The past year has been filled with uncertainty and unknowns, especially when it comes to the financial impacts of the COVID-19 pandemic. Receiving an unmodified opinion and the improvement in our County’s overall financial position affirms the fiscal stewardship and responsibility Howard County has demonstrated throughout the past year. I want to thank and acknowledge our entire finance and budget teams for their guidance throughout this challenging fiscal time. As we set our sights on our economic road to recovery, our County’s fiscal practices remain healthy, flexible, and sound.
Significant financial highlights contained in the Annual Comprehensive Financial Report include a $193.7 million increase in County Government’s total net position, driven by a $77.7 million increase in total general revenues. Specific sources of revenue growth include a $41.6 million income tax revenue increase due to the federal stimulus, a $29.7 million property tax revenue increase due to rising property values, and a $5.0 million recordation tax revenue increase due to low interest rates.
Additionally, the fund balance of the County’s general fund grew by $127.6 million over last year, reaching a total of $336.1 million. Of the $336.1 million in fund balance for the County’s general fund, just $24.5 million will remain unassigned, with the balance designated as non-spendable, committed, or assigned.