$7 million surplus found in county budget

November 06, 1994

County Executive Robert R. Neall has left a nice housewarming present for his successor: a surplus of nearly $7 million.

The finance office's annual audit for the 1994 fiscal year, which ended June 30, shows the county had $25.3 million left over. Much of that -- $18.4 million -- is spoken for in the current budget. Still, it leaves $6.9 million available.

"It'll be there for the next executive to use in the next budget," said Alfred Warfield, assistant financial officer. "We're trying to live within our means and keep a cushion there."

Much of the surplus comes from recordation tax and income tax revenue that was $16.8 million higher than expected. The recordation taxes were high because of the large number of mortgage refinancings in the past year, Mr. Warfield said. He did not know why income taxes were up.

In addition to the tax revenues, slightly more than $1 million in appropriations was not spent in the last budget. Finally, about $7.5 million was rolled over from previous years' surpluses.

The total $25.3 million surplus, the highest in Mr. Neall's administration, compares with $16.4 million in 1993.

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