Fiscal Year 2024 ACFR (PDF)

Exactly as extracted, unformatted — for checking against the original. The readable version is easier to read.

THE COUNTY COMMISSIONERS OF
QUEEN ANNE’S COUNTY, MARYLAND
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
JUNE 30, 2024

QUEEN ANNE'S COUNTY, MARYLAND
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2024
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION 4
Letter of Transmittal 5 - 9
Certificate of Achievement for Excellence in Financial Reporting 10
Organization Chart 11
Certain Elected and Other Officials 12
FINANCIAL SECTION 13
Independent Auditor's Report 14 - 17
Management's Discussion and Analysis (required supplementary information) 18 - 32
BASIC FINANCIAL STATEMENTS 33
Government-Wide Financial Statements
Statement of Net Position 34 - 35
Statement of Activities 36 - 37
Governmental Fund Financial Statements
Balance Sheet 38
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position 39
Statement of Revenues, Expenditures and Changes in Fund Balances 40
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund
Balances of Governmental Funds to the Statement of Activities 41
Enterprise Fund Financial Statements
Statement of Net Position 42 - 43
Statement of Revenues, Expenses, and Changes in Net Position 44 - 45
Statement of Cash Flows 46 - 47
Fiduciary Fund Statements
Statement of Fiduciary Net Position 48
Statement of Changes in Fiduciary Net Position 49
Notes to Financial Statements 50 - 122
REQUIRED SUPPLEMENTARY INFORMATION 123
Schedule of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual General Fund 124 - 126
Schedule of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual Grants Fund 127
Maryland State Retirement and Pensions Systems
Schedule of the Proportionate Share of the Net Pension Liability
and Schedule of Contributions 128
Actuarial Assumptions - Pension Plan 129
Other Post-Employment Benefits (OPEB) Trust
Schedule of Changes in the Net OPEB Liability and Schedule of Actual
Employer Contribution as a Percentage of Covered-Employee Payroll 130 - 131
Actuarial Assumptions - OPEB Plan 132
Length of Service Awards Program (LOSAP)
Schedule of Changes in the Net LOSAP Liability 133
Notes to the Required Supplemental Information (LOSAP) 134
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QUEEN ANNE'S COUNTY, MARYLAND
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2024
TABLE OF CONTENTS
(CONTINUED)
Page(s)
FINANCIAL SECTION (CONTINUED)
OTHER SUPPLEMENTARY INFORMATION 135
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES 136
Non-Major Governmental Funds 137 - 139
Combining Balance Sheet 140 - 143
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 144 - 147
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budgetary Basis 148 - 154
Non-Major Enterprise Funds 155 - 156
Combining Statement of Net Position 157
Combining Statement of Revenues, Expenses, and Changes in Net Position 158
Combining Statement of Cash Flows 159
Fiduciary Funds 160
Custodial Funds 161
Statement of Fiduciary Net Position 162
Statement of Changes in Fiduciary Net Position 163
Community Partnerships for Children 164
Community Partnerships for Children Special Revenue Fund
Combining Balance Sheets - By Grantor 165
Schedule of Revenues, Expenditures, and Changes in Fund Balances -
By Community Partnership Agreements (CPA) and
Non-Community Partnership Agreements (Non-CPA) 166 - 169
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budgetary Basis 170 - 171
STATISTICAL SECTION (UNAUDITED) 172 - 173
Table
1 Net Position by Component - Government-Wide 174 - 175
2a Changes in Net Position - Government-Wide 176 - 179
2b General Tax Revenues - Governmental Activities 180
3 Fund Balances - Governmental Funds 181
4 Changes in Fund Balances - Governmental Funds 182 - 183
5 Assessed Value of Taxable and Exempt Property 184 - 185
6a Real Property Tax Rates - County Direct Rate 186
6b Real Property Tax Rates - County Special Taxing Districts 187
6c Real Property Tax Rates - Overlapping Governments - Towns 188 - 189
7 Ten Highest Commercial Property Taxpayers 190
8 Property Tax Levies and Collections 191
9 Ratios of Outstanding Debt by Type 192
10 Ratios of General Bonded Debt Outstanding 193
11 Computation of Net Direct and Overlapping Debt 194 - 195
12a Computation of Legal Debt Margin 196 - 197
12b Computation of Local Debt Limit 198 - 199
13 Principal Employers 200
14 Demographic Statistics 201
15 County Government Employees - Full-Time Equivalents 202
16 County Government Employees - Full-Time Only by Function 203
17 Operating Indicators by Function 204
18 Capital Asset Statistics by Function 205
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I S
NTRODUCTORY ECTION
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Queen O F F I C E O F B U D G E T A N D FINANCE
The Liberty Building
Anne’s
107 North Liberty Street
Centreville, Maryland 21617
County
Telephone: (410) 758-4064
Fax: (410) 758-3036
C ounty Commissioners:
James J. Moran, At Large
County Administrator: Todd R. Mohn
Jack N. Wilson, Jr., District 1
J . Patrick McLaughlin, District 2
Director, Budget & Finance: Jeffrey A. Rank
P hilip L. Dumenil, District 3
Christopher M. Corchiarino, District 4
December 23, 2024
The Board of County Commissioners and
The Citizens of Queen Anne’s County, Maryland
FORMAL TRANSMITTAL OF THE ANNUAL COMPREHNSIVE FINANCIAL REPORT (ACFR)
State law requires that all general-purpose governments publish a complete set of financial statements presented in conformity
with accounting principles generally accepted in the United States of America (GAAP) and audited in accordance with auditing
standards generally accepted in the United States of America by a firm of licensed certified public accountants. Pursuant to that
requirement, we hereby issue the annual comprehensive financial report of Queen Anne’s County, Maryland for the fiscal year
ended June 30, 2024.
This report consists of management’s representations concerning the finances of Queen Anne’s County. Consequently,
management assumes full responsibility for the completeness and reliability of all of the information presented in the report. To
provide a reasonable basis for making these representations, the management of Queen Anne’s County has established a
comprehensive internal control framework that is designed both to protect the government’s assets from loss, theft, or misuse and
to compile sufficient reliable information for the preparation of Queen Anne’s County’s financial statements in conformity with
Generally Accepted Accounting Principles (GAAP). Because the cost of internal controls should not outweigh their benefits,
Queen Anne’s County’s comprehensive framework of internal controls has been designed to provide a reasonable, rather than
absolute, assurance that the financial statements will be free from material misstatement. As management, we assert that, to the
best of our knowledge and belief, this financial report is complete and reliable in all material respects.
Queen Anne’s County’s financial statements have been audited by UHY LLP, a firm of licensed certified public accountants.
The goal of the independent audit is to provide reasonable assurance that the financial statements of Queen Anne’s County, for
the fiscal year ended June 30, 2024, are free of material misstatement. The independent audit involves examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and
significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor
concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that Queen Anne’s
County’s financial statements for the fiscal year ended June 30, 2024, are fairly presented in conformity with GAAP. The
independent auditors’ report is presented as the first component of the financial section of this report.
The independent audit of the financial statements of Queen Anne’s County is part of a broader, federally mandated, “Single Audit”
designed to meet the special needs of federal grantor agencies. The standards governing Single Audit engagements require the
auditor to report not only on the fair presentation of the financial statements, but also on the audited government’s internal controls
and compliance with legal requirements, with special emphasis on internal controls and legal requirements involving the
administration of federal awards. These reports are available in Queen Anne’s County’s separately issued Single Audit report.
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GAAP requires that management provide a narrative introduction, overview, and analysis, entitled Management’s Discussion and
Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it.
Queen Anne’s County’s MD&A can be found immediately following the report of the independent auditor.
PROFILE OF THE GOVERNMENT
Queen Anne’s County is situated on the Eastern Shore of Maryland. It is bordered to the north by Kent County, to the east by the
State of Delaware, to the south by Caroline and Talbot counties, and to the west by the Chesapeake Bay. Access to the Western
Shore of Maryland is provided by the Chesapeake Bay Bridge. The County is 373 square miles in area and has approximately
52,508 citizens. The County seat is located in Centreville. The County Commissioners of Queen Anne’s County are empowered
to levy a property tax on both real and personal properties located within its boundaries.
Queen Anne’s County was formed in 1706 and is governed by a five-member Board of County Commissioners. County code
provides that one Commissioner be elected purely at large; the remaining four Commissioners must reside in specific districts,
but are elected at large. The Commissioners operate under Maryland’s Code Home Rule form of government. Both the executive
and legislative functions of the County are vested with the Board of County Commissioners.
Queen Anne’s County provides a full range of services including public safety (police, volunteer fire protection, emergency
services, detention center, and animal control), highways and streets, solid waste, planning and zoning, economic development,
culture and recreation, education, libraries, and general administrative services. In conjunction with the State, the County also
operates services related to general community health and social services. In addition, the County operates a water and wastewater
utility, an airport, a golf course, and public landings and marinas.
BUDGETARY CONTROLS
The annual budget serves as the foundation for the County’s financial and budgetary controls to ensure compliance with legal
provisions embodied in the annual appropriation resolution approved by the County Commissioners. The County budget is
comprised of the budget message, current revenue and expense budgets and the capital budget and capital program. Activities of
the general fund, certain special revenue funds, and the enterprise funds are included in the current budget.
The current operating budget includes appropriations for the full range of basic services. These services include county
administration, public safety, education, public works, community services, parks, debt and other agencies. The capital budget
includes funds to construct major governmental facilities such as the Detention Center renovation, roads, schools, and water and
sewer infrastructure. Capital projects usually take more than a year to complete, unlike the operating budget which covers only a
year.
The budget process begins each Fall when the County departments receive budget preparation instructions for the capital budget
which is then followed by instructions for the operating budget. The budget preparation is directed by the Director of Budget and
Finance. After a thorough review of the departmental requests, a County Administrator’s proposed budget is submitted to the
County Commissioners in March. The County Commissioners then conduct a series of public hearings and work sessions to
review the proposed budget. After its review, the County Commissioners finalize the budget and set tax rates, fees and charges
needed to generate enough revenue to balance the budget. The budget must be adopted by the County Commissioners on or before
the last day of the month of the fiscal year currently ending, although the Commissioners typically adopt the budget at the end of
May.
The Office of Budget and Finance is responsible for budgetary control. The appropriated budgets are prepared at the fund, function
(e.g., public safety), and department (e.g., Detention Center) level. Expenditures/expenses may not legally exceed appropriations,
based on the level at which they were adopted. For the General Fund, annual expenditure budgets are legally adopted at the
departmental level. For all other Governmental Funds, for which annual budgets are adopted, expenditure budgets are legally
adopted at the fund level. Budgets for the General Capital Projects Fund and the Roads Capital Projects Fund reflect multi-year
appropriations at the individual project level.
Department Heads may make transfers of appropriations within a department of up to $100,000 with the approval of the County
Administrator. Transfers of appropriations or appropriation of new revenues in excess of $100,000 require the approval of the
County Commissioners. Budget to actual comparisons are provided in this report for individual governmental funds for which
an appropriated annual budget has been adopted. The budget comparisons for the General Fund are presented as part of the
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Required Supplementary Information portion of this report. For non-major funds with appropriated annual budgets, budget to
actual comparisons are presented in the Supplementary Information subsection of this report.
ECONOMIC OUTLOOK AND CONDITION
The information presented in the financial statements is perhaps best understood when it is considered from the broader
perspective of the specific environment within which Queen Anne’s County operates.
The unemployment rate for Queen Anne’s County is typically below the state and national averages, as shown in the chart below.
The June 2024 rate for the County was 2.8%, compared to the state’s rate of 3.2% and the U.S.’s rate of 4.1%. The fiscal year
2024 average rate for the County was 2.1%. The increase in unemployment rate for fiscal year 2024 was the result of a
combination of labor force growth and demographic shifts.
LOCAL ECONOMY
The local employment base is somewhat limited and centers on several stable manufacturers, as well as the agriculture, maritime,
construction, retail, leisure, and hospitality industries. The three largest employers are governmental units, including the County,
the Board of Education, and Chesapeake College. There is a small, but growing, base of specialty manufacturers. In addition,
the County’s proximity to the Western Shore enables about 60% of the workforce to commute to locations outside the County,
primarily to higher paying jobs in the Baltimore and Washington areas.
Property and income tax revenue increased when comparing current year to prior year for governmental funds. Property taxes
increased in fiscal year 2024 by 5.2% to $82.1 million due to an increase in assessable base. Local income tax is the County’s
other main revenue source. Income tax collections increased by 8.2% in fiscal year 2024, from $79.5 million in fiscal year 2023
to $86.0 million in fiscal year 2024 as a result of increased wages and capital gains.
Recordation tax declined in fiscal year 2024 with a decrease of 14.0% over fiscal year 2023, from $8.9 million in fiscal year 2023
to $7.7 million in fiscal year 2024. The transfer tax revenue also decreased in fiscal year 2024 by 5.3%, from $3.0 million in fiscal
year 2023 to $2.9 million in fiscal year 2024. In fiscal year 2024 Queen Anne's County received $83 thousand of cannabis sales
tax revenue for the first time due to Maryland legalizing the sale of recreational-use cannabis.
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LONG TERM FINANCIAL PLANNING
Rainy Day Fund – Ordinance No. 12-21 was adopted in January 2013 for the purpose of establishing and maintaining a Rainy
Day Fund for contingencies of an emergency nature; requiring annual reports on such fund balance; providing for the
appropriation of such funds to meet emergency needs; and requiring surplus revenues be used to maintain the Rainy Day Fund at
a set minimum amount. Beginning in fiscal year 2017, County Ordinance No. 16-24 changed the minimum amount of the rainy
day fund to 8% (previously 7%) of the following year’s budgeted general fund operating revenues, as recommended by the
Spending Affordability Committee. The County funded the Rainy Day Fund with the required amount of $15,120,497 in fiscal
year 2024.
Revenue Stabilization Fund (Previously “Special Fund”) – Resolution No. 14-05 was adopted in March 2014 for the purpose of
establishing and maintaining a Special Fund to set aside certain general funds of the County for certain unanticipated projects,
initiatives, and other one-time expenses. Resolution No. 16-99 was adopted in December 2016 for the purpose of renaming the
“Special Fund” to the Revenue Stabilization Fund and revising the maximum amount of such fund. The maximum amount of the
Revenue Stabilization Fund shall not exceed 5% of budgeted general fund operating revenues and the transfer to the General Fund
shall only be made after the requirements of the Rainy Day Fund have been met. The County funded the Revenue Stabilization
Fund with $380,329 in fiscal year 2024. The current balance of the Revenue Stabilization Fund is $9,450,311.
Spending Affordability Committee – Ordinance No. 15-11 was adopted in November 2015 for the purpose of establishing a
committee to provide recommendations and projections for the upcoming budget year. Specifically, the Committee is charged to
review in detail the status and projections of revenues and expenditures for the County for the next budget year and subsequent
five years; to review future County revenue levels and consider the impact of economic factors such as changes in personal income
and assessable base growth; and to review future expenditure levels with consideration of County long-term obligations and any
pressure for growth in costs.
The Committee’s recommendations help determine general expenditure guidelines based on projected revenue, and the amount
of new County debt authorization for the upcoming fiscal year. The Committee recommends policy changes primarily regarding
budgeting, debt, and fund balance. This Committee also assesses the County’s ability to repay bond debt, determines debt capacity
using several debt measures, and provides general guidance regarding future capital budgets.
Capital Projects - The County Commissioners’ six-year capital program, starting with fiscal year 2025, prioritizes capital
expenditures over these years to meet the County’s needs. The six-year program totals $331.1 million and includes: $64.3 million
for various school related projects (includes $20.4 million for Centreville Middle School and $9.0 million for the Board of
Administration building); $59.6 million for Roads Board capital projects (includes $22.9 million for a pedestrian bridge crossing
on US 50/301 and $15.6 million for asphalt overlays); $36.1 million for various Administration and General Services projects
(includes $16.0 million for Sheriff facilities and $10.0 million for the Historic Courthouse); $34.9 million for various Sanitary
District projects (the Southern Kent Island Sewer service at $14.7 million); $24.8 million for the Detention Center regional jail;
$20.5 million for Parks (includes $5.6 million for playgrounds and $3.8 million for trail maintenance/amenities); $20.3 million to
Outside Agencies (includes $5.7 million for the Chesapeake College Technical Building and $5.0 million for allocations to
Volunteer Fire Departments); and $20.2 million for a new Recreation Center.
FINANCIAL POLICIES
Bond Ratings - The financial policies and management practices of Queen Anne’s County were recognized by three major rating
agencies. Fitch Rating Service issued a AAA bond rating, Moody’s issued a rating of Aa1, and Standard & Poor’s also issued a
AAA rating.
Debt Management Policy – In calendar year 2013, the County adopted Resolution 13-04, which revised the County’s Local Debt
Policy. In accordance with this policy, the Director of Budget and Finance, is responsible for following certain procedures to
ensure that debt limits established by the Policy are not exceeded. A key element of the Policy is that prior to the issuance of any
new bonded indebtedness, the Director must certify that existing and new General Obligation Debt will not exceed (1) 2.5% of
the total taxable assessable base and (2) $3,000 per capita. This policy also stipulates that although there is some flexibility as to
the acceptable percentage of debt service to general fund expenditures, and no absolute limit has been established by the rating
agencies or the Government Finance Officers Association, anything above 12% of total general fund expenditures would be a
cause to carefully monitor debt service. In addition to the debt management policy, the Spending Affordability Committee
recommended that the limit of debt service to general fund expenditures should be limited to 10% and the County Commissioners
have adopted that as a limit.
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For fiscal year 2024, Queen Anne’s County general obligation debt was 1.27% of the total taxable assessable base, and the per
capita debt measurement was $2,374. The debt service was 7.7% of the general fund expenditures for the year. All thresholds are
well below the policy limits.
Fund Balance Policy – Resolution 12-21 was adopted in calendar year 2012 for the purpose of establishing criteria in which year
end fund balances can be used. There are five purposes for which using fund balance is permitted: (1) paygo for items/projects
in the County Capital Improvement Plan, (2) as a supplement to the Rainy Day Fund if it is underfunded, (3) to pay down existing
debt, (4) reserved for future non-operating expenses related to fiscal emergencies, and (5) as one time non-recurring expenditures
of capital or non-capital items.
AWARDS AND ACKNOWLEDGMENTS
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement
for Excellence in Financial Reporting to Queen Anne’s County, Maryland for its annual comprehensive financial report (ACFR)
for the fiscal year ended June 30, 2023. The Certificate of Achievement is a prestigious national award that recognizes
conformance with the highest standards for preparation of state and local government financial reports. In order to be awarded a
Certificate of Achievement, the County must publish an easily readable and efficiently organized annual comprehensive financial
report. This report must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. Queen Anne’s County, Maryland has received a Certificate
of Achievement for the last twenty-five consecutive years (fiscal years 1999-2023). We believe our current annual comprehensive
financial report continues to conform to the Certificate of Achievement program requirements, and we are submitting it to GFOA
to determine its eligibility for another certificate.
The preparation of the annual comprehensive financial report was made possible by the dedicated service of the entire staff of the
finance office. Each member of the department has my sincere appreciation for the contributions made in preparation of this
report. Special recognition is given to members of the Audit Team: Justine Franzen, who is the principal staff member responsible
for preparing the report, Karen Rodgers, Lisa Taylor, and Hayley Effland. Their dedication and professionalism in the preparation
of Queen Anne’s County financial statements has resulted in consistently accurate and transparent financial reporting.
Respectfully submitted,
Jeffrey Rank
Director of Budget and Finance
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Queen Anne's County
Maryland
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
Executive Director/CEO
10

11

QUEEN ANNE’S COUNTY, MARYLAND
GOVERNMENTAL ORGANIZATION
CERTAIN ELECTED AND OTHER OFFICIALS
AS OF JUNE 30, 2024
CERTAIN ELECTED OFFICIALS
County Commissioners James J. Moran, At Large
Jack N. Wilson, Jr., District 1
J. Patrick McLaughlin, District 2
Philip L. Dumenil, District 3
Christopher M. Corchiarino, District 4
State’s Attorney Lance G. Richardson, Esq.
Sheriff Raymond G. Hofmann
CERTAIN DEPARTMENT HEADS AND OTHER OFFICIALS
County Administrator Todd R. Mohn
Director of Public Works Alan Quimby, P.E.
Director of Planning and Zoning Amy Moredock
Director of Community Services Catherine R. Willis
Director of Budget and Finance Jeffrey Rank
Director of IT Brian Riley
Chief Treasury Officer Nancy Boone
County Attorney Patrick E. Thompson, Esq.
Independent Auditor Bond Counsel Financial Advisor
UHY LLP McKennon, Shelton Davenport & Company LLC
Certified Public Accountants & Henn, LLP Towson, Maryland
Salisbury, Maryland Baltimore, Maryland
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F S
INANCIAL ECTION
13

INDEPENDENT AUDITORS’ REPORT
County Commissioners of
Queen Anne’s County
Centreville, Maryland
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-
type activities, the aggregate discretely presented component units, each major fund, and the aggregate
remaining fund information of Queen Anne’s County, Maryland (the “County”) as of and for the year
ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the
County’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, the aggregate
discretely presented component units, each major fund, and the aggregate remaining fund information of
the County, as of June 30, 2024, and the respective changes in financial position, and, where applicable,
cash flows thereof for the year then ended in accordance with accounting principles generally accepted
in the United States of America.
We did not audit the financial statements of the Queen Anne’s County Free Library (the “Library”) as of
June 30, 2024, and the respective changes in financial position, and where applicable, cash flows thereof
for the year then ended. Those statements were audited by other auditors whose report has been
furnished to us, and our opinions, insofar as it relates to the amounts included for the Library is based
solely on the report of the other auditors.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our
report. We are required to be independent of the County, and to meet our other ethical responsibilities,
in accordance with the relevant ethical requirements relating to our audit. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
An independent member of UHY International
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Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the County’s ability to continue
as a going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing
standards and Government Auditing Standards will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control. Misstatements are considered material if there is a substantial likelihood that,
individually or in the aggregate, they would influence the judgment made by a reasonable user based on
the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government
Auditing Standards, we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.
 Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements.
 Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the County’s internal control. Accordingly, no such opinion
is expressed.
 Evaluate the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.
 Conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about the County’s ability to continue as a going
concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.
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Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis and required supplementary information (RSI), as listed in the table of contents,
be presented to supplement the basic financial statements. Such information is the responsibility of
management and, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board, who considers it to be an essential part of financial reporting for placing
the basic financial statements in an appropriate operational, economic, or historical context. We have
applied certain limited procedures to the RSI in accordance with auditing standards generally accepted
in the United States of America, which consisted of inquiries of management about the methods of
preparing the information and comparing the information for consistency with management’s responses
to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the
basic financial statements. We do not express an opinion or provide any assurance on the information
because the limited procedures do not provide us with sufficient evidence to express an opinion or provide
any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the County’s basic financial statements. The other supplementary information (OSI), as listed
in the table of contents, is presented for purposes of additional analysis and is not a required part of the
basic financial statements. The OSI, as listed in the table of contents is the responsibility of management
and was derived from and relates directly to the underlying accounting and other records used to prepare
the basic financial statements. Such information has been subjected to the auditing procedures applied
in the audit of the basic financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare the
basic financial statements or to the basic financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of America.
In our opinion, the OSI, as listed in the table of contents, is fairly stated, in all material respects in relation
to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information
comprises the introductory and statistical sections but does not include the basic financial statements
and our auditor’s report thereon. Our opinions on the basic financial statements do not cover the other
information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If,
based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
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Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 23,
2024, on our consideration of the County’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is solely to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of the County’s internal control over financial reporting or on compliance. That report is an
integral part of an audit performed in accordance with Government Auditing Standards in considering the
County’s internal control over financial reporting and compliance.
Salisbury, Maryland
December 23, 2024
17

Management’s Discussion and Analysis
Introduction
This section of the Annual Comprehensive Financial Report of Queen Anne’s County, Maryland (the County)
presents a narrative overview and analysis of the financial activities of Queen Anne’s County Government for
the fiscal year ended June 30, 2024. We encourage readers to consider the discussion and analysis along with
the other information in this report, including the transmittal letter, basic financial statements, and the notes to
the financial statements.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to Queen Anne’s County Government’s
basic financial statements. The County’s basic financial statements are comprised of three components:
Government-Wide Financial Statements
Fund Financial Statements
Notes to the Financial Statements
This report also contains other required and non-required supplementary information in addition to the basic
financial statements themselves.
Government-Wide financial statements: The government-wide financial statements are designed to provide
readers with a broad overview of Queen Anne’s County Government’s finances, in a manner comparable to a
private sector business.
The statement of net position presents information on all of Queen Anne’s County Government’s assets and
liabilities, with the difference between the two reported as net position. Over time, increases or decreases in
net position may serve as a useful indicator of whether the financial position and condition of Queen Anne’s
County Government is improving or declining.
The statement of activities presents information showing how the government’s net position changed during
the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise
to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported
in this statement for some items that will only result in cash flows in future fiscal periods (e.g. uncollected
taxes and earned but unused vacation leave).
Both of the government-wide financial statements distinguish functions of Queen Anne’s County Government
that are principally supported by taxes and intergovernmental revenue (governmental activities) from other
functions that are intended to recover all or a significant portion of their costs through user fees and charges
(business-type activities).
The governmental activities of Queen Anne’s County Government include general government, public safety,
public works, health, social services, education, library, conservation of natural resources, and economic and
community development. The business-type activities of Queen Anne’s County Government include water
and sewer services, an airport, a golf course, and public landings and marinas.
The government-wide financial statements include not only Queen Anne’s County Government itself (known
as the primary government), but also legally separate component units. Queen Anne’s County Government
has the following discretely presented component units: Queen Anne’s County Board of Education and the
Queen Anne’s County Free Library. Financial information for these component units is reported separately
from the financial information presented for the primary government itself. The government-wide financial
statements can be found in the basic financial statements section of this report.
18

Fund Financial Statements: A fund is a group of related accounts that is used to maintain control over
resources that have been segregated for specific activities or objectives. Queen Anne’s County Government,
like other state and local governments, uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements. All of the funds of Queen Anne’s County Government can be divided into
three categories: governmental funds, proprietary funds, and fiduciary funds. Fund financial statements can
be found throughout this report, as listed in the table of contents.
Governmental funds: Governmental funds are used to account for essentially the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the government-wide
financial statements, governmental fund financial statements focus on near term inflows and outflows of
spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a
government’s near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it
is useful to compare the information presented for governmental funds with similar information presented for
governmental activities in the government-wide financial statements. By doing so, readers may better
understand the long-term impact of the government’s near-term financing decisions. Both the balance sheet
and the statement of revenues, expenditures, and changes in fund balances for governmental funds provide a
reconciliation to facilitate this comparison between governmental funds and governmental activities. These
two reconciliations begin with governmental fund financial data; describe all transactions that are added or
subtracted to yield governmental activities; and end with governmental activities financial data. These
reconciliations can be found within this report, as listed in the table of contents.
Queen Anne’s County maintains three types of governmental funds: the general fund, a variety of special
revenue funds, and five capital project funds. Information is presented separately in the governmental fund
balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances
for all governmental funds. Fund type is identified for each fund.
Queen Anne’s County adopts an annual appropriated budget for its general fund; school, fire, and parks impact
fee capital projects funds; and the following special revenue funds: department of aging, housing and
community services, grants fund, economic development incentive, roads operating fund, community
partnerships for children, law library, inmate welfare, agricultural transfer, rural legacy, dredging special
assessments, and Kent Narrows. A budgetary comparison statement has been provided for each of these funds,
which can be found within this report, as listed in the table of contents.
Proprietary funds: Queen Anne’s County maintains enterprise funds to report the same functions presented as
business-type activities in the government-wide financial statements. Queen Anne’s County Government uses
enterprise funds to account for its water and sewer services, airport, golf course, and public landings and
marinas. The basic proprietary fund financial statements can be found within this report, as listed in the table
of contents.
Fiduciary funds: Fiduciary funds are used to account for resources held for the benefit of parties outside the
government. Fiduciary funds are not reflected in the government-wide financial statements because the
resources of those funds are not available to support Queen Anne’s County Government’s own programs. The
County acts as a fiduciary for two trust and six custodial funds. The accounting used for fiduciary funds is
much like that used for proprietary funds except that the custodial funds report only assets and liabilities and
do not report net assets or changes therein. The basic fiduciary fund financial statements can be found within
this report, as listed in the table of contents.
Notes to the financial statements: The notes provide additional information that is essential to a full
understanding of the data provided in the government-wide and fund financial statements. The notes to the
financial statements can be found within this report, as listed in the table of contents.
19

Government-wide Financial Analysis
Statement of Net Position
A summary of government-wide assets, liabilities, and net position is as follows:
Governmental Activities Business Type Activities Total
Summary of Net Position 2024 2023 2024 2023 2024 2023
Current and Other Assets $ 227,640,414 $ 223,507,249 $ 66,024,027 $ 65,914,665 $ 293,664,441 $ 289,421,914
Capital Assets 197,753,402 195,514,937 149,868,762 136,788,646 347,622,164 332,303,583
Total Assets 425,393,816 419,022,186 215,892,789 202,703,311 641,286,605 621,725,497
Total Deferred Outflows of Resources 22,636,795 16,533,659 1,957,649 1,445,535 24,594,444 17,979,194
Noncurrent liabilities 206,383,252 205,417,418 46,743,434 46,777,229 253,126,686 252,194,647
Other liabilities 18,807,651 21,139,189 1,586,995 2,226,209 20,394,646 23,365,398
Total Liabilities 225,190,903 226,556,607 48,330,429 49,003,438 273,521,332 275,560,045
Total Deferred Inflows of Resources 20,016,476 23,915,715 23,106,130 20,368,980 43,122,606 44,284,695
Net investment in capital assets 126,092,854 122,128,900 111,940,928 99,118,189 238,033,782 221,247,089
Restricted amounts 27,933,020 26,495,556 4,147,493 5,350,538 32,080,513 31,846,094
Unrestricted amounts (deficit) 48,797,358 36,459,067 30,325,458 30,307,701 79,122,816 66,766,768
Total Net Position $ 202,823,232 $ 185,083,523 $ 146,413,879 $ 134,776,428 $ 349,237,111 $ 319,859,951
The County’s total current and other assets increased by $4.2 million, or 1.5 percent, to $293.7 million. The
County’s total assets and deferred outflows of resources exceeded its total liabilities and deferred inflows of
resources at the close of fiscal year 2024 by $349.2 million.
Net position is divided into three categories: net investment in capital assets; restricted amounts; and
unrestricted amounts. By far the largest portion, $238.0 million, of the County’s total net position reflects its
investment in capital assets (e.g. land, buildings, machinery and equipment, vehicles, and infrastructure), less
any related and outstanding debt used to construct or acquire those assets. The County uses these capital assets
to provide services to citizens; consequently, they are not available for future spending. Although the
County’s investment in its capital assets is reported net of related debt, it should be noted that the resources
needed to repay the debt must be provided from other sources since the capital assets themselves cannot be
used to liquidate these liabilities.
It is important to note that, although counties in the State of Maryland issue debt for the construction of
schools, the school buildings are owned by each county’s Board of Education. Ownership reverts to the
county government only if the local Board determines a building is no longer needed for educational purposes.
Therefore, while the County’s financial statements include outstanding debt related to Board of Education
capital assets, those statements do not include the capital assets funded by the debt. Debt outstanding for the
Board of Education amounted to $43.9 million on June 30, 2024. Absent the effect of this relationship, the
County would have reported a positive unrestricted amount of $123.0 million on its government-wide financial
statements, rather than the positive unrestricted net assets of $79.1 million reported herein. For a multi-year
view of this calculation, see the Footnote presented in Table 1 of the Statistical Section.
An additional $32.1 million of the County’s total net position represents resources that are subject to
restrictions on how they may be used. For governmental activities, this amount includes: $15.6 million related
to general government services; $3.1 million for economic/community development; $6.5 million for public
safety; and $2.8 million for conservation of natural resources. For business-type activities, this amount
includes $2.9 million restricted to meet Sanitary District debt covenants and $1.2 million for the Bay Bridge
Airport debt service.
20

Statement of Activities
The following table summarizes changes in net position for governmental and business-type activities during
the year:
Governmental Activities Business Type Activities Total
Summary of Changes in Net Position 2024 2023 2024 2023 2024 2023
Program revenues:
Charges for services $ 8,791,716 $ 9 ,065,778 $ 15,353,749 $ 13,436,000 $ 24,145,465 $ 22,501,778
Operating grants and contributions 8,049,065 8 ,232,618 2,580,846 2,955,567 10,629,911 11,188,185
Capital grants and contributions 9,533,202 6 ,657,301 7,635,932 4,027,234 17,169,134 10,684,535
General revenues:
Property taxes 82,047,674 78,022,772 - - 82,047,674 78,022,772
Local income tax 86,567,013 83,439,604 - - 86,567,013 83,439,604
Other local taxes
Admission and amusement taxes 261,842 2 48,987 - - 261,842 2 48,987
Recordation taxes 7,668,565 8 ,921,379 - - 7,668,565 8 ,921,379
Hotel taxes 1,127,036 9 91,022 - - 1,127,036 9 91,022
County transfer taxes 2,885,299 3 ,046,615 - - 2,885,299 3 ,046,615
Cannabis Sales Tax 83,040 - - - 83,040 -
State Shared Taxes 1,560,187 1 ,352,592 - - 1,560,187 1 ,352,592
Investment income 9,192,673 6 ,448,944 1,732,675 1,047,564 10,925,348 7 ,496,508
Gain (loss) on sale of capital assets - - (21,552) 2,561 (21,552) 2 ,561
Miscellaneous 2,059,293 1 ,628,246 1,167,917 1,224,908 3,227,210 2 ,853,154
Total Revenues 219,826,605 208,055,858 28,449,567 22,693,834 248,276,172 230,749,692
Governmental Activities:
General government 22,378,707 21,070,854 - - 22,378,707 21,070,854
Public safety 49,458,541 42,482,230 - - 49,458,541 42,482,230
Public works 20,222,362 19,422,823 - - 20,222,362 19,422,823
Parks & recreation 7,458,494 6 ,338,014 - - 7,458,494 6 ,338,014
Health & Social Services 7,944,933 7 ,219,183 - - 7,944,933 7 ,219,183
Education & Library 83,355,583 69,770,287 - - 83,355,583 69,770,287
Conservation of natural resources 3,702,670 3 ,386,538 - - 3,702,670 3 ,386,538
Economic and Community development 2,826,682 2 ,798,777 - - 2,826,682 2 ,798,777
Interest and fiscal charges 4,254,673 4 ,525,460 - - 4,254,673 4 ,525,460
Business-type Activities:
Water and sewer - - 14,932,981 13,822,527 14,932,981 13,822,527
Airport - - 966,183 1,058,318 966,183 1 ,058,318
Golf course - - 730,908 697,824 730,908 6 97,824
Public landings and marinas - - 666,295 684,685 666,295 6 84,685
Total Expenses 201,602,645 177,014,166 17,296,367 16,263,354 218,899,012 193,277,520
Increase in Net Position before Transfers 18,223,960 31,041,692 11,153,200 6,430,480 29,377,160 37,472,172
Transfers in (out) ( 484,251) (516,330) 484,251 516,330 - -
Increase in Net Position 17,739,709 30,525,362 11,637,451 6,946,810 29,377,160 37,472,172
Net Position, prior year restated 185,083,523 154,558,161 134,776,428 127,829,618 319,859,951 282,387,779
Net Position - current year $ 202,823,232 $ 185,083,523 $ 146,413,879 $ 134,776,428 $ 349,237,111 $ 319,859,951
21

Governmental activities:
Revenues for governmental activities were $219.8 million for fiscal year 2024. The following chart depicts
revenues by source for governmental activities:
 Taxes comprise the largest source of County revenue, totaling $182.2 million (82.9 percent) of total
revenue for fiscal year 2024. Of that amount, property and local income tax together yielded $168.6
million (76.7 percent) of all revenue. Each County sets its own property and income tax rates, within
parameters established by the State. For fiscal year 2024, the County’s property tax rate remained at
$.830 per $100 of assessed value of real property, based on full cash value of that property. The
County’s local income tax rate was set at 3.2 percent, effective January 1, 2012 and thereafter. There
is no local sales tax in the State of Maryland.
 Operating grants and contributions, totaling $8.0 million, reflect grants from Federal and State
agencies that support specific County programs. Programs that benefitted the most were: public safety
($2.6 million or 32.6 percent), health and social services ($2.6 million or 32.2 percent), general
government ($1.7 million or 21.6 percent), and economic/community development ($1.1 million or
13.3 percent).
 Charges for services, totaling $8.8 million, reflect fees charged to County citizens. These primarily
support public safety ($2.6 million or 29.8 percent), education and library ($2.3 million or 26.1
percent), general government ($1.7 million or 19.5 percent), parks and recreation ($1.1 million or 13.1
percent), and public works ($884 thousand or 10.1 percent).
 Capital grants and contributions, totaling $9.5 million, reflect contributions from Federal and State
agencies, as well as developers. Programs that benefitted the most were: public works ($2.8 million or
29.8 percent), general government ($2.5 million or 26.5 percent), conservation of natural resources
($2.5 million or 26.0 percent), and parks and recreation ($924 thousand or 9.7 percent).
22

