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Million Surplus

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NEWS
November 6, 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."
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NEWS
December 10, 2011
The Baltimore Sun reported recently that Harford County has a $32 million surplus. My question is, where did this surplus come from? My guess is from the overtaxed residents of Harford County. With this amount of surplus, it is obvious that real estate taxes are excessive. The county executive, David Craig, means well by proposing bonuses for all Harford County employees ("Harford's Craig responds on bonuses," Dec. 8). However, all residents of Harford County who pay property taxes should be receiving a bonu8s as well since they are the people who are being drained because their taxes are increasing faster than their income.
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NEWS
By Robert Guy Matthews and Robert Guy Matthews,SUN STAFF | November 21, 1997
The booming national economy and a rebounding local real estate market are expected to significantly increase Baltimore's tax collections and present an uncharacteristically rosy financial picture for the city this year, the chief budget analyst said yesterday.But some of the predicted $20 million surplus in revenue is being offset by overspending in several city departments.The Finance Department has ordered the Public Works, Recreation and Parks and Police departments to draft plans to curtail their spending.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,eileen.ambrose@baltsun.com | October 29, 2009
Maryland's prepaid college plan ended its fiscal year with a $52.4 million actuarial deficit, but the plan's financial outlook improved in the past six months with the help of a tuition freeze and stronger stock market returns. At the end of June, the plan had $445 million in invested assets and enough money to cover projected obligations for the next 16 years, said Joan Marshall, executive director of the College Savings Plans of Maryland, which oversees the prepaid plan. A year earlier, the plan had assets of $533 million and a $58.9 million surplus.
NEWS
BY A SUN STAFF WRITER | October 23, 1996
An independent audit of Harford County Government shows the county in the black, with a surplus of $3.7 million at the end of fiscal year 1996.County Executive Eileen M. Rehrmann said the surplus, available to be rolled over into next year's budget, is the result of conservative planning.Among its other findings, the audit says the county has $10.1 million in a "rainy day" fund for emergencies and to protect Harford's AA bond rating, and $12.4 million earmarked for projects in next year's budget.
NEWS
By Sherrie Ruhl and Sherrie Ruhl,SUN STAFF | December 6, 1995
While leaders of neighboring jurisdictions are struggling with grim budget problems, Harford County is sitting on a $19.5 million surplus -- the result of overestimating expenses and underestimating revenue in the last fiscal year, officials said yesterday.James Jewell, county treasurer, told the County Council last night that Harford is in better shape because of its conservative management.The council members, who received an independent audit of the county's finances last night, agreed.
NEWS
By Liz Bowie and Liz Bowie,SUN STAFF | August 20, 1998
Faced with an $11 million deficit last winter, Baltimore school officials froze spending at schoolhouses, reduced overtime, left vacancies unfilled and begged the mayor for a bailout.The combined efforts worked so well the school system ended the year with a $2.7 million surplus, according to Roger Reese, the school's chief financial officer.But the city school board isn't dreaming of how it might spend the extra cash -- which represents only one-half of 1 percent of the budget.Most of the money will go back to schools that gave up field trips, deferred hiring teachers and cut back on library books, pencils and photocopies.
BUSINESS
By Ross Hetrick and Ross Hetrick,Staff Writer | August 5, 1992
The Maryland Port Administration managed to post an operational surplus of about $1.4 million during the fiscal year that ended June 30, after operating in the red for the previous three years.At the beginning of the fiscal year, the MPA projected a deficit of $5.5 million. But the agency that oversees state-owned marine terminals turned the situation around with cost-cutting steps, including eliminating jobs.The financial announcement was made yesterday during the public part of the monthly meeting of the Maryland Port Commission, the MPA's governing board.
NEWS
By FROM STAFF REPORTS | August 29, 2003
Thanks to a late infusion of federal funds, Maryland ended one of its toughest budget years in decades with an approximately $122 million surplus -- less than half the amount it had on hand when it closed the books on the previous year. The final number on the fiscal year that ended June 30, released yesterday by the state Comptroller's Office, shows that the state would have had a $757,000 deficit if not for an infusion of $33.4 million in U.S. aid to the Medicaid program and $90.4 million in other federal money.
NEWS
By Laura Vozzella and Laura Vozzella,SUN STAFF | July 1, 2001
The Columbia Association finished its fiscal year with a $3.8 million surplus - triple the amount projected - despite higher-than-expected losses at some recreational facilities. Revenue from property assessments and memberships in CA pools and athletic clubs exceeded expectations, Columbia Association President Maggie J. Brown said. Brown also reported substantial savings in salaries and wages because of staff vacancies, as well as a reduction in interest expenses and depreciation. Brown presented the final report for the 2001 fiscal year at a meeting Thursday of CA's board of directors, which also serves as the Columbia Council.
NEWS
By Gadi Dechter and Gadi Dechter,SUN REPORTER | January 30, 2008
Morgan State University asked a construction firm to include a $3.1 million allowance in its bid for a 2005 contract, then used $2.6 million of those surplus funds to pay the company for cost overruns on other campus projects without getting state approval, records indicate. At the recommendation of the state Office of Legislative Audits, the school asked the Board of Public Works this month to reapprove the five affected contracts - worth a total of more than $16 million. The Board of Public Works was to hear the items at its meeting today, but the university has been asked to withdraw the contracts from the agenda until a legislative audit is publicly released.
