FY 25 Harford County Approved Operating Budget

DEBT SERVICE 661110 Principal, 662110 Interest General Funds

ORIGIN & PURPOSE: The ofcial statement dated January 23, 2024 consists of Harford County General Obligation Bonds in the amount of $75,545,000. This includes $40,000,000 in Consolidated Public Improvement Bonds Series 2024A and $35,545,000 in Refunding Bonds Series 2024B. The County received the highest rating possible from all three investor services, making Harford County bond ratings: Fitch Ratings AAA, Standard & Poor's AAA, and Moody's Investors Service Aaa. It is Harford County's practice to conduct an annual bond sale contingent on capital project needs and the economic conditions of the bond market. Prior to selling bonds, the County will issue Bond Anticipation Notes (short term fnancing) to start the construction of capital projects based on cash fow needs.

General Fund by Type

Debt Service General Fund by Type

FY 22 Audited

FY 23 Audited

FY 24 Approved Budget

FY 25 Approved Budget

DEBT SERVICE Principal Payment (6118) Software

$0

$1,248,928

$2,750,000

$4,000,000

(6101) County Bond

$32,271,636

$11,456,005

$12,284,235

$12,861,259

(6103) School Bond

$23,610,688

$24,702,283

$25,237,051

$25,612,615

(6105) College Bond

$2,204,013

$2,023,314

$1,980,391

$1,789,095

(6114) Solid Waste Services

$933,998

$895,210

$872,093

$868,929

(6115) Leases

$2,985,135

$3,146,289

$3,500,000

$3,500,000

PRINCIPAL PAYMENT TOTAL

$62,005,470

$43,472,029

$46,623,770

$48,631,898

Interest Payments (6201) County Bond

$4,906,454

$5,418,414

$6,009,785

$5,991,491

(6203) School Bond

$9,982,034

$10,642,363

$10,482,888

$10,182,355

(6205) College Bond

$741,460

$727,687

$681,851

$596,914

(6218) Software Interest

$0

$19,360

$270,000

$300,000

(6214) Solid Waste Services

$318,361

$289,996

$250,496

$298,227

(6215) Leases

$149,598

$153,924

$250,000

$250,000

INTEREST PAYMENTS TOTAL

$16,097,907 $78,103,377 $78,103,377

$17,251,745 $60,723,773 $60,723,773

$17,945,020 $64,568,790 $64,568,790

$17,618,987 $66,250,885 $66,250,885

DEBT SERVICE TOTAL

TOTAL

658