Expenses for all governmental activities were $201.6 million for fiscal year 2024. The following chart depicts
expenses by function for governmental activities:
As noted in the chart above and the table below, by far the County’s largest program and highest priority is
education, with expenses totaling $83.4 million (41.4 percent). The following table summarizes costs and
program-related revenues for the same programs in order of priority, yielding net service costs:
Expenses Program-Related Revenues Net Cost of Services
Net Cost of Governmental Activities 2024 2023 2024 2023 2024 2023
Education and Library $ 83,355,583 $ 69,770,287 $ 2,291,783 $ 3,217,120 $ (81,063,800) $ (66,553,167)
Public Safety 49,458,541 42,482,230 5,425,416 5,673,779 (44,033,125) (36,808,451)
Public Works 20,222,362 19,422,823 3,726,195 2,090,244 (16,496,167) (17,332,579)
General Government 22,378,707 21,070,854 5,989,969 3,836,276 (16,388,738) (17,234,578)
Parks & Recreation 7,458,494 6 ,338,014 2,089,772 1,768,302 (5,368,722) (4,569,712)
Health & Social Services 7,944,933 7 ,219,183 3,242,021 3,333,514 (4,702,912) (3,885,669)
Conservation of Natural Resources 3,702,670 3 ,386,538 2,493,968 2,083,924 (1,208,702) (1,302,614)
Economic and Community Development 2,826,682 2 ,798,777 1,066,447 1,906,414 (1,760,235) ( 892,363)
Interest and fiscal charges 4,254,673 4 ,525,460 48,412 46,124 (4,206,261) (4,479,336)
Total $ 201,602,645 $ 177,014,166 $ 26,373,983 $ 23,955,697 $ (175,228,662) $ (153,058,469)
Of the total cost of $201.6 million for governmental activities, $26.4 million (13.1 percent), of those costs were
covered by program-related revenues paid by individuals and external governmental entities. Of these outside
entities, individuals who benefited directly from County programs were charged user fees of $8.8 million,
while governments and other organizations that benefited indirectly from these programs contributed operating
grants of $8.0 million and capital grants of $9.5 million.
County taxpayers paid for most of the remaining $175.2 million in net program costs, through a variety of
County taxes. Net program costs of services provided to the public, in order of net cost, were: $81.1 million
for education and library; $44.0 million for public safety; $16.5 million for public works; $16.4 million for
general government; $5.4 million for parks and recreation; $4.7 million for health and social services; $1.2
million for conservation of natural resources; $1.8 million for economic and community development; and
$4.2 million for interest and fiscal charges. See Changes in Net Position and General Fund Budgetary
Highlights for further details.
23

Changes in net position: Government-wide revenues, less expenses, plus/minus transfers in/out, yield changes
in net position. During fiscal year 2024, governmental activities increased the County’s net position overall by
$17.7 million, compared to an increase of $30.5 million in fiscal year 2023. The following discussion explains
changes in net position relative to the prior fiscal year.
Revenues for governmental activities increased by $11.8 million (5.7 percent). The following key revenues
changed, when compared to the prior fiscal year:
 Property taxes increased by $4.0 million (5.2 percent), from $78.0 million in fiscal year 2023 to $82.0
million in fiscal year 2024 due to an increase in property assessments.
 Income taxes increased by $3.1 million (3.7 percent), from $83.4 million in fiscal year 2023 to $86.6
million in fiscal year 2024. This increase was the result of increased receipts from the State for the
County’s portion of the income tax collections, capital gains and wage increases.
 Capital grants and contributions increased by $2.9 million (43.2 percent), from $6.7 million in fiscal
year 2023 to $9.5 million in fiscal year 2024. This is mainly due to the use of Federal ARPA funding
in fiscal year 2024.
 Investment Income increased by $2.7 million (42.5 percent), from $6.4 million in fiscal year 2023 to
$9.2 million in fiscal year 2024. This increase was the result of increased interest rates.
 County recordation taxes decreased $1.3 million (14.0 percent), from $8.9 million in fiscal year 2023
to $7.7 million in fiscal year 2024. This decrease is a result of increased interest rates, continued low
housing inventory, and overall decrease in home sales.
Expenses for governmental activities increased by $24.6 million (13.9 percent). Key positive and negative
expense changes, in order of relative importance, are:
 Education & Library increased by $13.6 million (19.5 percent). There was an increase of $7.8 million
for various school capital projects, such as the Board of Education new administration building and
three school roofing projects. In addition, the County’s allocation to the Board of Education increased
by $4.8 million in fiscal year 2024.
 Public Safety increased by $7.0 million (16.4 percent). There was a $3.4 million increase for the
LOSAP liability due to changes in benefit terms. Emergency Services increased by $1.7 million and
the Sheriff’s Office increased by $1.6 million. The remaining increase was in various departments
throughout the county.
 General Government increased by $1.3 million (6.2 percent). $897 thousand of the increase is related
to funding the local Housing Authority.
 Parks & Recreation increased by $1.1 million (17.7 percent). Increases occurred throughout the
various Parks and Recreation departments.
24

Business-type activities:
Revenues, transfers in, and expenses for business-type activities were $28.4 million, $484 thousand, and $17.3
million, respectively, for fiscal year 2024. The following two charts depict revenues by source and expenses by
service for business-type activities:
Business-type activities increased the County’s net position altogether to $11.6 million in fiscal year 2024,
which is $4.7 million more than the prior year’s increase of $6.9 million. The fiscal year 2024 change in net
position resulted primarily from:
 Operating Revenues before transfers increased by $5.8 million (25.4 percent), from $22.7 million in
fiscal year 2023 to $28.4 million in fiscal year 2024, for all business-type activities. Charges for
services increased by $1.9 million mainly due to an increase in sanitary restricted fund PWA sales.
Operating grants and contributions decreased by $375 thousand, mainly due to decreased state grant
funding in the Sanitary district. Capital grants and contributions increased by $3.6 million, mainly due
to an increase in federal grant funding for the Airport Runway project and the use of federal ARPA
funding.
 Operating Expenses increased by $1.0 million (6.4 percent), from $16.3 million in fiscal year 2023 to
$17.3 million in fiscal year 2024, for all business-type activities. The entire increase resulted from
water and sewer activities due to Sanitary District SKI development phase 3.
25

Financial Analysis of the Government’s Funds
As noted earlier, Queen Anne’s County Government uses fund accounting to ensure and demonstrate
compliance with finance related legal requirements. Detailed financial data based on the government’s fund
accounting can be found in the governmental fund statements in this report.
Governmental Funds: The focus of Queen Anne’s County Government’s governmental funds is to provide
information on near term inflows, outflows, and balances of spendable resources. Such information is useful
in assessing Queen Anne’s County Government’s near-term financing requirements. In particular, unassigned
fund balance may serve as a useful measure of a government’s net resources available for spending at the end
of a fiscal year.
As of the end of the current fiscal year, Queen Anne’s County Government’s governmental funds reported
combined ending fund balances of $172.1 million, compared to $166.0 million for the prior year.
Approximately 27.0 percent of this total ($46.5 million) constitutes unassigned fund balance, which is
available for spending. The total unassigned fund balance of $46.5 million is comprised of $46.5 million of
positive unassigned fund balance for the general fund.
The nonspendable fund balance of $1.4 million which is not available for spending and includes amounts
related to inventory, prepaid items and the excess of lease receivable balance over deferred inflow balance.
Restricted fund balance of $33.9 million (19.7 percent) includes amounts that can be spent only for specific
purposes stipulated by external sources or legal restrictions.
Committed fund balance of $41.1 million (23.9 percent) represents those amounts that can be used only for the
specific purposes of the government’s highest level of decision-making authority.
The remaining $49.2 million of fund balance (28.6 percent) constitutes assigned fund balances. These
amounts are intended to be used by the government for the specific purposes of each fund.
More detailed information on each classification of governmental fund balance can be found in Note 12 of this
report.
The General Fund is the chief operating fund of Queen Anne’s County Government. At the end of the current
fiscal year, the General Fund had a total fund balance of $77.5 million, which is an increase of $8.7 million
(12.7 percent) from the fiscal year 2023 balance of $68.8 million. Of the $8.7 million increase, local property
tax increased by $4.0 million (5.2 percent) as a result due to an increase in assessments for tax district 4 by an
average of 22%. Local income tax also increased $6.5 million (8.3 percent) due to increases in wage rates and
capital gains.
Of the total $77.5 million in fund balance, $46.5 million is unassigned, meaning that there are no constraints
on how the funds can be spent. Beginning in fiscal year 2017, County Ordinance No. 16-24 changed the
minimum amount of the rainy day fund to 8.0 percent (previously 7.0 percent) of budgeted general fund
operating revenues as recommended by the Spending Affordability Committee. As a result of that Ordinance,
$15.1 million of rainy day funds are included in the General Fund’s restricted fund balance of $21.4 million for
fiscal year 2024. The remaining fund balance is comprised of $148 thousand in nonspendable, and $9.5 million
in committed.
For further explanations of General Fund revenues and expenditures, see the General Fund Budgetary
Highlights section of this MD&A.
The General Capital Projects Fund accounts for all capital projects related to governmental funds, except those
accounted for in the Roads Capital Projects Fund, which is discussed below.
26

As of June 30, 2024, the General Capital Projects Fund has a total fund balance of $56.1 million, compared to
$61.3 million at the end of the prior fiscal year. The $56.1 million in total fund balance is comprised of $6.3
million in restricted fund balance, mainly for unspent bond proceeds, $7.1 million of fund balance committed
for specific projects, and $42.6 million of assigned fund balance. The decrease in General Capital Projects
fund balance resulted from the assignment of restricted bond proceeds.
The Roads Capital Projects Fund accounts for financial resources used for the construction of County Road
infrastructure, as well as other large multi-year projects that relate to capital assets.
As of June 30, 2024, the Roads Capital Projects Fund has a total fund balance of $6.5 million, compared to
$5.4 million at the end of the prior fiscal year. Of this total $6.5 million fund balance, $5.7 million has been
assigned to fund ongoing projects, while $857 thousand has been contributed by local developers and is
committed to fund specific infrastructure improvements.
The Grants Fund accounts for activities funded by grants and is included in various governmental functions,
depending on the grant.
As of June 30, 2024, the Grants Fund has a total fund balance $0 due to the constraints of grant funding, all
grant revenue must be expensed within the fiscal year.
Proprietary funds: Queen Anne’s County Government’s enterprise fund statements provide the same type of
information found in the government-wide financial statements, but in more detail. Also, due to/due from
other funds are combined in the government-wide statements and reported as Internal Balances between
governmental and business-type activities, which net to zero.
Total unrestricted net position of the Sanitary District Enterprise Funds at the end of fiscal year 2024
amounted to $30.7 million, which is a decrease of $520 thousand compared to the prior year. Net investment
in capital assets increased by $6.8 million.
Total net position of the Sanitary District amounted to $117.4 million at the end of fiscal year 2024, which
increased by $6.6 million when compared to the prior year.
The unrestricted net position of the Bay Bridge Airport Enterprise Fund at year end amounted to a deficit
balance of $585 thousand, reflecting an improvement of $358 thousand. The investment in capital assets for
the Bay Bridge Airport increased by $5.9 million in the current fiscal year.
Total net position of the Bay Bridge Airport amounted to $20.8 million at the end of fiscal year 2024, which is
an increase of $4.7 million from the prior year amount of $16.1 million.
A discussion of Enterprise Fund capital assets and long-term debt can be found in those sections presented
later in this MD&A.
General Fund Budgetary Comparisons
The County adopts an operating budget for the General Fund as of July 1 each year and amends that budget
throughout the year in response to actual expenditures. The Schedule of Revenues, Expenditures, and Changes
in Fund Balance – Budget and Actual can be found as part of Required Supplemental Information, which is
located after the Notes. The Schedule reports original and final budgets, as well as the variance between actual
expenditures and final budgets.
Original to Final Budget Comparisons: The final expenditure budget for the General Fund, including transfers
out, totaled $196.7 million. Amendments increased spending authority by $13.1 million during fiscal year
2024, when compared to the original budget of $183.6 million.
27

Major components of these expenditure budget increases are as follows:
 Budgeted Public Safety increased by $2.3 million, mainly due to miscellaneous increases in the
Sheriff’s Office and Emergency Services.
 Budgeted Transfers Out to General Capital Projects increased by $8.0 million from the original budget
during the year. These funds will be used in subsequent years as funding for the larger capital projects.
 Budgeted Transfers Out to Roads Capital Projects increased by $1.0 million from the original budget.
Similarly to General Capital Projects, these additional funds will be used for Roads Capital projects in
subsequent years.
 Budgeted Transfers Out to the Agricultural Transfer Tax Fund increased by $1.3 million from the
original budget, resulting from additional easements available and purchased during the fiscal year.
Budget to Actual Comparisons: Actual revenues for the General Fund, including other financing sources and
before appropriated fund balance were more than final budgetary estimates by $4.5 million.
Actual expenditures, and other financing uses, were less than final budgetary appropriations by $5.7 million.
The net effect of these two disparities was a positive variance of actual to final budget of $10.2 million.
The most noteworthy differences between final budgeted amounts and actual amounts are summarized as
follows:
Revenues:
 Local Property Tax revenue was $2.1 million more than the final budget (2.7 percent) due to a higher
than anticipated increase in assessments.
 Miscellaneous Income was $719 thousand higher than the final budget (122.6 percent) due to the
Workmen’s Compensation audit that resulted in the County receiving a credit and other miscellaneous
income categories resulting in higher than expected revenue.
 Local Income Tax revenue was $671 thousand higher than the final budget (0.8 percent) due to strong
economic growth and increased taxable income.
Expenditures:
 Final Budgeted Salaries and Benefits were $51.8 million for the year, while actual costs were $52.1
million. They were overspent at year-end by $298 thousand (less than 1 percent). Budgeted salaries
and benefits include reversions of $1.9 million.
 Final Budgeted Other Operating Charges were $144.9 million for the year, while actual costs were
$138.9 million. These costs were lower than budget at year end by $6.0 million (4.1 percent).
Operating Charges include contracted services, supplies, other charges, debt service, and transfers out.
o Other Operating Expenses were underspent by $3.5 million. Savings were realized in the
Health Department ($1.5 million), OPEB and other benefit charges ($634 thousand), General
Services ($246 Thousand), and Insurance ($245 thousand). The remaining savings for Other
Operating Expenses were spread throughout the General Fund.
o Transfers Out was underspent by $1.3 million, due to savings realized by Roads Operating
($740 thousand) the Department of Aging ($186 thousand), and the Golf Course Enterprise
Fund ($186 thousand) which allowed these departments to forgo this portion of their
appropriation.
28

o Contracted Services were underspent by $787 thousand, with the largest savings realized by
General Services ($190 thousand), Detention Center ($147 thousand), Information
Technology ($140 thousand), and Solid Waste ($140 thousand).
o Capital Outlay was underspent by $257 thousand, with the largest savings realized by Non-
Departmental ($125 thousand) and Detention Center ($77 thousand).
Capital Assets and Debt Administration
Capital assets: Queen Anne’s County Government’s investment in capital assets for its governmental and
business-type activities as of June 30, 2024 amounted to $347.6 million (net of accumulated depreciation).
This investment in capital assets includes land and land improvements, intangible rights, construction in
progress, buildings, improvements other than buildings, infrastructure, autos, machinery, and equipment. The
total increase in the County’s investment in capital assets for the current fiscal year was $15.3 million or 4.6%.
Capital asset activities, net of depreciation, are summarized as follows:
Governmental Activities Business Type Activities Total
2024 2023 2024 2023 2024 2023
Land and Land Improvements $ 87,169,068 $ 86,490,462 $ 13,406,924 $ 13,406,924 $ 100,575,992 $ 99,897,386
Intangible Rights - Easements 821,819 821,819 6,140 6,140 827,959 827,959
Construction in Progress 2,878,827 11,539,664 6,599,907 8,202,979 9,478,734 19,742,643
Buildings 56,328,492 50,303,760 4,969,083 5,244,516 61,297,575 55,548,276
Improvements other than Buildings 17,839,824 15,432,697 9,847,789 9,187,831 27,687,613 24,620,528
Infrastructure 7,953,550 8,252,526 106,826,876 92,068,461 114,780,426 1 00,320,987
Auto, Machinery, and Equipment 23,352,834 20,911,398 8,102,603 8,527,421 31,455,437 29,438,819
Right-to-use Asset 503,191 570,845 109,440 144,374 612,631 715,219
Subscription Asset 905,797 1,191,766 - - 905,797 1,191,766
Total $ 197,753,402 $ 195,514,937 $ 149,868,762 $ 136,788,646 $ 347,622,164 $ 3 32,303,583
Noteworthy capital asset events during the current fiscal year for governmental activities included the
following (majority of which was reclassified from Construction in Progress):
o Completion of the Kent Island Library Renovation totaling $7.2 million.
o Equipment replacement totaling $1.8 million.
o Replacement of departmental vehicles totaling $1.7 million.
o Completion of Emergency Services Computer Aided Dispatch System totaling $1.5 million.
o Completion of Chesapeake Heritage Visitor Center improvements totaling $1.2 million.
Noteworthy capital asset events during the current fiscal year for business-type activities included the
following (majority of which was reclassified from Construction in Progress):
o Completion of Sanitary district infrastructure projects totaling $9.9 million, of which $2.6 million was
contributed by commercial developers to be maintained by the County.
o Completion of Bay Bridge Airport Runway Reconstruction totaling $6.4 million.
o Completion of Chester West Water Main totaling $1.4 million.
o Taxiway Lighting at Bay Bridge Airport totaling $640 thousand and Runway Lighting at Bay Bridge
Airport totaling $359 thousand.
Additional information on the County’s capital assets can be found in Note 6 of this report.
Long-term debt: At the end of the current fiscal year, Queen Anne’s County Government had total bonded
debt, loans, OPEB (Other Post-Employment Benefits), net pension liability, LOSAP (Volunteer Fireman
Pension Plan Length of Service Award Program), compensated absence obligations, lease obligations, and
subscription obligations of $253.1 million for its governmental and business-type activities.
29

The full faith, credit and unlimited taxing power of the County are irrevocably pledged to the levy and
collection of taxes in order to provide for the payment of principal and interest due on the bonded debt.
Of this $253.1 million in debt, $46.7 million is considered to be self-supporting, in that obligations of the
County’s enterprise funds will be funded through charges and assessments related to the operations of those
funds. In addition, the Sanitary District’s Debt Service Fund holds total assets of $2.9 million, which are
restricted to payment of the Sanitary District’s subsequent year’s debt. See Note 11 for restricted assets and
subsequent year debt service obligations.
Debt activities are summarized as follows:
Governmental Activities Business Type Activities Total
Outstanding Debt 2024 2023 2024 2023 2024 2023
Bonds, Notes, and Premiums $ 123,221,457 $ 1 32,859,793 $ 37,009,458 $ 3 7,528,938 $ 160,230,915 $ 170,388,731
OPEB 24,652,577 26,810,247 5,590,368 5,854,976 30,242,945 32,665,223
Net Pension Liability 41,722,251 32,570,299 3,436,786 2,690,703 45,159,037 35,261,002
LOSAP Liability 11,180,243 7,757,868 - - 11,180,243 7,757,868
Compensated Absences 4,148,535 3,625,663 596,108 5 58,231 4,744,643 4,183,894
Lease Liability 552,354 614,668 110,714 1 44,381 6 63,068 759,049
Subscription Liability 905,835 1,178,880 - - 9 05,835 1,178,880
Total Noncurrent Liabilities $ 206,383,252 $ 2 05,417,418 $ 46,743,434 $ 4 6,777,229 $ 253,126,686 $ 252,194,647
During the 2024 fiscal year, the County’s total net debt increased by $932 thousand (0.4 percent). Of this
amount, governmental debt increased by $966 thousand (0.5 percent), while business-type debt decreased by
$34 thousand (0.1 percent). In fiscal year 2024, the Sanitary District continued borrowing funds through the
Maryland Water Quality Administration for the Southern Kent Island (SKI) project. The total amount
borrowed for this project in fiscal year 2024 was $1.8 million. In addition, the net pension liability increased
by $9.9 million, total other post-employment benefit obligations decreased by $2.4 million, the LOSAP
liability increased by $3.4 million, and compensated absences increased by $560 thousand. Decreases also
occurred in both lease ($96 thousand) and subscription liabilities ($273 thousand) due to GASB standards.
Offsetting these increases and decreases were changes in accruals, plus the County’s repayment of existing
debt in accordance with established repayment schedules for bonds, notes, and capital lease agreements.
Additional information on the County’s long-term debt can be found in Note 9 of this report.
The public local laws of Queen Anne’s County limit the amount of general obligation debt to no more than
$8.0 million, beyond any bonded indebtedness of the County. Currently, approximately $7.5 million of this
authority is available. All other debt has been authorized under specific legislation. Additional information on
the computation of the legal debt margin can be found in Table 12 of the Statistical Section of this report.
Economic Factors and Next Year’s Budget and Rates
The following economic factors were considered in preparing Queen Anne’s County Government’s operating
and capital budgets for the 2025 fiscal year:
 Net assessable real property base is projected to increase by 4.5 percent over the previous year, based
on State Assessment Office values used to compute the Constant Yield rate.
 Income tax revenue was projected at $83.0 million for the 2025 budget.
The following are a few of the highlights from the fiscal year 2025 budget:
o OPEB shall continue to be funded in accordance with the approved ten-year plan;
o The Board of Education will be funded above Maintenance of Effort in fiscal year 2025;
o The County’s property tax rates remained the same; and
o The County’s income tax rates remained the same.
30

Requests for information
This financial report is designed to provide a general overview of Queen Anne’s County Government’s
finances for all those with an interest in the government’s finances. Questions concerning any of the
information provided in this report or requests for additional information should be addressed to the Queen
Anne’s County Finance Office, 107 N. Liberty Street, Centreville, Maryland 21617. This report can also be
found on the County’s website, http://www.qac.org (see Government, Departments, Budget and Finance
Accounting section, Link to 2024 Annual Comprehensive Financial Report (ACFR)).
31

32

B F S
ASIC INANCIAL TATEMENTS
33

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF NET POSITION
June 30, 2024
PRIMARY GOVERNMENT
GOVERNMENTAL BUSINESS-TYPE
ACTIVITIES ACTIVITIES TOTAL
ASSETS
Equity in Pooled Cash and Investments $ 156,233,393 $ 12,632,811 $ 168,866,204
Cash and Cash Equivalents - - -
Taxes Receivable (Net) 1,107,564 - 1,107,564
Accounts and Loans Receivable (Net) 7,737,150 650,223 8,387,373
Special Assessments (Net) 582,455 - 582,455
Lease receivable 957,290 1,849,710 2,807,000
Internal Balances 1,061,265 (1,061,265) -
Due from Primary Government - - -
Due from Other Governments 49,634,724 17,652 49,652,376
Inventories 1,218,486 818,087 2,036,573
Prepaid Items 112,309 2,520 114,829
Endowment Fund - - -
Restricted Assets:
LOSAP Plan Assets 6,120,385 - 6,120,385
Equity in Pooled Cash and Investments 2,875,393 28,355,590 31,230,983
Accounts Receivable (Net) - 3,499,369 3,499,369
Special Assessments Receivable (Net) - 19,259,330 19,259,330
Capital Assets:
Nondepreciable Assets 90,869,714 20,012,971 110,882,685
Depreciable and Amortized Assets, Net 106,883,688 129,855,791 236,739,479
Total Assets 425,393,816 215,892,789 641,286,605
DEFERRED OUTFLOWS OF RESOURCES
OPEB 672,067 126,911 798,978
Pension Benefits 20,367,949 1,827,201 22,195,150
LOSAP Benefits 1,351,258 - 1,351,258
Deferred Charge on Refunding 245,521 3,537 249,058
Total Deferred Outflows of Resources 22,636,795 1,957,649 24,594,444
LIABILITIES
Accounts Payable and Other Current Liabilities 9,931,710 1,304,783 11,236,493
Accrued Interest Payable 1,798,218 143,264 1,941,482
Due to Component Units 2,966,615 - 2,966,615
Due to Other Governmental Agencies 316,871 - 316,871
Unearned Revenue 3,794,237 113,416 3,907,653
Escrow Deposits - 25,532 25,532
Noncurrent Liabilities:
Due within One Year 13,235,535 2,718,107 15,953,642
Due in More than One Year 193,147,717 44,025,327 237,173,044
Total Liabilities 225,190,903 48,330,429 273,521,332
DEFERRED INFLOWS OF RESOURCES
OPEB 12,158,206 1,624,171 13,782,377
Pension Benefits 3,266,641 402,838 3,669,479
LOSAP Benefits 2,857,473 - 2,857,473
Lease receivable 921,365 1,818,199 2,739,564
Deferred Inflows related to Refundings 135,866 1,590 137,456
Deferred Assessments 582,455 19,259,332 19,841,787
Deferred Fees 94,470 - 94,470
Total Deferred Inflows of Resources 20,016,476 23,106,130 43,122,606
NET POSITION
Net Investment in Capital Assets 126,092,854 111,940,928 238,033,782
Amounts Restricted for:
General Government 15,581,891 - 15,581,891
Economic/Community Development 3,100,606 - 3,100,606
Public Safety 6,452,153 - 6,452,153
Conservation of Natural Resources 2,797,415 - 2,797,415
Social Services 955 - 955
Debt Service - 4,147,493 4,147,493
Capital Projects - - -
Other Purposes - - -
Unrestricted Amounts (Deficit) 48,797,358 30,325,458 79,122,816
Total Net Position $ 202,823,232 $ 146,413,879 $ 349,237,111
The accompanying notes to the basic financial statements are an integral part of this statement.
34

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF NET POSITION
June 30, 2024
(CONTINUED)
COMPONENT UNITS
BOARD OF FREE
EDUCATION LIBRARY
$ - $ -
13,039,845 1,460,276
- -
464,949 31,240
- -
- -
- -
3,190,824 -
3,500,976 -
73,393 -
1,147,064 33,300
- 124,103
- -
- -
- -
- -
16,487,117 29,850
145,488,597 1,689,661
183,392,765 3,368,430
38,362,001 95,399
2,569,978 -
- -
- -
40,931,979 95,399
16,701,038 118,383
- -
- -
- -
1,097,387 -
- -
738,009 2,602
150,950,846 520,386
169,487,280 641,371
122,148,389 228,471
318,967 -
- -
- -
- -
- -
- 86,143
122,467,356 314,614
160,804,839 1,716,909
- -
- -
- -
- -
- -
- -
77,515 -
1,945,003 101,707
(230,457,249) 689,228
$ (67,629,892) $ 2,507,844
The accompanying notes to the basic financial statements are an integral part of this statement.
35

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2024
PRIMARY GOVERNMENT
OPERATING CAPITAL
CHARGES FOR GRANTS AND GRANTS AND TOTAL
EXPENSES SERVICES CONTRIBUTIONS CONTRIBUTIONS REVENUE
PRIMARY GOVERNMENT
Governmental Activities
General Government $ 22,378,707 $ 1 ,717,926 $ 1,742,174 $ 2,529,869 $ 5,989,969
Public Safety 49,458,541 2 ,617,398 2,628,668 179,350 5,425,416
Public Works 20,222,362 8 83,739 6,270 2,836,186 3,726,195
Parks & Recreation 7,458,494 1 ,151,020 14,453 924,299 2,089,772
Health and social services 7,944,933 6 2,176 2,591,053 588,792 3,242,021
Education and Library 83,355,583 2 ,291,783 - - 2,291,783
Conservation of Natural Resources 3,702,670 1 9,262 - 2,474,706 2,493,968
Economic/Community Development 2,826,682 - 1,066,447 - 1,066,447
Interest and Fiscal Charges 4,254,673 4 8,412 - - 48,412
Total Governmental Activities 201,602,645 8 ,791,716 8,049,065 9,533,202 26,373,983
Business-type Activities
Water and Sewer 14,932,981 1 4,162,090 2,565,847 2,607,219 19,335,156
Airport 966,183 6 ,049 - 5,028,713 5,034,762
Golf Course 730,908 7 20,153 - - 720,153
Public Landings and Marinas 666,295 4 65,457 14,999 - 480,456
Total Business-type Activities 17,296,367 1 5,353,749 2,580,846 7,635,932 25,570,527
Total Primary Government $ 218,899,012 $ 2 4,145,465 $ 10,629,911 $ 17,169,134 $ 51,944,510
COMPONENT UNITS
Board of Education $ 131,200,461 $ 1 ,494,109 $ 33,081,584 $ 19,544,076 $ 54,119,769
Free Library 3,429,761 2 1,139 367,152 - 388,291
Total Component Units $ 134,630,222 $ 1 ,515,248 $ 33,448,736 $ 19,544,076 $ 54,508,060
General Revenues
Local Property Tax
Local Income Tax
Other Local Taxes
Admission and Amusement Taxes
Recordation Taxes
Hotel Taxes
County Transfer Taxes
Cannabis Sales Tax
State Shared Taxes
Grants and Contributions Not Restricted to Specific Programs
Investment Income
Gain (loss) on Disposal of Capital Assets
Miscellaneous
Transfers In (Out)
Total General Revenues and Transfers
Change in Net Position
Net Position - Beginning of Year
Net Position - End of Year
The accompanying notes to the basic financial statements are an integral part of this statement.
36

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2024
(CONTINUED)
NET (EXPENSE) REVENUE AND CHANGES IN NET POSITION
PRIMARY GOVERNMENT COMPONENT UNITS
GOVERNMENTAL BUSINESS-TYPE BOARD OF FREE
ACTIVITIES ACTIVITIES TOTAL EDUCATION LIBRARY
$ ( 16,388,738) $ - $ (16,388,738) $ - $ -
( 44,033,125) - (44,033,125) - -
( 16,496,167) - (16,496,167) - -
( 5,368,722) - (5,368,722) - -
( 4,702,912) - (4,702,912) - -
( 81,063,800) - (81,063,800) - -
( 1,208,702) - (1,208,702) - -
( 1,760,235) - (1,760,235) - -
( 4,206,261) - (4,206,261) - -
( 175,228,662) - (175,228,662) - -
- 4,402,175 4,402,175 - -
- 4,068,579 4,068,579 - -
- (10,755) (10,755) - -
- (185,839) (185,839) - -
- 8,274,160 8,274,160 - -
$ ( 175,228,662) $ 8,274,160 $ (166,954,502) $ - $ -
$ - $ - $ - $ (77,080,692) $ -
- - - - (3,041,470)
- - - (77,080,692) (3,041,470)
82,047,674 - 82,047,674 - -
86,567,013 - 86,567,013 - -
261,842 - 261,842 - -
7,668,565 - 7,668,565 - -
1,127,036 - 1,127,036 - -
2,885,299 - 2,885,299 - -
83,040 - 83,040 - -
1,560,187 - 1,560,187 - -
- - - 1 00,774,039 2,808,155
9,192,673 1,732,675 10,925,348 4 80,147 94,857
- (21,552) (21,552) - -
2,059,293 1,167,917 3,227,210 2 8,085 4,235
( 484,251) 484,251 - - -
192,968,371 3,363,291 196,331,662 1 01,282,271 2,907,247
17,739,709 11,637,451 29,377,160 2 4,201,579 (134,223)
185,083,523 134,776,428 319,859,951 (91,831,471) 2,642,067
$ 202,823,232 $ 146,413,879 $ 349,237,111 $ (67,629,892) $ 2,507,844
The accompanying notes to the basic financial statements are an integral part of this statement.
37

QUEEN ANNE'S COUNTY, MARYLAND
BALANCE SHEET
GOVERNMENTAL FUNDS
June 30, 2024
MAJOR FUNDS NON-MAJOR TOTAL
GENERAL GENERAL ROADS GRANTS GOVERNMENTAL GOVERNMENTAL
FUND CAPITAL CAPITAL FUND FUNDS FUNDS
ASSETS
Cash and Cash Equivalents $ 67,317,886 $ 54,701,783 $ 6,516,310 $ 2,664,619 $ 25,032,795 $ 156,233,393
Prepaid Items 112,309 - - - - 112,309
Receivables:
Taxes Receivable (Net) 1,107,564 - - - - 1,107,564
Accounts Receivable (Net) 481,785 792,636 - 13,927 109,993 1,398,341
Lease Receivable 957,290 - - - - 957,290
Loans Receivable (Net) - - - - 6,338,809 6,338,809
Special Assessments (Net) - - 22,901 - 559,554 582,455
Due from Other Governments 43,974,270 630,918 - 666,228 1,504,532 46,775,948
Due from Other Funds 392,417 875,336 - - - 1,267,753
Inventory - - - - 1,218,486 1,218,486
Restricted:
Restricted LOSAP Plan Assets 6,120,385 - - - - 6,120,385
Restricted Equity in Pooled Cash - 2,875,393 - - - 2,875,393
Total Assets $ 120,463,906 $ 59,876,066 $ 6,539,211 $ 3,344,774 $ 34,764,169 $ 224,988,126
LIABILITIES
Accrued Liabilities $ 7,590,071 $ 1,053,192 $ 6,740 $ 252,278 $ 672,773 $ 9,575,054
Due to Other Funds - - - - 206,488 206,488
Due to Component Units - 2,768,173 - 128,404 70,038 2,966,615
Due to Other Governmental Agencies - - - - 316,871 316,871
Unearned Revenue 14,008 - - 2,964,092 816,137 3,794,237
Total Liabilities 7,604,079 3,821,365 6 ,740 3,344,774 2,082,307 16,859,265
DEFERRED INFLOWS OF RESOURCES
Unavailable Income Taxes 34,337,360 - - - - 34,337,360
Unavailable Property Taxes 86,924 - - - - 86,924
Unavailable Benefit Assessments - - 22,901 - 559,554 582,455
Unavailable Fees - - - - 94,470 94,470
Unavailable Lease Revenue 921,365 - - - - 921,365
Total Deferred Inflows 35,345,649 - 22,901 - 654,024 36,022,574
FUND BALANCES
Nonspendable 148,234 - - - 1,218,486 1,366,720
Restricted 21,377,816 6,320,750 - - 6,230,744 33,929,310
Committed 9,450,311 7,096,362 857,300 - 23,714,705 41,118,678
Assigned - 42,637,589 5,652,270 - 863,903 49,153,762
Unassigned 46,537,817 - - - - 46,537,817
Total Fund Balances 77,514,178 56,054,701 6,509,570 - 32,027,838 172,106,287
Total Liabilities, Deferred Inflows
and Fund Balances $ 120,463,906 $ 59,876,066 $ 6,539,211 $ 3,344,774 $ 34,764,169 $ 224,988,126
The accompanying notes to the basic financial statements are an integral part of this statement.
38

QUEEN ANNE'S COUNTY, MARYLAND
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
June 30, 2024
Total Fund Balance - Governmental Funds $ 1 72,106,287
Capital assets used in governmental fund activities are not current financial resources
and therefore are not reported in the funds. 197,753,402
Receivables not included in the governmental funds because they relate to debt.
A portion of the County's 2014 Bond offering related to debt issued on behalf of Chesapeake College.
Although Queen Anne's County will submit the payments to the lender for the bonds, there are five
Counties total that will share the expense of the debt service for the Chesapeake College project.
A receivable is booked in Government-Wide in order to offset the debt recorded on the books related
to the portion of the Chesapeake College project that the other Counties are responsible for. 2,858,777
Revenues that are deferred in the governmental funds because they do not
provide current financial resources are recognized as revenues in the
Statement of Activities.
Property Taxes deferred in governmental funds 86,924
Income Taxes deferred in governmental funds 34,337,360
Long-term liabilities related to governmental fund activities are not due and
payable in the current period and therefore are not reported in the funds.
Liability for Retirement Incentive and Employee Contracts (356,657)
Bonds and Notes Payable (123,221,457)
Accrued Interest Payable - long term debt (1,760,831)
Accrued Interest Payable - leases (16,023)
Accrued Interest Payable - Subscription (21,364)
Lease Liability (552,354)
Subscription Liability (905,835)
OPEB (24,652,577)
Net Pension Liability (41,722,251)
Net LOSAP Liability (11,180,243)
Accrued Compensated Absences (4,148,535)
Deferred outflow of resources - OPEB 672,067
Deferred outflow of resources - Maryland State Pension 20,367,949
Deferred outflow of resources - LOSAP 1,351,258
Deferred outflow of resources - Refundings 245,521
Deferred inflow of resources - OPEB (12,158,206)
Deferred inflow of resources - Maryland State Pension (3,266,641)
Deferred inflow of resources - LOSAP (2,857,473)
Deferred inflow of resources - Refundings (135,866)
Total Net Position - Governmental Activities $ 202,823,232
The accompanying notes to the basic financial statements are an integral part of this statement.
39

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
MAJOR FUNDS NON-MAJOR TOTAL
GENERAL GENERAL ROADS GRANTS GOVERNMENTAL GOVERNMENTAL
FUND CAPITAL CAPITAL FUND FUNDS FUNDS
REVENUES
Taxes
Local Property Tax $ 82,049,357 $ - $ - $ - $ 60,101 $ 82,109,458
Local Income Tax 86,007,950 - - - - 86,007,950
Admission and Amusement Taxes 261,842 - - - - 261,842
Recordation Taxes 7,436,184 - - - 232,381 7,668,565
Hotel Taxes 1,127,036 - - - - 1,127,036
County Transfer Taxes 2,885,299 - - - - 2,885,299
Cannabis Sales Tax 83,040 - - - - 83,040
State Shared Taxes - - - - 1,560,187 1,560,187
Franchise Fee 364,677 - - - - 364,677
Licenses and Permits 802,612 40,520 - - - 843,132
Intergovernmental 3,265,896 6,728,766 1,257,288 2,012,200 4,117,604 17,381,754
Charges for Current Services 4,131,708 53,102 4 ,361 6 ,556 3,255,748 7,451,475
Fines and Forfeitures 51,929 - - - 80,498 132,427
Investment Income 7,418,478 647,542 193,482 - 933,171 9,192,673
Donations 177,540 - - - 22,978 200,518
Miscellaneous 1,305,909 410,591 - 291,856 50,937 2,059,293
Total Revenues 197,369,457 7,880,521 1,455,131 2,310,612 10,313,605 219,329,326
EXPENDITURES
Current
General Government 14,735,938 1,398,119 - 37,150 17,675 16,188,882
Public Safety 39,555,442 1,182,528 - 1,310,762 776,860 42,825,592
Public Works 8,058,493 2,806,512 3,087,605 16,145 5,825,692 19,794,447
Parks & Recreation 6,042,174 689,046 - - - 6,731,220
Health and Social Services 1,498,892 1,049,838 - 238,237 5,480,017 8,266,984
Education and Library 73,609,899 9,106,407 - - - 82,716,306
Conservation of Natural Resources 846,386 124,943 - - 2,759,115 3,730,444
Economic/Community Development 1,165,297 17,633 - 756,107 1,115,909 3,054,946
Intergovernmental 689,608 - - - - 689,608
Miscellaneous 7,232,373 - - - - 7,232,373
Capital Outlay - 7,710,870 1,308,398 - - 9,019,268
Debt Service
Principal 8,488,388 - - - 47,816 8,536,204
Interest and Fiscal Charges 4,254,673 - - - - 4,254,673
Total Expenditures 166,177,563 24,085,896 4,396,003 2,358,401 16,023,084 213,040,947
Excess of Revenues Over (Under) Expenditures 31,191,894 ( 16,205,375) ( 2,940,872) ( 47,789) ( 5,709,479) 6,288,379
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals 28,597 - - - 60,477 89,074
Insurance Proceeds 139,131 - - - 11,053 150,184
Subscription-Based IT Arrangements 38,000 - - - - 38,000
Transfers In 2,165,911 10,925,521 4,015,480 47,789 9,380,073 26,534,774
Transfers Out ( 24,853,114) - - - ( 2,165,911) ( 27,019,025)
Other Financing Sources (Uses) ( 22,481,475) 10,925,521 4,015,480 47,789 7,285,692 ( 206,993)
Change in Fund Balances 8,710,419 ( 5,279,854) 1,074,608 - 1,576,213 6,081,386
Fund Balances, July 1 68,803,759 61,334,555 5,434,962 - 30,451,625 166,024,901
Fund Balances, June 30 $ 77,514,178 $ 56,054,701 $ 6,509,570 $ - $ 32,027,838 $ 172,106,287
The accompanying notes to the basic financial statements are an integral part of this statement.
40

