FY 25 Harford County Proposed Capital Budget & Capital Improvement Program

Board of Education Debt Service 25

GENERAL Project Number: Council District:

Operating Budget Impact

New

Multiple Various

Revenues:

Location:

Expenditures: Cost Savings: None:

Est. Debt Service:

$0

(annual)

X

Expended/Encumbered as of 2/22/24: $0

Project Schedule/Status: This project will be ongoing to pay debt service.

PROJECT DESCRIPTION: This project allows for the collection of Recordation Tax and Transfer Tax in the Capital Projects funds in accordance with State law. Recordation and Transfer Taxes may be used for the payment of Debt Service on education capital projects or as pay-as-you-go funding for education projects. In the past, the County has recorded the collection of Recordation and Transfer taxes in an escrow account and then transferred the money to the General Fund to pay debt service. This project will provide a more informative means to an audit presentation.

EXPENDITURE SCHEDULE

Cost Element

Prior

FY 2025 Approp Total

FY 2026

FY 2027 FY 2028 FY 2029 FY 2030

TOTAL

Engineering/Design Land Acquisition

0 0 0 0

0 0 0 0

Construction

Inspection Fees

Equipment/Furnishing

18,670,000 18,670,000 18,000,000 18,000,000 18,000,000 18,000,000 18,000,000 108,670,000 0 18,670,000 18,670,000 18,000,000 18,000,000 18,000,000 18,000,000 18,000,000 108,670,000

Total Cost:

FUNDING SCHEDULE R1515 Recordation Tax R1525 Transfer Tax

10,670,000 10,670,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 60,670,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 48,000,000 0 0 0 0 0 0 0 18,670,000 18,670,000 18,000,000 18,000,000 18,000,000 18,000,000 18,000,000 108,670,000

Total Cost:

58