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5 Critical Updates From The Baltimore City Department Of Finance: Securing Baltimore's Future And The $2.5 Billion Plan

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The Baltimore City Department of Finance (DOF) is currently navigating a period of significant strategic overhaul, with its focus fixed firmly on long-term fiscal stability and modernization. As of December 2025, the department is actively implementing key strategies outlined in the city’s ambitious new 10-Year Financial Plan, a critical document that aims to reshape the financial landscape of Baltimore for the next decade. The department, led by its Chief Financial Officer, is the central engine for safeguarding the city’s fiscal integrity, managing everything from tax revenue to the municipal debt portfolio, making its recent updates essential reading for residents, businesses, and financial stakeholders alike.

This comprehensive overview provides the freshest and most critical updates from the Baltimore City Department of Finance, detailing its new strategic direction, the key bureaus driving change, and the major financial discussions that took place in the latter half of 2025, including a pivotal City Council hearing on the city’s fund balance. These details underscore the department's commitment to responsible stewardship of city resources and its role in realizing Mayor Brandon M. Scott's vision for a more equitable and financially secure Baltimore.

The Leadership and Core Bureaus Driving Baltimore's Fiscal Integrity

The operational effectiveness of the Department of Finance hinges on its leadership and the specialized functions of its core bureaus. Understanding this structure is key to grasping the full scope of the department's responsibilities, which extend far beyond simple tax collection to encompass the entirety of the city’s financial health.

Director of Finance and Chief Financial Officer (CFO)

  • Name: Michael Mocksten (Moiseyev)
  • Role: Serves as the Director of Finance and the Chief Financial Officer for the City of Baltimore.
  • Appointment: Appointed by Mayor Brandon M. Scott, bringing a wealth of financial expertise to the administration.
  • Primary Responsibility: Overseeing the development and implementation of sound financial policies to safeguard the fiscal integrity of the city.

Key Bureaus and Offices (The Entities of the DOF)

The Department of Finance is composed of numerous specialized bureaus, each playing a vital role in the city's financial ecosystem. These entities are the operational arms responsible for managing, accounting, and controlling the city's nearly $1 billion in annual purchases and overall budget.

  • Bureau of the Budget & Management Research (BBMR): Responsible for developing and monitoring the city's annual operating and capital budgets, including the new 10-Year Financial Plan.
  • Revenue Collections: Manages the collection of all city taxes, fees, and other revenues, a critical function that directly impacts the city's ability to fund essential services.
  • Bureau of Procurement (BOP): Oversees the city's purchasing activities, managing nearly $1 billion in purchases and ensuring fair, transparent, and efficient contracting.
  • Accounting & Payroll: Manages the general ledger, financial reporting, and processing of payroll for all city employees.
  • Risk Management: Advises city agencies on risk management issues and handles the city's insurance programs and claims.
  • Treasury Management: Responsible for the day-to-day cash management of the city and managing the city's investment portfolio.

1. The New 10-Year Financial Plan: "Securing Baltimore's Future"

The most significant and current initiative from the Department of Finance is the execution of the city's second-ever 10-Year Financial Plan, titled "Securing Baltimore's Future." This long-term strategic document, released recently, is designed to ensure a sustainably balanced budget over the next decade.

The $3.5 Billion Goal: Savings and Investment

The plan has set ambitious fiscal targets, aiming for a total impact of $3.5 billion, broken down into two major components:

  • $2.5 Billion in Savings: These savings are intended to be generated through fiscal discipline, operational efficiencies, and structural reforms across city agencies.
  • $1 Billion in Investments: The plan earmarks significant funds for strategic investments that align with the Mayor’s core administrative pillars, focusing on long-term growth and quality of life improvements.

The Five Core Pillars of Financial Strategy

The Department of Finance’s strategic planning, particularly the FY2025 and FY2026 budgets, is tightly integrated with Mayor Scott’s five core administrative pillars. These pillars guide where the $1 billion in investment will be channeled, ensuring that financial strategy serves the city’s social and economic goals:

  1. Building Public Safety: Directing funds towards initiatives that enhance community well-being and reduce crime.
  2. Prioritizing Youth: Investing in education, recreation, and opportunity programs for young residents.
  3. Clean and Healthy Communities: Allocating resources for sanitation, environmental sustainability, and public health.
  4. Equitable Neighborhood Development: Funding projects that promote balanced growth and investment across all communities.
  5. Responsible Stewardship of City Resources: The core mandate of the DOF, focusing on efficient spending and fiscal prudence.

2. Key Financial Discussions in Late 2025: Fund Balance Review

A major point of public discussion and departmental focus in the fall of 2025 was the city's financial reserves. On September 17, 2025, the Baltimore City Council held a critical hearing on the city’s fund balance.

The discussion centered on the categories and appropriation of the city’s fund balance, with the Department of Finance taking the lead in presenting a detailed review. The DOF's role is to ensure that the fund balance—a crucial indicator of fiscal health—is managed responsibly and transparently. This review involved an in-depth look at the city's reserve policies and how unassigned funds could be strategically used for future needs or to mitigate unexpected economic shocks. The Board of Estimates had previously approved an appropriation related to the 2025 fund balance, highlighting the ongoing, collaborative effort between the DOF and the City Council on fiscal matters.

3. Operational and Integrity Updates (Staffing and Legal)

Beyond the strategic plans, the Department of Finance has also seen important updates regarding its staffing and internal integrity.

Staffing Expansion for FY2026

As part of the broader commitment to strengthening the city's financial infrastructure, the FY2026 Executive Summary includes a plan to create six new positions within the Department of Finance. These new roles are strategically allocated to bolster two critical areas:

  • Revenue Collections (2 Positions): To enhance the efficiency and effectiveness of collecting essential city revenues.
  • General Finance (4 Positions): To support the overall financial management and accounting functions of the department.

Commitment to Integrity: Legal Action

The Department of Finance has demonstrated a firm stance on fiscal integrity, which was underscored by a recent, high-profile legal case. A former employee of the department, Joseph Gillespie, was sentenced to four years in federal prison in connection with a bribery case. This action serves as a clear signal of the city’s zero-tolerance policy against corruption and the commitment of the DOF to maintaining the highest ethical standards in its financial operations.

4. Modernization and Accessibility Initiatives

The Department of Finance is also working to improve public access to financial services and information. A significant project currently underway is the launch of a new, modernized website for Baltimore City. This digital initiative aims to make services like property tax payments, permit applications, and access to financial publications—such as the "Securing Baltimore's Future" plan and the Budget Updates from the Bureau of the Budget and Management Research—more user-friendly and accessible to the public.

5. Board of Finance Activity

The Board of Finance, which works closely with the DOF, maintains a regular schedule of meetings to discuss and approve various financial matters. However, in late 2025, a scheduled meeting for Monday, December 17, 2025, was officially cancelled due to a lack of substantive matters requiring immediate consideration. This administrative update reflects the day-to-day management of the city's financial governance structure.

In summary, the Baltimore City Department of Finance is currently focused on an aggressive and forward-looking agenda. The implementation of the "Securing Baltimore's Future" 10-Year Financial Plan, with its targets for $2.5 billion in savings and $1 billion in strategic investments, is the defining mandate. Coupled with key staffing expansions in Revenue Collections, rigorous City Council oversight on the fund balance, and a commitment to fiscal integrity, the DOF is actively working to ensure the long-term financial stability and responsible stewardship of Baltimore's resources for the coming decade.

5 Critical Updates from the Baltimore City Department of Finance: Securing Baltimore's Future and the $2.5 Billion Plan
baltimore city dept of finance
baltimore city dept of finance

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