QUEEN ANNE'S COUNTY, MARYLAND
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2024
Net change in fund balance - Governmental Funds $ 6 ,081,386
Governmental funds report capital outlay as expenditures. However, in the Statement of Activities, the cost of capital assets is allocated
over the estimated useful lives of those assets through an annual depreciation charge. The differences are as follows:
Current year additions of capital assets 10,863,504
Current year disposals of capital assets (684,764)
Depreciation expenses recorded in the Statement of Activities (7,940,275)
Receivables not included in the governmental funds because they relate to debt.
A portion of the County's 2014 Bond offering related to debt issued on behalf of Chesapeake College. Although Queen Anne's County
will submit the payments to the lender for the bonds, there are five Counties that will share the expense of the debt service for the
Chesapeake College project. A receivable is booked in Government-Wide in order to offset the debt recorded on the books related to the
portion of the Chesapeake College project that the other Counties are responsible for.
Change in bond receivable related to 2014 bonds (229,388)
Revenues that are earned but not collected within sixty days after the end of the fiscal year are not considered to
be "available" to meet current cash requirements and are deferred in the Governmental Funds to the following year. However, these revenues
are recognized in the Statement of Activities. The amount by which this type of deferred inflows increased or (decreased) relative to the
prior year is as follows:
Change in Property Tax Deferred Inflows (61,784)
Change in Income Tax Deferred Inflows 559,063
Liability for retirement incentive
As part of the retirement incentives offered in fiscal year 2018, retirees were given a certain period of health insurance
at no cost, rather than the normal premium. The maximum period of no cost health insurance was five years. The liability for the
benefit offered to the retirees is included in the government-wide statements and adjusted each year until the benefit period is over.
As part of an employee contract of a past employee, the County is responsible for a death benefit of $250,000 plus inflation.
This liability will remain until the payment is made.
Change in liability for the retirement incentive and employee contracts (10,292)
Issuance of long-term debt (e.g., bonds, notes, and financing leases) provides current financial resources
to Governmental Funds, while repayment of principal due for long-term debt consumes current resources. In the Statement of Net Position,
issuing debt increases long term liabilities, while repayment reduces those liabilities.
Retirements and repayments made on long term debt 8,765,592
Bond Premium amortization 872,744
Some accrued expenses, reported in the Statement of Activities, do not require the use of current financial
resources and are not reported as expenditures in the Governmental Funds.
Change in:
Accrued Interest Payable - long term debt 344,199
Accrued Interest Payable - leases (8,137)
Accrued Interest Payable - Subscription 6,885
Lease Liability 62,314
Subscription Liability 273,045
OPEB 2,157,670
Net pension liability - Maryland State Pension (9,151,952)
Net LOSAP Liability (3,422,375)
Accrued Compensated Absences (522,872)
Deferred outflow of resources - OPEB (711,463)
Deferred outflow of resources - Maryland State Pension 7,290,563
Deferred outflow of resources - LOSAP (394,123)
Deferred outflow of resources - Refunding (81,841)
Deferred inflow of resources - OPEB 2,117,206
Deferred inflow of resources - Maryland State Pension 1,178,081
Deferred inflow of resources - LOSAP 366,358
Deferred inflow of resources - Refunding 20,365
Change in Net Position - governmental activities $ 17,739,709
The accompanying notes to the basic financial statements are an integral part of this statement.
41

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF NET POSITION
ENTERPRISE FUNDS
June 30, 2024
SANITARY DISTRICT
SEWER WATER RESTRICTED DEBT SERVICE
ASSETS OPERATIONS OPERATIONS FUND FUND TOTAL
Current Assets
Unrestricted
Equity in Pooled Cash $ 2,535,638 $ 7,369,108 $ - $ - $ 9,904,746
Prepaid Items - - - - -
Accounts Receivable (Net) 410,174 85,589 - - 495,763
Due from Other Governments - - - - -
Lease receivable - 1,419,931 - - 1,419,931
Inventories 752,307 - - - 752,307
Restricted
Restricted Equity in Pooled Cash - - 26,185,033 2,170,557 28,355,590
Restricted Accounts Receivable (Net) - - 2,745,269 754,100 3,499,369
Total Current Assets 3,698,119 8,874,628 28,930,302 2,924,657 44,427,706
Noncurrent Assets
Restricted
Special Assessments Receivable (Net) - - 706,812 18,552,518 19,259,330
Total Noncurrent Restricted Assets - - 706,812 18,552,518 19,259,330
Capital and Intangible Assets 152,659,989 43,326,321 - - 195,986,310
Less Accumulated Depreciation and Amortization ( 62,035,890) ( 14,684,693) - - ( 76,720,583)
Total Capital Assets, Net 90,624,099 28,641,628 - - 119,265,727
Total Assets 94,322,218 37,516,256 29,637,114 21,477,175 182,952,763
DEFERRED OUTFLOWS OF RESOURCES
OPEB 85,717 35,229 - - 120,946
Pension Benefits 1,266,973 367,231 - - 1,634,204
Deferred Charge on Refunding - - - - -
Total Deferred Outflows of Resources 1,352,690 402,460 - - 1,755,150
LIABILITIES
Current Liabilities
Payable from Unrestricted Assets
Accounts Payable 725,490 111,437 75 - 837,002
Accrued Interest Payable 118,431 - - - 118,431
Escrow Deposits - - - - -
Due to Other Funds - - - - -
Unearned Revenue 86,934 - - - 86,934
Current Portion of Compensated Absences 226,847 57,660 - - 284,507
Current Portion of Lease Payable - - - - -
Current Portion of Bonds/Notes Payable 2,137,805 - - - 2,137,805
Total Current Liabilities 3,295,507 169,097 75 - 3,464,679
Noncurrent Liabilities
Payable from Unrestricted Assets
Compensated Absences 157,944 40,147 - - 198,091
OPEB 3,824,440 1,282,222 - - 5,106,662
Net Pension Liability 2,421,117 669,406 - - 3,090,523
Lease Payable - - - - -
Bonds/Notes Payable 32,860,126 - - - 32,860,126
Total Noncurrent Liabilities 39,263,627 1,991,775 - - 41,255,402
Total Liabilities 42,559,134 2,160,872 75 - 44,720,081
DEFERRED INFLOWS OF RESOURCES
OPEB 1,246,745 305,570 - - 1,552,315
Pension Benefits 265,824 89,479 - - 355,303
Bond Refundings - - - - -
Water and Sewer Assessments - - 706,812 18,552,520 19,259,332
Lease receivable - 1,388,119 - - 1,388,119
Total Deferred Inflows of Resources 1,512,569 1,783,168 706,812 18,552,520 22,555,069
NET POSITION
Net Investment in Capital Assets 55,147,600 28,641,628 - - 83,789,228
Amounts Restricted for:
Debt Service - - - 2,924,655 2,924,655
Unrestricted Amounts (Deficit) ( 3,544,395) 5,333,048 28,930,227 - 30,718,880
Total Net Position $ 51,603,205 $ 33,974,676 $ 28,930,227 $ 2,924,655 $ 117,432,763
The accompanying notes to the basic financial statements are an integral part of this statement.
42

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF NET POSITION
ENTERPRISE FUNDS
June 30, 2024
(CONTINUED)
TOTAL
PRIMARY
NON-MAJOR GOVERNMENT
BAY BRIDGE ENTERPRISE ENTERPRISE
AIRPORT FUNDS FUNDS
$ 1,868,339 $ 859,726 $ 12,632,811
- 2,520 2,520
63,470 90,990 650,223
2,653 14,999 17,652
429,779 - 1,849,710
57,676 8,104 818,087
- - 28,355,590
- - 3,499,369
2,421,917 976,339 47,825,962
- - 19,259,330
- - 19,259,330
29,187,036 11,551,003 236,724,349
( 7,340,920) ( 2,794,084) ( 86,855,587)
21,846,116 8,756,919 149,868,762
24,268,033 9,733,258 216,954,054
1,082 4,883 126,911
51,039 141,958 1,827,201
3,096 441 3,537
55,217 147,282 1,957,649
380,027 87,754 1,304,783
15,818 9,015 143,264
25,532 - 25,532
875,336 185,929 1,061,265
16,681 9,801 113,416
26,543 40,375 351,425
- 27,922 27,922
120,079 80,876 2,338,760
1,460,016 441,672 5,366,367
18,481 28,111 244,683
255,356 228,350 5,590,368
98,931 247,332 3,436,786
- 82,792 82,792
1,187,651 622,921 34,670,698
1,560,419 1,209,506 44,025,327
3,020,435 1,651,178 49,391,694
14,898 56,958 1,624,171
9,856 37,679 402,838
252 1,338 1,590
- - 19,259,332
430,080 - 1,818,199
455,086 95,975 23,106,130
20,210,189 7,941,511 111,940,928
1,222,838 - 4,147,493
( 585,298) 191,876 30,325,458
$ 20,847,729 $ 8,133,387 $ 146,413,879
The accompanying notes to the basic financial statements are an integral part of this statement.
43

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
ENTERPRISE FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
SANITARY DISTRICT
SEWER WATER RESTRICTED DEBT SERVICE
OPERATIONS OPERATIONS FUND FUND TOTAL
OPERATING REVENUES
Charges for Services $ 7,522,670 $ 3,206,391 $ 2 ,221,123 $ 1 ,211,906 $ 14,162,090
Intergovernmental 201,105 1,357,242 658,750 3 48,750 2,565,847
Material Sales - 23,650 - - 23,650
Miscellaneous Revenues 224,056 203,632 - - 427,688
Total Operating Revenues 7,947,831 4,790,915 2 ,879,873 1 ,560,656 17,179,275
OPERATING EXPENSES
Cost of Sales and Services
Collection 3,993,916 - - - 3,993,916
Distribution - 393,570 - - 393,570
Treatment 1,937,597 1,465,595 - - 3,403,192
Shop 279,633 117,231 - - 396,864
Airport - - - - -
Recreation - - - - -
Total Cost of Sales and Services 6,211,146 1,976,396 - - 8,187,542
Administration and Inspection 2,183,951 768,482 - - 2,952,433
OPEB ( 360,048) (59,448) - - ( 419,496)
Pension Liability Adjustment 58,113 (3,165) - - 54,948
Depreciation and amortization 2,884,264 873,127 - - 3,757,391
Total Operating Expenses 10,977,426 3,555,392 - - 14,532,818
Operating Income (Loss) ( 3,029,595) 1,235,523 2 ,879,873 1 ,560,656 2,646,457
NON-OPERATING REVENUES (EXPENSES)
Investment Income 289,129 161,252 1 ,032,233 2 47,854 1,730,468
Interest Expense ( 400,163) - - - ( 400,163)
Loss on Disposal of Capital Assets (8,366) (7,910) - - (16,276)
Total Non-Operating Revenues (Expenses) ( 119,400) 153,342 1 ,032,233 2 47,854 1,314,029
Income (Loss) Before Contributions and Transfers ( 3,148,995) 1,388,865 3 ,912,106 1 ,808,510 3,960,486
Capital Contributions, Fees and Grants 1,133,649 1,473,570 - - 2,607,219
Transfer of Capital Asset (to) from Governmental Fund - - - - -
TRANSFERS
Transfers In 2,520,507 1,782,287 - 1 ,039,588 5,342,382
Transfers Out - - (2,821,875) (2,520,507) ( 5,342,382)
Net Transfers In (Out) 2,520,507 1,782,287 (2,821,875) (1,480,919) -
Change in Net Position 505,161 4,644,722 1 ,090,231 3 27,591 6,567,705
Total Net Position - Beginning of Year 51,098,044 29,329,954 2 7,839,996 2 ,597,064 110,865,058
Total Net Position - End of Year $ 51,603,205 $ 33,974,676 $ 2 8,930,227 $ 2 ,924,655 $ 117,432,763
The accompanying notes to the basic financial statements are an integral part of this statement.
44

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
ENTERPRISE FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
(CONTINUED)
TOTAL
PRIMARY
NON-MAJOR GOVERNMENT
BAY BRIDGE ENTERPRISE ENTERPRISE
AIRPORT FUNDS FUNDS
$ 6,049 $ 1,185,610 $ 15,353,749
- 14,999 2,580,846
175,686 59,280 258,616
442,447 39,166 909,301
624,182 1,299,055 19,102,512
- - 3,993,916
- - 393,570
- - 3,403,192
- - 396,864
419,523 - 419,523
- 1,169,821 1,169,821
419,523 1,169,821 9,776,886
- - 2,952,433
(4,086) (13,421) ( 437,003)
3,153 (9,602) 48,499
479,821 231,263 4,468,475
898,411 1,378,061 16,809,290
( 274,229) (79,006) 2,293,222
2,207 - 1,732,675
(67,772) (19,142) ( 487,077)
(5,276) - (21,552)
(70,841) (19,142) 1,224,046
( 345,070) (98,148) 3,517,268
5,028,713 - 7,635,932
- - -
59,251 425,000 5,826,633
- - ( 5,342,382)
59,251 425,000 484,251
4,742,894 326,852 11,637,451
16,104,835 7,806,535 134,776,428
$ 20,847,729 $ 8,133,387 $ 146,413,879
The accompanying notes to the basic financial statements are an integral part of this statement.
45

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
SANITARY DISTRICT
SEWER WATER RESTRICTED DEBT SERVICE
OPERATIONS OPERATIONS FUND FUND TOTAL
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users $ 7 ,599,640 $ 3 ,256,689 $ 2 ,552,604 $ 1 ,351,057 $ 1 4,759,990
Receipts from other operating sources 332,048 1 ,422,287 658,825 348,750 2 ,761,910
Payments to suppliers (3,384,047) (1,571,157) - - (4,955,204)
Payments to employees and on behalf of employees (5,381,868) (1,245,071) - - (6,626,939)
Net Cash Provided (Used) by Operating Activities ( 834,227) 1 ,862,748 3 ,211,429 1 ,699,807 5 ,939,757
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Transfers in from other funds 2 ,520,507 1 ,782,287 - 1 ,039,588 5 ,342,382
Transfers to other funds - - (2,821,875) (2,520,507) (5,342,382)
Principal paid on interfund loans - - - - -
Net Cash Provided (Used) by Noncapital Financing Activities 2 ,520,507 1 ,782,287 (2,821,875) (1,480,919) -
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Proceeds from capital grants - - - - -
Proceeds from capital debt 1 ,794,266 - - - 1 ,794,266
Proceeds from the disposition of capital assets 93 - - - 93
Proceeds from lease receivable - 129,385 - - 129,385
Principal paid on capital debt (2,118,911) - - - (2,118,911)
Repayment of lease payable ( 6,397) - - - ( 6,397)
Issuance of long-term debt 101,834 - - - 101,834
Interest paid on capital debt ( 401,606) - - - ( 401,606)
Acquisition and construction of capital assets (4,893,213) (3,180,851) - - (8,074,064)
Net Cash Used by Capital and Related Financing Activities (5,523,934) (3,051,466) - - (8,575,400)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment Income 289,129 161,252 1 ,032,233 247,854 1 ,730,468
Net Cash Provided by Investing Activities - Investment Income 289,129 161,252 1 ,032,233 247,854 1 ,730,468
Net Increase (Decrease) in Cash and Cash Equivalents (3,548,525) 754,821 1 ,421,787 466,742 ( 905,175)
Balances - Beginning of the year 6 ,084,163 6 ,614,287 2 4,763,246 1 ,703,815 3 9,165,511
Balances - End of the year $ 2 ,535,638 $ 7 ,369,108 $ 2 6,185,033 $ 2 ,170,557 $ 3 8,260,336
Reconciliation of operating income (loss) to net cash
provided by operating activities
Operating income (loss) $ (3,029,595) $ 1 ,235,523 $ 2 ,879,873 $ 1 ,560,656 $ 2 ,646,457
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Depreciation and amortization 2 ,884,264 873,127 - - 3 ,757,391
Lease revenue - deferred inflow - ( 138,587) - - ( 138,587)
(Increase) decrease in assets:
Accounts receivable, net 76,970 26,648 331,481 139,150 574,249
Special assessments receivable, net - - 244,630 (3,070,562) (2,825,932)
Due from Other Governments - - - - -
Inventories 23,954 - - - 23,954
Increase (decrease) in liabilities:
Accounts payable ( 423,387) ( 74,543) 75 - ( 497,855)
Escrow deposits - - - - -
Unearned revenue ( 93,113) - ( 244,630) 3 ,070,563 2 ,732,820
Compensated absences 28,615 3,194 - - 31,809
OPEB ( 360,048) ( 59,448) - - ( 419,496)
Pension Obligation 58,113 ( 3,166) - - 54,947
Net Cash Provided (Used) by Operating Activities $ (834,227) $ 1 ,862,748 $ 3 ,211,429 $ 1 ,699,807 $ 5 ,939,757
Noncash investing, capital and financing activities:
Contributed Capital Assets $ 1 ,133,649 $ 1 ,473,570 $ - $ - $ 2 ,607,219
The accompanying notes to the basic financial statements are an integral part of this statement.
46

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
(CONTINUED)
TOTAL
PRIMARY
NON-MAJOR GOVERNMENT
BAY BRIDGE ENTERPRISE ENTERPRISE
AIRPORT FUNDS FUNDS
$ 147,232 $ 1 ,219,991 $ 1 6,127,213
121,585 120,578 3 ,004,073
- ( 697,849) (5,653,053)
( 162,669) ( 522,157) (7,311,765)
106,148 120,563 6 ,166,468
59,251 425,000 5 ,826,633
- - (5,342,382)
( 59,881) ( 108,118) ( 167,999)
(630) 316,882 316,252
468,970 - 468,970
- - 1 ,794,266
- - 93
57,676 - 187,061
( 117,102) ( 105,003) (2,341,016)
- - ( 6,397)
- - 101,834
( 68,318) ( 20,067) ( 489,991)
(6,615,426) ( 273,527) (14,963,017)
(6,274,200) ( 398,597) (15,248,197)
2,207 - 1 ,732,675
2,207 - 1 ,732,675
(6,166,475) 38,848 (7,032,802)
3,006,101 820,878 4 2,992,490
$ (3,160,374) $ 8 59,726 $ 3 5,959,688
$ (274,229) $ ( 79,006) $ 2 ,293,222
479,821 231,263 4 ,468,475
( 54,690) - ( 193,277)
( 40,535) ( 24,899) 508,815
- - (2,825,932)
- 63,391 63,391
( 9,514) ( 2,586) 11,854
259,693 ( 46,992) ( 285,154)
6,032 - 6,032
( 266,172) 3,022 2 ,469,670
6,675 (607) 37,877
( 4,086) ( 13,421) ( 437,003)
3,153 ( 9,602) 48,498
$ 106,148 $ 120,563 $ 6 ,166,468
$ - $ - $ 2 ,607,219
The accompanying notes to the basic financial statements are an integral part of this statement.
47

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF FIDUCIARY NET POSITION
PRIVATE PURPOSE TRUST, OTHER POST-EMPLOYMENT BENEFIT TRUST, AND CUSTODIAL FUNDS
June 30, 2024
PRIVATE OTHER
PURPOSE POST-
TRUST FUND EMPLOYMENT
TAX SALE BENEFIT CUSTODIAL
DEPOSITS TRUST FUND FUNDS
ASSETS
Cash and Cash Equivalents $ 322,651 $ 1,368,583 $ 1,283,437
Investments, at Fair Value
Debt Securities - 6,267,262 -
Fixed Income Fund - 1,060,272 -
Mutual and Global Funds - 10,003,319 -
International - 3,337,871 -
Total Investments - 20,668,724 -
Total Assets 322,651 22,037,307 1,283,437
LIABILITIES
Accounts Payable and Other Liabilities - 45,851 12,680
Due to Other Governments - - 185,182
Total Liabilities - 45,851 197,862
NET POSITION
Restricted for:
Held in Trust 322,651 - -
Other Post-Employment Benefits - 21,991,456 -
Individuals, Organizations, and other Governments - - 1,085,575
Total Net Position $ 322,651 $ 21,991,456 $ 1,085,575
The accompanying notes to the basic financial statements are an integral part of this statement.
48

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
PRIVATE PURPOSE TRUST, OTHER POST-EMPLOYMENT BENEFIT TRUST, AND CUSTODIAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
PRIVATE OTHER
PURPOSE POST-
TRUST FUND EMPLOYMENT
TAX SALE BENEFIT CUSTODIAL
DEPOSITS TRUST FUND FUNDS
ADDITIONS
Contributions:
Tax Sale Collections in Excess of Tax Due $ 173,842 $ - $ -
Employers - 4,453,230 -
Members - 479,979 -
Total Contributions 173,842 4,933,209 -
Investment Earnings:
Net Change in the Fair Value of Investments - 1,483,303 -
Interest - 533,081 -
Total Investment Earnings - 2,016,384 -
Less Investment Administrative Expenses - 10,094 -
Net Investment Earnings - 2,006,290 -
Tax Ditch - - 37,360
Zoning Deposits - - 199,777
Tax Collections for Other Governments - - 16,652,672
Motor Vehicle Administration - - 206,879
Escheat - Abandoned Property - - 76,003
Inmate Welfare - - 139,416
Total Additions 173,842 6,939,499 17,312,107
DEDUCTIONS
Distributions to Property Holders 89,355 - -
Claims Paid for Other Post-Employment Benefits - 2,326,420 -
Administrative Expenses - 91,175 -
Distribution of Tax Ditch Funds - - 40,006
Refund of Zoning Deposits - - 104,037
Payments of Tax to Other Governments - - 16,652,672
Payments to Motor Vehicle Administration - - 206,879
Payments of Escheat to Others - - 76,003
Distribution of Inmate Welfare Funds - - 140,532
Total Deductions 89,355 2,417,595 17,220,129
Net Increase in Fiduciary Net Position 84,487 4,521,904 91,978
Net Position-Beginning of Year 238,164 17,469,552 993,597
Net Position-End of Year $ 322,651 $ 21,991,456 $ 1,085,575
The accompanying notes to the basic financial statements are an integral part of this statement.
49

QUEEN ANNE'S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
INDEX
Note
1 Summary of Significant Accounting Policies 51 - 62
2 Budgets and Budgetary Accounting 62 - 63
3 Cash, Investments and Investment Income 64 - 68
4 Accounts Receivable 69 - 70
5 Unearned Revenue 70
6 Capital Assets 71 - 75
7 Interfund Receivables and Payables 75
8 Interfund Transfers 76
9 Noncurrent Liabilities 77 - 84
10 Leases 84 - 87
11 Subscription-Based Information Technology Arrangements 88
12 Restricted Assets and Liabilities and Fund Balances 89 - 92
13 Risk Management 92
14 Retirement Plans 93 - 101
15 Deferred Compensation Plan 102
16 Other Post-Employment Benefits 102 - 116
17 Volunteer Fireman Pension Plan Length of Service Award Program 117 - 119
18 Deficit Equity Balances 120
19 Commitments, Contingencies, and Subsequent Events 120 - 121
20 Joint Venture 121
21 Pollution Remediation Obligations 122
50

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the County conform to accounting principles generally accepted in the United States of
America (GAAP) applicable to local government entities. The following is a summary of significant policies.
A.REPORTING ENTITY
Queen Anne’s County, Maryland (the County) was founded in 1706. The County is governed by five Commissioners who are elected
to serve four-year terms. This board assumes responsibilities conferred upon them by the Maryland General Assembly under Code
Home Rule and provides the following services: public safety, public facility/infrastructure maintenance and improvements, sanitation,
health and social services, education, recreation and culture, library, conservation of natural resources, economic and community
development, and general administrative services.
As required by GAAP, these financial statements present the primary government and its component units, which are entities for which
the primary government is considered financially accountable. The decision to include a potential component unit in the financial
reporting entity was made by applying the criteria set forth in the Government Accounting Standards Board (GASB) Statements No. 14
and 39. Blended component units, although separate entities, are in substance, part of the government’s operations. However, each
discretely presented component unit is reported in a separate column in the government-wide financial statements (see note below for
descriptions) to emphasize that it is legally separate from the government.
Blended Component Units
The Queen Anne’s County Sanitary District serves citizens of the government and is governed by a board comprised of the
government’s elected Commissioners. The rates for user charges and bond issuance authorizations are approved by the Board of
Commissioners and the legal liability for the general obligation portion of the District’s debt remains with the government. The
Sanitary District is reported as an enterprise fund.
The Queen Anne’s County Roads Board serves all the citizens of the government and is governed by a board comprised of the
government’s elected Commissioners. All operations of the Roads Board are approved by the Board of Commissioners and the legal
liability for any debt remains with the government. The Roads Operating Fund is included as a governmental fund.
Discretely Presented Component Units
Component units are legally separate entities that are included in the County’s reporting entity because of the significance of their
operating or financial relationships with the County. The criteria for including organizations as component units within the County’s
reporting entity include whether:
 the organization is legally separate
 the County Commissioners appoint a voting majority of the organization’s board
 the County Commissioners have the ability to impose their will on the organization
 the organization has the potential to impose a financial benefit/burden on the County
 the organization is fiscally dependent on the County
Based on the application of these criteria, the following organizations are considered component units of Queen Anne’s County
Government. Their financial data is discretely presented in separate columns in the government-wide financial statements. Both
discretely presented component units have a June 30 year end.
The Board of Education of Queen Anne’s County is a five-member body responsible for the operation of Queen Anne’s County
Schools. Beginning with the November 2008 election, the members were elected by the County voters. The Board of Education is a
component unit of Queen Anne’s County, Maryland by virtue of the Board’s fiscal dependency on the County through the County’s
responsibility for levying taxes, issuing debt, and its budgetary control over the Board of Education.
The Queen Anne’s County Free Library is a component unit of the Queen Anne’s County Government by virtue of the Library’s
fiscal dependency on the County. The County levies taxes and approves the Library’s budget. The Library Board of Trustees governs
the Library. Vacancies on the Board of Trustees are filled by vote of the remaining members of that Board.
51

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
A. REPORTING ENTITY (CONTINUED)
Discretely Presented Component Units (continued)
Complete financial statements of the discretely presented component units can be obtained from their respective administrative
offices listed below:
Board of Education of Queen Anne’s County
Queen Anne’s County Free Library
202 Chesterfield Avenue 121 S. Commerce Street
Centreville, MD 21617 Centreville, MD 21617
Joint Venture
The operation of the Midshore Regional Landfill is considered a joint venture of the County. Disclosure of the County’s participation
in this joint venture is presented in Note 20.
Complete financial statements can be obtained at the joint ventures’ administrative office listed below:
Maryland Environmental Service
259 Najoles Road
Millersville, Maryland 21108
B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
Government-Wide Financial Statements – The government-wide financial statements report information on all of the non-fiduciary
activities of the Primary Government and its component units. Since, by definition, assets of fiduciary funds are held for the benefit of
a third party (other local governments, private parties, etc.) and cannot be used to address activities or obligations of the County, these
funds are not incorporated into the government-wide statements.
Interfund activity within the primary government’s governmental activities and business-type activities has been eliminated
from the government-wide statements. Interfund services provided and used are not eliminated in the process of
consolidation. Residual balances between the governmental and business-type categories are presented on the Statement of
Net Position as “Internal balances”.
Governmental activities of the Primary Government, which normally are supported by taxes and intergovernmental revenues, are
reported separately from business-type activities, which rely to a significant extent on fees and charges for support.
Statement of Net Position – This statement is designed to display the financial position of the reporting entity as of year-end.
Governments report all capital assets, including infrastructure, in the government-wide Statement of Net Position and report
depreciation expense, the cost of “using up” capital assets, in the Statement of Activities. Net position is divided into three categories:
1) net investment in capital assets; 2) restricted amounts; and 3) unrestricted amounts. Net Investment in capital assets consists of
capital assets, net of accumulated depreciation, and reduced by the outstanding balances of any bonds, mortgages, notes, or other
borrowings that are attributable to the acquisition, construction, or improvement of those capital assets. Restricted amounts are assets
for which constraints are placed due to restrictions that are either (1) externally imposed by creditors, grantors, contributors, or laws and
regulations of the government, or (2) imposed by law through constitutional provisions or enabling legislation. Unrestricted amounts
consist of net assets that do not meet the definition of restricted or invested in capital assets.
52

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS (CONTINUED)
Statement of Activities – This statement demonstrates the degree to which the direct expenses of a given function for the fiscal year
are offset by program revenues. Therefore, this statement reflects both the gross and net costs per functional category (general
government; public safety; public works; parks and recreation; health; social services; education; library; conservation of natural
resources; and economic/community development) that are otherwise supported by general revenues. Direct expenses (including
depreciation) are those that are clearly identifiable with a specific function. Program revenues include: 1) charges to customers or
applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function and 2) grants and
contributions that are restricted to meeting the operational or capital requirements of a particular function. The operating grants and
contributions column includes operating-specific and discretionary (either operating or capital) grants, while the capital grants and
contributions column reflects capital-specific grants. Taxes and other items not properly included among program revenues are
reported as general revenues. The County does not allocate indirect expenses.
Fund Financial Statements – Separate financial statements are provided for governmental funds and proprietary funds. Major
individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements.
In the fund financial statements, financial transactions and accounts of the County are organized on the basis of funds, each of which is
considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts
that comprise assets, liabilities, fund balance/net assets, revenues, and expenditures/expenses.
Governmental Fund Budget-to-Actual Comparison Statements – Demonstrating compliance with the legally adopted budget is an
important component of government’s accountability to the public. The County provides a budget-to-actual comparison of the General
Fund and Grants Fund as part of the required supplementary information section located after the Notes to the basic financial
statements. A budget-to-actual comparison is also included for all non-major governmental funds with legally adopted budgets in the
supplementary information section.
The County and many other governments revise their original budgets over the course of the year for a variety of reasons; the County’s
amended budget is reflected in a separate column in the budget-to-actual comparison statements. Variances are calculated based on
final budgets.
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION
Measurement Focus and Basis of Accounting
Full Accrual Basis Financial Statements – The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues are recorded when
earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are
recognized as revenue in the year in which they are levied. Grants and similar items are recognized as revenues as soon as all eligibility
requirements imposed by the provider have been met. Capital assets and related depreciation are recorded in these statements, as well
as debt, accrued compensated absences, other post-employment benefits, and other accruals.
Modified Accrual Basis Financial Statements – Governmental fund financial statements are reported using the current financial
resources measurement focus and the modified accrual basis of accounting.
53

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION
(CONTINUED)
Revenues are recorded as soon as they are susceptible to accrual (i.e., when they are both measurable and available). Revenues are
considered to be available when they are collectible within the current period, or soon enough thereafter to pay liabilities of the current
period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service
expenditures are recorded only when payment has matured and is due. Similarly, expenditures related to claims, judgments,
compensated absences, and other post-employment benefits are recorded only to the extent that they are expected to be liquidated with
expendable available financial resources. Capital assets, and related depreciation, as well as long-term liabilities are not recorded in
these statements.
In applying the susceptible to accrual concept to income taxes (distributed by the State), property taxes, and inter-governmental
revenues other than grants, the County defines “available” as received within 60 days after year-end.
In the State of Maryland, the State has assumed responsibility for the collection of all income taxes and for distributing those collections
to the respective counties. The counties set their individual tax rates within limits provided by State law. However, collection and
pursuit of delinquent taxes are the responsibility of the State. The County records estimated receivables relating to income taxes when
the underlying income is earned. Amounts not received within 60 days are reported as deferred inflows of resources. At year-end,
deferred revenue relating to income taxes primarily includes the final fiscal year distribution (which is normally received in September
after the fiscal year-end) and amounts related to late filers, delinquent returns and audits, and unallocated withholding, all of which are
not received within the County’s availability period. Most deferred inflows are expected to be received from the State within the next
fiscal year; however, collections related to delinquent returns and audits as well as unallocated withholding may not be remitted to the
County for several years.
In applying the susceptible to accrual concept to operating and capital grants, which are classified with intergovernmental revenues in
the fund financial statements, the County records receivables when the applicable eligibility requirements including time requirements
are met. Related revenues are recognized to the extent that cash is expected to be received within one year of year-end. Resources
received before the eligibility requirements are met are reported as unearned revenue.
Licenses and permits, charges for services, and miscellaneous revenues (except earnings on investments) are generally recorded as
revenues when received in cash during the year. At year-end, receivables are recorded for significant amounts due. If such amounts are
received in cash after year-end within the County’s 60-day availability period, they are recognized as revenue. Benefit assessment
receivables not billed at year end are reported as deferred inflows of resources.
Fiduciary Funds – The County’s trust fund financial statements are reported using the economic resources measurement focus and
accrual basis of accounting, as is used by proprietary funds. Custodial funds report assets, liabilities, and changes in net position.
Since fiduciary funds are, by their very nature, independent of the County, they are omitted from all government-wide statements.
Financial Statement Presentation - The County reports the following major governmental and proprietary funds, as well as fiduciary
funds.
54

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION
(CONTINUED)
General Fund – This fund is the general operating fund of the County. It is used to account for all financial resources except
those required or recommended, by GAAP, to be accounted for in another fund.
Capital Projects Funds –
General Capital Projects - This fund accounts for financial resources to be used for the acquisition or construction of
major capital facilities, as well as other large multi-year projects that relate to capital assets, that are financed from
general governmental resources.
Roads Capital Projects - This fund accounts for financial resources to be used for the construction of County Road
infrastructure, as well as other large multi-year projects that relate to capital assets, that are financed from grants
received from State and Federal Governments, Highway User Tax funds, and general governmental resources.
Grants Fund – This special revenue fund accounts for activities funded by grants and is included in various governmental
functions, depending on the grant.
Non-Major Governmental Funds – There are seventeen non-major governmental funds, which are used to account for and
report the proceeds of specific revenue sources. Included in the seventeen non-major governmental funds are fourteen special
revenue funds and three capital project funds.
Major Enterprise Funds - Enterprise Funds are used to account for those activities of the Primary Government that are
financed and operated in a manner similar to private business enterprises in that all costs and expenses, including depreciation,
are recovered primarily or partially through user charges. The Sanitary District Funds are intended to be self-supporting as a
whole, while the Airport is intended to be only partially self-supporting. The County reports the following major enterprise
funds:
Sanitary District -
Sewer Operations - This fund is used to account for the operation of the sewer system serving
approximately 9,600 customers.
Water Operations - This fund is used to account for the operation of the water supply system serving
approximately 5,400 customers.
Restricted Fund - This fund is used to account for the proceeds of sewer and water capacity charges (one-
time allocation fees) and is used to fund capital and debt service expenses.
Debt Service Fund - This fund is used to account for the collection of special benefit assessments, and
financial resources from other sources, to fund debt associated with construction of water and sewer
facilities in accordance with debt covenants.
Bay Bridge Airport – This fund is used to account for the operation of the County’s airport that serves small, private
aircraft.
55

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION
(CONTINUED)
Non-Major Enterprise Funds – Non-major Enterprise Funds account for activities which are commercial in nature and are
primarily or partially intended to be self-supporting. The County has two non-major enterprise funds, neither of which is
meant to be fully self-supporting. These funds include the Golf Course and Public Landings and Marinas.
Fiduciary Funds – Fiduciary Funds are used to report assets held in a trustee or agency capacity for entities other than the
County. The County reports the following fiduciary fund types:
Private-Purpose Trust Fund – This fund accounts for an arrangement under which monies received at tax sale, in
excess of taxes due, are legally held in trust for property owners who have not been located within a legally-defined
time frame.
Other Post-Employment Benefit Trust Fund – This fund only accounts for the Queen Anne’s County portion
of the MACo (Maryland Association of Counties) pooled OPEB Investment Trust Fund.
Custodial Funds - These funds are used to account for deposits that are collected and held on behalf of individuals,
organizations, and other governments. These monies include escrow deposits for tax ditches, zoning deposits, state
and town tax collections, motor vehicle administration deposits, abandoned property, and inmate welfare funds.
Certain amounts in the prior years’ financial statements have been reclassified to conform to the current year’s presentation.
The financial statements of the County have been prepared in conformity with generally accepted accounting principles
(GAAP) as applied to local government units. The Governmental Accounting Standards Board (GASB) is the accepted
standard-setting body for establishing governmental accounting and financial principles. The most significant of the
County’s accounting policies are described below.
In the process of aggregating data for the Statement of Net Position and the Statement of Activities, some amounts reported as interfund
activity and balances in the funds should be eliminated or reclassified. As a general rule, the effect of interfund activity has been
eliminated from the government-wide financial statements. The effect of interfund services provided and used between functions has
not been eliminated in the Statement of Activities, since to do so would distort the direct costs and program revenues reported for the
various functions concerned.
Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally
result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing
operations. The principal operating revenues of the enterprise funds are charges to customers for sales and services. Operating
expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All
revenues and expenses not meeting this definition are reported as non-operating revenues and expenses.
56

