit.

The board is set to approve a series of fund transfers totaling $67.9 million to cover deficits across various city departments. Key allocations include $9.8 million to the Finance Department and Sheriff’s Office, $5.2 million to the Health Department for unbudgeted COVID-19 expenditures, and $33.3 million earmarked for the Fire Department from surplus investment earnings. These actions are retroactive and aim to stabilize agency budgets impacted by unexpected costs.

Larson emphasized the need for timely budget actions, acknowledging delays in the closeout procedures that have hindered previous fiscal adjustments. The proposed transfers will be forwarded to the City Council for final approval, marking a crucial step in the city’s financial management strategy.

This meeting also included several deferrals and withdrawals of agenda items, but the focus remained firmly on the financial implications of the proposed budget adjustments. The board's decisions today will play a pivotal role in shaping the fiscal landscape for Baltimore as it navigates the complexities of post-pandemic recovery and budgetary constraints.