Harford County, Maryland FY 24 Proposed Operating Budget

TAX INCREMENT FINANCING

ORIGIN/PURPOSE:

The Beechcreek Estates Tax Increment Fund and the Beechcreek Estates Special Taxes Fund are special funds that were authorized by Bill No. 10-10. The Bill provides that the County may issue not more than $14,000,000 in special obligation bonds to finance or reimburse the cost of the public improvements benefiting the district. It also pledges the real property taxes collected with respect to the tax increment of properties in the district to payment of the bonds to be issued and also authorizes the imposition of a special tax on properties within the district to the extent the tax increment received is insufficient to pay debt service on the bonds and other allowable costs and expenses. The bonds shall not be an indebtedness of the County for which the County is obligated to levy or pledge, or has levied or pledged, ad valorem taxes or special taxes of the County other than the real property taxes representing the levy of the tax increment on properties located in the Development District or the Special Taxing District. The bonds shall be a special obligation of the County and will not constitute a general obligation debt of the County of a pledge of the County's full faith and credit or taxing power. The only funds the County will be obligated to use to make payment on the bonds and the cost of issuance will be those that result from real property taxes levied by the County on the tax increment on properties located in the Development District and, if such revenues are or will be insufficient, the Special Tax levied on and collected from property located in the Special Taxing District and any other moneys held under and as provided by the indenture pursuant to which the bonds were issued.

ALL FUND SUMMARY:

ORIGINAL BUDGET FY 23

EXECUTIVE PROPOSED FY 24

AUDITED FY 21

AUDITED FY 22

CHANGE FY 24 VS FY 23

SUMMARY BY CHARACTER: 60 DEBT SERVICE

15,406,708

738,822 783,411

870,000

865,000

(5,000)

70 MISCELLANEOUS

0

1,032,000

1,800,000

768,000

GRAND TOTAL

15,406,708

1,522,233

1,902,000

2,665,000

763,000

SUMMARY BY DEPARTMENT: 66 DEBT SERVICE

15,406,708

738,822 783,411

870,000

865,000

(5,000)

70 MISCELLANEOUS

0

1,032,000

1,800,000

768,000

GRAND TOTAL

15,406,708

1,522,233

1,902,000

2,665,000

763,000

SUMMARY BY REVENUE SOURCE: REAL PROPERTY/SPECIAL TAX

1,793,006 11,365,000

2,242,417

1,900,000

2,612,700

712,700

MISCELLANEOUS

7,930 2,756

0

0

INVESTMENT INCOME

11,563

2,000

52,300

50,300

13,169,569

2,253,103

1,902,000

2,665,000

763,000

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