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. ASSETS, LIABILITIES, AND NET POSITION OR EQUITY
1) Cash and Investments
Cash and Cash Equivalents – For Statement of Cash Flows reporting purposes, the County has defined “cash
equivalents” as short-term, highly liquid investments that are both readily convertible to known amounts of cash and so
near their maturity that they present an insignificant risk of changes in value because of changes in interest rates.
Generally, only investments with maturities of three months or less at time of purchase meet this definition. The balance
sheet classification for “cash and cash equivalents” in the Statement of Cash Flows includes the following: “Equity in
pooled cash and investments,” “Cash and cash equivalents,” and “Restricted Equity in pooled cash and investments.”
2) Receivables and Payables
Due To/From Other Funds and Internal Balances – Activity between funds that are representative of
lending/borrowing arrangements outstanding at the end of the year are current and are referred to as “due to/from other
funds.” On the Statement of Net Position, these balances are referred to as “internal balances” and are reported as
positive and negative “assets” that net to zero for the primary government as a whole.
Trade Accounts Receivable – Trade and other receivables are shown net of an allowance for uncollectible accounts.
The allowance for uncollectible accounts is calculated based on historical collection data and, in some cases, specific
account analysis.
3) Inventories, Prepaids, and Other Assets
Inventories consisting of materials, parts and supplies are recorded at cost and determined by weighted average cost
method. Inventories held for resale are reported at lower of cost or market and determined by the first-in, first-out
method. For budgetary purposes, the cost is recorded as an expenditure at the time individual inventory items are
purchased (purchase method). The consumption method is used for financial reporting purposes whereby expense is
recognized as the items are used (consumed). Reported inventories are equally offset by a fund balance reserve.
Inventories in the Proprietary Funds are also recorded using the consumption method.
Prepaid items are payments made to vendors for services that will benefit periods beyond the end of the fiscal year.
4) Capital Assets
Capital assets, which include property, plant, equipment, intangibles, and infrastructure assets (e.g. roads, bridges, curbs
and gutters, streets and sidewalks, drainage systems, lighting systems, and similar items) are reported in the applicable
governmental or business-type activities columns in the government-wide financial statements. The County defines
capital assets as assets with an initial, individual cost of $5,000 or more and an estimated useful life in excess of one year.
Such assets are valued at cost where historical records are available and at estimated historical cost where no historical
records exist. Donated capital assets, donated works of art and similar items, and capital assets received in a service
concession arrangement are recorded at acquisition value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value or functionality of the asset, or materially
extend asset lives, are not capitalized.
Land and other inexhaustible assets such as intangible property easements and other land usage rights are capitalized but
not depreciated, as these assets are expected to have indefinite useful lives.
57

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. ASSETS, LIABILITIES, AND NET POSITION OR EQUITY (CONTINUED)
4) Capital Assets (continued)
Major outlays for capital assets and improvements are capitalized as the projects are constructed. Interest is capitalized
on proprietary fund assets acquired with tax-exempt debt. The amount of interest to be capitalized is calculated by
offsetting interest expense, incurred from the date of the borrowing until completion of the project, with interest earned
on invested proceeds over the same period. Capital projects that are under construction and not yet ready for their
intended use at year-end are classified as “construction in progress” (CIP).
Capital assets are depreciated using the straight-line method over the following estimated useful lives:
Assets Years
Buildings and structures 20 - 50
Improvements other than buildings 15 - 50
Infrastructure 20 - 50
Machinery and equipment 5 - 20
Office furniture, fixtures and equipment 5 - 15
Vehicles 5 – 10
5) Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will report a separate section for deferred outflows of resources.
This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that
applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.
In addition to liabilities, the statement of financial position will report a separate section for deferred inflows of resources.
This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that
applies to a future period(s) and so will not be recognized as an inflow of resources until that time.
6) Other Post-Employment Benefit Obligation (OPEB)
The Queen Anne’s County post-employment benefit plan provides medical insurance benefits to retirees and their
eligible dependents. The Plan’s financial information is prepared based on full accrual accounting. Expenses are
recognized on the accrual basis as retirees’ insurance costs are incurred. Typically, OPEB liabilities are liquidated in the
following governmental funds: the General Fund, Department of Aging, Housing and Community Services, and
Community Partnerships for Children. OPEB liabilities are also liquidated in the following enterprise funds: Sanitary
Sewer, Sanitary Water, Bay Bridge Airport, Golf Course, and Public Landings and Marinas. In both the government-
wide and enterprise funds, the liability for OPEB is adjusted at the end of the fiscal year. Additional details regarding
OPEB can be found in Notes 9 and 16.
58

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. ASSETS, LIABILITIES, AND NET POSITION OR EQUITY (CONTINUED)
7) Net Pension Liability
The Queen Anne’s County government participates in the Maryland State Retirement and Pension Systems. Beginning
in fiscal year 2015, the County was required to report the net pension liability associated with this system. Typically,
pension liabilities are liquidated in the following governmental funds: the General Fund, Department of Aging, Housing
and Community Services, and Community Partnerships for Children. Pension liabilities are also liquidated in the
following enterprise funds: Sanitary Sewer, Sanitary Water, Bay Bridge Airport, Golf Course, and Public Landings and
Marinas. Additional details regarding retirement benefits can be found in Notes 9 and 14.
8) Volunteer Fireman Pension Plan Length of Service Award Program (LOSAP)
The LOSAP is a single-employer defined benefit length of service award program that covers all volunteer
members of the County’s Fire and EMS Commission. The County began recording the net LOSAP liability
associated with this benefit in fiscal year 2019 with the implementation of Governmental Accounting Standards
Board’s Statement No. 73, Accounting and Financial Reporting for Pensions and Related Assets That are Not
Within the Scope of GASB Statement 68. Additional details regarding LOSAP benefits can be found in Notes 9 and
17.
9) Compensated Absences
Primary Government – The County’s policy is to pay employees for any unused vacation time, up to a maximum of 65
days, upon termination of employment. Compensated absences are reported in governmental funds only if they have
matured, such as payments upon termination of employment, vacation, and compensatory time paid as they are used
during the year. Such time is paid as regular wages. Compensated absences are reported in enterprise funds as they are
accrued. In the government-wide statements, the liability for compensated absences is adjusted at the end of each fiscal
year to current salary costs.
Component Unit - Board of Education –The Board accrues a liability for compensated absences (vacation pay)
employees have earned but have not been paid. The Board adopted the practice of paying for any unused
vacation time, up to the maximum amount employees can carry over from one year to the next, upon the
termination of employment. The full amount of this obligation has been provided for in the statement of net
position.
10) Long-Term Obligations
In the government-wide financial statements and proprietary fund types in the fund financial statements, long-term debt
and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type
activities, or proprietary fund type statements of net assets. Bond premiums are deferred and amortized over the life of
the bonds using the bonds outstanding method. Bonds payable in the proprietary fund financial statements and
noncurrent liabilities in the government-wide financial statements are reported net of the applicable bond premium or
discount. Bond issuance costs are reported in the period in which they have been incurred.
59

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. ASSETS, LIABILITIES, AND NET POSITION OR EQUITY (CONTINUED)
10) Long-Term Obligations (continued)
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond
issuance costs, during the current period. The face amount of debt issued is reported as other financing sources.
Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are
reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are
reported as expenditures. When debt is refunded in an advance refunding, payments to the Bond Refunding Agent and
associated bond issuance costs are reported as other financing uses. When debt is refunded in a current refunding, the
principal on refunded debt is reported as other financing uses.
11) Net Position/Fund Equity
In the government-wide financial statements, the County has reported an unrestricted net surplus of $79,122,816. The
County issues general obligation bonded debt for purposes of capital construction on behalf of the Queen Anne’s County
Board of Education. The capital assets constructed with the proceeds of this debt are reported on the financial statements
of Queen Anne’s County Board of Education. This amount is also classified as net investment in capital assets in the
Board of Education column of the Component Units section of the County’s government-wide Statement of Net
Position. Since the Board of Education is not authorized to borrow funds, they do not have any debt.
Since the issuance of such debt has not resulted in capital assets owned by the Primary Government, the effect of this
debt is reflected in the unrestricted net assets in the Governmental Activities column of the government-wide Statement
of Net Position. At June 30, 2024, the County has reported outstanding general obligation debt related to assets held by
the Board of Education amounting to $43,910,684 (of which $42,317,895 has been spent and the remaining $1,592,789
relates to unspent bond proceeds).
The County reports a portion of its net position in its government-wide financial statements as restricted. In this context,
restricted means that, as of June 30, 2024, this portion of net position was restricted for a particular purpose either by
external parties; by provision of the County Charter; or by enabling legislation. Net position restricted by enabling
legislation represents legislative restrictions that a party external to the government can compel the government to honor.
For the County, such amounts represent primarily accumulated net position attributed to revenue streams that are
restricted for specified purposes in the County Code. This generally includes the Rainy Day Fund, Capital Projects Fund
impact fee collections and developer exactions on hand for outside entities; restricted amount for special revenue funds;
and ending restricted net assets of the Sanitary District and other enterprise funds. Such amounts, which are restricted in
the government-wide Statement of Net Position, are as follows at year-end:
Governmental Business-type
Amounts Restricted for: Activities Activities
General government $ 15,581,891 $ -
Economic/community development 3 ,100,606 -
Public safety 6 ,452,153 -
Conservation of natural resources 2 ,797,415 -
Social services 955 -
Debt service - 4 ,147,493
Other Purposes - -
Total amounts restricted $ 27,933,020 $ 4,147,493
Note that unspent bond proceeds of $5,996,290 are included in restricted fund balance for the General Capital
Projects Fund. At the Government-Wide level, the unspent bond proceeds are offset by the liability.
60

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. ASSETS, LIABILITIES, AND NET POSITION OR EQUITY (CONTINUED)
11) Net Position/Fund Equity (continued)
In the fund financial statements, fund balances of governmental funds are classified as follows:
Nonspendable – amounts that cannot be spent either because they are not in a spendable form or because they are
legally or contractually required to be maintained intact. Nonspendable fund balances for the County include inventory
and prepaid items.
Restricted – amounts that can be spent only for specific purposes because of constitutional provisions or enabling
legislation or because of constraints that are externally imposed by creditors, grantors, contributors, or the laws or
regulations of other governments.
Committed – amounts that can be used only for specific purposes determined by a formal action of the Queen Anne’s
County Commissioners. The Commissioners are the highest level of decision-making authority for the County.
Commitments may be established, modified, or rescinded only through formal actions such as a County Ordinance
approved by the County Commissioners.
Assigned – amounts that do not meet the criteria to be classified as restricted or committed but that are intended to be
used for specific purposes. The assignment of funds rests with the County Commissioners. In addition, GASB 54
requires all positive residual amounts in special revenue funds to be reported as assigned.
Unassigned – all other spendable amounts; however, the General Fund is the only fund permitted to have a positive
unassigned fund balance. Negative unassigned fund balances may occur in other governmental funds.
The County typically uses restricted fund balances first, followed by committed resources, and then assigned resources,
as appropriate opportunities arise, but reserves the right to selectively spend unassigned resources first to defer the use of
these other classified funds.
12) Property Tax
The County's real property tax is levied each July 1 on the assessed values certified as of that date for all taxable real
property located in the County. The levy functions as a lien against the property. Assessed values are established by the
Maryland State Department of Assessments and Taxation at estimated market value. A revaluation of all property is
required to be completed every three years. Taxes are then billed to property owners and collected by the County.
Property represented by delinquent taxes is sold at a public auction in May of the following calendar year, with title
transferring after foreclosure proceedings have been completed.
For small businesses that meet certain criteria and also principal residences, an installment plan is offered whereby total
tax is paid in two equal installments. The first installment is due by September 30. Beginning October 1, a 1% penalty is
charged on the first day of each month that the installment remains unpaid. This 1% penalty is based on the amount of
the first installment only. The second installment is due by December 31. Beginning January 1, the 1% penalty would
then include all outstanding balances. The County accepts partial payments.
For non-principal residences, payment is due in full by September 30. Beginning October 1, a penalty is charged for
each month that taxes remain unpaid. For new construction, completed and assessed between July 1 and December 31, a
supplementary tax is levied equal to half of the full-year levy. Payment in full is due by March 31. Beginning April 1, a
penalty is charged for each month that taxes remain outstanding.
61

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. ASSETS, LIABILITIES, AND NET POSITION OR EQUITY (CONTINUED)
12) Property Tax (continued)
Real and personal property taxes are levied at rates enacted by the County Commissioners in the annual budget
on the assessed value as determined by the Maryland Department of Assessments and Taxation. The rates of
levy cannot exceed the constant yield rate furnished by the Maryland Department of Assessments and Taxation
without public notice and only after public hearings. The County tax rate for the fiscal year ended June 30, 2024 was
$0.8300 per $100 of assessed value.
NOTE 2 - BUDGETS AND BUDGETARY ACCOUNTING
Pursuant to the Code of Public Local Laws of Queen Anne's County, the County Commissioners adopt an annual operating
budget and real property tax rate prior to July 1 each year. This action, taken after public hearings, provides the spending
authority for the fiscal year beginning on July 1. Unexpended and unencumbered appropriation authority expires the
following June 30, except in the case of Capital Projects where appropriations lapse only upon completion or cancellation of
each project by the County Commissioners. The appropriated budgets are prepared at the fund, function, and departmental
level. Expenditures/expenses may not legally exceed appropriations, based on the level at which they were adopted. For the
General Fund, annual expenditure budgets are legally adopted at the departmental level. For all other Governmental Funds,
for which annual budgets are adopted, expenditure budgets are legally adopted at the fund level.
62

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 2 - BUDGETS AND BUDGETARY ACCOUNTING (CONTINUED)
During the fiscal year, the Commissioners may adopt supplemental appropriations. For the year ended June 30, 2024,
supplemental appropriations were as follows:
Original Final
Supplemental Appropriations Budget Budget Increase
General Fund - expenditures and transfers $ 183,565,554 $ 196,697,953 $ 13,132,399
Special Revenue Funds that adopt annual budgets
Grants Fund - expenditures and transfers $ 2,972,631 $ 3,457,520 $ 484,889
Non-Major Funds that adopt annual budgets -
Department of Aging - expenditures and transfers $ 4,046,200 $ 4,673,526 $ 627,326
Housing & Community Services - expenditures and transfers 1,522,032 1,872,051 350,019
Roads Operating - expenditures and transfers 6,213,151 6,407,294 194,143
Community Partnerships for Children - expenditures and transfers 1,371,131 1,335,572 (35,559)
Agricultural Transfer - expenditures and transfers 1,425,000 2,699,050 1,274,050
Rural Legacy - expenditures and transfers 1,307,452 1,398,769 91,317
Fire Company Impact Fees - expenditures and transfers 382,700 602,031 219,331
Dredging Special Assessments - expenditures and transfers 47,816 55,766 7,950
Total Special Revenue Funds that adopt annual budgets $ 19,288,113 $ 22,501,579 $ 3,213,466
All final budgets are presented as amended. The County Administrator may approve budget amendments of $100,000 or less
throughout the year. Amendments greater than $100,000 require the approval of the County Commissioners.
Annual operating budgets are legally adopted for the General Fund, Grants Fund, and the following non-major governmental
funds: Department of Aging, Housing and Community Services, Economic Development Incentive, Roads Operating,
Community Partnerships for Children, Law Library, Inmate Welfare, Agricultural Transfer, Rural Legacy, Dredging Special
Assessments, Kent Narrows, School Impact Fees Capital Projects, Fire Company Impact Fees Capital Projects, and Parks and
Recreation Impact Fees Capital Projects. Proprietary Fund budgets are adopted for management control only and include all
enterprise funds. Budgets are adopted using the same method of accounting as that used for Fund reporting purposes.
Budgets for the General Capital Projects Fund and the Roads Capital Projects Fund reflect multi-year appropriations at the
individual project level. Expenditures may not legally exceed appropriations at that level and appropriations lapse at the
completion or cancellation of individual projects. Since these capital projects funds do not adopt an annual budget per
project, a Statement of Revenues, Expenditures, and Changes in Fund Balances on a budget-to-actual basis is not presented
for these funds.
63

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 3 – CASH, INVESTMENTS AND INVESTMENT INCOME
A. DEPOSITS AND INVESTMENTS
PRIMARY GOVERNMENT AND FIDUCIARY FUNDS
Deposits are maintained in a variety of financial institutions. Statutes authorize the County to invest in obligations of the
United States Government, Federal government agency obligations, secured time deposits in Maryland banks, bankers’
acceptances, the Maryland Local Government Investment Pool, money market mutual funds, commercial paper and
repurchase agreements secured by direct government or agency obligations.
At year-end, the County Primary Government had deposits of $109,246,739 with local banks (carrying value $105,862,836),
all of which was covered by federal depository insurance or by collateral held by the County’s agent in the County’s name.
Of these options, the County participates in the Maryland Local Government Investment Pool (MLGIP), which provides all
local government units of the state with a safe investment vehicle for short-term investment of funds. The State Legislature
created MLGIP with the passage of Article 95 Section 22G, of the Annotated Code of Maryland. PNC Financial manages the
MLGIP, under administrative control of the State Treasurer. A MLGIP Advisory Committee of current participants reviews
the activities of the Fund on a quarterly basis and provides suggestions to enhance the pool. The MLGIP portfolio is
managed in a manner consistent with the Securities and Exchange Commission’s Rule 2a-7 of the Investment Company Act
of 1940. Standard and Poors rates the MLGIP as AAAm. The fair value of the pool is the same as the value of the pool
shares. At June 30, 2024, the County had investments in MLGIP of $94,234,351, which are recorded at cost, which
approximates fair value.
As of June 30, 2024, the County’s investments (excluding investments held for retiree health benefits), for both custodial and
credit risk purposes, consisted solely of shares in the MLGIP. This investment is not deemed to have either risk and is in
conformity with the County’s policy relating to minimal credit risk of investments.
The majority of the Retiree Health Trust investments are invested in the Maryland Association of Counties Pooled OPEB
Trust (MACO Trust). The MACO Trust is administered by Davenport & Company LLC, and is a wholly-owned
instrumentality of its members.
The assets of the Trust are managed by a Board of Trustees and consist of U.S. Treasury obligations, U.S. government
agencies, corporate and foreign bonds, municipal obligations, taxable fixed income securities, mutual funds, global funds,
and international equity securities.
Cash and cash equivalents for the MACO Trust include an investment in a money market mutual fund. At June 30, 2024, the
weighted average maturity (WAM) for the Trust’s money market mutual fund investment was 36 days. At June 30, 2024, the
short-term rating of the money market mutual fund was AAAm by Standard & Poor’s.
The main objectives of the Trust’s investment policy are the protection of investment principal, maximizing investment
income through diversification while assuring financial liquidity. The policy allows for investment in U.S. and non-U.S.
equities, corporate, government, or government agency bonds, non-U.S. bonds, Real Estate, and Limited Partnerships.
64

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 3 – CASH, INVESTMENTS AND INVESTMENT INCOME (CONTINUED)
A. DEPOSITS AND INVESTMENTS (CONTINUED)
PRIMARY GOVERNMENT AND FIDUCIARY FUNDS (CONTINUED)
The Trust categorizes its fair value measurements with the fair value hierarchy established by U.S. GAAP. The hierarchy is
based on the valuation inputs used to measure the fair value of the asset and gives the highest priority to unadjusted quoted
prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable
inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:
 Level 1 – Valuations based on unadjusted quoted prices for identical assets or liabilities in active markets;
 Level 2 – Valuations based on quoted prices for similar assets or liabilities in active markets or identical assets or
liabilities in less active markets, such as dealer or broker markets; and
 Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value
drivers are unobservable, such as pricing models, discounted cash flow models and similar techniques not based on
market, exchange, dealer or broker-traded transactions.
Transactions are recorded on the trade date. Realized gains and losses are determined using the identified cost method. Any
change in net unrealized gain or loss from the preceding period is reported in the statement of changes in fiduciary net
position. Dividends are recorded on the ex-dividend date. Interest is recorded on the accrual basis. Following is a description
of the valuation methodologies used for assets measured at fair value.
Equity securities classified in Level 1 are valued using prices quoted in active markets for those securities. Debt securities
classified in Level 2 of the fair value hierarchy are valued using a matrix pricing technique. Matrix pricing is used to value
securities based on the securities' relationship to benchmark quoted prices.
The Trust has the following recurring fair value measurements as of June 30, 2024, of which Queen Anne’s County’s portion
was 24.4% of the total:
Level 1 Level 2 Level 3 Total
Investments by fair value level:
Debt Securities
U.S. Treasury Obligations $ - $ 8,115,276 $ - $ 8,115,276
U.S. Governmental Agencies - 5,223,664 - 5,223,664
Corporate & Foreign Bonds - 10,317,988 - 10,317,988
Municipal Obligations - 2,043,971 - 2,043,971
Equity and Mutual Fund Investments
Taxable Fixed Income Funds - 4,347,982 - 4,347,982
Mutual Funds 33,686,687 - - 33,686,687
Global Funds 7,335,100 - - 7,335,100
International 13,688,002 - - 13,688,002
Total $ 54,709,789 $ 30,048,881 $ - $ 84,758,670
Interest rate risk is the risk that changes in market interest rates that will adversely affect the fair value of an investment.
Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest
rates.
65

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 3 – CASH, INVESTMENTS AND INVESTMENT INCOME (CONTINUED)
A. DEPOSITS AND INVESTMENTS (CONTINUED)
PRIMARY GOVERNMENT AND FIDUCIARY FUNDS (CONTINUED)
Information about the sensitivity of the fair values of the Trust’s investments to market interest rate fluctuations is provided
by the following table that shows the distribution of the Trust’s investments by maturity as of June 30, 2024:
Investment Maturities (in Years)
Less than 1 1 - 5 6 - 10 More than 10 Total
Investments with Maturities
U.S. Treasury Obligations $ 89,715 $ 1,142,971 $ 2,083,854 $ 4,798,736 $ 8,115,276
U.S. Governmental Agencies - 177,453 439,296 4,606,915 5,223,664
Corporate & Foreign Bonds 184,684 1,191,971 1,620,783 7,320,550 10,317,988
Municipal Obligations - - - 2,043,971 2,043,971
Total $ 274,399 $ 2,512,395 $ 4,143,933 $ 18,770,172 $ 25,700,899
Credit Risk. The Trust is exposed to both market risk, the risk arising from changes in fair value, and credit risk, the risk of
failure by another party to perform according to the terms of a contract. Trust assets may only be invested in investment
grade bonds with a minimum rating of Baa3 by Moody’s or BBB- by S&P. The Trust bears the risk of loss only to the extent
of the fair value of its respective investments. At June 30, 2024, the ratings of the underlying investments of the Trust’s
investments were as follows:
Rating
Baa1/Baa2/
Type Aaa Aa1/Aa2/ Aa3 A1/A2/A3 Baa3 Not Rated Total
U.S. Treasury Obligations $ 7,540,277 $ - $ - $ - $ 574,999 $ 8,115,276
U.S. Governmental Agencies - - - - 5,223,664 5,223,664
Corporate & Foreign Bonds 165,928 1,860,253 5,240,382 2,779,504 271,921 10,317,988
Municipal Obligations 393,863 1,428,144 86,424 - 135,540 2,043,971
Total $ 8,100,068 $ 3,288,397 $ 5,326,806 $ 2,779,504 $ 6,206,124 $ 25,700,899
The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g. broker-dealer) to a
transaction, the Trust will not be able to recover the value of its investment or collateral securities that are in the possession
of another party. The Trust’s investment policy does not contain legal or policy requirements that would limit the exposure to
custodial credit risk for deposits or investments. The Trust has all of its assets on deposit with Wilmington Trust Company in
connection with its investing and cash management activities. All of the investments held by the Trust at June 30, 2024, were
exposed to custodial credit risk as the investments are uninsured and unregistered.
The following tables summarizes the composition of the Trust’s investment balances by type as well as the interest rate range
as of June 30, 2024:
Interest
Fair Value Rate Range
U.S. Treasury Obligations $ 8,115,276 2.25 to 4.88%
U.S. Governmental Agencies 5,223,664 1.3 to 5.0%
Corporate & Foreign bonds 10,317,988 1.7 to 6.2%
Municipal Obligations 2,043,971 2.44 to 6.72%
Taxable Fixed Income Funds 4,347,982 N/A
Mutual Funds 33,686,687 N/A
Global Funds 7,335,100 N/A
International 13,688,002 N/A
Total $ 84,758,670
66

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 3 – CASH, INVESTMENTS AND INVESTMENT INCOME (CONTINUED)
A. DEPOSITS AND INVESTMENTS (CONTINUED)
PRIMARY GOVERNMENT AND FIDUCIARY FUNDS (CONTINUED)
Concentration of credit risk. The following general asset allocation guidelines have been established through the Trust’s
investment policy.
Asset Class Minimum Maximum Target
Equities 50% 70% 65%
Fixed Income 30% 50% 35%
Cash and Equivalents 0% 10% 0%
The Trust held the following investments as of June 30, 2024 that exceeded 5% of the total investment balance as of June 30,
2024:
Name Amount
VANGUARD 500 INDEX CL ADML $ 8,607,060
NEW WORLD FUND-R6 7,335,100
FULLERTHALER BEHAVIORAL SC EQ R6 6,889,333
TRANSAMERICA TS&W INTERNATIONAL EQ-IS 6,864,353
LAZARD INTERNATIONAL STRATEGIC EQUITY FD CL-I 6,823,648
ISHARES MSCI USA QUALITY FACTOR ETF 5,655,059
VANGUARD MID-CAP INDEX FUND ADMIRAL SHARES 4,506,264
BLACKROCK HIGH YIELD INSTL 4,347,982
Foreign currency risk is the risk that changes in the exchange rate of investments will adversely affect the fair value of an
investment. The Trust was not exposed to Foreign Currency risk as of June 30, 2024, as the Trust did not have any
investments denominated in foreign currencies.
For the year ended June 30, 2024, the annual money-weighted rate of return on investments, net of expense, was 6.5%. The
money-weighted rate of return expresses investment performance, net of investment expenses, adjusted for the changing
amounts actually invested.
Capital Accounts
The Trust accounts for contributions, allocations, and redemptions on a per member capital account basis. The revenues,
consulting and management fees, and administrative service fee are allocated pro rata to the capital accounts of each member
based on committed capital. The fair value of member capital accounts is determined monthly.
Income Taxes
The Trust complies with the requirements of Section 115 of the Internal Revenue Code and is exempt from income taxes.
LOSAP Funds
The LOSAP funds are invested in an Empower Retirement General Investment Account (GIA). The GIA, backed by
Empower Retirement’s general assets, is designed to provide stable, guaranteed rate of return and guarantee of principal.
General investment account assets are managed with reference to their associated liabilities so product specifications and
obligations to clients can be met with a high degree of certainty, even when market conditions change. Investment risk
management is a high priority. Strict diversification among industries and individual issuers help mitigate credit risk.
Various quantitative tools and systems, as well as qualitative approaches, are used to manage interest rate risk and liquidity
risk. Assets in the GIA were managed to range from 5 to 6 years.
67

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 3 – CASH, INVESTMENTS AND INVESTMENT INCOME (CONTINUED)
A. DEPOSITS AND INVESTMENTS (CONTINUED)
PRIMARY GOVERNMENT AND FIDUCIARY FUNDS (CONTINUED)
LOSAP Funds (Continued)
If the GIA Contract is fully or partially terminated, participants will receive the liquidation value of the GIA instead of the
book value (i.e., contract value), which is the value disclosed on participant statements and recorded within these financial
statements. The liquidation value is determined in accordance with a formula contained in the GIA Contract and is designed
to reflect the value of the assets in the general investment account. This liquidation value may be more or less than the book
value of the plan’s investment in the GIA Contract. This means that upon partial or full termination of the GIA Contract a
participant’s account balance in the GIA may be either increased or decreased.
The County’s LOSAP fund GIA account balance as of June 30, 2024 is $6,120,385 and is included in restricted LOSAP plan
assets on the general fund balance sheet.
The fair value GAAP hierarchy is based on the valuation of inputs used to measure the fair value of the asset. Level 1 inputs
are quoted market prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; and
Level 3 are significant unobservable inputs. GIA is measured on recurring basis and is considered to be Level 3 as
liquidation value is based on actuarial formula as defined under the terms of the contract with no observable price.
COMPONENT UNITS (BOARD OF EDUCATION AND LIBRARY)
Component Unit - Board of Education - At year-end, the carrying amount of deposits was $12,739,845, including $300,000 in
certificates of deposit and excluding the carrying amount of fiduciary funds. At June 30, 2024, the Board had deposits of
approximately $14.2 million with local banks and the bank deposits were fully insured or collateralized.
Component Unit – Library - At year-end, the carrying amount of all bank deposits, including certificates of deposit, was
$1,460,275 and the balance per bank records totaled $1,477,050. Of the bank balances, $1,210,257 was secured by the FDIC
and up to $940,827 was available to be secured by collateral held by the pledging bank’s trust department but not in the
Library’s name.
Total investment income earned in all governmental and business-type funds was credited for use as follows:
Governmental Business-type
Investment Income Activities Activities
Major Governmental Funds
General Fund $ 7,418,478 $ -
General Capital Projects 6 47,542 -
Roads Capital Projects 1 93,482 -
Grants Fund - -
Non-Major Governmental Funds 9 33,171 -
Major Enterprise Funds
Sanitary District - 1 ,730,468
Bay Bridge Airport - 2,207
Non-Major Enterprise Funds - -
Total Investment Income $ 9,192,673 $ 1,732,675
68

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 4 - ACCOUNTS RECEIVABLE
Receivables as of June 30, 2024 for the governmental and business-type activities are as follows:
Total
General Roads Non-Major Total Total Governmental
General Capital Capital Grants Governmental Governmental Enterprise and Enterprise
Accounts Receivable Fund Projects Projects Fund Funds Funds Funds Funds
Receivables
Taxes - Real Property $ 314,838 $ - $ - $ - $ - $ 314,838 $ - $ 314,838
Taxes - Other 792,726 - - - - 792,726 - 792,726
Subtotal Taxes Receivable (Net) 1,107,564 - - - - 1,107,564 - 1,107,564
Other Accounts Receivable:
QAC - PHA - 7 33,121 - - - 733,121 - 733,121
Sanitary District -
User and Septage Fees - - - - - - 495,763 495,763
Airport - Fuel Sales, User
and Rental Fees - - - - - - 63,470 63,470
Miscellaneous Receivables 481,785 5 9,515 - 13,927 109,993 665,220 90,990 756,210
Subtotal Accounts Receivable (Net) 481,785 7 92,636 - 13,927 109,993 1,398,341 650,223 2,048,564
Loans Receivable - - - - 6,338,809 6,338,809 - 6,338,809
Special Assessments - - 2 2,901 - 559,554 582,455 - 582,455
Intergovernmental
Income Taxes Held by State 42,169,653 - - - - 42,169,653 - 42,169,653
Grants Receivable 198,307 6 30,918 - 666,228 1,078,353 2,573,806 17,652 2,591,458
Recordation Tax 1,606,310 - - - - 1,606,310 - 1,606,310
State-Highway User Tax - - - - 426,179 426,179 - 426,179
Subtotal Due from Other Governments 43,974,270 6 30,918 - 666,228 1,504,532 46,775,948 17,652 46,793,600
Restricted Receivables
Accounts Receivable (Net) - - - - - - 3,499,369 3,499,369
Special Assessments Receivable (Net) - - - - - - 19,259,330 19,259,330
Subtotal Restricted Receivables - - - - - - 22,758,699 22,758,699
Total Receivables $ 4 5,563,619 $ 1,423,554 $ 22,901 $ 680,155 $ 8,512,888 $ 56,203,117 $ 23,426,574 $ 7 9,629,691
The County does not have any allowance for doubtful accounts related to the above receivables.
In Fiscal Year 2014, the County issued bonds on behalf of three mid-shore counties (Dorchester, Caroline, and Talbot) in order
to provide funding for the new Center for Allied Health and Athletics at Chesapeake College. Therefore, in addition to the
Governmental and Enterprise Fund receivables listed above, the County also has a $2.9 million receivable on its government-
wide Statement of Net Position, which represents the collective obligation of the three aforementioned counties for funding the
facility at Chesapeake College.
69

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 4 - ACCOUNTS RECEIVABLE (CONTINUED)
The County expects to receive all receivables listed in the table within one year, excluding the following items.
Loans receivable in the amount of $6,338,809 relate to the Housing and Community Services, Impact Fees, and Revolving
Loan Special Revenue Funds. Loans receivable in the amount of $6,194,339 for Housing and Community Services will be
repaid when the homes are sold, in virtually all cases. These loans support housing rehabilitation and home-ownership. When
the loans are repaid to the County, the funds are then loaned out again to serve the same purpose. Loans for the Revolving
Loan Fund in the amount of $50,000 are also repaid over a number of years. The remaining loan receivable balance of $94,470
relates to school, fire, and parks and recreation impact fees. In July 2007, the County began accepting promissory notes for
impact fees, in certain situations, with the understanding that when certificate of occupancy was obtained, these notes would be
paid in full. To ensure repayment, the notes attach to the property incurring the impact fee; therefore, payment will be required
automatically prior to legal transfer of title.
Income taxes held by the State in the amount of $42,169,653 have been estimated by the State as income tax due to the County.
Local income tax revenue is collected by the State and distributed to the local governments throughout the year. The State’s
distribution of the County’s share of income taxes lags behind the County’s fiscal year. However, the State indicates that this is
a reasonable estimate of their liability to the County and the County reports this amount in accordance with GAAP.
Special Assessments in the amount of $582,455 represent receivables for governmental activities. Part of this amount consists
of $22,901 for assessments levied on homeowners to reimburse the County for construction or upgrade of private roads prior to
their acceptance into the County Roads System. The other part of this amount consists of $559,554 for assessments levied on
homeowners relating to dredging costs. Payment of these assessments is expected over a number of years.
Restricted Special Assessments in the amount of $19,259,330 represent restricted receivables for the Sanitary District. These
receivables relate to assessments levied on homeowners for the construction of sewer and water lines, as well as for hook up
costs. Only the current portion due is billed and the remaining balances are repaid over a number of years, as determined by the
original agreement. As the funds are paid back, the County uses the money to repay debt.
NOTE 5 – UNEARNED REVENUE
Governmental funds report unearned revenue in connection with resources that have been received, but unearned. At the end
of the current fiscal year, the components of unearned revenue were reported as follows:
General Roads Non-Major Total Total
General Capital Capital Grants Governmental Governmental Enterprise
Unearned Revenue Fund Projects Projects Fund Funds Funds Funds
Property Tax Deferrals $ 9 ,215 $ - $ - $ - $ - $ 9 ,215 $ -
Inspection Fees Collected in Advance - - - - - - 8 6,934
Grant Drawdowns in excess of Expenditures - - - 2,964,092 816,137 3,780,229 -
Miscellaneous 4,793 - - - - 4,793 2 6,482
Total Unearned Revenue $ 14,008 $ - $ - $ 2 ,964,092 $ 816,137 $ 3,794,237 $ 113,416
70

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 6 – CAPITAL ASSETS
PRIMARY GOVERNMENT
Changes in the County’s capital assets for governmental activities for the year ended June 30, 2024 are summarized as
follows, with depreciation shown separately. Assets resulting from completed capital projects are shown in the Transfers
column. Asset retirements are shown in the Decreases column.
Balance Balance
Governmental Activities June 30, 2023 Increases Transfers Decreases June 30, 2024
Capital Assets, not being depreciated:
Land $ 38,885,316 $ 64,148 $ - $ - $ 38,949,464
Intangible Rights - Easements 821,819 - - - 821,819
Land Improvements 3,714,283 614,458 - - 4,328,741
Construction in Progress 11,539,664 2,654,397 (10,849,974) (465,260) 2,878,827
Land - Inexhaustible Infrastructure Improvements 43,890,863 - - - 43,890,863
Total Capital Assets, not being depreciated 98,851,945 3,333,003 (10,849,974) (465,260) 90,869,714
Capital Assets, being depreciated:
Buildings and Building Improvements 72,469,070 507,377 7,218,050 - 80,194,497
Improvements other than Buildings 21,706,233 2,992,557 609,297 (72,237) 25,235,850
Vehicles 17,628,097 1,662,639 - (765,616) 18,525,120
Equipment 17,153,389 1,784,052 1,183,399 (580,834) 19,540,006
Furniture and Fixtures 13,355,926 545,876 1,839,228 (244,410) 15,496,620
Infrastructure Improvements - Depreciable 18,711,533 - - - 18,711,533
Right-to-use asset 638,500 - - - 638,500
Subscription asset 1,503,069 38,000 - - 1,541,069
Total Capital Assets, being depreciated 163,165,817 7,530,501 10,849,974 (1,663,097) 179,883,195
Less Accumulated Depreciation for:
Buildings and Building Improvements 22,165,310 1,700,695 - - 23,866,005
Improvements other than Buildings 6,273,536 1,194,727 - (72,237) 7,396,026
Vehicles 10,422,813 1,655,269 - (730,038) 11,348,044
Equipment 9,829,281 1,200,378 - (475,384) 10,554,275
Furniture and Fixtures 6,973,920 1,498,607 - (165,934) 8,306,593
Infrastructure Improvements - Depreciable 10,459,007 298,976 - - 10,757,983
Right-to-use asset 67,655 67,654 - - 135,309
Subscription asset 311,303 323,969 - - 635,272
Total Accumulated Depreciation 66,502,825 7,940,275 - (1,443,593) 72,999,507
Total Capital Assets, being depreciated, net 96,662,992 (409,774) 10,849,974 (219,504) 106,883,688
Governmental activities Capital Assets, net $ 195,514,937 $ 2,923,229 $ - $ (684,764) $ 197,753,402
71

