Liabilities were $14.1 million, a $1.1 million decrease from FY21. Total government wide liabilities included long-term debt at $10.9 million, and pension liability at $2.1 million. Total debt payments due next year are $896,000.

Total revenues of the city were $10.5 million, which is comparable to the previous year, and total government wide expenses totaled $8.8 million, a $1.1 million increase over the previous year. In addition, Taneytown received $3.4 million in American Rescue Plan Act funding in FY-22, of which $179,000 has been spent.

Expenditures include general government activities, such as staff pay, rent, public safety, public works, parks and recreation, and economic development, while utility fund expenditures cover the cost of operating the water and sewer services for the city.

The city’s total government-wide total net position was $32.3 million, of which 9.3 million is restricted. The overall government-wide change in net position was an increase of 1.7 million.

The city divides its accounts into two categories, governmental funds and proprietary or enterprise fund.

The General fund is the primary operating fund of the City and accounts for all financial resources of the general government. Money in the General fund is used for the normal recurring activities of the city including public safety, public works, parks and recreation, and general overhead expenditures like salaries and utility bills. Revenue deposited into the General fund comes from property and income taxes on individuals and businesses, licenses and permits, state and Federal grants and payments and service charges. Revenues of the general fund for 2022 totaled $5.4 million; this is a $379,000 increase from the prior year.

Expenditures of the General fund were $5,309,634, $1,920,260 less than budgeted due to equipment purchases and construction projects being deferred until next year. Projects that where deferred include the Roberts Mill Street reconstruction and storm drain replacement, police vehicle replacements, Bollinger Park development, as well as Taneytown High School skate park and Memorial Park expansion.

At the end of FY-22, the General fund had a balance of over $7, a $1.7 million increase from last year. The Fund’s balance is expected to increase in FY-23 as a result of the decision by the City to maintain its real property tax rate at .37 cents per $100 of assessed value.

The Enterprise fund is used to support revenue generating business type activities such as the sewer and water systems. Revenues of the Enterprise systems come from water and sewer payments from town residents. Total revenue of the Enterprise fund in FY-22 was $5,154,489, $81,891 more than projected, while expenses were $3,236,337, $2 million less then projected.