Howard County Executive Ken Ulman?s proposed $1.3 billion operating budget includes $14 million to cover retiree health benefits.
A new accounting regulation requires jurisdictions to show they can afford to fund current and future retiree benefits. Howard?s liability has been estimated at close to $477 million.
The county?s Spending Affordability Committee, which was charged with evaluating the county?s financial outlook and making spending recommendations, said the county should budget $10 million for this expense.
Ulman said he “wanted to be a little more conservative” and set aside additional money.