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 6 – CAPITAL ASSETS (CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
Changes in the County’s capital assets for business-type activities for the year ended June 30, 2024 are summarized as
follows, with depreciation shown separately. Assets resulting from completed capital projects are shown in the Transfers
column. Asset retirements are shown in the Decreases column.
Balance Balance
Business-Type Activities June 30, 2023 Increases Transfers Decreases June 30, 2024
Capital Assets, not being depreciated:
Land $ 10,916,330 $ - $ - $ - $ 10,916,330
Land Improvements 9 ,500 - - - 9 ,500
Intangible Rights 6 ,140 - - - 6 ,140
Construction in Progress 8,202,979 5,906,155 (7,503,402) (5,825) 6,599,907
Land - Inexhaustible Infrastructure Improvements 2,481,094 - - - 2,481,094
Total Capital Assets, not being depreciated 21,616,043 5,906,155 (7,503,402) (5,825) 20,012,971
Capital Assets, being depreciated:
Buildings and Improvements to Buildings 16,205,773 - - - 16,205,773
Improvements other than Buildings 17,534,435 1,272,934 - - 18,807,369
Vehicles 2,019,358 - - - 2,019,358
Equipment 24,831,713 151,466 108,290 (33,900) 25,057,569
Furniture and Fixtures 72,375 - - - 72,375
Infrastructure Improvements - Depreciable 136,771,395 10,239,681 7,395,112 - 154,406,188
Right-to-use asset 181,055 - - (38,309) 142,746
Total Capital Assets, being depreciated 197,616,104 11,664,081 7,503,402 (72,209) 216,711,378
Less Accumulated Depreciation for:
Buildings and Improvements to Buildings 10,961,257 275,433 - - 11,236,690
Improvements other than Buildings 8,346,604 612,976 - - 8,959,580
Vehicles 1,489,754 120,263 - - 1,610,017
Equipment 16,877,055 541,705 - (18,080) 17,400,680
Furniture and Fixtures 29,216 6 ,786 - - 36,002
Infrastructure Improvements - Depreciable 44,702,934 2,876,378 - - 47,579,312
Right-to-use asset 36,681 34,934 - (38,309) 33,306
Total Accumulated Depreciation 82,443,501 4,468,475 - (56,389) 86,855,587
Total Capital Assets, being depreciated, net 115,172,603 7,195,606 7,503,402 (15,820) 129,855,791
Business-Type activities Capital Assets, net $ 136,788,646 $ 13,101,761 $ - $ (21,645) $ 149,868,762
72

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 6 – CAPITAL ASSETS (CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental Business-type
Activities Activities
General Government $ 1,452,829 $ -
Public Safety 2,819,970 -
Public Works 1,599,077 -
Parks & Recreation 1,400,288 -
Health and Social Services 354,367 -
Education and Library 190,735 -
Conservation of Natural Resources 76,226 -
Economic/Community Development 46,783 -
Major Enterprise Funds:
Sanitary District - 3 ,757,391
Bay Bridge Airport - 4 79,821
Non-Major Enterprise Funds - 2 31,263
Total amounts restricted $ 7,940,275 $ 4,468,475
73

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 6 – CAPITAL ASSETS (CONTINUED)
COMPONENT UNITS
Board of Education: Capital asset activity for the year ended June 30, 2024 is as follows:
Balance Balance
Board of Education June 30, 2023 Increases Transfers Decreases June 30, 2024
Capital Assets, not being depreciated:
Land $ 6,363,040 $ - $ - $ - $ 6,363,040
Construction in Progress 2,400,763 9,579,148 (1,855,834) - 10,124,077
Total Capital Assets, not being depreciated 8,763,803 9,579,148 (1,855,834) - 16,487,117
Capital Assets, being depreciated:
Land Improvements 5,410,966 - - (12,045) 5,398,921
Buildings 212,430,850 9,127,028 1,285,693 (10,160) 222,833,411
Furniture, Fixtures, and Equipment 19,478,370 2,370,918 570,141 (285,771) 22,133,658
Leased Equipment 379,187 1,663,732 - - 2,042,919
Total Capital Assets, being depreciated 237,699,373 13,161,678 1,855,834 (307,976) 252,408,909
Less Accumulated Depreciation for:
Land Improvements 5,026,712 90,868 - (7,519) 5,110,061
Buildings 81,971,537 3,402,049 - (10,160) 85,363,426
Furniture, Fixtures, and Equipment 14,676,153 1,477,084 - (285,771) 15,867,466
Leased Equipment 87,546 491,813 - - 579,359
Total Accumulated Depreciation 101,761,948 5,461,814 - (303,450) 106,920,312
Total Capital Assets, being depreciated, net 135,937,425 7,699,864 1,855,834 (4,526) 145,488,597
Capital Assets, net $ 144,701,228 $ 17,279,012 $ - $ (4,526) $ 161,975,714
74

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 6 – CAPITAL ASSETS (CONTINUED)
COMPONENT UNITS (CONTINUED)
Queen Anne’s County Free Library: Capital asset activity for the year ended June 30, 2024 is as follows:
Balance Balance
Library June 30, 2023 Increases Transfers Decreases June 30, 2024
Capital Assets, not being depreciated:
Artwork $ 29,850 $ - $ - $ - $ 29,850
Total Capital Assets, not being depreciated 29,850 - - - 29,850
Capital Assets, being depreciated:
Books and Media 1,857,643 186,750 - (143,250) 1,901,143
Building Improvements 402,207 - - - 402,207
Equipment 543,455 120,294 - (29,391) 634,358
Right-to-use 27,018 - - - 27,018
Total Capital Assets, being depreciated 2,830,323 307,044 - (172,641) 2,964,726
Less Accumulated Depreciation 1,187,303 258,856 - (171,094) 1,275,065
Total Capital Assets, being depreciated, net 1,643,020 48,188 - (1,547) 1,689,661
Capital Assets, net $ 1,672,870 $ 48,188 $ - $ (1,547) $ 1,719,511
NOTE 7 - INTERFUND RECEIVABLES AND PAYABLES
Interfund receivables and payables are usually used by the County to cover temporary cash deficits in individual funds until
grant or similar resources are received.
The interfund and intra-entity receivables and payables consist of the following at June 30, 2024:
Due from Fund
Non- Bay Non- Total
Due to Fund General Capital Roads Grants Major Sanitary Bridge Major Due
Fund Projects Capital Fund Governmental District Airport Enterprise From
General Fund $ 392,417 $ - $ - $ - $ - $ 206,488 $ - $ - $ 185,929 $ 392,417
General Capital Projects 875,336 - - - - - - 875,336 - 875,336
Roads Capital - - - - - - - - - -
Grants Fund - - - - - - - - - -
Non-Major Governmental - - - - - - - - - -
Sanitary District - - - - - - - - - -
Bay Bridge Airport - - - - - - - - - -
Non-Major Enterprise - - - - - - - - - -
Total Due To Fund $ 1,267,753 $ - $ - $ - $ - $ 206,488 $ - $ 875,336 $ 185,929 $ 1,267,753
Interfund receivables and payables are reported on the Statement of Net Position as Internal Balances, net of transactions
between the same types of funds.
75

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 8 - INTERFUND TRANSFERS
Interfund transfers represent a transfer of resources from one fund to another without expectation of repayment. Usually,
these transfers are undertaken to enable the receiving entity to provide services that the government has determined to be in
the best interest of the County.
The transfers from the General Fund provide funding for capital projects and to fund programs in the non-major special
revenue funds. Transfers from the General Fund to the enterprise funds are to pay for a portion of debt service related to an
Airport project and also to provide funding to the Golf Course and Public Landings Funds for capital projects. The transfers
from non-major governmental funds provide funding from the Impact Fee Funds to the General Fund. The transfers from
Restricted and Debt Service Sanitary funds are to cover Sanitary related debt service.
The following interfund transfers were made during the fiscal year ended June 30, 2024:
Transfers In
Non- Bay Non- Total
Transfers Out General Capital Roads Grants Major Sanitary Bridge Major Transfers
Fund Projects Capital Fund Governmental District Airport Enterprise In
General Fund $ 2 4,853,114 $ - $ 10,925,521 $ 4 ,015,480 $ 47,789 $ 9,380,073 $ - $ 59,251 $ 425,000 $ 24,853,114
General Capital Projects - - - - - - - - - -
Roads Capital - - - - - - - - - -
Grants Fund - - - - - - - - - -
Non-Major Governmental 2,165,911 2,165,911 - - - - - - - 2,165,911
Sanitary District 5,342,382 - - - - - 5,342,382 - - 5,342,382
Bay Bridge Airport - - - - - - - - - -
Non-Major Enterprise - - - - - - - - - -
Total Transfers Out $ 3 2,361,407 $ 2,165,911 $ 10,925,521 $ 4 ,015,480 $ 47,789 $ 9,380,073 $ 5,342,382 $ 59,251 $ 425,000 $ 32,361,407
Reconciliation of interfund transfers to the Statement of Activities
Governmental Funds Transfers In $ 26,534,774 Enterprise Funds Transfers In $ 5,826,633
Governmental Funds Transfers Out (27,019,025) Enterprise Funds Transfers Out (5,342,382)
Total Governmental Activities $ (484,251) Total Business-Type Activities $ 484,251
76

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 9 - NONCURRENT LIABILITIES
A. CHANGES IN NONCURRENT LIABILITIES
During the year ended June 30, 2024, the following changes occurred in the noncurrent liabilities of the primary
government’s governmental activities:
PRIMARY GOVERNMENT Retirements Due in
Balance Additions and Balance Due Within More than
Governmental Activities June 30, 2023 of debt Repayments June 30, 2024 One Year One Year
General Bonds Payable $ 118,286,425 $ - $ 8,421,894 $ 109,864,531 $ 8,773,919 $ 101,090,612
General Bonds Payable - Related to PHA 4 43,007 - 66,494 376,513 69,776 306,737
General Bonds Payable - Related to Ches College 3,088,165 - 2 29,388 2,858,777 237,963 2,620,814
Notes Payable 6 08,141 - 47,816 560,325 47,816 512,509
Bond Premiums 10,434,055 - 8 72,744 9,561,311 896,178 8,665,133
Subtotal Governmental Activities Debt 132,859,793 - 9 ,638,336 1 23,221,457 10,025,652 1 13,195,805
Lease Liability 6 14,668 - 62,314 552,354 55,401 496,953
Subscription Liability 1,178,880 - 2 73,045 905,835 317,607 588,228
OPEB 26,810,247 - 2 ,157,670 2 4,652,577 - 2 4,652,577
Net Pension Liability 32,570,299 9,151,952 - 4 1,722,251 - 4 1,722,251
LOSAP Liability 7,757,868 3,422,375 - 1 1,180,243 391,181 1 0,789,062
Compensated Absences 3,625,663 2,667,813 2,144,941 4,148,535 2,445,694 1,702,841
Total Governmental Activities Debt $ 205,417,418 $ 15,242,140 $ 14,276,306 $ 206,383,252 $ 1 3,235,535 $ 193,147,717
The reconciliation from retirements and repayments in the above table to the total principal payments on the Statement of
Revenues, Expenditures, and Changes in Fund Balance is as follows:
Retirements and Repayments
General Bonds Payable $ 8,421,894
General Bonds Payable - PHA 6 6,494
Payments made by PHA -
Notes Payable 4 7,816
Total Principal Payments $ 8,536,204
77

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 9 – NONCURRENT LIABILITIES (CONTINUED)
A. CHANGES IN NONCURRENT LIABILITIES (CONTINUED)
During the year ended June 30, 2024, the following changes occurred in the noncurrent liabilities of the primary
government’s business-type activities:
PRIMARY GOVERNMENT
Retirements Due in
Balance Additions and Balance Due Within More than
Business-Type Activities June 30, 2023 of debt Repayments June 30, 2024 One Year One Year
Golf Course $ 7 9,904 $ - $ 4,419 $ 75,485 $ 4,674 $ 70,811
Bay Bridge Airport 1 ,356,694 - 109,618 1,247,076 112,594 1,134,482
Public Landings and Marinas 6 20,806 - 63,186 557,620 66,074 491,546
Sanitary District 3 5,322,576 1 ,794,266 2,118,911 34,997,931 2,137,805 32,860,126
Subtotal Debt 3 7,379,980 1 ,794,266 2,296,134 36,878,112 2,321,147 34,556,965
Bond Premiums
Golf Course 5 ,076 - 362 4,714 362 4,352
Bay Bridge Airport 6 8,138 - 7,484 60,654 7,485 53,169
Public Landings and Marinas 7 5,744 - 9,766 65,978 9,766 56,212
Subtotal Bond Premiums 1 48,958 - 17,612 131,346 17,613 113,733
Subtotal Business-Type Activities Debt 3 7,528,938 1 ,794,266 2,313,746 37,009,458 2,338,760 34,670,698
Lease Liability 1 44,381 - 33,667 110,714 27,922 82,792
OPEB 5 ,854,976 - 264,608 5,590,368 - 5,590,368
Net Pension Liability 2 ,690,703 7 46,083 - 3,436,786 - 3,436,786
Compensated Absences 5 58,231 3 30,249 292,372 596,108 351,425 244,683
Total Business-Type Activities Debt $ 4 6,777,229 $ 2 ,870,598 $ 2,904,393 $ 46,743,434 $ 2,718,107 $ 44,025,327
During the year ended June 30, 2024, the following changes occurred in the noncurrent liabilities of the primary
government’s Component Units:
COMPONENT UNITS
Retirements Due in
Balance Additions and Balance Due Within More than
Board of Education and Free Library June 30, 2023 of debt Repayments June 30, 2024 One Year One Year
Board of Education
Compensated Absences $ 1 ,117,223 $ 1 88,860 $ - $ 1,306,083 $ - $ 1,306,083
Financed Purchases 1 ,170,001 2 31,076 230,202 1,170,875 253,758 917,117
Intangible Right-to-Use Leases 2 96,921 1 ,663,732 466,748 1,493,905 484,251 1,009,654
OPEB 1 38,003,570 2 ,816,290 - 140,819,860 - 140,819,860
Net Pension Liability 5 ,892,271 1 ,005,861 - 6,898,132 - 6,898,132
Subtotal 1 46,479,986 5 ,905,819 696,950 151,688,855 738,009 150,950,846
Free Library
Lease Payable 8 ,337 - 5,735 2,602 2,602 -
OPEB 5 30,861 - 10,475 520,386 - 520,386
Subtotal 5 39,198 - 16,210 522,988 2,602 520,386
Total Component Units Debt $ 1 47,019,184 $ 5 ,905,819 $ 713,160 $ 152,211,843 $ 740,611 $ 151,471,232
Long-term liabilities are normally paid from the General fund.
78

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 9 – NONCURRENT LIABILITIES (CONTINUED)
B. GENERAL OBLIGATION BONDS, NOTES, LEASE LIABILITY, SUBSCRIPTION LIABILITY, OTHER
POST-EMPLOYMENT BENEFIT OBLIGATION, NET PENSION LIABILITY, VOLUNTEER FIREMAN
PENSION PLAN LENGTH OF SERVICE AWARD PROGRAM LIABILITY, AND COMPENSATED ABSENCES
PRIMARY GOVERNMENT
All general obligation bonds are valid and legally binding general obligations of Queen Anne’s County and constitutes an
irrevocable pledge of its full faith and credit and unlimited taxing power. Governmental bonds are payable from ad valorem
taxes, unlimited as to rate or amount on all real, tangible, personal, and certain intangible property subject to taxation at full
rate for local purposes in the County.
Business-type bonds, while representing general obligations of the County government, are to be paid from income earned by
the related enterprise fund. Enterprise funds that have such debt are: Sewer Operations, Bay Bridge Airport, Blue Heron Golf
Course, and Public Landings and Marinas.
During fiscal year 2019, the County implemented Governmental Accounting Standards Board’s Statement (GASB)
Statement 73, Accounting and Financial Reporting for Pensions and Related Assets That are Not Within the Scope of GASB
Statement 68. The County’ Fire and EMS Commission Pension Plan Length of Service Award Program (“LOSAP”) is
included in GASB 73 reporting. For governmental funds, the LOSAP obligations are reported in the government-wide
statements in the public safety function. There are not any LOSAP obligations in the enterprise funds. LOSAP costs in
governmental funds are charged to the General Fund. Additional information can be found in Note 17.
During fiscal year 2018, the County implemented the provisions of Governmental Accounting Standards Board (GASB)
Statement 75, Accounting and Financial Reporting for Postemployment Benefit Plans Other than Pensions. For
governmental funds, OPEB is reported in the government-wide statements in the function in which that employee usually
charges their productive time. For enterprise funds, OPEB is reported in the enterprise fund in which that employee charges
the majority of their productive time. OPEB costs in governmental funds are charged to the General Fund. Additional
information can be found in Note 16, Other Post-Employment Benefits.
During fiscal year 2015, the County implemented the provisions of Governmental Accounting Standards Board (GASB)
Statement 68, Accounting and Financial Reporting for Pensions. For governmental funds, the net pension liability is
reported in the government-wide statements in the function in which that employee usually charges their productive time. For
enterprise funds, these obligations are reported in the enterprise fund in which the employee charges the majority of their
productive time. Net Pension Liability costs in governmental funds are charged to the Governmental Fund in which the
employee charges their time. Additional information can be found in Note 14, Retirement Plans.
Compensated absences that mature during the fiscal year, in that they are paid when the employee takes vacation leave or
upon the employee’s termination, are typically liquidated from the governmental or enterprise fund in which that employee
charges the majority of their productive time. They are paid as regular wages. Compensated absences that do not mature
during the fiscal year are accrued at year-end as an adjustment to liability for compensated absences. For governmental
funds, these adjustments are reported in the government-wide statements in the function in which that employee usually
charges their productive time. For enterprise funds, these adjustments are reported in the enterprise fund in which that
employee charges the majority of their productive time. In the case of grant-funded activities that disallow compensated
absences as an eligible cost, they are paid as administrative wages in the same Fund. Compensated absences in governmental
funds are primarily charged to the General Fund or Special Revenue Funds; they are usually not charged to Capital Projects
Funds.
79

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 9 – NONCURRENT LIABILITIES (CONTINUED)
B. GENERAL OBLIGATION BONDS, NOTES, LEASE LIABILITY, SUBSCRIPTION LIABILITY, OTHER
POST-EMPLOYMENT BENEFIT OBLIGATION, NET PENSION LIABILITY, VOLUNTEER FIREMAN
PENSION PLAN LENGTH OF SERVICE AWARD PROGRAM LIABILITY, AND COMPENSATED ABSENCES
(CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
As of June 30, 2024, general obligation bonds and notes payable for governmental activities are comprised of the following,
along with lease liability, subscription liability, other post-employment benefit obligation, net pension liability, volunteer
fireman pension plan length of service award program liability and compensated absences:
Year Amount Outstanding Due in
Paying Interest Series of Original June 30, Due Within More than
Governmental Activities Fund Rate Matures Issue 2024 One Year One Year
General Obligation Bonds Payable
2014 Public Facilities General 2.00%-4.00% 2034 $ 17,590,000 $ 9,880,645 $ 822,461 $ 9,058,184
2015 Public Facilities General 3.00%-5.00% 2036 11,622,756 7 ,963,446 528,380 7 ,435,066
2015 Refunding Bonds General 2.00%-5.00% 2027 13,521,625 4 ,625,055 1,496,484 3 ,128,571
2016 Public Facilities General 2.00%-4.00% 2036 13,934,364 10,259,515 635,326 9 ,624,189
2017 Public Facilities General 3.00%-5.00% 2037 12,600,000 9 ,935,000 530,000 9 ,405,000
2018 Public Facilities General 3.00%-5.00% 2038 16,000,000 13,260,000 635,000 12,625,000
2019 Public Facilities General 3.00%-5.00% 2039 11,000,000 9 ,515,000 415,000 9 ,100,000
2019 Refunding Bonds General 4.00%-5.00% 2029 14,236,594 9 ,405,572 1,380,292 8 ,025,280
2020 Public Facilities General 2.00%-5.00% 2040 9,000,000 8 ,077,500 334,069 7 ,743,431
2021 Public Facilities General 1.50%-5.00% 2041 13,000,000 11,501,355 638,964 10,862,391
2021 Refunding Bonds General 1.50%-5.00% 2030 10,835,995 8 ,031,443 967,943 7 ,063,500
2022 Public Facilities General 3.375%-5.00% 2043 7,800,000 7 ,410,000 390,000 7 ,020,000
2015 Refunding Facilities (2006 Bonds) Due from PHA 2.00%-3.00% 2027 240,112 82,129 26,574 55,555
2019 Refunding Facilities (2009 Bonds) Due from PHA 4.00%-5.00% 2029 445,590 2 94,384 43,202 2 51,182
2014 Public Facilities Due from other Counties 2.00%-4.00% 2034 4,800,000 2 ,858,777 237,963 2 ,620,814
Subtotal Bonds Payable 113,099,821 9,081,658 104,018,163
Notes Payable
State of Maryland - Grove Ck. Spec. Rev. 0.00% 2034 510,617 2 04,242 20,425 1 83,817
State of Maryland - Narrows Pointe Spec. Rev. 0.00% 2037 525,318 3 56,083 27,391 3 28,692
Subtotal Notes Payable 5 60,325 4 7,816 5 12,509
Subtotal Bonds and Notes Payable 113,660,146 9,129,474 104,530,672
Bond Premiums 9 ,561,311 896,178 8 ,665,133
Subtotal Governmental Activities Debt 123,221,457 10,025,652 113,195,805
Lease Liability 5 52,354 55,401 4 96,953
Subscription Liability 9 05,835 317,607 5 88,228
OPEB 24,652,577 - 24,652,577
Net Pension Liability 41,722,251 - 41,722,251
LOSAP Liability 11,180,243 391,181 10,789,062
Compensated Absences 4 ,148,535 2,445,694 1 ,702,841
Total Governmental Activities $ 206,383,252 $ 1 3,235,535 $ 193,147,717
80

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 9 – NONCURRENT LIABILITIES (CONTINUED)
B. GENERAL OBLIGATION BONDS, NOTES, LEASE LIABILITY, SUBSCRIPTION LIABILITY, OTHER
POST-EMPLOYMENT BENEFIT OBLIGATION, NET PENSION LIABILITY, VOLUNTEER FIREMAN
PENSION PLAN LENGTH OF SERVICE AWARD PROGRAM LIABILITY, AND COMPENSATED ABSENCES
(CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
The annual requirements to amortize general obligation bonds and notes payable outstanding as of June 30, 2024 for
governmental activities are as follows:
Governmental Activities
Year Ending Governmental Bonds Payable Governmental Notes Payable
June 30, Principal Interest Total Principal Interest Total
2025 $ 9 ,081,658 $ 4,019,196 $ 13,100,854 $ 47,816 $ - $ 47,816
2026 9,449,130 3,627,820 1 3,076,950 47,816 - 47,816
2027 9,836,235 3,229,929 1 3,066,164 47,816 - 47,816
2028 8,547,051 2,815,797 1 1,362,848 47,816 - 47,816
2029 8,884,716 2,448,449 1 1,333,165 47,816 - 47,816
2030 - 2034 3 7,311,918 7,548,330 4 4,860,248 239,072 - 239,072
2035 - 2039 2 4,535,580 2,372,642 2 6,908,222 82,173 - 82,173
2040 - 2044 5,453,533 214,766 5 ,668,299 - - -
$ 113,099,821 $ 26,276,929 $ 139,376,750 $ 560,325 $ - $ 560,325
81

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 9 – NONCURRENT LIABILITIES (CONTINUED)
B. GENERAL OBLIGATION BONDS, NOTES, LEASE LIABILITY, SUBSCRIPTION LIABILITY, OTHER
POST-EMPLOYMENT BENEFIT OBLIGATION, NET PENSION LIABILITY, VOLUNTEER FIREMAN
PENSION PLAN LENGTH OF SERVICE AWARD PROGRAM LIABILITY, AND COMPENSATED ABSENCES
(CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
General obligation bonds and notes payable outstanding as of June 30, 2024 for business-type activities are comprised of the
following, as well as lease liability, other post-employment benefit obligation, net pension liability, and compensated
absences:
Year Amount Outstanding Due in
Interest Series of Original June 30, Due Within More than
Business -Type Activities Rate Matures Issue 2024 One Year One Year
Golf Course
2016 Public Facilities Bonds 2.00%-4.00% 2036 $ 85,636 $ 75,485 $ 4,674 $ 70,811
Bond Premiums 4,714 362 4,352
Subtotal Golf Course 80,199 5,036 75,163
Bay Bridge Airport
2014 Public Facilities Bonds 2.00%-4.00% 2034 964,940 595,578 49,576 546,002
2015 Public Facilities Bonds 3.00%-5.00% 2036 577,244 476,554 31,620 444,934
2015 Refunding Bonds 2.00%-5.00% 2027 173,556 59,365 19,208 40,157
2019 Refunding Bonds 4.00%-5.00% 2029 92,167 60,891 8,935 51,956
2020 Public Facilities Bonds 2.00%-5.00% 2040 22,686 22,500 931 21,569
2021 Public Facilities Bonds 1.50%-5.00% 2041 26,594 23,935 1,330 22,605
2021 Refunding Bonds 1.50%-5.00% 2030 11,134 8,253 994 7,259
Bond Premiums 60,654 7,485 53,169
Subtotal Airport 1,307,730 120,079 1,187,651
Public Landings and Marinas
2015 Refunding Bonds 2.00%-5.00% 2027 24,707 8,451 2,735 5,716
2019 Refunding Bonds 4.00%-5.00% 2029 490,649 324,153 47,570 276,583
2021 Refunding Bonds 1.50%-5.00% 2030 67,871 50,304 9,706 40,598
2021 Public Facilities Bonds 1.50%-5.00% 2043 194,123 174,712 6,063 168,649
Bond Premiums 65,978 9,766 56,212
Subtotal Public Landings and Marinas 623,598 75,840 547,758
Sanitary District
Maryland Water Quality-2005 Enhancement 1.00% 2027 18,252,291 2,959,912 981,710 1,978,202
Maryland Water Quality-SKI Phase One 0.80% 2049 29,342,242 26,483,733 968,122 25,515,611
Maryland Water Quality-SKI Phase Two 0.80% 2053 5,740,767 5,554,286 187,973 5,366,313
Subtotal Sanitary District 34,997,931 2,137,805 32,860,126
Total Business-Type Activities Debt 37,009,458 2,338,760 34,670,698
Lease Liability 110,714 27,922 82,792
OPEB 5,590,368 - 5,590,368
Net Pension Liability 3,436,786 - 3,436,786
Compensated Absences 596,108 351,425 244,683
Total Business-Type Activities $ 46,743,434 $ 2,718,107 $ 44,025,327
82

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 9 – NONCURRENT LIABILITIES (CONTINUED)
B. GENERAL OBLIGATION BONDS, NOTES, LEASE LIABILITY, SUBSCRIPTION LIABILITY, OTHER
POST-EMPLOYMENT BENEFIT OBLIGATION, NET PENSION LIABILITY, VOLUNTEER FIREMAN
PENSION PLAN LENGTH OF SERVICE AWARD PROGRAM LIABILITY, AND COMPENSATED ABSENCES
(CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
The annual requirements to amortize business-type bonds and notes outstanding at June 30, 2024, are as follows:
Business-Type Activities
Year Ending Business-Type Bonds Payable Business-Type Notes Payable
June 30, Principal Interest Total Principal Interest Total
2025 $ 183,342 $ 67,799 $ 2 51,141 $ 2,137,805 $ 2 90,223 $ 2,428,028
2026 190,870 60,325 2 51,195 2,156,871 2 66,837 2,423,708
2027 198,765 52,916 2 51,681 2,161,344 2 47,599 2,408,943
2028 182,949 44,698 2 27,647 1,184,064 2 28,335 1,412,399
2029 190,284 37,196 2 27,480 1,193,537 2 18,863 1,412,400
2030 - 2034 718,082 95,917 8 13,999 6,112,445 9 49,553 7,061,998
2035 - 2039 179,420 11,097 1 90,517 6,360,887 7 01,111 7,061,998
2040 - 2044 36,469 1,068 3 7,537 6,619,426 4 42,572 7,061,998
2045 - 2049 - - - 6,696,663 1 73,525 6,870,188
2050 - 2054 - - - 374,889 4 ,163 379,052
$ 1,880,181 $ 371,016 $ 2 ,251,197 $ 34,997,931 $ 3 ,522,781 $ 38,520,712
C. ISSUANCE OF NEW DEBT
PRIMARY GOVERNMENT
In fiscal year 2024, the County received $1,794,266 through the Maryland Water Quality Financing Administration for phase
two of the Southern Kent Island (SKI) Sanitary Project. Total issue amount of $5,740,767 will be repaid over 30 years at an
interest rate of 0.80%. Amount outstanding as of June 30, 2024, was $5,554,286.
83

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 9 – NONCURRENT LIABILITIES (CONTINUED)
D. LOCAL DEBT POLICY
PRIMARY GOVERNMENT
In May 2013, Queen Anne’s County adopted Resolution No. 13-04, which updated and replaced Resolution No. 09-13, to
continue a local debt policy in compliance with Article 95, Section 22F of the Annotated Code of Maryland. This policy
requires that the County’s Director of Budget and Finance: (1) prepare a six-year capital project plan each year; (2) propose
an amount to be transferred from the General Fund operating balances to the General Capital Projects Fund to serve as pay-
as-you-go funding in the latter Fund, in order to lessen the need for future County debt; (3) limit the County’s non-bonded
indebtedness to $8.0 million for general operating expenses or capital improvements; and (4) certify that the sum of
outstanding general bonded debt and any new general obligation debt is 2.5% or less of the total taxable assessable base and
is $3,000 or less per capita. This policy also stipulates that although there is some flexibility as to the acceptable percentage
of debt service to general fund expenditures, and no absolute limit has been established by the rating agencies or the
Government Finance Officers Association, anything above 12% of total general fund expenditures would be a cause to
carefully monitor debt service. In addition to the debt policy, the Spending Affordability Committee recommended that the
limit of debt service to general fund expenditures should be limited to 10% and the County Commissioners have adopted that
as a limit.
Queen Anne’s County has complied with the above policy and has not had any violations. For calculations relating to this
local debt policy, see Table 12-b in the Statistical Section of this document.
NOTE 10 – LEASES
PRIMARY GOVERNMENT
The County implemented guidance of GASB 87, Leases, at July 1, 2021 for accounting and reporting of leases. The County
uses its incremental borrowing rate to determine the initial value of the lease receivable and corresponding deferred inflows.
County as Lessor
The County’s Governmental Activities entered into various lease agreements to lease land for cultivation and other similar
purposes. The County received a combination of annual, semi-annual, and monthly payments from these leases ranging from
$5,895 to $17,225 during the year. These leases typically have variable payments that increase each year or each successive
renewable lease term by a set percentage rate included in the lease agreement. The County has options to extend which
typically are in five-year increments. The County has considered the probability of exercising the lease renewal options in
the initial calculation of the lease.
The following is a summary of Governmental Activities lease receivable and the corresponding deferred inflow:
Retirements
Balance and Balance
Governmental Activities June 30, 2023 Additions Repayments June 30, 2024
Lease Receivable $ 1,103,690 $ - $ 146,400 $ 9 57,290
Lease Receivable deferred inflows $ (1,068,273) $ - $ (146,908) $ (921,365)
For the year ended June 30, 2024, rental and interest income associated with the governmental activities lease receivable was
approximately $147,000 and $2,100, respectively.
84

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 10 – LEASES (CONTINUED)
The County’s Sanitary District has entered into various lease agreements to lease land near County water towers for antenna
sites. The County received monthly payments from these leases ranging from $273 to $3,324 during the year. These leases
typically have variable payments that increase each year by a set percentage rate included in the lease agreement. The
County has options to extend which typically are in five-year increments. The County has considered the probability of
exercising the lease renewal options in the initial calculation of the lease.
The County’s Bay Bridge Airport has entered into various lease agreements to lease land and/or facilities at the airport. The
County received monthly payments from these leases ranging from $489 to $5,732 during the year. These leases typically
have variable payments that increase each year by a set percentage rate included in the lease agreement. The County has
options to extend which typically are in one-year increments. The County has considered the probability of exercising the
lease renewal options in the initial calculation of the lease.
The following is a summary of Business-Type activities lease receivable and the corresponding deferred inflow:
Retirements
Balance and Balance
Business-Type Activities June 30, 2023 Additions Repayments June 30, 2024
Sanitary District - Lease Receivable $ 1,430,255 $ 119,061 $ 129,385 $ 1,419,931
Bay Bridge Airport - Lease Receivable 145,071 342,384 57,676 4 29,779
Total lease receivable $ 1,575,326 $ 461,445 $ 187,061 $ 1,849,710
Sanitary District - Deferred inflows $ (1,407,645) $ (119,061) $ (138,587) $ (1,388,119)
Bay Bridge Airport - Deferred inflows (142,386) (342,384) ( 54,690) (430,080)
Total lease receivable deferred inflows $ (1,550,031) $ (461,445) $ (193,277) $ (1,818,199)
For the year ended June 30, 2024, rental and interest income associated with the business-type activities lease receivable was
approximately $193,000 and $5,400, respectively.
County as Lessee
The County has entered into various agreements to lease land and facilities for their public works department. There were no
new lease liabilities recognized within these funds that fell under the purview of GASB 87 during fiscal year 2024. The
County is required to make both fixed and variable payments that range from $9,000 to $61,200 for the current year. Leases
for which have variable payments will increase at a rate of 2% each year until lease termination. The County has no
extension or termination options present in these agreements.
The County has entered into various agreements to lease land and equipment for their enterprise funds. There were no new
lease liabilities recognized within these funds that fell under the purview of GASB 87 during fiscal year 2024. The County
is required to make annual fixed payments ranging from $1,600 to $2,520 for leases in the scope of GASB 87. The County
has no extension or termination options present in these agreements.
85

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 10 – LEASES (CONTINUED)
The future minimum lease payments are approximately as follows:
Governmental Activities Business-Type Activities
Principal Interest Total Principal Interest Total
2025 $ 55,401 $ 15,824 $ 7 1,225 $ 27,922 $ 2,318 $ 30,240
2026 58,224 14,245 72,469 28,590 1,650 30,240
2027 61,154 12,584 73,738 29,274 966 30,240
2028 55,193 11,052 66,245 24,928 271 25,199
2029 58,134 9,436 67,570 - - -
Thereafter 264,248 19,818 2 84,066 - - -
Total $ 552,354 $ 82,959 $ 6 35,313 $ 1 10,714 $ 5,205 $ 115,919
For the year ended June 30, 2024, interest expense for governmental and business-type activities lease liability was $8,137
and $2,974, respectively.
In fiscal year 2019, Queen Anne’s County entered into an agreement with the Division of Housing and Community Services
(DHCS) to lease property from DHCS for $1 per year for 25 years.
COMPONENT UNITS
BOARD OF EDUCATION
Financed Purchases
The Board has entered into non-cancelable contracts to finance performance contracting equipment that transfer ownership at
the end of the contract term, January 2028. The amount due on the contract at June 30, 2024 is $948,946. During 2024, the
Board entered into an agreement to finance the purchase of two school buses. The agreement requires payments through
September 2033. The amount due on the agreement at June 30, 2024 is $221,929. As such, the Board has recorded the
related obligations and the related assets in the appropriate funds.
The assets acquired and capitalized as fixed assets under financed purchases are as follows:
Equipment, at cost $ 2,845,938
Less: accumulated depreciation (1,936,821)
Total $ 909,117
Interest expense related to the above capital leases was approximately $36,000 for the year ended June 30, 2024. The future
minimum lease obligations and net present value of these minimum lease payments as of June 30, 2024 were as follows:
Year ended June 30:
2025 $ 287,857
2026 295,613
2027 303,602
2028 232,892
2029 29,339
Thereafter 132,023
Total minimum lease payments 1,281,326
Less: amount representing interest (110,451)
Present value of minimum financed purchase payments $ 1,170,875
86

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 10 – LEASES (CONTINUED)
Intangible Right-to-Use Assets
The Board implemented the guidance of GASB No. 87, Leases, at July 1, 2021 for accounting and reporting leases that
had previously been reporting as operating leases and recognized the value of copiers leased under long-term contracts
along with a related liability.
During fiscal year 2023, the Board entered into copier lease agreements. Payments under these leases total approximately
$65,000 per year for leases that expire in fiscal year 2027 and $31,000 per year for leases expiring in fiscal year 2025.
For purposes of discounting future payments on these leases the Board used its incremental borrowing rate in place at the
time of lease inception of 3.75%.
During fiscal year 2024, the Board entered into additional lease agreements for office equipment and vehicles. Payments
under these leases total approximately $390,000 per year for leases that expire in fiscal year 2027 and $52,000 per year
for leases expiring in fiscal year 2028. For purposes of discounting future payments on these leases the Board used its
incremental borrowing rate in place at the time of lease inception of 3.75%.
The leased equipment and accumulated amortization of the right-to-use assets are outlined in Note 6.
Minimum lease payments on equipment and vehicles over the next five years are as follows:
Lease Payments to Maturity
Equipment and Vehicles
Principal Interest Total
2025 $ 484,251 $ 56,021 $ 5 40,272
2026 470,917 37,862 508,779
2027 488,575 20,203 508,778
2028 50,162 1,881 52,043
2029 - - -
$ 1,493,905 $ 1 15,967 $ 1 ,609,872
LIBRARY
Leases Payable
In December 2019, the Library entered into an operating lease with Affordable Business Systems, Inc. for use of a
photocopier with an expiration date of December 2024. As of June 30, 2024, total lease liabilities were $2,602, which
represents the present value of the remaining lease payments of $2,764, discounted using the Library’s incremental
borrowing rate of 4%.
Following is the principal and interest requirements through maturity of the lease liability under this non-cancelable operating
lease:
Year ended June 30: Principal Interest
2025 $ 2,602 $ 162
87

