FY 26 Approved Operating Budget

PARKS & RECREATION SPECIAL REVENUE FUND SUMMARY

ORIGIN & PURPOSE :

Prior to FY 02 , revenues and expenses related to the self - supporting activities of the Emmorton Recreation and Tennis Center , Recreation Councils and / or the Oakington Peninsula were accounted for as a Trust Fund . This changed when the Governmental Accounting Standards Board ( GASB ), the standard setting authority for governmental accounting , introduced a fi nancial reporting model through GASB Statement No . 34 , which requires Trust Funds be used for private purposes , pensions and investments . These Parks and Recreation activities no longer quali fi ed as a " trust " under GASB Statement No . 34 , nor did they meet the standards of the Operating General Fund , since their revenues and expenses are dedicated solely to supporting their own programs . Therefore , a Special Revenue Fund was established by Council Bill No . 00 - 64 , e ff ective March 20 , 2001 . The Fund covers the activities of : ◦ Emmorton Recreation and Tennis Center : This facility was purchased by Harford County using State Program Open Space funding in November 1999 for the purpose of addressing the unmet recreation and leisure needs of the Emmorton / Abingdon area . Two of the indoor tennis courts were retained and two others were converted into multipurpose gymnasiums . The outdoor courts were converted for new parking and a steel - fabric covering for two additional indoor courts increasing tennis court rentals and revenue production . ◦ Oakington Peninsula : The Oakington Peninsula is comprised of two separate farms , Swan Harbor Farm and Oakington Farm ( Eleanor and Millard Tydings Park ). Swan Harbor was purchased in conjunction with the Maryland Department of Natural Resources and Program Open Space in 1994 . It operates as a self sustaining facility generating revenue from rentals , farming , leases and fundraising . The Oakington Peninsula will generate revenues from leasing of farmland , two houses , and the facility as well as providing a park for passive and recreational activities . ◦ Recreational Council Activities : This account is set up to receive revenues from recreational activities , registration , and events . The funds will be expended for recreational supplies , tournament trophies , o ffi cials and referees , etc .

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