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Baltimore County Government
County Government Well Managed Government Budget Police/Fire Taxes Agency Listing
Baltimore County Budget
Five Year Summary of General Fund Revenues and Expenditures
Link to the Office of Budget and Finance
General Fund Comparative Statement of Revenues and Expenditures
From FY 2006 through FY 2010, the County had an excess of revenues over expenditures in each and every year until FY 2010. The County's General Fund Balance increased from $278 million at the beginning of FY 2006 to $309 million at the end of FY 2006 and then decreased to $232 million by the end of FY 2010 as a result of a planned drawdown. The FY 2010 ending fund balance represents 14.4 percent of general fund revenues based on the budgetary basis of accounting.
From FY 2006 through FY 2009, total revenues increased by 9.1 percent or $135 million from $1.49 billion to $1.63 billion. In FY 2010, total revenues decreased by 9.1 percent or $144 million. A large portion of the decrease in revenues, $66 million, was due to a miscalculation of the County share of income tax revenue by the State of Maryland. This error caused the FY 2009 revenues to be overstated by $66 million and the FY 2010 revenues to be understated by $66 million. By adjusting for this error, FY 2009 revenues would have been reported at $1,560,000 and FY 2010 revenues would have been reported at $1,548,000, a $12 million decrease from the prior year. General property taxes increased by 30 percent or $188 million as a result of increased assessments. Due to the County's 4 percent tax cap on reassessments, assessment increases are still being realized. Income taxes increased from FY 2006 through FY 2008 and then decreased in FY 2009 and FY 2010. Taking into consideration the $66 million miscalculation stated above, income taxes increased by 2.5 percent or $14 million over the five-year period. Sales and service taxes have decreased by 45 percent or $86 million over this period as a result of declining recordation and title transfer taxes that had spiked due to a robust real estate market in FY 2006 then dropping through FY 2010. Intergovernmental aid has decreased by 39 percent over the period or $47.5 million, primarily as a result of State cuts of approximately $35 million in highway user revenues in FY 2010. The County is anticipating further cuts in State aid or shifting of expenses from the State to the counties. Interest on investments decreased by $2.2 million as a result of declining interest rates.
Total expenditures increased by $244 million over the five-year period. The County used excess revenues to fund one-time capital expenditures. Transfers to the capital budget (pay-as-you-go funding) totaled $575 million over the five-year period from FY 2006 through FY 2010. In FY 2010, the County transferred to the General Fund $118 million from capital and economic development for projects that were delayed, eliminated or completed under budget. From FY 2006 to FY 2010, public safety expenditures increased by 29 percent or $76 million. Excluding public safety expenditures, all other expenditures increased by just 15% or 168 million. Through the labor negotiation process, the County was able to extend career service, increase employee contributions, reduce future retiree cost-of-living adjustments and make some other benefit changes in order to control pension costs.
The following statement presents the County's actual revenues, expenditures and fund balance for the General Fund in accordance with generally accepted accounting principles. The revenues are presented according to source and the expenditures are presented according to major purpose for each of the last five fiscal years ending June 30. Contributions to the capital budget for public schools have been classified under "Operating Transfers to Capital Budget"
