Harford County government ended the 2021 fiscal year with a record $58 million surplus because of strong income tax revenue and reduced government spending, County Executive Barry Glassman announced.
Overall revenue grew 9.6% compared with FY2020, reflecting a resilient local economy, according to a county news release.
Harford benefitted from an educated workforce with jobs that allowed for telework in the COVID-19 pandemic, said the county release. COVID-relief grants helped businesses survive state-mandated closures, and local policies allowed them to reopen quickly when permitted.
Also contributing to the surplus, county government operations finished the year $25.5 million under budget, according to the release.
“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 in a Friday news release. “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.”
Of the total $58 million surplus, $21 million will remain unassigned in the FY2022 fiscal year budget and $37 million will be set aside for FY2023, according to the release. Both fund balances will be available in case of rising costs due to inflation, unexpected revenue shortfalls and to fund one-time priorities.
Harford County’s Annual Comprehensive Financial Report for FY2021 is posted on the county website at https://www.harfordcountymd.gov/1935/Financial-Statements.