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St. Mary's County budget update: revenues, fund balance and multi-year outlook discussed
Summary
CFO Jeanette Cudmore presented updated revenue and expenditure summaries, showing current revenues of about $259.1 million, use of fund balance for CIP at $8.7 million, and multi-year projections that account for recently approved pay adjustments and OPEB funding proposals.
Jeanette Cudmore, St. Mary's County chief financial officer, presented updated revenue and expenditure summaries during the commissioners' budget work session, outlining current general-fund revenue of approximately $259.1 million and recurring revenues near $250 million. Cudmore said the presentation includes $8.7 million of pay-as-you-go (PayGo) use of fund balance for capital projects in the current version of the budget.
Cudmore told commissioners the county's total fund balance at the 2019 audit was about $65 million. To maintain a 15% reserve level for the 2021 budget, staff had previously identified $9.5 million as…
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