Bel Air accepts fiscal 2024 audit showing $486,592 excess in general fund and healthy reserves

The Bel Air Board of Town Commissioners on May 5 accepted the fiscal 2024 audit completed by SB & Company LLC, which reported an excess of revenues over expenditures of $486,592 in the general fund and healthy reserve balances across the town’s funds. Director of Finance Moody presented the audit and the board approved acceptance by roll call.

Moody said the town’s unassigned general fund balance was about $2.6 million at year end, down roughly $43,317 from the prior year after transfers to reserves. The audit shows transfers of $100,549 to the stabilization reserve (ending balance $1,547,008.66), $40,062 to the stormwater management reserve (ending balance $341,559), and $388,897 to the capital reserve (ending balance $4,873,009.18). The town also used $75,333 for leave payouts and transferred that same amount to the leave payout reserve, which has an ending balance of $300,000 reflecting the policy cap.

Moody told commissioners that actual revenues exceeded budget by $367,503, citing higher business license receipts, state-shared income taxes, ARPA recognition and red-light camera revenue; investment income was also ahead of budget. Expenditures were under budget by roughly $194,002.59, driven in part by salary/benefit savings from vacancies and a number of operating and capital savings across departments. The parking fund posted a smaller-than-budgeted loss, and the sewer fund recorded a net loss of $330,214 tied to higher Harford County sewer bulk rates.

Moody said the town’s three fiduciary funds — the civilian pension plan, sworn officers pension plan and the other post‑employment benefit (OPEB) plan — all showed positive changes in net position (investment gains of roughly $1.3 million, $1.376 million and $98,000, respectively). The full audit report was placed on the town’s website and Moody recommended the board accept the audit; the board voted to accept it.