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St. Mary’s County finance office briefs commissioners on reserves, income-tax windfall and how it affects FY2023 budget
Summary
The county finance chief reviewed FY2021 audited fund balance, reserve policy and updated income-tax and property-tax estimates; commissioners discussed using one-time revenue for nonrecurring needs while preserving reserve targets.
Miss Cudmore, the county chief financial officer, told the St. Mary’s County Commissioners at their May 10 budget work session that the county’s audited fund balance for fiscal 2021 was $88.1 million and that commissioners had used $21.1 million of that balance for the FY2023 recommended budget.
The presentation outlined how the $88.1 million breaks down into nonspendable, restricted, committed, assigned and unassigned components; Miss Cudmore said the unassigned portion in the FY2021 audit was $51.1 million. She told the panel the county maintains a formal reserve policy and “we put in a…
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