FY 24 APPROVED OPERATING BUDGET

HARFORD COUNTY MARYLAND FISCAL YEAR 2024 BUDGET SUMMARY

counties and municipalities. We receive approximately 90% of income tax in quarterly distributions of the withholdings and estimated payments. The county is expecting very limited growth in income tax for FY 24 over the revised FY 23 estimate as the economy is expected to cool and most likely enter recession. FY 23 income tax is estimated at $310.0 million, which is $10.2 million over the adopted budget; however, FY 24 is only expected to yield $311.0 million. Quarterly distributions are expected to grow by 4% as inflationary wage growth continues, but that growth will be almost entirely offset by a drop in reconciling and final payments from non-wage income. Nevertheless, FY 24 should still mark our fourteenth year of positive growth in income tax, a testament to the County's resilient economy and skilled workforce.

111