FY 23 Approved Budget Book

HIGHWAYS FUND

FINANCIAL NOTES:

FY 23 Approved Budget

62,400,000

FY 22 Approved Budget

56,900,000

$ increase

5,500,000

% increase

9.67 %

FY 22

FY 23

CHANGE

EXPLANATION OF INCREASE/DECREASE - REVENUES

38,008,000 39,984,800

1,976,800

PROPERTY TAXES In addition to Countywide Property Taxes, the Harford County Code, Chapter 123, Article I, Section 16 requires the County Council to levy an additional tax on property outside the city and incorporated towns, that when combined with all other Highways revenues, is sufficient to fund: o Maintenance, care, repair and construction of roads and bridges outside of the incorporated towns o All expenses of the County Department of Public Works concerning County highways o All expenses of the County and/or Sheriff's Office regarding traffic patrol and highways safety o Any County expenses related to transportation services The Code also requires this fund to be a special account separate and apart from all other funds. For FY 23, the additional tax on property outside of the municipalities remained the same. Tax rate for this differential is: $0.1366 per $100 of assessed value for properties outside the towns. Each year the State reassesses one group, resulting in a complete reassessment of the County every three years.

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