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 11 – SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS
The County implemented guidance of GASB 96, Subscription-Based Information Technology Arrangements (SBITAs)
for accounting and reporting of subscription arrangements. The County uses its incremental borrowing rate to determine
the initial value of their right-to-use subscription assets and liabilities.
The County enters into various agreements in order to use web software and licensing services. An initial subscription
liability was recorded in the amount of $38,000 for all new subscription arrangements entered into in the current year. As
of June 30, 2024, the value of the subscription liability is $908,835. The County is required to make annual fixed
payments ranging from $10,250 to $298,043 for subscriptions in the scope of GASB 96. The County has options to
extend which typically are in one-year increments. The County has considered the probability of exercising the lease
renewal options in the initial calculation of the subscription.
The future minimum subscription payments are as follows:
Governmental Activities
Principal Interest Total
2025 $ 317,607 $ 21,686 $ 339,293
2026 297,088 13,955 311,043
2027 291,140 6,889 298,029
2028 - - -
2029 - - -
Thereafter - - -
Total $ 905,835 $ 42,530 $ 948,365
For the year ended June 30, 2024, interest expense related to the subscription liability was $21,686.
88

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 12 – RESTRICTED ASSETS AND LIABILITIES AND FUND BALANCES
A. RESTRICTED ASSETS AND RELATED LIABILITIES
PRIMARY GOVERNMENT
BUSINESS-TYPE ACTIVITIES - Queen Anne’s County Sanitary District
Restricted Fund - The County Commissioners created a restricted fund within the Sanitary District Enterprise Fund in
November of 1989 by enabling legislation. Revenue sources to the fund are sales of water and sewer allocations and interest
earned on investments. Authorized uses of restricted funds are major capital expenses for repairs, construction, plant
expansion, debt service, or other similar uses within the Sanitary District. To date, such funds have been used almost
exclusively for debt service.
Debt Service Fund - Principal and interest payments for water and wastewater debt used to expand the service area are
payable primarily from water and sewer special benefit assessments. These assessments, made at the time the expansion is
ready for use, are created by enabling legislation and amortized over the same life as underlying debt. They constitute a lien
on the served property and may be prepaid at any time. The amount of assessments collectable in future years is recorded as
benefit assessments receivable. A portion of those assessments receivable is not due currently and is recorded as unearned
revenue.
Water Quality Revolving Loan Fund debt covenants stipulate that sufficient financial resources must be available in the Debt
Service Fund as of June 30 of each year to cover the subsequent year’s debt service payments. If such resources are not
available at that time, the covenants require that the County increase service rates, impose benefit assessments, or otherwise
increase financial resources so that debt service payments are covered before they are due throughout the year.
The assets and related liabilities restricted for the above purposes at June 30, 2024 are as follows:
SANITARY DISTRICT
RESTRICTED DEBT SERVICE
ASSETS FUND FUND TOTAL
Current Restricted Assets
Restricted Equity in Pooled Cash $ 26,185,033 $ 2,170,557 $ 28,355,590
Restricted Accounts Receivable (Net) 2,745,269 754,100 3,499,369
Total Current Restricted Assets 28,930,302 2,924,657 31,854,959
Noncurrent Restricted Assets
Special Assessments Receivable (Net) 706,812 18,552,518 19,259,330
Total Noncurrent Restricted Assets 706,812 18,552,518 19,259,330
LIABILITIES
Current Restricted Liabilities
Accounts Payable 75 - 75
Total Current Restricted Liabilities 75 - 75
DEFERRED INFLOWS OF RESOURCES
Unavailable Water and Sewer Assessments 706,812 18,552,520 19,259,332
Total Deferred Inflows of Resources 706,812 18,552,520 19,259,332
NET POSITION
Amounts Restricted for:
Debt Service - 2,924,655 2,924,655
Unrestricted Amounts 28,930,227 - 28,930,227
Total Net Position $ 28,930,227 $ 2,924,655 $ 31,854,882
89

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 12 – RESTRICTED ASSETS AND LIABILITIES AND FUND BALANCES (CONTINUED)
B. RESTRICTED NET POSITION
PRIMARY GOVERNMENT
GOVERNMENTAL ACTIVITIES
Net Investment in Capital Assets for governmental activities, is calculated as follows:
GOVERNMENTAL
ASSETS ACTIVITIES
Capital Assets $ 270,752,909
Less Accumulated Depreciation (72,999,507)
Total Capital Assets, Net of Depreciation 197,753,402
DEFERRED OUTFLOWS OF RESOURCES
Deferred Charge on Refunding 2 45,521
Total Deferred Outflows of Resources 2 45,521
LIABILITIES
Lease Payable 5 52,354
Subscription Payable 9 05,835
Capital Retainage Payable 42,218
Capital Accounts Payable 6 75,865
Bonds/Notes Payable 123,221,457
Less:
Debt relating to Board of Education Assets (42,317,895)
Unspent portion of Bond Proceeds for Board of Education debt (1,592,789)
Unspent portion of Bond Proceeds for Governmental debt (4,403,501)
Debt relating to Chesapeake College (4,376,502)
Debt relating to PHA (376,514)
Debt relating to non-capital assets (Dredging) (560,325)
Total Liabilities 71,770,203
DEFERRED INFLOWS OF RESOURCES
Bond Refundings 1 35,866
Total Deferred Inflows of Resources 1 35,866
NET POSITION
Net Investment in Capital Assets $ 126,092,854
BUSINESS-TYPE ACTIVITIES
Net Investment in Capital Assets for business-type activities, are as follows:
TOTAL
PRIMARY
SANITARY DISTRICT NON-MAJOR GOVERNMENT
SEWER WATER BAY BRIDGE ENTERPRISE ENTERPRISE
ASSETS OPERATIONS OPERATIONS TOTAL AIRPORT FUNDS FUNDS
Capital Assets $ 152,659,989 $ 4 3,326,321 $ 195,986,310 $ 2 9,187,036 $ 1 1,551,003 $ 236,724,349
Less Accumulated Depreciation (62,035,890) (14,684,693) (76,720,583) ( 7,340,920) ( 2,794,084) (86,855,587)
Total Capital Assets, Net of Depreciation 90,624,099 28,641,628 119,265,727 21,846,116 8,756,919 1 49,868,762
DEFERRED OUTFLOWS OF RESOURCES
Deferred Charge on Refunding - - - 3,096 441 3,537
Total Deferred Outflows of Resources - - - 3,096 441 3,537
LIABILITIES
Lease Payable - - - - 110,714 110,714
Capital Retainage Payable 1 83,625 - 1 83,625 331,041 - 514,666
Capital Accounts Payable 2 94,943 - 2 94,943 - - 294,943
Bonds/Notes Payable 34,997,931 - 34,997,931 1,307,730 703,797 3 7,009,458
Total Liabilities 35,476,499 - 35,476,499 1,638,771 814,511 3 7,929,781
DEFERRED INFLOWS OF RESOURCES
Bond Refundings - - - 252 1,338 1,590
Total Deferred Inflows of Resources - - - 252 1,338 1,590
NET POSITION
Net Investment in Capital Assets $ 55,147,600 $ 2 8,641,628 $ 83,789,228 $ 2 0,210,189 $ 7,941,511 $ 111,940,928
90

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 12 – RESTRICTED ASSETS AND LIABILITIES AND FUND BALANCES (CONTINUED)
C. FUND BALANCES
PRIMARY GOVERNMENT
Governmental fund balances are composed of the following:
Total
General General Roads Grants Non-Major Governmental
Governmental Funds Fund Capital Capital Fund Governmental Funds
Nonspendable
Inventory $ - $ - $ - $ - $ 1,218,486 $ 1,218,486
Prepaid Items 112,309 - - - - 112,309
Other 35,925 - - - - 35,925
Subtotal Nonspendable 148,234 - - - 1,218,486 1,366,720
Restricted
Rainy Day Fund 15,120,497 - - - - 15,120,497
Employee Benefits - LOSAP 6,120,385 - - - - 6,120,385
Donor-Specified Purposes 59,884 33,148 - - - 93,032
Mosquito Control 77,050 - - - - 77,050
Unspent Bond Proceeds - 5,996,290 - - - 5,996,290
Impact Fees - 245,185 - - - 245,185
Vehicle Acquisition - 46,127 - - - 46,127
Department of Aging - - - - 9 55 9 55
House and Community Services - - - - 2,843,180 2,843,180
Critical Areas - - - - 383,627 383,627
Sheriff's Drug Task Force - - - - 167,428 167,428
Inmate Welfare - - - - 164,340 164,340
Agricultural Transfer - - - - 1,972,394 1,972,394
Rural Legacy - - - - 426,595 426,595
Dredging Special Assessments - - - - 14,799 14,799
Kent Narrows - - - - 257,426 257,426
Subtotal Restricted 21,377,816 6,320,750 - - 6,230,744 33,929,310
Committed
House and Community Services - - - - 8,685,634 8,685,634
Revolving Loan Fund - - - - 90,000 90,000
Economic Development Incentive - - - - 1,175,041 1,175,041
School Impact Fees - - - - 12,499,304 12,499,304
Fire Company Impact Fees - - - - 404,876 404,876
Parks and Recreation Impact Fees - - - - 859,850 859,850
Revenue Stabilization Fund 9,450,311 - - - - 9,450,311
Economic Development - 1,076,841 - - - 1,076,841
Rubble Surcharge - 757,204 - - - 757,204
Developer Exactions - 5,262,317 857,300 - - 6,119,617
Subtotal Committed 9,450,311 7,096,362 857,300 - 23,714,705 41,118,678
Assigned
Encumbrances - 15,985,598 3,802,393 - - 19,787,991
Subsequent Years' Expenditures - 13,662,179 1,690,607 - - 15,352,786
Department of Aging - - - - 128,177 128,177
Roads Operating - - - - 108,889 108,889
Community Partnerships for Children - - - - 66,424 66,424
Law Library - - - - 560,413 560,413
Capital Projects - 11,381,356 159,270 - - 11,540,626
Loans Receivable - 1,608,456 - - - 1,608,456
Subtotal Assigned - 42,637,589 5,652,270 - 863,903 49,153,762
Unassigned
General Fund 46,537,817 - - - - 46,537,817
Subtotal Unassigned 46,537,817 - - - - 46,537,817
Total Governmental Funds Balances $ 77,514,178 $ 56,054,701 $ 6,509,570 $ - $ 32,027,838 $ 172,106,287
91

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 12 – RESTRICTED ASSETS AND LIABILITIES AND FUND BALANCES (CONTINUED)
C. FUND BALANCES (CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
Encumbrances included in the General Capital and Roads Capital funds are for the following purposes:
General Roads
Capital Capital
General Government $ 6,091,218 $ -
Public Safety 2 ,171,870 -
Public Works 3 ,896,221 -
Parks & Recreation 3 ,051,987 -
Health and Social Services 5 24,334 -
Education and Library 2 34,300 -
Economic/Community Development 15,668 -
Resurfacing Contracts and Materials - 2 ,598,090
Roads Construction Equipment - 1 ,204,303
Total encumbrances $ 15,985,598 $ 3,802,393
NOTE 13 - RISK MANAGEMENT
The County is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and
omissions; and natural disasters. The government carries commercial insurance to cover such risks. Certain assets of the
County such as roads, bridges, and other infrastructure are not insurable due to their nature.
General Insurance Coverage - The County is a participant in the Local Government Insurance Trust (LGIT), which is a
consortium of Maryland local governments created to provide insurance coverage and services to Maryland local
governments. The LGIT provides general liability, public officials’ liability, fleet insurance, and building and property
insurance to its members.
Workmen’s compensation and fidelity insurance are obtained from various commercial insurance companies.
Risk Sharing - Subscribers to coverage provided by LGIT share the risk among participants of the pools. As a result, the
County's annual premium requirements will be affected by the loss experience of the various insurance pools in which it
participates. Also, the County may be subject to additional assessments from time to time. These amounts would be
recorded as expenditures when they are probable and can be reasonably estimated. Conversely, favorable performance of
certain insurance pools may result in reduced premiums.
Health Insurance - Effective with the 1996 fiscal year, the County joined together with other Eastern Shore county
governments, libraries, and Boards of Education to form the Eastern Shore of Maryland Education Consortium Health
Insurance Alliance (ESMEC), a public entity risk pool currently operating as a common risk management and insurance
program for health insurance coverage. CareFirst BlueCross BlueShield, of Maryland, administers this program.
The agreement for formulation of the alliance provides that the pool will be self-sustaining through member premiums.
In addition to the annual premiums, the pooling agreement provides for additional assessments, if needed, but not to
exceed certain limits. No additional assessments were needed for fiscal year 2024 and, as of the date of this report, it is
believed that there are no outstanding claims in excess of the equity of the trust.
Settlements – In fiscal years 2022, 2023 and 2024, settlements have not exceeded insurance coverage for any type of
policy in effect.
92

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 14 - RETIREMENT PLANS
Virtually all full and eligible part-time employees of Queen Anne’s County, Maryland, and its related agencies are covered
by one of the statewide contributory pension systems of the State of Maryland.
Maryland State Retirement and Pension Systems
Organization
The State Retirement Agency is the administrator of the Maryland State Retirement and Pension System (the System). The
System was established by the State Personnel and Pensions Article of the Annotated Code of Maryland to provide retirement
allowances and other benefits to State employees, teachers, police, judges, legislators, and employees of participating
governmental units. Responsibility for the System’s administration and operation is vested in a 15-member Board of
Trustees. The System is made up of two cost-sharing employer pools: the “State Pool” and the “Municipal Pool”. The State
Pool consists of State agencies, boards of education, community colleges, and libraries. The Municipal Pool consists of
participating governmental units that elected to join the System. Neither pool shares in each other’s actuarial liabilities, thus
participating governmental units that elect to join the System (the “Municipal Pool”) share in the liabilities of the Municipal
Pool only. Currently, the System has 153 participating employers in addition to the State.
The State of Maryland is the statutory guarantor for the payment of all pensions, annuities, retirement allowances, refunds,
reserves, and other benefits of the System. The State is obligated to annually pay into the accumulation fund of each State
system at least an amount that, when combined with the State’s accumulation funds, is sufficient to provide benefits payable
under each plan during that fiscal year. The System is accounted for as one defined benefit plan as defined in accordance
with accounting principles generally accepted in the United States of America. Additionally, the System is fiscally
dependent on the State by virtue of the legislative and executive controls exercised with respect to its operations, policies,
and administrative budget. Accordingly, the System is included in the State’s reporting entity and disclosed in its financial
statements as a pension trust fund.
The System is comprised of the Teachers’ Retirement and Pension Systems, Employees’ Retirement and Pension Systems,
State Police Retirement System, Judges’ Retirement System, and the Law Enforcement Officers’ Pension System (LEOPS).
The following groups of employees participate in:
Employees Plan
Board of Education – regular employees Employees System
Board of Education – teachers Teachers System
Library Teachers System
Queen Anne’s County:
Elected officials Employees System
Sheriff’s Deputies LEOPS
Regular employees Employees System
The System is a cost sharing multiple-employer defined benefit pension plan.
93

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 14 - RETIREMENT PLANS (CONTINUED)
Covered Members
Teachers’ Retirement System
The Teachers’ Retirement System was established on August 1, 1927, to provide retirement allowances and other benefits to
teachers in the State. Effective January 1, 1980, the Teachers’ Retirement System was closed to new members and the
Teachers’ Pension System was established. As a result, teachers hired after December 31, 1979, became members of the
Teachers’ Pension System as a condition of employment. On or after January 1, 2005, an individual who is a member of the
Teachers’ Retirement System may not transfer membership to the Teachers’ Pension System.
Employees’ Retirement System
On October 1, 1941, the Employees’ Retirement System was established to provide retirement allowances and other benefits
to State employees, elected and appointed officials and the employees of participating governmental units. Effective January
1, 1980, the Employees’ Retirement System was essentially closed to new members and the Employees’ Pension system was
established. As a result, State employees (other than correctional officers) and employees of participating governmental units
hired after December 31, 1979, became members of the Employees’ Pension System as a condition of employment, while all
State correctional officers and members of the Maryland General Assembly continue to be enrolled as members of the
Employees’ Retirement System. On or after January 1, 2005, an individual who is a member of the Employees’ Retirement
System may not transfer membership to the Employees’ Pension System.
The Law Enforcement Officers’ Pension System (LEOPS)
The Law Enforcement Officers’ Pension System (LEOPS) was established on July 2, 1990, to provide retirement allowances
and other benefits for certain State and local law enforcement officers. This System includes both retirement plan and
pension plan provisions which are applicable to separate portions of the System’s membership. The retirement plan
provisions are only applicable to those members who, on the date they elected to participate in LEOPS, were members of the
Employees’ Retirement System. This System’s pension plan provisions are applicable to all other participating law
enforcement officers.
Summary of Significant Plan Provisions
All plan benefits are specified by the State Personnel and Pensions Article of the Annotated Code of Maryland. For all
individuals who are members of the Employees’, Teachers’, or Correctional Officers’ Retirement System on or before June
30, 2011, retirement allowances are computed using both the highest three years’ Average Final Compensation (AFC) and
the actual number of years of accumulated creditable service. For individuals who become members of the Correctional
Officers’ Retirement System on or after July 1, 2011, retirement allowances are computed using both the highest five years’
AFC and the actual number of years of accumulated creditable service. For all individuals who are members of the pension
systems of the State Retirement and Pension System on or before June 30, 2011, pension allowances are computed using both
the highest three consecutive years’ AFC and the actual number of years of accumulated creditable service. For any
individual who becomes a member of one of the pension systems on or after July 1, 2011, pension allowances are computed
using both the highest five consecutive year’s AFC and the actual number of years of accumulated creditable service.
Various retirement options are available under each system which ultimately determines how a retiree’s benefit allowance
will be computed. Some of these options require actuarial reductions based on the retiree’s and/or designated beneficiary’s
attained age and similar actuarial factors.
94

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 14 - RETIREMENT PLANS (CONTINUED)
The member contribution rate for members of the Teachers’ Retirement Pension System and Employees’ Retirement Pension
System is 7% and 6% respectively, and 7% for members of the Law Enforcement Officers’ Pension system.
In addition, the benefit attributable to service on or after July 1, 2011 in many of the pension systems now will be subject to
different cost-of-living adjustments (COLA) that is based on the increase in the Consumer Price Index (CPI) and capped at
2.5% or 1.0% based on whether the fair value investment return for the preceding calendar year was higher or lower than the
investment return assumption used in the valuation.
A brief summary of the retirement eligibility requirements of and the benefits available under the various systems in effect
during fiscal year 2023, are as follows:
Service Retirement Allowances
A member of either the Teachers’ or Employees’ Retirement System is generally eligible for full retirement benefits upon the
earlier of attaining age 60 or accumulating 30 years of creditable service regardless of age. The annual retirement allowance
equals 1/55 (1.81%) of the member’s AFC multiplied by the number of years of accumulated creditable service.
An individual who is a member of either the Teachers’ or Employees’ Pension System on or before June 30, 2011, is eligible
for full retirement benefits upon the earlier of attaining age 62, with specified years of eligibility service, or accumulating 30
years of eligibility service regardless of age. An individual who becomes a member of either the Teachers’ or Employees’
Pension System on or after July 1, 2011, is eligible for full retirement benefits if the member’s combined age and eligibility
service equals at least 90 years or if the member is at least age 65 and has accrued at least 10 years of eligibility service.
For most individuals who retired from either the Teachers’ or Employees’ Pension System on or before June 30, 2006, the
annual pension allowance equals 1.2% of the member’s AFC, multiplied by the number of years of creditable service
accumulated prior to July 1, 1998, plus 1.4% of the member’s AFC, multiplied by the number of years of creditable service
accumulated subsequent to June 30, 1998. With certain exceptions, for individuals who are members of the Teachers’ or
Employees’ Pension System on or after July 1, 2006, the annual pension allowance equals 1.2% of the member’s AFC,
multiplied by the number of years of creditable service accumulated prior to July 1, 1998, plus 1.8% of the member’s AFC,
multiplied by the number of years of creditable service accumulated subsequent to June 30, 1998. Beginning July 1, 2011,
any new member of the Teachers’ or Employees’ Pension System shall earn an annual pension allowance equal to 1.5% of
the member’s AFC multiplied by the number of years of creditable service accumulated as a member of the Teachers’ or
Employee’s Pension System.
Exceptions to these benefit formulas apply to members of the Employees’ Pension System, who are employed by a
participating governmental unit that does not provide the 1998 or 2006 enhanced pension benefits or the 2011 reformed
pension benefits. The pension allowance for those members equals 0.8% of the member’s AFC up to the social security
integration level (SSIL), plus 1.5% of the member’s AFC in excess of the SSIL, multiplied by the number of years of
accumulated creditable service. For the purpose of computing pension allowances, the SSIL is the average of the social
security wage bases for the past 35 calendar years ending with the year the retiree separated from service.
A member of the Law Enforcement Officers’ Pension System is eligible for full retirement benefits upon the earlier of
attaining age 50 or accumulating 25 years of eligibility service regardless of age. The annual retirement allowance for a
member who is covered under the retirement plan provisions equals 1/50 (2.0%) of the member’s AFC multiplied by the
number of years of accumulated creditable service up to 30 years, plus 1/100 (1.0%) of the member’s AFC multiplied by the
number of years of accumulated creditable service in excess of 30 years. For members subject to the pension provisions, full-
service pension allowances equal 2.0% of AFC up to a maximum of 60% (30 years of credit).
95

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 14 - RETIREMENT PLANS (CONTINUED)
Vested Allowances
Any individual who is a member of the State Retirement and Pension System on or before June 30, 2011 (other than a judge
or a legislator), and who terminates employment before attaining retirement age but after accumulating 5 years of eligibility
service is eligible for a vested retirement allowance. Any individual who joins the State Retirement and Pension System on
or after July 1, 2011 (other than a judge or a legislator), and who terminates employment before attaining retirement age but
after accumulating 10 years of eligibility service is eligible for a vested retirement allowance. A member, who terminates
employment prior to attaining retirement age and before vesting, receives a refund of all member contributions and interest.
Early Service Retirement
A member of either the Teachers’ or Employees’ Retirement System may retire with reduced benefits after completing 25
years of eligibility service. Benefits are reduced by 0.5% per month for each month remaining until the retiree either attains
age 60 or would have accumulated 30 years of creditable service, whichever is less. The maximum reduction for a Teachers’
or Employees’ Retirement System member is 30%.
An individual who is a member of either the Teachers’ or Employees’ Pension System on or before June 30, 2011 may retire
with reduced benefits upon attaining age 55 with a least 15 years of eligibility service. Benefits are reduced by 0.5% per
month for each month remaining until the retiree attains age 62. The maximum reduction for these members of the Teachers’
or Employees’ Pension System is 42%. An individual who becomes a member of either the Teachers’ or Employees’ Pension
System on or after July 1, 2011, may retire with reduced benefits upon attaining age 60 with at least 15 years of eligibility
service. Benefits are reduced by 0.5% per month for each month remaining until the retiree attains age 65. The maximum
reduction for these members of the Teachers’ or Employees’ Pensions System is 30%.
Members of the Law Enforcement Officers’ and Local Fire and Police Systems are not eligible for early service benefits.
Disability and Death Benefits
Generally, a member covered under retirement plan provisions who is permanently disabled after 5 years of service receives
a service allowance based on a minimum percentage (usually 25%) of the member’s AFC. A member covered under pension
plan provisions who is permanently disabled after accumulating 5 years of eligibility service receives a service allowance
computed as if service had continued with no change in salary until the retiree attained age 62. A member (other than a
member of the Maryland General Assembly or a judge, both of which are ineligible for accidental disability benefits) who is
permanently and totally disabled as the result of an accident occurring in the line of duty receives 2/3 (66.7%) of the
member’s AFC plus an annuity based on all member contributions and interest. Death benefits are equal to a member’s
annual salary as of the date of death plus all member contributions and interest.
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QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 14 - RETIREMENT PLANS (CONTINUED)
Adjusted Retirement Allowances
Retirement and pension allowances are increased annually to provide for changes in the cost of living according to prescribed
formulae. Such adjustments for retirees are based on the annual change in the CPI. For the Teachers’ and Employees’
Retirement Systems (TRS/ERS) the method by which the annual COLA’s are computed depends upon elections made by
members who were active on July 1, 1984 (or within 90 days of returning to service, for members who were inactive on July
1, 1984) enabling the member to receive either an unlimited COLA, a COLA limited to 5% or a two part combination COLA
depending upon the COLA election made by the member.
Members of the Law Enforcement Officers’ Pension System (LEOPS) are eligible to participate in a Deferred Retirement
Option Program (DROP). For members who enter the DROP on or after July 1, 2011, the member is deemed retired and the
retirement allowance is placed in an account earning 4% interest per year, compounded annual. At the end of the DROP
period, the lump sum held in the DROP account is paid to the retiree. The LEOPS members must end employment and fully
retire at the end of the DROP period. The maximum period of participation is 5 years for LEOPS.
However, beginning July 1, 2011, for benefits attributable to service earned on or after July 1, 2011, in all of the systems
except the judges’ and legislators’ systems, the adjustment is capped in the lesser of 2.5% or the increase in CPI if the most
recent calendar year fair value rate of return was greater than or equal to the assumed rate. The adjustment is capped at the
lesser of 1% or the increase in CPI if the fair value return was less than the assumed rate of return. In years in which COLAs
would be less than zero due to a decline in the CPI, retirement allowances will not be adjusted. COLAs in succeeding years
are adjusted until the difference between the negative COLA that would have applied and the zero COLA is fully recovered.
Actuarial Assumptions
The total pension liability in the June 30, 2023 actuarial valuation was determined using the following actuarial assumptions,
applied to all periods included in the measurement.
Inflation In the 2023 actuarial valuation, 2.25% general, 2.75% wage.
In the 2022 actuarial valuation, 2.25% general, 2.75% wage.
Salary Increases In the 2023 actuarial valuation, 2.75% to 11.25%.
In the 2022 actuarial valuation, 2.75% to 11.25%.
Investment Rate of Return In the 2023 actuarial valuation 6.80%.
In the 2022 actuarial valuation 6.80%.
Retirement Age Experience-based table of rates that are specific to the type of eligibility
condition. Last updated for the 2019 valuation pursuant to the 2018
experience study for the period July 1, 2014 to July 30, 2018.
Mortality Various versions of the Pub- 2010 Mortality Tables for males and females
with projected generational mortality improvements based on the MP-2018
fully generational mortality improvements scale for males and females.
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QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 14 - RETIREMENT PLANS (CONTINUED)
Investments
The long-term expected rate of return on pension plan investments was determined using a building-block method in which
best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and
inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of
return by weighing the expected future real rates of return by the target asset allocation percentage and by adding expected
inflation. Best estimates of geometric real rates of return were adopted by the Board of Trustees after considering input from
the System’s investment consultant(s) and actuary(s).
For each major asset class that is included in the System’s target asset allocation, these best estimates are summarized in the
following table:
Long-Term
Expected Real
Asset Class Target Allocation Rate of Return
Public Equity 34% 6.9%
Private Equity 16% 8.6%
Rate Sensitive 20% 2.6%
Credit Opportunity 9% 5.6%
Real Assets 15% 5.4%
Absolute Return 6% 4.4%
Total 100%
The above was the Board of Trustees adopted asset allocation policy and best estimate of geometric real rates of return for
each major asset class as of June 30, 2023.
For the year ended June 30, 2023, the annual money-weighted rate of return on pension plan investments, net of the pension
plan investment expense, was 3.11%. The money-weighted rate of return expresses investment performance, net of
investment expense, adjusted for the changing amounts actually invested.
Discount Rate
A single discount rate of 6.80% was used to measure the total pension liability. The single discount rate was based on the
expected rate of return on pension plan investments of 6.80%. The projection of cash flows used to determine this single
discount rate assumed that plan member contributions will be made at the current contribution rate and that employer
contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member
rate. Based on these assumptions, the pension plan’s fiduciary net position was projected to be available to make all
projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan
investments was applied to all periods of projected benefit payments to determine the total pension liability.
98

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 14 - RETIREMENT PLANS (CONTINUED)
Sensitivity of the Net Pension Liability
Regarding the sensitivity of the net pension liability to changes in the single discount rate, the following presents the plan’s
net pension liability, calculated using a single discount rate of 6.80%, as well as what the plan’s net pension liability would
be if it were calculated using a single discount rate that is 1% point lower or 1% point higher:
1% Decrease Discount Rate 1% Increase
System 5.80% 6.80% 7.80%
County $ 66,961,714 $ 45,159,037 $ 27,066,595
Board of Education 10,228,534 6,898,132 4,134,476
Teachers’ and Employees’ Retirement Systems and Teachers’ and Employees’ Pension Systems
Teachers’ Retirement and Pension Systems:
In accordance with Maryland Senate Bill 1301, Budget Reconciliation and Financing Act of 2012, the Board is required to
pay the State 100% of the normal cost portion of the total pension cost for teachers. The normal cost is the portion of the total
retirement benefit cost that is allocated to the current year of the employee’s service. The related payment for fiscal year
ending 2024 was $2,975,900. In addition, the State of Maryland contributed $5,806,196 on behalf of the Board. The Board
has recognized the State on-behalf payments as both a revenue and expense.
Pension Liabilities, Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources Related to
Pensions
Because the State of Maryland pays the unfunded liability for the Teachers’ Systems on behalf of the Board and Library, and
the Board pays the normal cost for the Teachers’ Systems, the Board and Library are not required to record its’ share of the
unfunded pension liability for the Teachers’ Systems, the State of Maryland is required to record that liability. The Board is
required to record a liability for the Employees’ Systems.
At June 30, 2024, the Board of Education reported a liability for its proportionate share of the net pension liability that
reflected a reduction for State pension support provided to the Board. The amount recognized by the Board as its
proportionate share of the net pension liability, the related State support, and the total portion of the net pension liability that
was associated with the Board were as follows:
Board's proportionate share of the net pension liability (Employees' System) $ 6,898,132
State's proportionate share of the net pension liability (Teachers' System) 51,628,693
Total $ 58,526,825
99

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 14 - RETIREMENT PLANS (CONTINUED)
The net pension liability was measured as of June 30, 2023, and the total pension liability used to calculate the net pension
liability was determined by an actuarial valuation as of that date. The County’s proportion of the net pension liability was
calculated as follows by the System(s):
1. Calculate the net pension liability for the entire System in accordance with the provisions of GASB No. 67.
2. Determine the total contributions to the System by the State and PGUs, inclusive of any underfunding of
contributions.
3. Based on the number of participants at each Board of Education, calculate the difference between what each Board
would have contributed if they funded at the rate of all other participating governments and what the Board actually
contributed. The difference between what the Board contributed and what they would have contributed if they
funded at the rate of the other participating governments, is then added to the total contribution to the System, to
calculate the System’s adjusted calculation.
4. Calculate for each participating government, their percentage of the adjusted System contribution by dividing the
total adjusted System contribution into each PGU’s contribution.
5. Provide each PGU its adjusted percentage of contribution and the System’s net pension liability and other related
amounts under the GASB No. 67 requirements.
At June 30, 2024, the County reported the following related to pensions:
Board County
Employer's proportionate (percentage) of the collective net pension liability 0.029% 0.196%
Employer's proportionate share of the collective net pension liability $ 6,898,132 $ 45,159,037
Pension expense recognized by the employer for the year ended $ 3,930,061 $ 6,643,235
Deferred Deferred
Outflows of Inflows of
Resources Resources
County
Changes in assumptions $ 3,103,634 $ ( 160,331)
Net difference between projected and actual investment earnings 4,039,436 -
on pension plan investments
Differences between expected and actual experience 1,587,206 ( 1,927,811)
Change in proportion 7,553,446 ( 1,581,337)
Contributions subsequent to measurment date 5,911,428 -
Total $ 22,195,150 $ ( 3,669,479)
Board
Changes in assumptions $ 474,086 $ ( 24,490)
Net difference between projected and actual investment earnings
on pension plan investments 617,032 -
Differences between expected and actual experience 242,448 ( 294,477)
Change in proportion 492,437 -
Contributions subsequent to measurment date 743,975 -
Total $ 2,569,978 $ ( 318,967)
100

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 14 - RETIREMENT PLANS (CONTINUED)
The $5,911,428 and $743,975 of deferred outflows of resources resulting from the County and the Board’s contributions to
the Employees’ Systems subsequent to the measurement date will be recognized as a reduction of the net pension liability in
the year ending June 30, 2025. Other amounts reported as deferred outflows and deferred inflows of resources for the County
will be amortized over a five-year period, as follows:
Year ended June 30: Board County
2025 $ 321,720 $ 2,528,636
2026 231,815 1,940,067
2027 719,965 5,534,704
2028 201,461 1,804,419
2029 32,075 806,417
$ 1,507,036 $ 12,614,243
Covered payroll refers to all compensation paid to active employees covered by the Systems.
Covered On-Behalf
Payroll By State
County $ 36,434,467 $ -
Board of Education 70,796,191 5,806,196
Library 1,392,639 186,576
Pension contributions made by the State of Maryland, on behalf of the Board of Education and the Library are recognized as
both revenue and expenditure.
The aggregate amount of pension expense is as follows:
Maryland State Retirement and Pension System $ 6,643,235
Length of Service Award Program ("LOSAP") 4,079,112
Aggregate amount of pension expense $ 10,722,347
101

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 15 - DEFERRED COMPENSATION PLAN
The County offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section
457. The Plan, available to all County employees, permits them to defer a portion of their salary until future years.
Participation in the plan is optional. The deferred compensation is not available to employees until termination, retirement,
death or unforeseeable emergency.
All amounts of compensation deferred under the plan; all property and rights purchased with those amounts; and all income
attributable to those amounts, property or rights are solely the property and rights of the participants. The County has no
liability for losses under the plan.
Investments are managed by the plan’s administrator based on several different investment options, or combinations thereof.
The choice of the investment option(s) to be used is made by each participant. The County has no management control over
the assets of the plan. Accordingly, per GASB Statement No. 32, the assets of the plan are not included in these financial
statements.
NOTE 16 - OTHER POST-EMPLOYMENT BENEFITS
PRIMARY GOVERNMENT
Other Post-Employment Benefit Trust (OPEB Trust)
In fiscal year 2015, the County Commissioners approved the County joining the MACo Pooled OPEB Investment Trust
Fund. A separate Trust document for the MACo OPEB Trust can be found on the MACo website at www.mdcounties.org.
Plan Reporting
The measurement date for GASB 74 is the Employer’s fiscal year end, June 30, 2024. Plan assets (Fiduciary Net Position)
are measured as of this date. The Total OPEB Liability (TOL) as of this date is based on an actuarial valuation as of January
1, 2023, with adjustments made for the one-and-one-half year difference. Adjustments include Service Cost, Interest on Total
OPEB Liability, and expected benefit payments during the year. This is also known as a roll-forward.
Under GASB 74, the Net OPEB Liability (NOL) is established as the difference between the Total OPEB Liability and the
Plan Fiduciary Net Position. The NOL is very much like the unfunded actuarial accrued liability that is developed for the
funding valuation, with adjustments for any time between the valuation date and the measurement date.
Relevant Dates
 Valuation Date: January 1, 2023
 Measurement Date: June 30, 2024
 Reporting Date: June 30, 2024
Plan Membership
The following is a summary of the plan membership as of January 1, 2023.
Active 439
Retired 290
Total 729
102

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 16 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
Other Post-Employment Benefit Trust (OPEB Trust) (Continued)
PRIMARY GOVERNMENT
Plan Description
The County’s Other Post-Employment Benefit Plan (OPEB Plan) is an agent multiple-employer defined benefit healthcare
plan that covers retired employees of the primary government, the Queen Anne’s County Board of Education, and the Queen
Anne’s County Free Library. The Plan was established as specified in County Ordinance No. 09-12.
Plan descriptions and actuarial assumptions for each participant are described: (1) as follows for the primary government and
(2) in financial statements issued separately for all other participants.
The County’s Retiree Health Insurance Program provides medical insurance benefits to retirees and their eligible dependents.
The retiree and their dependents will receive a subsidy as outlined in the tables below provided that (1) the retiree retired
directly from County service with a County retirement/pension allowance, (2) has health insurance through the County prior
to retirement, (3) retired with at least 15 years of County service, and (4) the retiree elects to participate upon retirement.
Retirees who retire directly from County service with a County retirement/pension with less than 15 years of County service,
who have health insurance through the County prior to retirement and who elect to participate upon retirement are eligible for
the County’s Retiree Health Insurance Program however are not eligible for a subsidy.
Medical/Drug Plan
PPO (80/20), EPO (85/15), BCA (85/15), Medicare Supplement
Eligibility
Queen Anne’s County and Library employees are eligible to continue group insurance coverage after retirement provided
that:
a. Retiring employees have coverage in effect when they stop working.
b. Retirement commences on the first of the month, following the last day they are employed.
c. An employee must have been a permanent active employee. To receive a subsidy, must have at least 15 years of
service.
d. Eligibility for Retirement:
Non-LEOPS hired on or after 7/1/2011
 Rule of 90 (age plus service is at least 90), or
 Age 65 with 10 years of service, or
 Age 60 with 15 years of service
Non-LEOPS hired before 7/1/2011
 Age 55 with 15 years of service, or
 Age 62 with 5 years of service, or
 Age 63 with 4 years of service, or
 Age 64 with 3 years of service, or
 Age 65 with 2 years of service, or
 30 years of service (regardless of age)
103