NEWS
October 27, 2006
Baltimore County finished the year that ended June 30 with a $280 million surplus, $25 million more than expected, thanks mostly to a robust real estate market that is beginning to lose steam, county officials said yesterday. Most of the surplus money came from taxes associated with real estate transactions, with the rest coming from property and income taxes, according to County Auditor Brian J. Rowe. About $76 million will be locked in a reserve fund set aside for emergencies. The rest of the surplus will be used for capital projects, such as school construction and to help fund the benefits of future retirees, said Donald I. Mohler, a spokesman for County Executive James T. Smith Jr. Mohler said it was "premature" to discuss whether Smith, a Democrat seeking a second term, would consider using some of the surplus money to cut the county's property tax rate, which, after a slight reduction this year, is $1.10 per $100 of assessed value.
NEWS
By LAURA CADIZ and LAURA CADIZ,SUN REPORTER | June 25, 2006
After renovating its fitness facilities in an attempt to compete with nearby LifeTime Fitness, the Columbia Association has posted a record number of membership sales for fiscal year 2006, helping the homeowners association reach a $5.4 million surplus. The membership revenue of $8.8 million exceeded last year's by $826,000, and that was partially because of "one-time extraordinary expenditures," including increased marketing and recent renovations, according to a report by Rob Goldman, the association's vice president for sport and fitness, that the association board received Thursday night.
NEWS
By JOSH MITCHELL and JOSH MITCHELL,SUN REPORTER | November 1, 2005
Baltimore County finished the fiscal year that ended June 30 with a $237 million surplus, $20 million more than forecast, thanks to higher-than-expected income tax revenue and a booming real estate market, the county auditor reported yesterday. About $68 million of the surplus will be locked in a "rainy-day" fund set aside for emergencies. Donald I. Mohler, a spokesman for County Executive James T. Smith Jr., said yesterday that the remaining money would likely be used for one-time expenses such as school construction, adding that a cut in the property tax rate would be risky.
NEWS
By Doug Donovan and Doug Donovan,SUN STAFF | June 13, 2005
In the span of just 12 months, Baltimore's city government has gone from predicting its worst financial year in decades to realizing its most prosperous stretch in recent memory. Gone are Mayor Martin O'Malley's dire 2004 warnings about deficits, tax increases and drastic service cuts. Today, as the City Council votes on the mayor's $2.32 billion budget plan for the next 12 months, his talk centers on surpluses, tax reductions and increased services. But there are also whispers: Has something else been afoot - politics, perhaps - in the city's sudden reversal of fortunes from a projected $45 million deficit for fiscal year 2005 to an expected $59 million surplus?
NEWS
April 25, 2005
New DSS chief needs support to make reforms We were pleased to read in The Sun about the new director of the Baltimore City Department of Social Services "Rolling up his sleeves in new job" (April 17). The hiring of Samuel Chambers Jr. by Mayor Martin O'Malley, Gov. Robert L. Ehrlich Jr. and state Human Resources Secretary Christopher J. McCabe should bring hope to vulnerable children and adults, advocates and concerned citizens. Despite the good work of many committed and compassionate staff members over the years, DSS is in desperate need of reform.
NEWS
By Laura Cadiz and Laura Cadiz,SUN STAFF | June 30, 2003
The Columbia Association closed fiscal 2003 with a $5.7 million surplus, nearly double the amount that had been estimated. The increase "significantly exceeds" the budgeted figure and is also ahead of last year's $5.3 million surplus, CA President Maggie J. Brown told the association's board of directors Thursday night. The association's $48.6 million income is essentially on target because it is less than 2 percent higher than budgeted, Rafia Siddiqui, CA's vice president for administrative services, told the board.
NEWS
By Doug Donovan and Doug Donovan,SUN STAFF | June 13, 2005
In the span of just 12 months, Baltimore's city government has gone from predicting its worst financial year in decades to realizing its most prosperous stretch in recent memory. Gone are Mayor Martin O'Malley's dire 2004 warnings about deficits, tax increases and drastic service cuts. Today, as the City Council votes on the mayor's $2.32 billion budget plan for the next 12 months, his talk centers on surpluses, tax reductions and increased services. But there are also whispers: Has something else been afoot - politics, perhaps - in the city's sudden reversal of fortunes from a projected $45 million deficit for fiscal year 2005 to an expected $59 million surplus?
NEWS
By Eric Siegel and Eric Siegel,SUN STAFF | April 14, 2005
Baltimore is projecting a $37.5 million budget surplus for the current fiscal year and will direct about a third of that money into programs to benefit children, Mayor Martin O'Malley announced yesterday. The surplus -- largely the result of an increase in revenues related to the boom in the residential real estate market -- amounts to about 2 percent of the city's operating budget for the fiscal year that ends June 30. The money is separate from the $70 million increase in locally generated revenue contained in the budget for next fiscal year, beginning July 1, that the mayor unveiled last month along with plans for the first of five annual 2-cent cuts in the property tax rate.
NEWS
By David Nitkin and David Nitkin,SUN STAFF | August 27, 2004
Maryland ended its budget year in June with a larger surplus than expected, creating a $310 million cushion that should soften the impact of looming cuts to agencies, state officials said yesterday. Higher-than-anticipated property and income tax revenues, coupled with unspent funds returned by agencies, helped provide the surplus in the $23.6 billion budget, officials said. "Though a surplus is welcome news, much of it is a one-time fix, and it falls short of what Maryland will need in future years to balance what we want with what we can afford," Comptroller William Donald Schaefer said in a statement reporting final figures for the 2004 budget year, which ended June 30. In particular, rising costs for education and health care are projected to outstrip tax revenues.
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