FY 23 Approved Budget Book

PARKS AND RECREATION SPECIAL REVENUE FUND

ORIGIN/PURPOSE: Prior to FY 02, revenues and expenses related to the self-supporting activities of the Emmorton Recreation and Tennis Center, Recreation Councils and/or the Oakington Peninsula were accounted for as a Trust Fund. This changed when the Governmental Accounting Standards Board (GASB), the standard setting authority for governmental accounting, introduced a financial reporting model through GASB Statement No. 34, which requires Trust Funds be used for private purposes, pensions and investments. These Parks and Recreation activities no longer qualified as a "trust" under GASB Statement No. 34, nor did they meet the standards of the Operating General Fund, since their revenues and expenses are dedicated solely to supporting their own programs. Therefore, a Special Revenue Fund was established by Council Bill No. 00-64, effective March 20, 2001. The Fund covers the activities of: ◦ Emmorton Recreation and Tennis Center: This facility was purchased by Harford County using State Program Open Space funding in November 1999 for the purpose of addressing the unmet recreation and leisure needs of the Emmorton/Abingdon area. Two of the indoor tennis courts were retained and two others were converted into multipurpose gymnasiums. The outdoor courts were converted for new parking and a steel-fabric covering for two additional indoor courts increasing tennis court rentals and revenue production. ◦ Oakington Peninsula: The Oakington Peninsula is comprised of two separate farms, Swan Harbor Farm and Oakington Farm (Eleanor and Millard Tydings Park). Swan Harbor was purchased in conjunction with the Maryland Department of Natural Resources and Program Open Space in 1994. It operates as a self-sustaining facility generating revenue from rentals, farming, leases and fundraising. The Oakington Peninsula will generate revenues from leasing of farmland, two houses, and the facility as well as providing a park for passive and recreational activities. ◦ Recreational Council Activities:

This account is set up to receive revenues from recreational activities, registration, and events. The funds will be expended for recreational supplies, tournament trophies, officials and referees, etc.

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