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 16 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
Plan description (Continued)
LEOPS
 Age 50 (no service requirement), or
 25 years of service (no age requirement)
Retiree Payment
The employer subsidy is based on service, which medical plan you are enrolled in, retirement date and location.
For current County retirees receiving a 90% subsidy, they would continue to receive this subsidy rate, for all others:
Years of County Service Prior to EPO/BCA Total PPO Total Subsidy
Retirement Subsidy Percentage Percentage
Less than 15 years 0.0% 0.0%
At least 15 yrs but less than 18 60.0% 60.0%
At least 18 yrs but less than 21 70.0% 65.0%
At least 21 yrs but less than 24 80.0% 75.0%
24 years or more 85.00% 80.00%
Plan Changes Since Prior Valuation
There have been no changes in eligibility but there was a change in the cost sharing provisions since the prior valuation.
Actuarial Information
Actuarial assumptions
The total OPEB liability was determined by an actuarial valuation as of January 1, 2023, using the following actuarial
assumptions, applied to all periods included in the measurement:
 Investment Return: 6.00%, net of investment expense and including inflation
 Healthcare Trend: 6.00% initially for all plans, grading down to 4.25% for PPO, EPO, and BCA plans ultimate
Mortality rates are based on the PUB2010G Headcount tables with Scale SSA applied on a generational basis. PUB2010G
Headcount Disabled tables are used for those on disability, if applicable.
Changes in Actuarial assumptions
The rates of retirement, disability, withdrawal, and mortality were changed since the prior year, as well as a change in
discount rate due to an updated fund availability analysis.
104

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 16 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
Actuarial Information (Continued)
Actuarial Methods for Determining Employer Contributions
The same economic and demographic assumptions are used for both funding and financial reporting purposes under GASB
74/75.
The Entry Age method is used for accounting/GASB purposes, therefore all of the actuarial figures within this footnote are
based on it. Actuarially Determined Contributions are also based on the Entry Age method, with a closed level percentage of
payroll amortization of the unfunded liability (15 years remaining as of the valuation date).
Expected Return
The long-term expected rate of return on pension plan investments was determined using a building-block method in which
best-estimates of expected future real rates of return (expected returns, net of pension plan investment expense and inflation)
are developed for each asset class. These ranges are combined to produce the long-term expected rate of return by weighting
the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. This is then
modified through a Monte-Carlo simulation process, by which a (downward) risk adjustment is applied to the baseline
expected return.
Best estimates of arithmetic real rates of return for each major asset class included in the pension plan’s target asset allocation
as of June 30, 2024, and the final investment return assumption, are summarized in the following table:
Long-Term
Expected Real
Asset Class Rate of Return Weight
US Equity 6.20% 36.0%
International Equity 6.55% 24.0%
Fixed Income 2.30% 35.0%
Real Estate 4.55% 5.0%
Total Weighted Average Real Return 4.84% 100.0%
Plus Inflation 2.50%
Total Return w/o Adjustment 7.34%
Risk Adjustment -1.34%
Total Expected Return 6.00%
Discount Rate
The discount rate used to measure the total OPEB liability is 5.90%. The County’s funding strategy is to contribute the
Actuarially Determined Contribution in fiscal year 2024, and each year going forward. It is expected that benefits will be paid
from the trust when a 50% funding level is reached. Based on this information, we project that benefits will be financed on a
pay as you go basis until 2028, then from the trust there forward.
Therefore, the expected trust return of 6.00% is blended with the 20-year Aa bond rate* of 4.00%. The blended rate is 5.90%.
The prior rate was 5.90% on this basis.
*Source: Fidelity general obligation municipal bond index.
105

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 16 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
Net OPEB Liability
Sensitivity of the net OPEB liability to changes in the discount rate
The following presents the net OPEB liability of the plans, calculated using the current discount rate, as well as what the net
OPEB liability would be if it were calculated using a discount rate that is 1% point lower or 1% point higher:
DISCOUNT RATE
1% Decrease Discount Rate 1% Increase
System 4.90% 5.90% 6.90%
Net OPEB liability $ 44,094,718 $ 30,242,945 $ 27,548,808
Sensitivity of the net OPEB liability to changes in the trend rate
The following presents the net OPEB liability of the plans, calculated using the current health care trend rate of from 6.00%
to an ultimate rate of 4.25% for PPO, EPO, and BCA plans, as well as what each plans net OPEB liability would be if it were
calculated using a health care trend rate that is 1% point lower or 1% point higher:
HEALTH CARE TREND
1% Decrease to Discount Rate 1% Increase to
3.25% 4.25% 5.25%
Net OPEB liability $ 26,866,873 $ 30,242,945 $ 45,127,752
106

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 16 – OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
Net OPEB Liability (Continued)
Changes in the net OPEB liability are as follows:
Total OPEB Liability ("TOL")
Service cost $ 983,763
Interest 2,962,304
Changes in benefit terms -
Difference between expected and actual experience -
Changes in assumptions -
Benefit payments (1,846,441)
Net change in total OPEB liability 2,099,626
Total OPEB liability - beginning of year 50,134,776
Total OPEB liability - end of year $ 52,234,402
Plan Fiduciary Net Position ("PFNP")
Contributions - employer $ 4,453,230
Contributions - member -
Net investment income 1,923,140
Benefit payments (1,846,441)
Admin expenses (8,025)
Other -
Net change in plan fiduciary net position 4,521,904
Plan fiduciary net position - beginning of year 17,469,553
Plan fiduciary net position - end of year $ 21,991,457
Net OPEB liability ("NOL") - beginning of year $ 32,665,223
Net OPEB liability - end of year $ 30,242,945
PFNP as a % of TOL 42.1%
Covered employee payroll $ 36,215,104
NOL as a % of covered payroll 83.5%
107

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 16 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
OPEB Expense
The amount of OPEB expense recognized in the reporting period are as follows:
Service cost $ 983,763
Interest on total OPEB liability 2,962,304
Difference between expected and actual experience* (2,107,529)
Changes in actuarial assumptions* (313,589)
Employee contributions -
Changes in benefit terms -
Projected earnings on plan investments (1,051,111)
Difference between projected and actual earnings* (30,049)
Administrative expense 8,025
Other changes in fiduciary net position -
Total OPEB expense $ 451,814
* - portions recognized for expense
Deferred Outflow/Inflow Summary
The deferred outflows / inflows are as follows:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Net difference between projected and actual earnings on plan investments $ - $ (303,646)
Differences between expected and actual experience 245,181 (10,946,289)
Changes in actuarial assumptions 553,797 (2,532,442)
Total $ 798,978 $ (13,782,377)
Net deferred outflows / (inflows) will be amortized as follows:
Year ended June 30:
2025 $ (2,508,927)
2026 (2,164,593)
2027 (2,745,635)
2028 (2,807,505)
2029 (2,680,508)
Thereafter (76,231)
$ (12,983,399)
108

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 16 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
COMPONENT UNITS
BOARD OF EDUCATION
Plan Description
The Board of Education of Queen Anne’s County administers a single-employer defined benefit healthcare plan (“the Plan”).
The plan provides healthcare insurance for eligible retirees and their spouses through the Board’s group health insurance
plan, which covers both active and retired members. The Plan does not issue a stand-alone report. Benefit provisions are
based on contractual agreements with employee groups. Employees are eligible to participate in the Plan upon retirement.
Participants must meet the eligibility requirements of the Maryland State Teachers’ pension system described below:
For members hired before July 1, 2011, the earliest retirement eligibility is the earlier of:
 Age 55 with 15 years of service,
 Age 62 with 5 years of service,
 Age 63 with 4 years of service,
 Age 64 with 3 years of service,
 Age 65 with 2 years of service, or
 30 years of service, regardless of age.
For members hired after July 1, 2011, the earliest retirement eligibility is the earlier of
 Rule of 90 (age plus service is at least 90),
 Age 65 with 10 years of service,
 Age 60 with 15 years of service
As of February 1, 2022, the date of the actuarial valuation data, approximately 463 retirees were receiving benefits, and 938
active employees are potentially eligible to receive future benefits.
Funding Policy
The Board pays a portion of retiree healthcare premiums based on years-of-service ranging from 5 years of service to 25+
years of service until the retiree becomes Medicare-eligible. The retiree pays the remaining premium, including the cost of
eligible dependents. Pre-Medicare retirees may choose between two medical plans (a PPN plan and an EPO plan). Both plans
include medical and prescription benefits. Once a participant is Medicare eligible, the participant must switch to a Medicare
supplement plan, which is also packaged with a prescription plan. Retirees have the option of electing dental and vision
coverage in addition to medical coverage.
Employer Contribution
Retirees receive a subsidy for their post-retirement medical insurance based on service. The subsidy requires a minimum of 5
years of service for Administration and 10 years of service for Teachers. For teachers, once ten years of service is reached,
the Board covers 36% of the cost of the individual’s EPO health plan. The percentage subsidized by the Board increases
3.6% per year for every year of service in excess of ten. At 25 years of service, the maximum subsidy of 90% is reached. For
administrators, once five years of service is reached, the Board covers 35% of the cost of the individual’s EPO health plan.
The percentage subsidized by the Board increases 5.5% per year for every year of service in excess of five. At 15 years of
service, the maximum subsidy of 90% is reached. Retirees with less than the minimum years of service required to receive a
subsidy are allowed access to the medical coverage, but must pay 100% of the published rates. In addition, the Board is
contractually obligated to pay the full cost of medical insurance for certain retired directors, superintendents, and their
spouses.
109

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 16 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
COMPONENT UNITS (CONTINUED)
BOARD OF EDUCATION (CONTINUED)
Employer Contribution (Continued)
The Board also pays the cost of providing term life insurance for its retirees in varying amounts depending upon length of
service and date of retirement. The benefits payable upon death are $5,000 (fixed) for 5 to 25 years of service or $50,000
(maximum-based on annual salary at retirement) for over 25 years of service. There is a reduction of benefit of 25% at age 70
and a benefit reduction of 50% at age 75 and beyond.
Net OPEB Liability
The annual OPEB expense under GASB Statement No. 75 is equal to the change in the unfunded actuarial accrued liability
from the prior year’s measurement date to the current year measurement date, with some of the liability changes being
deferred to future years. Changes in the actuarial accrued liability due to experience gains or losses or changes in assumptions
are recognized over the expected future working lifetime of all plan participants, including retirees. For the fiscal year ended
June 30, 2024, the Board recognized an OPEB expense of $2,974,621.
The Board’s total OPEB liability is an amount actuarially determined in accordance with the parameters of GASB Statement
No. 75. The total OPEB liability is calculated using a measurement date of June 30, 2023. Therefore, plan information for
the year ended June 30, 2023 is utilized. The following table shows the components of the Board’s total and net OPEB
liability at June 30, 2023.
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a) (b) (a) - (b)
Balance - beginning of year $ 138,508,054 $ 504,484 $ 138,003,570
Changes for the Year
Service Cost 5,168,402 - 5,168,402
Interest 5,050,477 - 5,050,477
Experience Losses/Gains 155,825 - 155,825
Trust Contributions - Employer - 3,433,351 (3,433,351)
Net Investment Income - 52,792 (52,792)
Changes in Assumptions (4,072,271) - (4,072,271)
Benefit Payments (net of retiree contributions) (3,433,351) (3,433,351) -
Net Changes 2,869,082 52,792 2,816,290
Balance - end of year $ 141,377,136 $ 557,276 $ 140,819,860
Plan Fiduciary Net Position as a % of Total OPEB Liability 0.39%
Covered employee payroll $ 66,931,801
Net OPEB Liability as a % of covered payroll 210.39%
Payments have typically been liquated from the General Fund in prior years.
110

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 16 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
COMPONENT UNITS (CONTINUED)
BOARD OF EDUCATION (CONTINUED)
Funding Status and Funding Progress
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the
probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality,
and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required
contributions of the employer are subject to continual revision as actual results are compared with past expectations and new
estimates are made about the future. The schedule of net OPEB liability, presented as required supplementary information
following the notes to the financial statements, presents multiyear trend information about whether the net OPEB liability is
increasing or decreasing over time relative to the total OPEB liability for benefits.
Additional information is as follows:
 Measurement date – The Board selected a June 30, 2023 measurement date for fiscal year-end 2024. The
measurement date can be any date between the last day of the prior fiscal year and the last day of the current fiscal
year.
 Cost method – This valuation uses the Entry Age Normal Funding Method calculated on an individual basis with
level percentage of payroll.
 Claims data – Monthly paid claims, administrative expenses and enrollment for employees and retirees from
January 2019 through December 2021 were supplied by the carrier. Claims were divided into pre and post 65 age
retirees.
 Demographic data – Data included current medical coverage for current employees and retirees as of February 1,
2022.
 Discount rate assumption - Benefits are discounted based on the Bond Buyer GO 20-year Bond Municipal Bond
Index, an index rate for 20-year tax exempt general obligation municipal bonds with an average rating of AA/Aa or
higher. This rate was 3.86% as of June 30, 2023.
 Health care trend – The medical trend assumption was developed using the Society of Actuaries (SOA) Long-Run
Medical Cost Trend Model. The SOA model was released in December 2007 and is updated annually. The following
assumptions were used as input variables into this model:
Rate of Inflation 2.5%
Rate of growth in real income / GDP per year 1.4%
Extra trend due to technology and other factors 1.0%
Expected health share of GDP in 2031 19.0%
Health Share of GDP Resistance Point 20.0%
Year for limiting cost growth to GDP growth 2075
 Salary Scale – State of Maryland salary scale assumption for teachers.
111

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 16 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
COMPONENT UNITS (CONTINUED)
BOARD OF EDUCATION (CONTINUED)
Funding Status and Funding Progress (Continued)
 Decrement Assumptions –
Healthy Pub-2010 Mortality Table (teacher and general employees, headcount-weighted),
Fully Generational, Projected using Scale MP-2021
Disability Pub-2010 Mortality Table (teacher and general disabled, headcount-weighted),
Fully Generational, Projected using Scale MP-2021
Sensitivity of the Net OPEB Liability
The following table presents the Board’s net OPEB liability at June 30, 2023 using the discount rate of 3.86%, as well as
what the net OPEB liability would be if it were calculated using a discount rate that is 1% point lower or 1% point higher
than the current rate:
DISCOUNT RATE
1% Decrease Discount Rate 1% Increase
System 2.86% 3.86% 4.86%
Net OPEB liability $ 1 67,273,079 $ 1 40,819,860 $ 1 19,810,836
The following table presents the Board’s net OPEB liability at June 30, 2023 using the health care trend rate of 3.94%, as
well as what the net OPEB liability would be if it were calculated using a trend rate that is 1% point lower or 1% point higher
than the current rate:
HEALTH CARE TREND
1% Decrease to Discount Rate 1% Increase to
2.94% 3.94% 4.94%
Net OPEB liability $ 1 16,969,874 $ 1 40,819,860 $ 1 72,284,453
Deferred Inflows/Outflows of Resources related to OPEB
At June 30, 2024, the Board reported deferred outflows of resources and deferred inflows of resources related to the OPEB
plan from the following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Changes of assumptions $ 33,869,874 $ (59,053,497)
Net difference between projected and actual earnings 4,409 -
Differences between expected and actual experience 1,513,097 (63,094,892)
Contributions subsequent to measurement date 2,974,621 -
Total $ 38,362,001 $ (122,148,389)
112

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 16 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
COMPONENT UNITS (CONTINUED)
BOARD OF EDUCATION (CONTINUED)
Deferred Inflows/Outflows of Resources related to OPEB (Continued)
Amounts reported as differences between projected and actual earnings on OPEB plan investments will be amortized and
expensed over a closed five-year period. Amounts reported as differences between expected and actual experience will be
amortized and expensed over a period equal to the average remaining service lives of all employees that are provided with
other post-employment benefits through the plan. Amounts reported as changes in assumptions will be amortized and
expensed over a period equal to the average remaining service lives of all employees that are provided with other post-
employment benefits through the plan. Amortization expense related to net deferred outflows and inflows of resources over
the next five years is expected to be as follows:
Year ended June 30:
2025 $ (15,737,432)
2026 (15,736,236)
2027 (15,723,008)
2028 (14,420,259)
2029 (16,420,023)
Thereafter (8,724,051)
$ (86,761,009)
Changes in assumptions in the most recent actuarial valuation included adjusting the discount rate to the updated index rate
for 20-year tax exempt general obligation municipal bonds.
LIBRARY
Plan description
The Library participates in an agent multiple-employer defined benefit healthcare plan (“the Plan”) that covers retired
employees of Queen Anne’s County, the Queen Anne’s County Board of Education, and the Library.
A Trust entity was established in June, 2009 entitled Other Post-Employment Benefit Trust – County Commissioners of
Queen Anne’s County, County Commissioners of Kent County, and Participating Agencies (the “Trust”). In August 2020, the
Trust was closed and all members transferred their respective funds to the MACo (Maryland Association of Counties) Pooled
OPEB Investment Trust Fund. A separate “Trust document for the MACo OPEB Trust can be found on the MACo website at
www.mdcounties.org.
Benefits provided
The plan reimburses eligible retirees for a portion of healthcare insurance based on years-of-service ranging from $3,000 for
15 years of service to $4,400 for 25 plus years of service. The retiree pays the remaining premium, including the cost of
eligible dependents. Participants must meet the eligibility requirements of the State Retirement and Pension System of
Maryland, which are age 55 with 15 years of service, age 62 with 5 years of service, or 30 years of service (regardless of
age).
113

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 16 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
COMPONENT UNITS (CONTINUED)
LIBRARY (CONTINUED)
Employees covered by benefit terms
The following is a summary of plan membership as of January 1, 2023.
Active 19
Retired 9
Total 28
Contributions
The Library pays retiree healthcare benefits on a pay-as-you-go basis. For the year ended June 30, 2024, the Library
contributed $31,846.
Net OPEB liability
The Library's net OPEB liability was measured as of June 30, 2024, and the total OPEB liability used to calculate the net
OPEB liability was determined by an actuarial valuation January 1, 2023.
Actuarial assumptions
The total OPEB liability was determined by an actuarial valuation as of January 1, 2023, using the following actuarial
assumptions, applied to all periods in the measurement:
Expected return – 6% including inflation and net of investment expenses.
Healthcare trend – Because this is a flat dollar plan and retirees secure their own insurance, the trend is not
applicable.
Mortality rates are based on PUB2010G Headcount tables with Scale SSA applied on a generational basis. PUB2010G
Headcount Disabled tables are used for those on disability, if applicable.
There were no changes in actuarial assumptions since the prior year, except the change in discount rate due to an updated
depletion analysis.
Actuarial methods for determining employer contributions use the same economic and demographic assumptions for both
funding and financial reporting purposes under GASB 74/75. The Entry Age method is used for accounting/GASB purposes,
therefore all of the actuarial figures within this report are based on it. Actuarially Determined Contributions are based on the
Entry Age method, with a closed level percentage of payroll amortization of the unfunded liability (15 years remaining).
Discount rate
The discount rate used to measure the total OPEB liability is 4.3%. There is essentially no prefunding of benefits in an OPEB
trust for this plan (i.e., pay as you go), however, the Library has funds invested in the MACo pooled OPEB Trust. For this
analysis, we assumed the trust assets would grow with earnings until a 60% funding ratio is reached. Based on this, a blended
rate was developed which consists of the 20-year municipal bond Aa index as of June 30, 2024 of 4% blended with the
assumed return of 6.00%.
Benefits would be paid from the trust from 2051 to 2061, and from general fund assets before and after this time period,
resulting in a blended rate of 4.3%. The prior rate was 4.2%.
114

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 16 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
COMPONENT UNITS (CONTINUED)
LIBRARY (CONTINUED)
Changes in the net OPEB liability
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a) (b) (a) - (b)
Balance - beginning of year $ 563,920 $ 33,059 $ 530,861
Changes for the Year
Contributions - employer - 3 1,846 (31,846)
Service Cost 6 ,819 - 6 ,819
Net Investment Income 2 3,309 3 ,266 2 0,043
Changes in Assumptions (5,491) - (5,491)
Benefit Payments, including refunds (31,846) (31,846) -
Net Changes (7,209) 3 ,266 (10,475)
Balance - end of year $ 556,711 $ 36,325 $ 520,386
Plan Fiduciary Net Position as a % of Total OPEB Liability 6.52%
Covered employee payroll $ 1,392,639
Net OPEB Liability as a % of covered payroll 37.37%
Sensitivity of the net OPEB liability to changes in the discount rate
The following presents the net OPEB liability of the Library, as well as what the net OPEB liability would be if it were
calculated using a discount rate that is 1 percentage point lower or 1 percentage point higher than the current discount rate:
DISCOUNT RATE
1% Decrease Discount Rate 1% Increase
System 3.30% 4.30% 5.30%
Net OPEB liability $ 577,801 $ 520,386 $ 472,072
Sensitivity of the net OPEB liability to changes in the healthcare cost trend rate
Because the benefits from this plan are a fixed dollar amount based on years of services and there is no implicit subsidy
(retirees secure their own health insurance), a change in assumed trend rate will not have an impact on the OPEB liability.
Investments
The long-term expected rate of return on pension plan investments was determined using a building block method in which
best-estimate ranges of expected future real rates of return (expected returns net of pension plan investment expense and
inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of
return by weighing the expected future real rates of return by the target asset allocation percentage and by adding expected
inflation. This is then modified through a Monte-Carlo simulation process, by which a (downward) risk adjustment is applied
to the baseline expected return.
115

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 16 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
COMPONENT UNITS (CONTINUED)
LIBRARY (CONTINUED)
Best estimates of arithmetic real rates of return for each major asset class included in the plan’s target asset allocation as of
June 30, 2024, and the final investment return assumption, are summarized in the following table:
Long-Term
Expected Real
Asset Class Rate of Return Weight
US Equity 6.20% 36.0%
International Equity 6.55% 24.0%
Fixed Income 2.30% 35.0%
Real Estate 4.55% 5.0%
Total Weighted Average Real Return 4.84% 100.0%
Plus Inflation 2.50%
Total Return w/o Adjustment 7.34%
Risk Adjustment -1.34%
Total Expected Return 6.00%
OPEB expense and deferred outflows of resources related to OPEB
For the year ended June 30, 2024, the Library recognized an OPEB expense of $32,376. At June 30, 2024, the Library
reported deferred outflows and deferred inflows of resources related to the OPEB plan from the following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences between expected and actual experience $ 15,676 $ (118,045)
Changes of assumptions 79,137 (110,426)
Net difference between projected and actual earnings 586 -
Total $ 95,399 $ (228,471)
Amounts reported as deferred outflows and deferred inflows of resources related to the OPEB plan will be recognized in
expense over a period ranging from five to nine years as follows:
Year ended June 30:
2025 $ 4,039
2026 4,284
2027 (29,727)
2028 (38,503)
2029 (38,248)
Thereafter (34,917)
$ (133,072)
116

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 17 – VOLUNTEER FIREMAN PENSION PLAN LENGTH OF SERVICE AWARD PROGRAM (LOSAP)
Plan Description
The County established the County Fire and EMS Commission Pension Plan Length of Service Award Program (“LOSAP”)
in November 2004. The LOSAP is a single-employer defined benefit length of service award program that covers all
volunteer members (“members”) of the County’s Fire and EMS Commission. The LOSAP has no assets accumulated in a
trust that meet the criteria in GASB 73, paragraph 4. The LOSAP is funded entirely by the general fund.
Relevant dates
 Valuation date: January 1, 2023
 Measurement date: December 31, 2023
 Reporting date: June 30, 2024
An active member, upon reaching 55 years of age, is eligible to receive $6 or $10 per month for each year of eligible service
determined by two separate benefit formulas which determine the monthly rate, with a $400 maximum monthly benefit that
may be earned. An inactive member that reaches 55 years of age and is vested with 10 years of service is also entitled to the
same benefits ($6 or $10/month for each year of service, maximum $400 per month). Payments are made over a 10-year
annuity and the sponsor reserves the right to distribute a one-time lump sum actuarial equivalent benefit to terminated
participants in lieu of the annuity. At the time of death, the participants’ designated beneficiary will receive the lump sum of
the present value of the participants’ accrued benefit.
The participant summary as of the January 1, 2023 actuarial valuation is as follows:
Active members 321
Vested-terminted 61
Retired and beneficiaries 175
Total 557
Actuarial Assumptions
The total LOSAP liability was determined by an actuarial valuation as of January 1, 2023 rolled forward to December 31,
2023 using the following actuarial assumptions, applied to all periods included in the measurement:
Inflation 0.00%
Salary increases Not Applicable
Investment rate of return 3.79%, net of pension plan investment expense, including inflation
Mortality No pre-retirement mortality; post retirement RP2000 projected to 2030
Retirement First eligible
Turnover T5
Disability None
The 3.79% discount rate is based on a 20-year AA general obligation bond rate as of December 31, 2023.
The above is a summary of key actuarial assumptions. Full descriptions of the actuarial assumptions are available in the
January 1, 2023 actuarial valuation report.
117

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 17 – VOLUNTEER FIREMAN PENSION PLAN LENGTH OF SERVICE AWARD PROGRAM (LOSAP)
(CONTINUED)
Sensitivity of Total LOSAP Liability
The following presents the total LOSAP liability, calculated using single discount rate of 3.79%, as well as what the total
LOSAP liability would be if it were calculated using a discount rate that is 1% point lower and 1% point higher.
1% Decrease Discount Rate 1% Increase
System 2.79% 3.79% 4.79%
Net LOSAP Liability $ 13,231,775 $ 11,180,243 $ 9,572,528
Total LOSAP Liability
The components of the total LOSAP liability are as follows:
Plan
Total LOSAP Fiduciary Net Net LOSAP
Liability Position Liability
Balances as of January 1, 2023 $ 7,757,868 $ - $ 7,757,868
Changes for the year:
Service cost 430,072 - 430,072
Interest 282,361 - 282,361
Changes of benefit terms 3,404,969 - 3,404,969
Differences between expected and actual experience (526,887) - (526,887)
Changes of assumptions 460,832 - 460,832
Benefits payments and expenses (628,972) - (628,972)
Net changes 3,422,375 - 3,422,375
Balances as of December 31, 2023 $ 11,180,243 $ - $ 11,180,243
Plan fiduciary net position as a percentage of the total pension liability 0%
LOSAP Expense
The components of LOSAP expense are as follows:
LOSAP
Expense
Service cost $ 430,072
Interest 282,361
Changes in benefit terms 3,404,969
Differences between expected and actual earnings -
Differences between expected and actual experience 100,399
Changes of assumptions (138,689)
Total LOSAP expense $ 4,079,112
118

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 17 – VOLUNTEER FIREMAN PENSION PLAN LENGTH OF SERVICE AWARD PROGRAM (LOSAP)
(CONTINUED)
Maryland State Retirement and Pension System $ 6,643,235
Length of Service Award Program ("LOSAP") 4,079,112
Aggregate amount of pension expense $ 10,722,347
LOSAP Deferred Outflows and Deferred Inflows of Resources
The components of LOSAP deferred outflows and deferred inflows are as follows:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences between expected and actual experience $ 586,034 $ (439,072)
Changes of assumptions 765,224 (2,418,401)
Net difference between projected and actual earnings - -
Total $ 1,351,258 $ (2,857,473)
Amounts reported as deferred outflows and deferred inflows will be amortized as follows:
Year ended June 30:
2025 $ (278,665)
2026 (547,005)
2027 (623,126)
2028 (46,414)
2029 (11,005)
Thereafter -
$ (1,506,215)
119

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 18 – DEFICIT EQUITY BALANCES
There were no Non-Major Governmental Funds that ended the year with deficit balances in unassigned fund balance for
the year ended June 30, 2024.
The following Enterprise Funds ended the year with deficit equity balances:
The Sewer Operations Fund has a deficit balance in unrestricted net position of $3,544,395 as of June 30, 2024.
The Bay Bridge Airport Fund has a deficit balance in unrestricted net position of $585,298 as of June 30, 2024.
The Golf Course Enterprise Fund has a deficit balance in unrestricted net position of $310,760 as of June 30, 2024.
The County Commissioners established the guideline that the Enterprise Funds should be self-supporting, to the extent
possible. Therefore, a variety of measures are being evaluated in order to attempt the goal of balancing the Enterprise Funds.
NOTE 19 – COMMITMENTS, CONTINGENCIES AND SUBSEQUENT EVENTS
PRIMARY GOVERNMENT
Grants - The County and its component units are recipients of various federal and state grant and/or loan programs, which are
governed by various rules and regulations of the grantor agencies. Costs charged to the respective grant programs are subject
to audit and adjustment by these grantor agencies. If the County has not complied with the rules and regulations governing
the programs, refunds of money received may be required and the collectability of any related receivable as of June 30, 2024
may be impaired. The County’s management believes that there are no significant contingent liabilities that must be recorded
relating to compliance with the rules and regulations governing these programs. No funds were required to be returned in
fiscal year 2024.
Further, certain grants for capital projects, such as various park projects funded by the State, must be used for the intended
purpose of the grant. If, at any time during the useful lives of these projects, the facilities cease to operate in their intended
capacity, the County may be required to reimburse the granting agency that portion of the grant or note that is equal to the
percentage of useful life remaining. The County’s Management believes that no such grant reimbursements will be needed.
In fiscal year 2010, the County’s Department of Housing and Community Services received a grant of $350,000 from the
Maryland Department of Housing and Community Development. This Maryland Neighborhood Conservation Initiative
(NCI) Grant provided funding to be used for the acquisition and purchase of foreclosed properties for resale to qualifying
homebuyers, as well as the issuance of zero percent deferred payment loans to eligible critical service workers. Per the terms
of the agreement, the grantee may reuse funds for these same activities until June 30, 2013. Funds returned to the County
from program participants after June 30, 2013 must be returned to the state. Therefore, this grant has been recorded as a
pass-through grant, with the County contingently liable for the return of these funds to the state at some point in time after
June 30, 2013. During fiscal year 2014, the County identified $69,569 in funds that were required to be returned to the
grantor per grant provisions. No funds were required to be returned in fiscal years 2015 thru 2024.
In accordance with the provisions of GASB Statement 54, Fund Balance Reporting and Governmental Fund Type
Definitions, the County has committed certain fund balances for future construction projects. In the General Capital Projects
Fund, a total of $7,096,362 has been committed, including $1,076,841 for Economic Development, $5,262,317 for site
improvements pursuant to agreements with local developers, and $757,204 for rubble surcharge. In the Roads Capital
Projects Fund, $857,300 has been contributed by developers and is committed to fund infrastructure improvements.
120

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 19 – COMMITMENTS, CONTINGENCIES AND SUBSEQUENT EVENTS (CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
On November 22, 2024, the Circuit Court entered a judgment on a jury verdict against the County in which the Court found
that the County violated the procedural due process rights of Queen Anne’s Research and Development Corporation
(“QARD”). The Court entered a monetary judgment in favor of QARD in the amount of $1,841,739.46 which included
prejudgment interest and attorney’s fees. The County has appealed this matter, expects to vigorously prosecute the appeal and
is confident that the judgments will be either stricken or reduced significantly.
In addition to the litigation above, the County is a defendant in various lawsuits. After considering all relevant facts and the
opinion of legal counsel, it is management’s opinion that such litigation will not have a material adverse effect on the
financial position of the County.
NOTE 20 – JOINT VENTURE
In 1991, the County Commissioners, in conjunction with Talbot, Caroline, and Kent Counties, entered into a regional
partnership known as the Midshore Regional Landfill Joint Venture. This venture was formed to provide a long-term, solid
waste management solution for the four-county area. As part of the agreement, each of the four Counties agreed to host a
solid waste facility for a twenty-year period, giving the venture a total duration of eighty years. In 1991, the Midshore
Regional Landfill opened in Talbot County and served the waste management needs of the four-County area for twenty
years. This facility, owned and operated by the Maryland Environmental Service (MES), closed on December 31, 2010. The
second Midshore facility, Midshore II, opened in Caroline County in January 2011 and is fully operational. After the facility
in Caroline County reaches capacity, another landfill will be constructed in Queen Anne's County, with Kent County to
follow in turn. Each County is required to, and has, set aside sufficient land to construct a landfill within their borders. The
agreement expires when the last of the four landfills is closed.
Queen Anne’s County has a 35.85% financial interest in the Midshore Regional Landfill. If expenditures exceed revenues,
the County is obligated to cover the deficiency in proportion to its financial interest; however, to date additional funding from
the County has not been required nor does management anticipate it.
Total closure and post closure costs for the landfills are $24.6 million, with approximately $8.8 million attributable to Queen
Anne’s County. These costs are paid from tipping fees of acceptable waste delivered by or for the account of the counties. It
is currently expected that sufficient funds will be available from landfill revenues to pay future closure and post closure costs.
MES has accrued and reported a long-term liability of $12.2 million as of June 30, 2024, determined by the estimated useful
life of the landfill.
Similar to the post closure costs, each of the participating Counties is contingently liable for the debt related to the new
facility, Midshore II. Midshore II was funded with project revenue bonds with a remaining outstanding balance of $17.3
million. As of June 30, 2024, $6.2 million is attributable to Queen Anne’s County in the event of a default.
Each County is required to place its municipal waste in the landfill. The facility is also available to commercial waste
disposal firms at the same price per ton as charged to the County governments.
MES has satisfied its financial assurance requirements based upon the local government financial ratio tests of the project
participants as of June 30, 2024. MES expects to satisfy these requirements as of June 30, 2024 using the same criteria.
Due to inflation and changes in technology, laws, and regulations, estimated closure and post closure care costs may change
in the future. Financial Statements of the Landfill can be obtained from MES located at 259 Najoles Road, Millersville, MD
21108.
121

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
NOTE 21 – POLLUTION REMEDIATION OBLIGATIONS
During fiscal year 2009, the County implemented the provisions of Governmental Accounting Standards Board (GASB)
Statement 49, Accounting and Financial Reporting for Pollution Remediation Obligations.
During a prior fiscal year, 2003, the County agreed to a voluntary Methyl Tertiary Butyl Ether (MTBE) testing program for
underground fuel tanks located at the County’s Department of Public Works’ fuel depot. This testing program was and still
is approved by the Maryland Department of Environment (MDE).
Costs covered remediation work and consulting fees; the latter for testing, studies, and monitoring. Remediation efforts
included demolition and removal of the existing fuel depot at the Public Works Centreville Shop; remediation of the soils via
excavation; offsite controlled disposal and backfill; installation of monitoring wells; in situ chemical oxidation and dual
phase extraction; attorney’s fees and miscellaneous environmental consulting services.
In May 2010, MDE requested the County devise a Corrective Action Plan (CAP) to address contamination concerns at the
fuel depot site. In August 2010, MDE approved the County’s CAP work which included the installation of additional
monitoring wells and one year of monitoring, sampling, testing and furnishing of those reports to MDE.
In December of 2014, a leak was discovered at the 10,000 gallon fuel oil UST for the office building. MDE required the
removal of the tank and mitigation of the contaminated soils and ground water. The tank has been replaced with a compliant
above ground 1,500 gallon fuel oil storage tank. This work was completed, including compliant disposal of all soils by May
2015. MDE subsequently directed the County to install two additional monitoring wells and to abandon the former injection
wells on-site.
During fiscal year 2023, the County has maintained the required self-testing of all monitoring wells. As per a letter received
by MDE-OCP, dated March 27, 2023, regarding Case #2004-0264-QA, the County was directed to “Conduct one or more
quarterly sampling event”. This task was contracted out to Chesapeake GeoSciences, Inc. and was performed on July 26,
2023. This report was then sent to MDE-OCP in the month of September 2023. Along with this report, to accompany the
reports data, the County’s self-testing monthly data was also compiled and sent to MDE-OCP on September 12, 2023, which
was inclusive of the months January 2022 through August 2023.
As per an email from MDE-OCP dated September 22, 2023, it was stated “We look forward to reviewing that report and the
provided gauging data. Once we complete our review, we will reach out”. As of this point, there has been no response from
MDE-OCP.
The County will continue to follow the schedule and monitor the wells as it has been doing for the past years. Also, the
County will continue to generate a monthly report showing the data found during the monitoring processes. As applied, the
following schedule is as follows: monitoring wells MW-2A, MW-11, and MW-9 are tested every week. All monitoring wells
are tested once a month.
The estimated costs over the next year are not material, and thus no liability has been recorded at this time. None of these
outlays met the requirements for capitalization noted in GASB Statement 49 and they were not capitalized.
122

R S I
EQUIRED UPPLEMENTARY NFORMATION
123

QUEEN ANNE'S COUNTY, MARYLAND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
GENERAL FUND
FOR THE YEAR ENDED JUNE 30, 2024
VARIANCE
ORIGINAL FINAL WITH FINAL
BUDGET BUDGET ACTUAL BUDGET
REVENUES
Taxes
Local Property Tax $ 79,900,000 $ 79,900,000 $ 82,049,357 $ 2,149,357
Local Income Tax 80,337,128 85,337,128 86,007,950 670,822
Admission and Amusement Taxes 252,000 252,000 261,842 9 ,842
Recordation Taxes 7,549,263 7,549,263 7,436,184 (113,079)
Hotel Taxes 885,000 885,000 1,127,036 242,036
County Transfer Taxes 2,724,615 2,724,615 2,885,299 160,684
Cannabis Sales Tax - - 83,040 83,040
Franchise Fee 485,000 485,000 364,677 (120,323)
Licenses and Permits 845,875 845,875 802,612 (43,263)
Intergovernmental 2,421,686 3,446,318 3,265,896 (180,422)
Charges for Current Services 3,623,987 3,620,159 4,131,708 511,549
Fines and Forfeitures 70,500 70,500 51,929 (18,571)
Investment Income 1,700,000 7,231,108 7,418,478 187,370
Donations - - 177,540 177,540
Miscellaneous 586,589 586,589 1,305,909 719,320
Total Revenues 181,381,643 192,933,555 197,369,457 4,435,902
EXPENDITURES
GENERAL GOVERNMENT
Legislative 684,770 757,537 754,444 3 ,093
Judicial
Circuit Court 940,009 966,763 891,112 75,651
Orphan's Court 102,786 102,786 100,361 2 ,425
State's Attorney 1,624,288 1,767,280 1,765,690 1 ,590
County Administrator 272,133 299,164 299,027 1 37
Board of Elections 1,184,692 1,184,692 970,450 214,242
Finance Office 1,671,905 1,735,369 1,621,396 113,973
Human Resources 756,020 862,611 858,786 3 ,825
Planning and Zoning 2,630,657 2,715,185 2,500,542 214,643
Information Technology 3,720,799 3,805,207 3,603,958 201,249
QAC-TV 517,706 537,395 495,154 42,241
Legal Services 505,021 876,188 875,018 1 ,170
Total General Government 14,610,786 15,610,177 14,735,938 874,239
PUBLIC SAFETY
Sheriff's Office 11,839,057 13,123,521 13,096,947 26,574
Volunteer Fire and Rescue Services 5,228,788 5,345,175 5,273,116 72,059
Detention Center 6,534,927 6,743,068 6,385,869 357,199
Emergency Services 14,258,038 14,922,769 14,799,510 123,259
Total Public Safety 37,860,810 40,134,533 39,555,442 579,091
PUBLIC WORKS
Administration 606,212 657,828 655,358 2 ,470
Solid Waste Disposal 1,890,526 1,932,046 1,700,479 231,567
Engineering Division 1,209,387 1,258,181 1,125,493 132,688
General Services 3,370,683 3,422,420 2,769,322 653,098
Animal Services 1,421,529 1,463,202 1,435,976 27,226
Property Management 360,107 372,014 371,865 1 49
Total Public Works 8,858,444 9,105,691 8,058,493 1,047,198
CONTINUED
124

