FY 25 Harford County Proposed Capital Budget & Capital Improvement Program

Board of Education Debt Service 24

GENERAL Project Number: Council District:

Operating Budget Impact

A244101 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 closed following completion of the audit in July, 2024.

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

26,500,600 26,500,600

26,500,600

26,500,600

Total Cost:

0 26,500,600

0

0

0

0

0 26,500,600

FUNDING SCHEDULE R1515 Recordation Tax R1525 Transfer Tax R8026 Reapp Trsf Tax R8027 Reapp Rec Tax

12,000,600 9,500,000 3,000,000 2,000,000

12,000,600 9,500,000 3,000,000 2,000,000

12,000,600 9,500,000 3,000,000 2,000,000

0

0

Total Cost:

26,500,600

0 26,500,600

0

0

0

0

0 26,500,600

85