BEL AIR, Md. (WJZ) — Harford County ended the 2021 fiscal year with a budget surplus of $58 million, County Executive Barry Glassman said Friday.
Revenue increased by 9.6% from the previous fiscal year and the county government’s expenses came in $25.5 million under budget, the county executive said.READ MORE: Suspect Remains Hospitalized After Woodlawn Nail Spa Explosion
“I am proud that Harford County government stayed open every day to serve our citizens through the pandemic, while managing our money wisely and supporting the small businesses that drive our economy,” Glassman said. “I would like to thank our county employees for their dedication and all Harford County residents and businesses for continuing our move forward in challenging times.”
Harford County’s revenue’s increased by $54.2 million, thanks to an additional $57.5 million in tax revenue from the active real estate market, according to an audit prepared by CliftonLarsonAllen LLP.READ MORE: Judge Considers Motion To Dismiss Lawsuit Against Biotech Company By Henrietta Lacks’ Family
The county also received $31.4 million in federal grants and relief for the COVID-19 pandemic, according to the audit.
Property taxes make up 41.2% of county revenues and income taxes contribute 38.1%, according to the audit.
Glassman said $22 million from the surplus will remain unassigned in fiscal year 2022. The remainder will be set aside for fiscal year 2023.MORE NEWS: Orioles Pitcher Matt Harvey Suspended 60 Games For Drug Distribution
“Both fund balances will be available in case of rising costs due to inflation, unexpected revenue shortfalls and to fund one-time priorities,” Glassman’s office said.