FY 26 Approved Operating Budget

Long Range Fiscal Goals

Doing Business The Harford County Department of Economic Development makes the connections business leaders need to be successful. Financial support is offered to businesses of all sizes and works closely with the business community to obtain traditional financing, venture capital, and local, state, and federal loans. Financial Support and Future Growth The Office of Economic Development also houses financial support for business development and works closely with the community to obtain financing and assistance in venturing capital, local, state and federal loans. Specific financing programs include: • Workforce Technical Training Grants program, a competitive investment grant program designed for accelerating technical training. • The Economic Development Opportunity Fund providing funding to small businesses in Harford County to support their overall growth through capital investment, job creation, and retention. • Tourism Funding – Harford County offers competitive funding with revenue generated b the County’s hotel lodging fee. Funds include aid to cultural, historical, museum, eco tourism, and sport tourism activities. All these opportunities, both new and existing, are stimulating economic growth and advancing Harford County to become more productive and competitive in the ever evolving business community. Enriching the Economy In January, 2015 Bill 14-035 was passed by the County Council, allowing revenue collection from overnight hotel stays. Half of the revenue generated will go directly to Harford County Government for reinvestment in tourism related activities, through a competitive grant process. The other half of the revenue will go back to the three Harford County municipalities where the hotels are located (Aberdeen, Bel Air, Havre de Grace). This revenue coincides with the privatization of tourism (Executive Order 14-10), with the anticipation that a destination marketing organization will boost tourism and businesses that flourish with visitors. Capitalizing on this type of revenue opportunity is imperative to improving the County’s economy. Redirecting the Focus and Leveraging Opportunities While the overall economy makes some improvements, it is critical for Harford County to streamline operations and defer large amounts of additional future debt. This balanced, sustainable approach was recognized by the three major investor bond rating services by giving Harford County the highest possible Triple-A ratings. In order to maintain this level of rating the County plans to focus on existing capital projects rather than new ones, to outsource services and consolidate office space where possible, and to use technology to improve resources to our citizens. This can be viable with leveraging other funding opportunities instead of burdening County citizens with unfair fees such as the rain tax. With the help of the County Council this tax was repealed with Bill 14-036 and the Administration was able to redirect a portion of existing recordation tax to fund stormwater remediation projects.

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