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St. Mary’s County presents $64.35 million CIP and schedules $30 million bond sale
Summary
County finance staff presented an updated FY2023 capital improvement program that totals $64,350,000, outlined funding sources including $22.3 million in available bond authority and $13 million in PAYGO, and laid out a timeline that would bring a $30 million competitive bond sale in July with closing in August.
LEXINGTON PARK, Md. — St. Mary’s County finance staff on Feb. 15 presented a finalized FY2023 capital improvement program (CIP) totaling $64,350,000 and a bond-sale timetable that would put a $30 million borrowing before commissioners this summer.
The county’s finance team said the CIP as presented is balanced across funding sources, including $22,300,000 in available bond authority and an expected $13,000,000 in pay‑as‑you‑go (PAYGO) funds applied to the plan. Staff also reported an increase in transfer‑tax receipts: the recurring estimate was raised from $7,000,000 to $8,000,000 per year and an additional $3,000,000 already collected was applied to 2023 projects.
Why it matters: the CIP and the timing of debt issuance affect…
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