FY 23 Approved Budget Book

$64,085. Using this figure and the projected debt level for FY 2022 and FY 2023, this ratio would be 2.93% for FY 2022 and 2.90 % for 2023. Both of these figures are well below the cap imposed by the County policy. The County should consider whether this is a relevant metric to be used. Analytically, this ratio would have some value in assessing the debt burden of the County. Unfortunately, information on personal income is delayed as much as two, or more, years. The County aims to maintain a level of debt not to exceed $2,500 per capita. Projected FY 2022 level is expected to be $1,876 and $1,856 for FY 2023. The County aims to maintain a debt level under 2.3% of the full cash value of assessable property in the County. The projected level for FY 2022 and FY 2023 is 1.6%. The County aims to have debt service not exceed 10% of budgeted general fund expenditures. Projected FY 2022 level is 8.6% and 7.9% for FY 2023. The Committee believes the proposed level of debt for Fiscal Year 2023 is reasonable. Care should be taken to revisit the guidelines periodically to make sure they are still relevant, prudent, and allow the most reasonable use of debt for proper public purposes. Since most of the County debt is publicly issued, additional consideration needs to be given to the requirements of the public debt rating agencies and bond investors. The Committee finds additional comfort in the recent reaffirmation of the County’s strong public debt ratings as a testament to the sound fiscal policies employed by the County. Harford County is in a select group of government issuers with the highest ratings from the three major rating organizations. The Committee recognizes this as a significant achievement and believes this further stands as a testament to the strong fiscal policies employed by the County.

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