FY 24 APPROVED OPERATING BUDGET

HARFORD COUNTY MARYLAND FISCAL YEAR 2024 BUDGET SUMMARY

Recordation Tax

of the Total All Funds FY 24 Operating Budget of the Total All Funds FY 23 Operating Budget

FY 24 Approved Budget

17,000,300

1.76 %

FY 23 Approved Budget

21,000,000 (3,999,700)

2.23 %

$ decrease % decrease

(19.05)%

State law imposes a tax on every instrument of writing recorded or offered for record with the Clerk of the Circuit Court (liens, deeds, mortgages, etc.) at the rate of $6.60 per $1,000 of the actual consideration to be paid for property transferred or of the principal amount of the debt secured. Harford County splits the proceeds from this tax: 2/3 to fund school debt and/or school construction; 1/6 to fund Parks and Recreation capital projects; and 1/6 to fund local watershed protection and restoration projects. Recordation revenue is budgeted to decline in FY 24 entirely due to the dampening effect of rising interest rates. Property values in the County continue to rise; however, the number of property transactions in the form of both sales and refinancing has dropped off considerably.

Fund Balance/Unrestricted Net Position FY 24 Approved Budget

121,371,434

12.57 % of the Total All Funds FY 24 Operating Budget 13.57 % of the Total All Funds FY 23 Operating Budget

FY 23 Approved Budget

128,035,601

$ decrease % decrease

(6,664,167)

(5.20%)

Fund Balance has been appropriated in the General Fund at $74,072,089 this funding will be utilized for one-time operating cost as well as Paygo for FY 24 capital projects. Highways Fund Balance of $11,956,345 will be used for resurfacing and other road projects. The Watershed Management Fund will use $2,646,000 of Fund Balance, Parks and Recreation Special Revenue Fund will use $37,000, and Ag Preservation- County will use $16,000,000. Net Assets - Appropriated for Water and Sewer Enterprise fund is appropriated at $16,660,000.

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