General Fund Comparative Statement of Revenues, Expenditures and Changes in Fund Balance
2006 | 2007 | 2008 | 2009 | 2010 | |
|---|---|---|---|---|---|
Revenues | |||||
General Property Taxes | $626,750,000 | $663,289,000 | $713,116,000 | $765,573,000 | $814,584,000 |
Income Taxes | 547,875,000 | 607,932,000 | 640,985,000 | 640,176,000 | 495,656,000 |
Sales and Service Taxes | 190,100,000 | 170,607,000 | 144,940,000 | 112,618,000 | 104,393,000 |
Licenses & Permits | 4,485,000 | 4,026,000 | 3,864,000 | 3,539,000 | 3,009,000 |
Intergovernmental | 78,406,000 | 80,647,000 | 78,434,000 | 70,424,000 | 30,904,000 |
Charges for Services | 10,773,000 | 10,582,000 | 9,720,000 | 8,861,000 | 9,497,000 |
Fines & Forfeitures | 4,374,000 | 4,725,000 | 3,098,000 | 3,407,000 | 3,660.000 |
Interest on Investments | 11,353,000 | 16,466,000 | 8,925,000 | 2,864,000 | 618,000 |
Miscellaneous | 17,036,000 | 16,541,000 | 19,651,000 | 19,574,000 | 20,400,000 |
Total Revenues | $1,491,152,000 | $1,574,815,000 | $1,622,733,000 | $1,627,036,000 | $1,482,237,000 |
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Expenditures: | |||||
General Government | $64,116,000 | $66,461,000 | $70,049,000 | $71,128,000 | 70,594,000 |
Public Safety | 257,608,000 | 282,749,000 | 306,928,000 | 322,247,000 | 333,523,000 |
Public Works | 99,795,000 | 108,128,000 | 113,105,000 | 117,215,000 | 141,409,000 |
Health and Human Services | 31,773,000 | 33,242,000 | 35,439,000 | 36,526,000 | 37,973,000 |
Culture and Recreation | 19,196,000 | 20,335,000 | 22,426,000 | 23,507,000 | 24,370,000 |
Economic and Community Development | 1,707,000 | 1,773,000 | 1,757,000 | 2,005,000 | 2,064,000 |
Pension Plan Contributions | 31,190,000 | 35,968,000 | 40,778,000 | 46,446,000 | 53,156,000 |
Insurance Contributions | 85,948,000 | 12,678,000 | 109,744,000 | 81,446,000 | 66,769,000 |
Public Schools | 615,313,000 | 630,508,000 | 643,880,000 | 672,670,000 | 697,669,000 |
Community College | 37,079,000 | 38,535,000 | 38,778,000 | 40,688,000 | 38,962,000 |
Libraries | 26,747,000 | 29,526,000 | 31,339,000 | 32,505,000 | 34,285,000 |
Debt Service | 61,843,000 | 64,112,000 | 69,210,000 | 67,116,000 | 71,559,000 |
Miscellaneous | 13,770,000 | 15,489,000 | 15,966,000 | 16,686,000 | 17,450,000 |
Total Expenditures | $1,346,085,000 | $1,339,504,000 | $1,499,399,000 | $1,530,185,000 | 1,589,783,000 |
Excess of Revenues Over Expenditures | $145,067,000 | $120,911,000 | $123,334,000 | $96,236,000 | ($107,546,000) |
Other Financing Sources (Uses): | |||||
Bond premium | 0 | 5,293,000 | 9,150,000 | 0 | 725,000 |
Bond proceeds - refunding | 0 | 0 | 0 | 73,020,000 | 0 |
Bond premium – refunding | 0 | 0 | 0 | 8,151,000 | 0 |
Proceeds of Certificates of Participation | 0 | 0 | 0 | 34,700,000 | 0 |
COPs premium | 0 | 0 | 0 | 1,723,000 | 0 |
Op. Transfers In | 5,038,000 | 2,164,000 | 3,859,000 | 3,510,000 | 117,953,000 |
Op. Transfers to Capital Budget | (112,263,000) | (143,783,000) | (146,875,000) | (138,500,000) | (33,123,000) |
Op. Transfers to Other Funds | (6,842,000) | (6,258,000) | (6,821,000) | (7,219,000) | (7,352,000) |
Payment to Refunded Escrow Agent | 0 | 0 | 0 | (80,850,000) | 0 |
Total Other Financing Sources (Uses) | ($114,067,000) | ($256,984,000) | ($140,687,000) | ($105,465,000) | 78,202,000 |
Net Change in Fund Balances | $31,000,000 | ($21,673,000) | (17,353,000) | ($9,229,000) | (29,344,000) |
Fund Balance at Beginning of Year | 278,215,000 | 309,215,000 | 287,542,000 | 270,189,000 | 260,960,000 |
Fund Balance at End of Year | $309,215,000 | $287,542,000 | $270,189,000 | $260,960,000 | $231,616,000 |
Provide by the Baltimore County Chamber of Commerce and Comcast in Cooperation | ||
Revised May 5, 2011
