Harford County, Maryland FY 24 Proposed Operating Budget

We also utilized information from the following sources:

· Income tax collections for Harford County, through February 2023, provided by the Treasurer. · Property tax collections and estimates for Harford County, through FY 2023 and FY 2024, provided by the Treasurer. · Additional input from the Treasurer as to the impact of the Maryland General Assembly's recent action and any pertinent information or estimates from the State Comptroller’s office. · The County Debt Management Policy dated April 13, 2010 and a debt burden analysis for years 2021-2027, provided by the Treasurer’s office. · The County FY 2022 Annual Comprehensive Financial Report. · The County provided access to the Directors of the Departments of Planning & Zoning, Inspections, Licenses & Permits, and Economic Development. These individuals provided the Committee with insight into future growth and development of the County. B. Selected Method - Further Qualifications The Committee reviewed, in detail, revenue estimates for the property tax and the local income tax. Collectively, property and income tax collections represent approximately 88.8% of total General Fund revenues to the County. The Committee reviewed historical data, analyzed trends, and forecasted revenues for both FY 2023 and FY 2024 from these two revenue sources. Due to a lack of historical patterns, the Committee presumed no significant changes in other revenue sources, such as licensing, permits (note: as these are becoming more significant, the Committee does recommend future committees consider the impact of these other fees), and miscellaneous fees, or in miscellaneous State funding, such as police or law enforcement aid. The Committee also noted the influx of federal and sate assistance related to Covid-19; however, as the County has placed those revenues in its Grant Fund and Capital Fund, there is no impact on the General Fund.

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