FY 27 Proposed Operating Budget

rights and/or a tax credit. Easement purchases may be settled in a lump sum payment, or may be handled through an Installment Purchase Agreement (IPA) between the County and the seller. The agreement sets payment terms, including the fixed interest rate on which the landowner will receive annual payments. An IPA may be up to 30 years in length with interest and a small portion of the principal being paid annually. At the end of the term, the landowner will receive a lump sum payment constituting the remainder of the principal. This final payment is made with the proceeds of a stripped-coupon U.S. Treasury obligation purchased at settlement and held by the County until maturity. The funding included in the annual budget appropriation represents anticipated expenses for new easement purchases, required annual payments of IPAs, scheduled balloon payments on IPAs, and other associated expenses and obligations. The county's dedicated Agricultural Preservation fund maintains funding levels sufficient to meet the full obligations under the program at the time of settlement through to the completion of agreed payments. Due to the timing of Council approvals of easements, the completion of required surveys and documents, and final settlement dates, the preservation process for one property may span more than one fiscal year. Transfer Tax revenue not expended during the fiscal year in which it was budgeted reverts to the dedicated Agricultural Preservation fund and is made available for expenditure on eligible land preservation in future fiscal years in the form of appropriated fund balance.

FUND SUMMARY BY CHARACTER

Ag Pres County Fund Summary by Character

FY 24 Audited

FY 25 Audited

FY 26 Approved Budget

FY 27 Proposed Budget

CAPITAL OUTLAY DEBT SERVICE MISCELLANEOUS

$2,397,557 $2,857,519 $2,544,267 $7,799,343

$7,859,176 $2,059,704 $1,977,084 $11,895,964

$12,250,000 $2,250,000 $4,000,000 $18,500,000

$10,000,000 $2,300,000 $2,200,000 $14,500,000

TOTAL

FUND SUMMARY BY DEPARTMENT

Ag Pres County Fund Summary by Department

FY 24 Audited

FY 25 Audited FY 26 Approved Budget

FY 27 Proposed Budget

PLANNING AND ZONING

$4,941,824 $2,857,519 $7,799,343

$9,836,259 $2,059,704 $11,895,964

$16,250,000 $2,250,000 $18,500,000

$12,200,000 $2,300,000 $14,500,000

DEBT SERVICE

TOTAL

125