Baltimore Seeks Voter Approval for $280 Million in Bonds
Baltimore city officials are asking voters to authorize $280 million in borrowing for infrastructure, schools, and housing amid a credit rating downgrade.
The Government of Baltimore is seeking voter authorization on November 3 to borrow $280 million through four separate bond questions. The proposed funding includes $148 million for public infrastructure, $60 million for schools, $50 million for community and economic development, and $22 million for affordable housing.
City officials state the borrowing is necessary because state Highway User Revenue for transportation projects is expected to drop by more than 70% between fiscal 2027 and 2028. This request comes shortly after Moody's Ratings downgraded the city's general obligation bond rating from Aa2 to Aa3, citing declining fund balances.
Critics and fiscal analysts warn that the city is adding a new debt burden to an already stressed budget. The Taxpayers Protection Alliance and other critics argue that borrowing for short-term maintenance over 20-year interest periods is inefficient and lacks transparency.
