FY 23 Approved Budget Book

PAYGO

ORIGIN/PURPOSE : A pay-as-you-go (paygo) policy was implemented in July, 1984 and is included as part of the Debt Management policies within Harford County's five year business plan.The five year business plan confirms that paygo will continue to be used for minor renovation and repair projects which have an asset life of less than ten years for general county, education, fire, library, college, highways, and certain water and sewer projects. It can also be used to purchase furniture and equipment. Paygo funding requirements for FY 23 are allocated to the following budgets: General Fund, Highways Fund, Parks and Recreation Special Revenue, Watershed Management and Water and Sewer.

The General Fund Paygo account also includes funding allocations for Closure Reserve and Rural Legacy Program.

Closure Reserve is a set aside account, required by Governmental Accounting Standards Board (GASB) Statement No. 18, which requires the County to measure and recognize a portion of closure and post closure costs during each accounting period based on landfill capacity as of each balance sheet date. Rural Legacy Program is a State funded program, under which various properties were approved through the application process for purchase of easement rights. These funds are furnished by the County to cover legal costs toward settlements. The State program does not allow for this administrative expense.

ALL FUND SUMMARY:

ORIGINAL BUDGET FY 22

EXECUTIVE PROPOSED FY 23

AUDITED FY 20

AUDITED FY 21

ENACTED FY 23

SUMMARY BY CHARACTER:

70

MISCELLANEOUS

27,966,578

29,495,834

24,743,179

45,041,000

45,041,000

GRAND TOTAL

27,966,578

29,495,834

24,743,179

45,041,000

45,041,000

785