The Montgomery County Commissioners have approved a budget that calls for $403 million in spending and no tax hike next year. They balanced the budget by cutting another million dollars in spending and taking $40 million from the cash reserve, reducing it to $24.5 million. That’s well below the amount the bond rating agencies require for the county to maintain its AAA rating, which lets it borrow money at the lowest rates available. Chairman Jim Matthews says the ratings are somewhat arbitrary, and the county could still keep it. About 15 county employees face layoffs.