FY 27 Proposed Capital Budget

DEDICATED CAPITAL FUNDING

Harford County has three revenue streams that are dedicated to funding school capacity and modernization projects and/or the debt service incurred for them, park and recreation facilities, and the preservation of agricultural farm land. The following pages provide an explanation of their origin, the taxes, and the details of which ones have been appropriated for FY 27. RECORDATION TAX The Annotated Code of Maryland, 1957, as amended, Article 81 Section 277 provides counties with the authority to establish a recordation tax "upon every instrument of writing conveying title to real or personal property, offered for record and recorded in this State with the clerks of the circuit courts of the respective counties, . . . The term 'instruments of writing' shall include deeds, mortgages, chattel mortgages, bills of sale, leases, deeds of trust, contracts and agreements, . . ." The Harford County Council established a Recordation Tax, via Resolution No. 10-79, effective July 1, 1979, on instruments recorded among the Land Records of Harford County which convey title to real property and on instruments securing a debt.

The Annotated Code of Maryland Section 12-113 requires the proceeds from Harford County's Recordation Tax be: I deposited in a special capital improvement fund for: o payment of the principal and interest on school construction debt o

new school construction portable classrooms

o major improvements and capital improvements to existing school facilities

o

II deposited in a fund for land and recreation open spaces: o to purchase park lands and develop park and recreation facilities as separate units or as a part of a public school facility o to pay loans made for those purchases o to match any funds provided for those purchases III dedicated (per Resolution No. 005-15) at a rate of $.55 to fund the implementation of local watershed protection and restoration projects throughout Harford County.

The Recordation tax rate is $3.30 per $500 of the transaction value and is divided as follows:

Public School Debt Service and/or Construction

$2.20

67.0% 16.5% 16.5% 100.0%

Program Open Space or Parks and Recreation Capital Projects

0.55 0.55

Watershed Management

$3.30

For FY 27 Recordation Tax revenues are appropriated as follows: Harford County's FY 27 Operating Budget

$13,932,000

From FY 27 Estimated Recordation Tax Receipts:

$13,932,000

Board of Education Debt Service

$13,332,000

Principal Payments Interest Payments

$11,294,427 2,037,573 $13,332,000

Watershed Management

$600,000

Harford County's FY 27 Capital Budget

$4,000,000

Parks & Recreation Projects Backstop Renovations Blake's Venture Park Bleacher Renovations Canoe and Kayak Access Eden Mill Park Rehabilitation Edgewood Recreation Park Facility Repair and Renovation Gunpowder River Dredging Mariner Point Park Renovation Oakington Peninsula System Playground Equipment Disc Golf Course Norrisville Park

$4,000,000

150,000 200,000 100,000 100,000 50,000 125,000 150,000 70,000 150,000 425,000 250,000 900,000 250,000 50,000 100,000 150,000 750,000 30,000

Park Improvements Parkland Acquisition

Schucks Road Regional Complex Tennis, Multipurpose & Pickleball Courts

Tollgate Woodshop

Total Recordation Tax revenues appropriated for Fiscal Year 2027

$17,932,000

50