FY 25 Harford County Government Proposed Operating Budget

The Committee also reviewed the FY 2024 General Fund Budget as a necessary step in

carrying out its charge to recommend a FY2025 spending level. It was necessary to adjust the FY

2024 General Fund Budget to reflect the reduction of the appropriated fund balance and other one

time revenues equal to $74.1 million. Our approach has been to estimate annual recurring revenue;

therefore, we are continuing the historical adjustment to exclude non-recurring sources of funds. This

adjustment yielded an Adjusted FY 2023 General Fund Budget of $694.4 million.

C. Debt Authorization

The Committee has reviewed the County's Debt Management Policy dated April 13, 2010. The

Debt Management Policy includes adiscussion of strategic capital planning and sets overall objectives

for issuance of debt and debt service loads. The Committee concurs in those objectives and the

reasoning set forth in the Debt Management Policy and considers the objectives both reasonable and

conservative.The Committee seeks to offer the County some guidance on this topic, and our general

impressions as to the level of debt contemplated by the plan. We do not intend to give advice to the

County on the highly technical subject of debt issuance and structure. As detailed in the policy, the

County will engage qualified financial advisors, bond counsel, and bond underwriters to give them

advice on the issuance and structure of the County’s debt.

The Committee reviewed the Debt Affordability Ratios provided by the Debt Management

Policy and their impact on theexpected debt level in FY 2024 Budgeted and FY 2025 Projected:

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