Baltimore, Maryland, December 4, 2025
Baltimore’s Mayor Brandon M. Scott has introduced a detailed 10-year financial plan titled “Securing Baltimore’s Future,” to address a projected $1 billion deficit. The plan focuses on key areas such as infrastructure investment, resource optimization, economic development, and tax competitiveness, aiming to foster long-term fiscal stability and stimulate economic growth.
Baltimore Unveils 10-Year Financial Plan to Tackle $1 Billion Deficit
Baltimore, Maryland – Mayor Brandon M. Scott has unveiled a comprehensive 10-year financial plan aimed at eliminating a projected $1 billion deficit and fostering long-term fiscal stability for the city. The plan, titled “Securing Baltimore’s Future,” outlines strategic initiatives across four key areas: City and State Investment, Rightsizing, Economic Development and Vacants Remediation, and Tax Competitiveness.
Key Initiatives of the Financial Plan
- City and State Investment: The city plans to increase infrastructure spending and modernize critical facilities, including the convention center, while addressing vacant properties through creative financing tools.
- Rightsizing: Efforts will focus on optimizing resource allocation and infrastructure to ensure that resources are directed to the most critical city assets and buildings.
- Economic Development and Vacants Remediation: The plan includes strategies to revitalize vacant properties and stimulate economic growth, aiming to transform 5,000 vacant properties into homes or other beneficial uses over the next five years.
- Tax Competitiveness: The city intends to reduce property tax rates to align with neighboring jurisdictions, providing direct relief to homeowners and making Baltimore more attractive for new investment.
Background and Context
This financial plan builds upon previous initiatives, such as the “Downtown RISE: Master Plan for Downtown,” which aims to make Baltimore’s downtown more livable and vibrant. Additionally, the plan complements the “Reinvest Baltimore” program, launched by Maryland Governor Wes Moore, which seeks to address the city’s vacant property crisis by transforming 5,000 vacant properties into homes or other beneficial uses over the next five years. The comprehensive approach reflects a collaborative effort between city and state officials to strengthen Baltimore’s fiscal foundation and promote economic and community stability and growth.
Frequently Asked Questions (FAQ)
What is the purpose of Baltimore’s 10-year financial plan?
The plan aims to eliminate a projected $1 billion deficit and foster long-term fiscal stability for the city by implementing strategic initiatives across key areas such as investment, rightsizing, economic development, and tax competitiveness.
What are the key initiatives outlined in the plan?
The key initiatives include increasing infrastructure spending, optimizing resource allocation, revitalizing vacant properties, and reducing property tax rates to align with neighboring jurisdictions.
How does this plan relate to other initiatives in Baltimore?
The plan builds upon previous initiatives like the “Downtown RISE: Master Plan for Downtown” and complements the “Reinvest Baltimore” program, reflecting a collaborative effort between city and state officials to strengthen Baltimore’s fiscal foundation and promote economic and community stability and growth.
Key Features of Baltimore’s 10-Year Financial Plan
| Initiative | Description |
|---|---|
| City and State Investment | Increase infrastructure spending and modernize critical facilities, including the convention center, while addressing vacant properties through creative financing tools. |
| Rightsizing | Optimize resource allocation and infrastructure to ensure resources are directed to the most critical city assets and buildings. |
| Economic Development and Vacants Remediation | Revitalize vacant properties and stimulate economic growth, aiming to transform 5,000 vacant properties into homes or other beneficial uses over the next five years. |
| Tax Competitiveness | Reduce property tax rates to align with neighboring jurisdictions, providing direct relief to homeowners and making Baltimore more attractive for new investment. |
Deeper Dive: News & Info About This Topic
HERE Resources
Baltimore’s Locust Point Festival Showcases Community Spirit
Baltimore Ravens to Install Solar Panels at M&T Bank Stadium
Atlantic Union Bank Expands Presence in Baltimore
National Furniture Retailer Announces Nationwide Store Closures
Montgomery County Faces Significant Challenges Amid Developments
Baltimore’s City of Gods Celebrates Urban Fashion and Community
Baltimore Community Rallies to Support Federal Workers Amid Shutdown
WNBA Revenue Sharing Dispute Intensifies Before CBA Deadline
Historic Carroll Road Bridge Collapse in Baltimore County
WNBA Players Union Pushes for Fair Compensation Ahead of Deadline
Author: STAFF HERE BALTIMORE WRITER
The BALTIMORE STAFF WRITER represents the experienced team at HEREBaltimore.com, your go-to source for actionable local news and information in Baltimore, Baltimore County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Baltimore Book Festival, Preakness Stakes, and Artscape. Our coverage extends to key organizations like the Baltimore Chamber of Commerce and Visit Baltimore, plus leading businesses in shipping and healthcare that power the local economy such as the Port of Baltimore and Johns Hopkins Medicine. As part of the broader HERE network, we provide comprehensive, credible insights into Maryland's dynamic landscape.
