FirmoGraphs keeps our clients up to date on capital plans that may contain leads for them. We help our customers use this information to gain a competitive advantage and improve proactive conversations with their clients. We recently processed Prince George's County, Maryland, latest capital plan. Here are the insights we observed.
According to the newly approved Capital Improvement Plan (CIP) for FY 2022-2027, the county will spend $4.77 billion on infrastructure projects ranging from public works and transportation to stormwater management. However, this period's spending has been reduced 0.92% from FY 2021/26 CIP of $4.82 billion. The following table depicts the planned capital spending of Prince George's County for current and previous CIPs and their comparison.
A significant part of the County's CIP 2022-27's spending will be used to improve public works and transportation. Its funding has been increased 7%, and now $656.76 million will be consumed on the construction/rehabilitation of roads, bridges, parking garages, and other facilities. For the stormwater management services, $626.8 million are earmarked with a 3.3% increase. Another $665.59 million will be spent on the Maryland-National Capital Park and Planning Commission (M-NCPPC) with increased funding of 18.1%. These three major projects will consume 40.8% of the total CIP 2022-27.
The funding for health services and education in the new CIP was increased by 21.2%, to $65.21 million, and 1.9% to $1.69 million, respectively. Funds for circuit courts were increased 5.6% to $49.14 million, and for Prince George Corrections Department, the funds increased 8% to $65.88 million. Similarly, the Fire and Emergency Medical Services Department (Fire/EMS) department budget has also been increased 6.56% to $87.4 million.
Interestingly, a significant cut was made in the information technology (OIT) funds, reducing it by 52.8%, to $2.65 million. Funds for the county's Community College facilities and Memorial Library have also been trimmed 35.6% to $268 million and 12.4% to $91.24 million, respectively. Law enforcement funds were also reduced 16.4% to $68.5 million. Prince George's County Redevelopment Authority also got 28.6 % less and was earmarked $43.8 million. The revenue authority allocated $132.2 million in CIP 2022-27, 12.9 % less than CIP 2021-26. The soil conservation department's budget remained unchanged at $200 million.
FirmoGraphs curates data about U.S. public sector markets, including capital plans, regulatory developments, and other critical information. We help our customers use this information to gain competitive advantage and improve proactive conversations with their clients. We’d be glad to meet with you and help your company sort through the wealth of information in capital plans and other publicly available documents. Feel free to request a meeting and review the data live in our Business Intelligence platform.