QUEEN ANNE'S COUNTY, MARYLAND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
GENERAL FUND
FOR THE YEAR ENDED JUNE 30, 2024
(CONTINUED)
VARIANCE
ORIGINAL FINAL WITH FINAL
BUDGET BUDGET ACTUAL BUDGET
PARKS & RECREATION
Parks $ 4,895,624 $ 5,062,614 $ 4,925,239 $ 137,375
Recreation 1,178,603 1,211,769 1,116,935 94,834
Total Parks & Recreation 6,074,227 6,274,383 6,042,174 232,209
HEALTH AND SOCIAL SERVICES
Health Department 2,775,750 2,780,587 1,305,306 1,475,281
Social Services 183,758 194,160 193,586 5 74
Total Health and Social Services 2,959,508 2,974,747 1,498,892 1,475,855
EDUCATION AND LIBRARY
Board of Education 68,885,219 68,885,219 68,885,219 -
Chesapeake College 2,126,529 2,126,529 2,126,528 1
Queen Anne's County Free Library 2,598,152 2,598,152 2,598,152 -
Total Education and Library 7 3,609,900 7 3,609,900 7 3,609,899 1
CONSERVATION OF NATURAL RESOURCES
Cooperative Extension Service 410,633 415,305 415,051 2 54
Soil Conservation Service 323,217 337,035 285,121 51,914
4-H Park 129,800 149,800 146,214 3 ,586
Total Conservation of Natural Resources 863,650 902,140 846,386 55,754
ECONOMIC AND COMMUNITY DEVELOPMENT
Economic Development 1,022,699 1,049,607 1,036,415 13,192
Community Affairs 130,132 134,172 128,882 5 ,290
Total Economic and Community Development 1,152,831 1,183,779 1,165,297 18,482
INTERGOVERNMENTAL
Aid to Municipalities 359,501 359,501 350,815 8 ,686
SDAT Costs from State 430,000 430,000 338,793 91,207
Total Intergovernmental 789,501 789,501 689,608 99,893
MISCELLANEOUS
Aid to Other Agencies 811,148 1,803,388 1,802,478 9 10
Insurance & Benefits 3,355,300 3,355,300 1,781,475 1,573,825
Transfer to OPEB Fund 2,606,789 2,606,789 2,606,789 -
Contingencies 2,865,763 632,776 502,396 130,380
Salary Lapse (1,878,310) (1,878,310) - (1,878,310)
Leases and Subscription-Based IT Arrangements - 38,000 38,000 -
Miscellaneous Non-Departmental 680,400 680,400 501,235 179,165
Total Miscellaneous 8,441,090 7,238,343 7,232,373 5 ,970
CONTINUED
125

QUEEN ANNE'S COUNTY, MARYLAND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
GENERAL FUND
FOR THE YEAR ENDED JUNE 30, 2024
(CONTINUED)
VARIANCE
ORIGINAL FINAL WITH FINAL
BUDGET BUDGET ACTUAL BUDGET
DEBT SERVICE
School Debt Service - Principal $ 3,957,720 $ 3,957,720 $ 3,957,719 $ 1
School Debt Service - Interest 1,600,198 1,600,250 1,600,250 -
County Debt Service - Principal 4,510,113 4,530,669 4,530,669 -
County Debt Service - Interest 2,655,432 2,655,432 2,654,423 1 ,009
Total Debt Service 12,723,463 12,744,071 12,743,061 1 ,010
Total Expenditures 167,944,210 170,567,265 166,177,563 4,389,702
Excess of Revenues Over Expenditures 13,437,433 22,366,290 31,191,894 8,825,604
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals 18,000 18,000 28,597 10,597
Insurance Proceeds - 46,170 139,131 92,961
Subscription-Based IT Arrangements - 38,000 38,000 -
Transfers In From:
Impact Fees - School 2,165,911 2,165,911 2,165,911 -
Total Transfers In 2,165,911 2,165,911 2,165,911 -
Transfers Out To:
General Capital Projects Fund 2,925,521 10,925,521 10,925,521 -
Roads Capital Projects Fund 3,015,480 4,015,480 4,015,480 -
Roads Operating Fund 4,598,650 4,792,793 4,053,145 739,648
Department of Aging 2,686,685 2,667,458 2,481,280 186,178
Department of Housing and Community Services 642,700 752,416 721,418 30,998
Community Partnerships 650,204 574,645 491,311 83,334
Agricultural Transfer Tax - 1,274,050 1,274,050 -
Grants Fund 44,000 62,271 47,789 14,482
Impact Fees - Fire Companies/Contingencies 90,000 90,000 53,300 36,700
Economic Development Incentive Fund 297,619 297,619 297,619 -
Dredging Special Assessments - 7 ,950 7 ,950 -
Airport Enterprise Fund 59,251 59,251 59,251 -
Public Landings Enterprise Fund 150,000 150,000 150,000 -
Golf Course Enterprise Fund 461,234 461,234 275,000 186,234
Total Transfers Out 15,621,344 26,130,688 24,853,114 1,277,574
Total Other Financing (Uses) (13,437,433) (23,862,607) (22,481,475) (1,174,016)
Net Increase (Decrease) in Fund Balance $ - $ (1,496,317) $ 8,710,419 $ 10,206,736
126

QUEEN ANNE'S COUNTY, MARYLAND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
GRANTS FUND
FOR THE YEAR ENDED JUNE 30, 2024
VARIANCE
ORIGINAL FINAL WITH FINAL
BUDGET BUDGET ACTUAL BUDGET
REVENUES
Taxes
Local Property Tax $ - $ - $ - $ -
Recordation Taxes - - - -
State Shared Taxes - - - -
Licenses and Permits - - - -
Intergovernmental 2,856,866 3,098,899 2,012,200 (1,086,699)
Charges for Current Services - - 6 ,556 6 ,556
Fines and Forfeitures - - - -
Investment Income - - - -
Donations - - - -
Miscellaneous 71,765 296,350 291,856 (4,494)
Total Revenues 2,928,631 3,395,249 2,310,612 (1,084,637)
EXPENDITURES
Current
General Government 99,823 305,804 37,150 268,654
Public Safety 1,458,612 1,674,289 1,310,762 363,527
Public Works 55,347 55,347 16,145 39,202
Parks & Recreation - - - -
Health and Social Services 217,349 236,742 238,237 (1,495)
Education and Library - - - -
Conservation of Natural Resources - - - -
Economic/Community Development 1,141,500 1,185,338 756,107 429,231
Intergovernmental - - - -
Miscellaneous - - - -
Capital Outlay - - - -
Debt Service
Principal - - - -
Interest - - - -
Total Expenditures 2,972,631 3,457,520 2,358,401 1,099,119
Excess of Revenues Over
(Under) Expenditures (44,000) (62,271) (47,789) 14,482
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - -
Insurance Proceeds - - - -
Transfers In 44,000 62,271 47,789 (14,482)
Transfers Out - - - -
Total Other Financing Sources (Uses) 44,000 62,271 47,789 (14,482)
Net Increase (Decrease) in Fund Balance $ - $ - $ - $ -
127

QUEEN ANNE'S COUNTY, MARYLAND
MARYLAND STATE RETIREMENT AND PENSION SYSTEMS
REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2024
SCHEDULE OF THE PROPORTIONATE SHARE OF THE NET PENSION LIABILITY (as of measurement date)
Plan's
Fiduciary
Employer's Employer's Proportionate Net Position
Proportion Proportion Share Plan's as a
(Percentage) Share as a Total Plan's Percentage
of the of the Employer's Percentage Fiduciary Total of Total
Measurement Collective Collective Covered of Covered Net Pension Pension
Date NPL NPL Payroll Payroll Position Liability Liability
A B C (B / C) D E (D / E)
June 30, 2014 0.1038567% $ 18,431,162 $ 19,929,409 92% $ 4 5,339,988,000 $ 6 3,086,719,000 72%
June 30, 2015 0.1189567% 24,721,248 21,231,535 116% 4 5,789,840,000 6 6,571,552,000 69%
June 30, 2016 0.1271511% 30,000,070 23,160,758 130% 4 5,365,927,000 6 8,959,954,000 66%
June 30, 2017 0.1232988% 26,661,766 24,681,589 108% 4 8,987,184,000 7 0,610,885,000 69%
June 30, 2018 0.1383948% 29,037,440 26,088,826 111% 5 1,827,233,000 7 2,808,833,000 71%
June 30, 2019 0.1429452% 29,483,317 26,185,838 113% 5 3,943,420,000 7 4,569,030,000 72%
June 30, 2020 0.1514518% 34,230,163 27,669,757 124% 5 4,586,037,000 7 7,187,397,000 71%
June 30, 2021 0.1745337% 26,184,085 26,110,792 100% 6 7,604,500,000 8 2,606,805,000 82%
June 30, 2022 0.1762298% 35,261,002 27,222,595 130% 6 4,310,991,000 8 4,319,523,000 76%
June 30, 2023 0.1960852% 45,159,037 33,312,053 136% 6 4,892,973,000 8 7,923,284,000 74%
SCHEDULE OF CONTRIBUTIONS (as of fiscal year end)
Actual
Contribution
as a
Contractually Contribution Employer's Percentage
Fiscal Required Actual Deficiency Covered of Covered
Year Contribution Contribution (Excess) Payroll Payroll
A B (A - B) C (B / C)
2015 $ 2 ,507,287 $ 2,507,287 $ - $ 21,231,535 12%
2016 2 ,477,009 2,477,009 - 23,160,758 11%
2017 2 ,509,551 2,509,551 - 24,681,589 10%
2018 2 ,759,698 2,759,698 - 26,088,826 11%
2019 2 ,935,378 2,935,378 - 26,185,838 11%
2020 3 ,247,222 3,247,222 - 27,669,757 12%
2021 3 ,478,809 3,478,809 - 26,110,792 13%
2022 3 ,617,905 3,617,905 - 27,222,595 13%
2023 4 ,782,356 4,782,356 - 33,312,053 14%
2024 5 ,911,428 5,911,428 - 36,434,467 16%
Both schedules are presented to illustrate the requirements to show information for 10 years.
128

QUEEN ANNE'S COUNTY, MARYLAND
MARYLAND STATE RETIREMENT AND PENSION SYSTEMS
REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2024
Changes in Benefit Terms
There were no changes of benefit terms during the year.
Changes in Assumptions
There were no changes in assumptions during the year.
Method and Assumptions used in Calculations of Actuarially Determined Contributions
Actuarial Entry Age Normal
Amortization Method Level Percentage of Payroll, Closed
Remaining Amortization Period 25-year closed amortization period ending June 30, 2039; 15 years remaining.
Asset Valuation Model Five-year smoothed market (max. 120% and min 80% of the market value)
Inflation In the 2023 actuarial valuation, 2.25% general, 2.75% wage.
In the 2022 actuarial valuation, 2.25% general, 2.75% wage.
Salary Increases In the 2023 actuarial valuation, 2.75% to 11.25%.
In the 2022 actuarial valuation, 2.75% to 11.25%.
Investment Rate of Return In the 2023 actuarial valuation 6.80%.
In the 2022 actuarial valuation 6.80%.
Retirement Age Experience-based table of rates that are specific to the type of eligibility
condition. Last updated for the 2019 valuation pursuant to the 2018 experience
study for the period July 1, 2014 to July 30, 2018.
Mortality Various versions of the Pub- 2010 Mortality Tables for males and females with
projected generational mortality improvements based on the MP-2018 fully
generational mortality improvements scale for males and females.
129

QUEEN ANNE'S COUNTY, MARYLAND
OTHER POST-EMPLOYMENT BENEFITS (OPEB)
REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2024
SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY
2017 2018 2019 2020
Total OPEB liability ("TOL")
Service cost $ 1,097,813 $ 1,130,747 $ 1,164,669 $ 1,331,424
Interest 2,764,491 2,985,530 3,136,157 3,344,770
Changes of benefit terms - - - -
Differences between expected and actual experience - - 735,549 -
Changes of assumptions - 265,899 915,266 426,582
Benefit payments (1,291,027) (1,498,005) (1,568,468) (1,561,872)
Net change in TOL 2,571,277 2,884,171 4,383,173 3,540,904
TOL - beginning of year 48,695,013 51,266,290 54,150,461 58,533,634
TOL - end of year $ 51,266,290 $ 54,150,461 $ 58,533,634 $ 62,074,538
Plan fiduciary net position ("PFNP")
Contributions - employer $ 2,223,474 $ 2,731,447 $ 3,037,243 $ 3,378,771
Contributions - member - - - -
Net investment income 75,175 207,932 342,827 129,710
Benefits payments (1,291,027) (1,498,005) (1,568,468) (1,561,872)
Administrative expense - (2,452) (39,142) (3,553)
Other - - - -
Net change in PFNP 1,007,622 1,438,922 1,772,460 1,943,056
Total PFNP - beginning of year 2,804,433 3,812,055 5,250,977 7,023,437
Total PFNP - end of year $ 3,812,055 $ 5,250,977 $ 7,023,437 $ 8,966,493
Net OPEB liability ("NOL") - beginning of year $ 45,890,580 $ 47,454,235 $ 48,899,484 $ 51,510,197
Net OPEB liability ("NOL") - end of year $ 47,454,235 $ 48,899,484 $ 51,510,197 $ 53,108,045
PFNP as a % of TOL 7.4% 9.7% 12.0% 14.4%
Covered employee payroll $ 2 1,604,888 $ 22,282,543 $ 23,843,440 $ 25,806,124
NOL as a % of covered employee payroll 219.6% 219.5% 216.0% 205.8%
SCHEDULE OF ACTUAL EMPLOYER CONTRIBUTION AS A PERCENTAGE OF COVERED-EMPLOYEE PAYROLL
FISCAL YEAR 2017 2018 2019 2020
Actuarially Determined Employer Contribution $ 3,853,839 $ 3,969,454 $ 4,377,119 $ 4,508,433
Actual Employer Contribution 2,223,474 2,731,447 3,037,243 3,378,771
Contribution Deficiency / (Excess) 1,630,365 1,238,007 1,339,876 1,129,662
Covered Employee Payroll 21,604,888 22,282,543 23,843,440 25,806,124
Contribution as a Percent of Payroll 10.3% 12.3% 12.7% 13.1%
The employer contributions above represent amounts paid in OPEB to retirees, as well as contributions to the OPEB trust.
The schedules is presented to illustrate the requirements to show information for 10 years. However, until a full 10-year trend is compiled,
pension plans should present information for those years for which the information is available.
130

QUEEN ANNE'S COUNTY, MARYLAND
OTHER POST-EMPLOYMENT BENEFITS (OPEB)
REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2024
(CONTINUED)
2021 2022 2023 2024
$ 1,371,367 $ 1,226,384 $ 1,263,176 $ 983,763
3,519,372 3,220,060 3,386,945 2,962,304
- - 394,544 -
(8,720,849) - (8,541,920) -
(1,619,833) (686,055) (1,645,226) -
(1,670,095) (1,731,265) (1,706,367) (1,846,441)
(7,120,038) 2,029,124 (6,848,848) 2,099,626
62,074,538 54,954,500 56,983,624 50,134,776
$ 54,954,500 $ 56,983,624 $ 50,134,776 $ 52,234,402
$ 3,612,555 $ 4,195,201 $ 4,098,432 $ 4,453,230
- - - -
2,261,978 (1,964,463) 1,430,230 1,923,140
(1,670,095) (1,731,265) (1,706,367) (1,846,441)
(2,236) (5,253) (7,722) (8,025)
- - (7,935) -
4,202,202 494,220 3,806,638 4,521,904
8,966,493 13,168,695 13,662,915 17,469,553
$ 13,168,695 $ 13,662,915 $ 17,469,553 $ 21,991,457
$ 53,108,045 $ 41,785,805 $ 43,320,709 $ 32,665,223
$ 41,785,805 $ 43,320,709 $ 32,665,223 $ 30,242,945
24.0% 24.0% 34.8% 42.1%
$ 26,326,472 $ 29,071,019 $ 32,307,222 $ 36,215,104
158.7% 149.0% 101.1% 83.5%
2021 2022 2023 2024
$ 4,419,451 $ 4,552,035 $ 3,864,103 $ 3,980,026
3,612,555 4,195,201 4,098,432 4,453,230
806,896 356,834 (234,329) (473,204)
26,326,472 29,071,019 32,307,222 36,215,104
13.7% 14.4% 12.7% 12.3%
131

QUEEN ANNE'S COUNTY, MARYLAND
OTHER POST-EMPLOYMENT BENEFITS (OPEB)
REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2024
Actuarial Information - OPEB
Actuarial assumptions
The total OPEB liability was determined by an actuarial valuation as of January 1, 2023, using the following actuarial assumptions,
applied to all periods included in the measurement:
Investment Return: 6.00%, net of investment expense and including inflation.
Healthcare Trend: 6.00% initially for all plans, grading down to 4.25% for PPO, EPO and BCA plans ultimate.
Mortality rates are based on the PUB2010G Headcount tables with Scale SSA applied on a generational basis. PUB2010G
Headcount Disabled tables are used for those on disability, if applicable.
Changes in Actuarial assumptions
The rates of retirement, disability, withdrawal and mortality were changed since the prior year, as well as a change in discount rate
due to an updated fund availability analysis.
Actuarial Methods for Determining Employer Contributions
The same economic and demographic assumptions are used for both funding and financial reporting purposes under GASB 74/75.
The Entry Age method is used for accounting/GASB purposes, therefore all of the actuarial figures within this Report are based on
it. Actuarially Determined Contributions are also based on the Entry Age method, with a closed level percentage of payroll
amortization of the unfunded liability (15 years remaining).
132

QUEEN ANNE'S COUNTY, MARYLAND
LENGTH OF SERVICE AWARD PROGRAM (LOSAP)
REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2024
SCHEDULE OF CHANGES IN THE NET LOSAP LIABILITY (as of measurement date)
AS OF MEASUREMENT DATE 2017 2018 2019 2020 2021 2022 2023
Total LOSAP liability ("TLL")
Service cost $ 206,276 $ 164,371 $ 215,978 $ 285,808 $ 3 50,104 $ 2 68,262 $ 430,072
Interest cost 196,904 249,496 180,529 158,757 174,594 409,940 282,361
Changes of benefit terms - - - - - - 3,404,969
Differences between expected and actual experience - 137,821 ( 78,468) 65,911 65,498 819,208 ( 526,887)
Changes of assumptions 578,039 ( 491,888) 1,280,343 1,275,769 315,113 (3,702,745) 460,832
Benefits payments and admin expenses ( 190,420) ( 220,060) ( 220,084) (231,815) (240,012) (304,558) ( 628,972)
Net change in TLL 790,799 ( 160,260) 1,378,298 1,554,430 665,297 (2,509,893) 3,422,375
TLL - beginning of year 6,039,197 6,829,996 6,669,736 8,048,034 9 ,602,464 1 0,267,761 7,757,868
TLL - end of year $ 6,829,996 $ 6,669,736 $ 8,048,034 $ 9 ,602,464 $ 1 0,267,761 $ 7 ,757,868 $ 11,180,243
Plan fiduciary net position ("PFNP")
Contributions - employer $ - $ - $ - $ - $ - $ - $ -
Net investment income - - - - - - -
Benefits payments - - - - - - -
Administrative expense - - - - - - -
Net change in PFNP - - - - - - -
Total PFNP - beginning of year - - - - - - -
Total PFNP - end of year $ - $ - $ - $ - $ - $ - $ -
Net LOSAP liability ("NLL") $ 6,829,996 $ 6,669,736 $ 8,048,034 $ 9 ,602,464 $ 1 0,267,761 $ 7 ,757,868 $ 11,180,243
PFNP as a % of TLL 0% 0% 0% 0% 0% 0% 0%
Covered employee payroll - * N/A N/A N/A N/A N/A N/A N/A
NLL as a % of covered payroll N/A N/A N/A N/A N/A N/A N/A
* - the NLL is based on volunteer hours and as such has no payroll associated.
Expected average remaining service years of all participants 6 1 0 5 5 5 5 6
The schedules is presented to illustrate the requirements to show information for 10 years. However, until a full 10-year trend is compiled, pension plans should present information for those
years for which the information is available.
133

QUEEN ANNE'S COUNTY, MARYLAND
LENGTH OF SERVICE AWARD PROGRAM (LOSAP)
REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2024
NOTES TO THE REQUIRED SUPPLEMENTAL INFORMATION - LOSAP
The LOSAP has no assets accumulated in a trust that meet the criteria in GASB 73, paragraph 4.
Benefit changes - fiscal year
2018 None
2019 None
2020 None
2021 None
2022 None
2023 None
2024 Monthly benefit increased from $6 to $10, vesting
requirment increased from 5-years to 10-years, terminated-
vested members <= 10 years of service paid PVAB via
lump sum
Changes of assumptions - fiscal year
2018 None, other than discount rate
2019 None, other than discount rate
2020 None, other than discount rate
2021 None, other than discount rate
2022 None, other than discount rate
2023 None, other than discount rate
2024 None, other than discount rate
Discount rate - measurement date
December 31, 2017 3.31%
December 31, 2018 3.71%
December 31, 2019 2.75%
December 31, 2020 2.00%
December 31, 2021 1.84%
December 31, 2022 4.05%
December 31, 2023 3.79%
134

O S I
THER UPPLEMENTARY NFORMATION
135

Combining and Individual Fund Statements and Schedules
The Combining and Individual Fund Statements and Schedules provide detailed information concerning the
financial position, results of operations, and budgetary comparisons for the non-major funds, capital
projects, and fiduciary funds.
136

Non-Major Governmental Funds
Non-Major Governmental Funds are used to account for the proceeds of specific revenue sources (other
than capital projects and debt service funds) that are legally restricted to expenditures for specific purposes.
137

NON-MAJOR GOVERNMENTAL FUNDS
Non-major governmental funds are special revenue funds, unless otherwise noted:
Department of Aging – This fund accounts for activities funded primarily by grants to provide services for
the elderly and is included in the social services function.
Housing and Community Services – This fund accounts for activities funded mostly by grants and
revolving loan funds that support housing rehabilitation and home-ownership and is included in the
economic and community development function.
Revolving Loan Fund – This fund accounts for activities funded by community donations and grants to
promote and provide economic development loans to local businesses and is included in the economic and
community development function.
Economic Development Incentive Fund – This fund accounts for activities funded with a portion of
recordation taxes that support economic development in the County by attracting and investing in new and
existing businesses and is included in the economic and community development function.
Roads Operation Fund – This fund accounts financial resources received from the State, plus a substantial
amount from the County, for the maintenance of County road infrastructure.
Community Partnerships for Children – This fund accounts for activities funded by grants allocated to
the County that provide services for children and families and is included in the social services function.
Critical Areas – This fund accounts for activities funded by payments in lieu of performance bonds that
support efforts to mitigate and preserve critical areas along the shoreline of tidal waters within the County
and is included in the conservation of natural resources function.
Law Library – This fund accounts for activities funded by court fees, fines, and contributions from local
attorneys to update legal reference materials housed in the courthouse and is included in the general
government function.
Sheriff’s Drug Task Force – This fund accounts for activities funded by drug-related forfeitures that
support drug interdiction efforts by a multi-faceted task force and is included in the public safety function.
Inmate Welfare Fund – This fund accounts for activities funded by profits earned from Detention Center
inmate-related services that promote the welfare of the inmates and is included in the public safety
function.
Agricultural Transfer Tax – This fund accounts for activities funded primarily by the Agricultural
Transfer Tax to purchase agricultural easements that preclude development and is included in the
conservation of natural resources function.
Rural Legacy – This fund accounts for activities funded primarily by Maryland’s Rural Legacy Program to
purchase easements that preclude development and is included in the conservation of natural resources
function.
Dredging Special Assessments – This fund accounts for activities funded by special assessment funds
collected to repay loans for specific dredging and erosion projects that benefited Price’s Creek, Grove
Creek, and Narrows Pointe and is included in the conservation of natural resources function.
138

Kent Narrows – This fund accounts for activities funded by tax revenues to improve the Kent Narrows
area and is included in the economic and community development function.
Capital Projects – School Impact Fees – This fund accounts for financial resources generated by new
residential construction and used for the construction of public school facilities or payment of school debt
relating to such construction.
Capital Projects – Fire Company Impact Fees – This fund accounts for activities funded by impact fees
specifically earmarked to enhance local volunteer fire company preparedness resulting from new
construction and is included in the public safety function.
Capital Projects – Parks and Recreation Impact Fees – This fund accounts for activities funded by
impact fees specifically earmarked to enhance parks and recreation and is included in the parks and
recreation function.
139

QUEEN ANNE'S COUNTY, MARYLAND
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
June 30, 2024
COMMUNITY
HOUSING AND ECONOMIC PARTNERSHIPS
DEPARTMENT COMMUNITY REVOLVING DEVELOPMENT ROADS FOR
OF AGING SERVICES LOAN FUND INCENTIVE OPERATING CHILDREN
ASSETS
Cash and Cash Equivalents $ - $ 5,313,340 $ 40,000 $ 1,175,041 $ 532,773 $ 195,076
Prepaid Items - - - - - -
Receivables
Taxes Receivable (Net) - - - - - -
Accounts Receivable (Net) - - - - 82,664 19,155
Loans Receivable (Net) - 6,194,339 50,000 - - -
Special Assessments (Net) - - - - - -
Due from Other Governments 530,563 91,451 - - 519,501 363,017
Inventory - - - - 1,218,486 -
Total Assets $ 530,563 $ 11,599,130 $ 90,000 $ 1,175,041 $ 2,353,424 $ 577,248
LIABILITIES
Accrued Liabilities $ 194,943 $ 66,809 $ - $ - $ 209,912 $ 127,422
Due to Other Funds 206,488 - - - - -
Due to Component Units - - - - - 70,038
Due to Other Governmental Agencies - 3,507 - - - 313,364
Unearned Revenue - - - - 816,137 -
Total Liabilities 401,431 70,316 - - 1,026,049 510,824
DEFERRED INFLOWS OF RESOURCES
Unavailable Benefit Assessments - - - - - -
Unavailable Fees - - - - - -
Total Deferred Inflows - - - - - -
Total Liabilities and Deferred Inflows 401,431 70,316 - - 1,026,049 510,824
FUND BALANCES
Nonspendable - - - - 1,218,486 -
Restricted 955 2,843,180 - - - -
Committed - 8,685,634 90,000 1,175,041 - -
Assigned 128,177 - - - 108,889 66,424
Unassigned - - - - - -
Total Fund Balances 129,132 11,528,814 90,000 1,175,041 1,327,375 66,424
Total Liabilities, Deferred Inflows
and Fund Balances $ 530,563 $ 11,599,130 $ 90,000 $ 1,175,041 $ 2,353,424 $ 577,248
140

QUEEN ANNE'S COUNTY, MARYLAND
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
June 30, 2024
(CONTINUED)
SHERIFF'S
DRUG DREDGING
CRITICAL LAW TASK INMATE AGRICULTURAL RURAL SPECIAL
AREAS LIBRARY FORCE WELFARE TRANSFER LEGACY ASSESSMENTS
$ 383,627 $ 552,620 $ 222,625 $ 167,495 $ 1,986,162 $ 426,595 $ 14,797
- - - - - - -
- - - - - - -
- 8,172 - - - - 2
- - - - - - -
- - - - - - 559,554
- - - - - - -
- - - - - - -
$ 383,627 $ 560,792 $ 222,625 $ 167,495 $ 1,986,162 $ 426,595 $ 574,353
$ - $ 379 $ 55,197 $ 3,155 $ 13,768 $ - $ -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- 379 55,197 3,155 13,768 - -
- - - - - - 559,554
- - - - - - -
- - - - - - 559,554
- 379 55,197 3,155 13,768 - 559,554
- - - - - - -
383,627 - 167,428 164,340 1,972,394 426,595 14,799
- - - - - - -
- 560,413 - - - - -
- - - - - - -
383,627 560,413 167,428 164,340 1,972,394 426,595 14,799
$ 383,627 $ 560,792 $ 222,625 $ 167,495 $ 1,986,162 $ 426,595 $ 574,353
CONTINUED
141

QUEEN ANNE'S COUNTY, MARYLAND
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
June 30, 2024
(CONTINUED)
CAPITAL PROJECTS
PARKS AND TOTAL
KENT SCHOOL FIRE COMPANY RECREATION NON-MAJOR
NARROWS IMPACT FEES IMPACT FEES IMPACT FEES GOVERNMENTAL
ASSETS
Cash and Cash Equivalents $ 257,426 $ 12,500,272 $ 404,988 $ 859,958 $ 2 5,032,795
Prepaid Items - - - - -
Receivables
Taxes Receivable (Net) - - - - -
Accounts Receivable (Net) - - - - 1 09,993
Loans Receivable (Net) - 64,166 9,076 21,228 6 ,338,809
Special Assessments (Net) - - - - 5 59,554
Due from Other Governments - - - - 1 ,504,532
Inventory - - - - 1 ,218,486
Total Assets $ 257,426 $ 12,564,438 $ 414,064 $ 881,186 $ 3 4,764,169
LIABILITIES
Accrued Liabilities $ - $ 968 $ 112 $ 108 $ 6 72,773
Due to Other Funds - - - - 2 06,488
Due to Component Units - - - - 7 0,038
Due to Other Governmental Agencies - - - - 3 16,871
Unearned Revenue - - - - 8 16,137
Total Liabilities - 968 112 108 2 ,082,307
DEFERRED INFLOWS OF RESOURCES
Unavailable Benefit Assessments - - - - 5 59,554
Unavailable Fees - 64,166 9,076 21,228 9 4,470
Total Deferred Inflows - 64,166 9,076 21,228 6 54,024
Total Liabilities and Deferred Inflows - 65,134 9,188 21,336 2 ,736,331
FUND BALANCES
Nonspendable - - - - 1 ,218,486
Restricted 257,426 - - - 6 ,230,744
Committed - 12,499,304 404,876 859,850 2 3,714,705
Assigned - - - - 8 63,903
Unassigned - - - - -
Total Fund Balances 257,426 12,499,304 404,876 859,850 3 2,027,838
Total Liabilities, Deferred Inflows
and Fund Balances $ 257,426 $ 12,564,438 $ 414,064 $ 881,186 $ 3 4,764,169
142

143

QUEEN ANNE'S COUNTY, MARYLAND
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
COMMUNITY
HOUSING AND ECONOMIC PARTNERSHIPS
DEPARTMENT COMMUNITY REVOLVING DEVELOPMENT ROADS FOR
OF AGING SERVICES LOAN FUND INCENTIVE OPERATING CHILDREN
REVENUES
Taxes
Local Property Tax $ - $ - $ - $ - $ - $ -
Recordation Taxes - 2 32,381 - - - -
State Shared Taxes - - - - 1 ,528,714 -
Licenses and Permits - - - - - -
Intergovernmental 1 ,660,145 3 49,906 - - - 7 27,489
Charges for Current Services 6 2,176 - - - 1 73,947 -
Fines and Forfeitures - - - - - -
Investment Income 2 4,171 5 4,339 - - - 2 06
Donations 2 2,978 - - - - -
Miscellaneous - 4 36 - 1 4,049 9 ,409 1 5,919
Total Revenues 1 ,769,470 6 37,062 - 1 4,049 1 ,712,070 7 43,614
EXPENDITURES
Current
General Government - - - - - -
Public Safety - - - - - -
Public Works - - - - 5 ,825,692 -
Parks & Recreation - - - - - -
Health & Social Services 4 ,245,298 - - - - 1 ,234,719
Conservation of Natural Resources - - - - - -
Economic/Community Development - 1 ,044,310 - 7 1,599 - -
Capital Outlay - - - - - -
Debt Service
Principal - - - - - -
Interest and Fiscal Charges - - - - - -
Total Expenditures 4 ,245,298 1 ,044,310 - 7 1,599 5 ,825,692 1 ,234,719
Excess of Revenues Over (Under) Expenditures (2,475,828) (407,248) - (57,550) (4,113,622) (491,105)
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - - 60,477 -
Insurance Proceeds 1 1,053 - - - - -
Transfers In 2 ,481,280 7 21,418 - 2 97,619 4 ,053,145 4 91,311
Transfers Out - - - - - -
Other Financing Sources (Uses) 2 ,492,333 7 21,418 - 2 97,619 4 ,113,622 4 91,311
Net Increase (Decrease) in Fund Balances 1 6,505 3 14,170 - 2 40,069 - 2 06
Fund Balances, July 1 1 12,627 1 1,214,644 9 0,000 9 34,972 1 ,327,375 6 6,218
Fund Balances, June 30 $ 1 29,132 $ 1 1,528,814 $ 9 0,000 $ 1 ,175,041 $ 1 ,327,375 $ 6 6,424
144

QUEEN ANNE'S COUNTY, MARYLAND
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
(CONTINUED)
SHERIFF'S
DRUG DREDGING
CRITICAL LAW TASK INMATE AGRICULTURAL RURAL SPECIAL
AREAS LIBRARY FORCE WELFARE TRANSFER LEGACY ASSESSMENTS
$ - $ - $ - $ - $ - $ - $ -
- - - - - - -
- - - - 3 1,473 - -
- - - - - - -
- - - - - 1 ,380,064 -
1 0,938 1 2,530 - 8 4,488 - - 4 8,412
- 3 2,375 4 8,123 - - - -
- 2 8,040 1 1,546 9 ,400 - 2 5,495 4 38
- - - - - - -
- - - 1 1,124 - - -
1 0,938 7 2,945 5 9,669 1 05,012 3 1,473 1 ,405,559 4 8,850
- 1 7,675 - - - - -
- - 4 7,396 1 27,433 - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - 1 ,360,346 1 ,398,769 -
- - - - - - -
- - - - - - -
- - - - - - 4 7,816
- - - - - - -
- 1 7,675 4 7,396 1 27,433 1 ,360,346 1 ,398,769 4 7,816
1 0,938 5 5,270 1 2,273 (22,421) (1,328,873) 6 ,790 1 ,034
- - - - - - -
- - - - - - -
- - - - 1 ,274,050 - 7 ,950
- - - - - - -
- - - - 1 ,274,050 - 7 ,950
1 0,938 5 5,270 1 2,273 (22,421) (54,823) 6 ,790 8 ,984
3 72,689 5 05,143 1 55,155 1 86,761 2 ,027,217 4 19,805 5 ,815
$ 3 83,627 $ 5 60,413 $ 1 67,428 $ 1 64,340 $ 1 ,972,394 $ 4 26,595 $ 1 4,799
CONTINUED
145

QUEEN ANNE'S COUNTY, MARYLAND
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
(CONTINUED)
CAPITAL PROJECTS
PARKS AND TOTAL
KENT SCHOOL FIRE COMPANY RECREATION NON-MAJOR
NARROWS IMPACT FEES IMPACT FEES IMPACT FEES GOVERNMENTAL
REVENUES
Taxes
Local Property Tax $ 6 0,101 $ - $ - $ - $ 6 0,101
Recordation Taxes - - - - 2 32,381
State Shared Taxes - - - - 1 ,560,187
Licenses and Permits - - - - -
Intergovernmental - - - - 4 ,117,604
Charges for Current Services - 2 ,291,783 3 19,113 2 52,361 3 ,255,748
Fines and Forfeitures - - - - 8 0,498
Investment Income 1 2,625 6 96,862 3 2,463 3 7,586 9 33,171
Donations - - - - 2 2,978
Miscellaneous - - - - 5 0,937
Total Revenues 7 2,726 2 ,988,645 3 51,576 2 89,947 1 0,313,605
EXPENDITURES
Current
General Government - - - - 1 7,675
Public Safety - - 6 02,031 - 7 76,860
Public Works - - - - 5 ,825,692
Parks & Recreation - - - - -
Health & Social Services - - - - 5 ,480,017
Conservation of Natural Resources - - - - 2 ,759,115
Economic/Community Development - - - - 1 ,115,909
Capital Outlay - - - - -
Debt Service
Principal - - - - 4 7,816
Interest and Fiscal Charges - - - - -
Total Expenditures - - 6 02,031 - 1 6,023,084
Excess of Revenues Over (Under) Expenditures 7 2,726 2 ,988,645 (250,455) 2 89,947 (5,709,479)
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - - 6 0,477
Insurance Proceeds - - - - 1 1,053
Transfers In - - 5 3,300 - 9 ,380,073
Transfers Out - (2,165,911) - - (2,165,911)
Other Financing Sources (Uses) - (2,165,911) 5 3,300 - 7 ,285,692
Net Increase (Decrease) in Fund Balances 7 2,726 8 22,734 (197,155) 2 89,947 1 ,576,213
Fund Balances, July 1 1 84,700 1 1,676,570 6 02,031 5 69,903 3 0,451,625
Fund Balances, June 30 $ 2 57,426 $ 1 2,499,304 $ 4 04,876 $ 8 59,850 $ 3 2,027,838
146

147

QUEEN ANNE'S COUNTY, MARYLAND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGETARY BASIS
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
DEPARTMENT OF AGING HOUSING AND COMMUNITY SERVICES
VARIANCE VARIANCE
ORIGINAL FINAL POSITIVE ORIGINAL FINAL POSITIVE
BUDGET BUDGET ACTUAL (NEGATIVE) BUDGET BUDGET ACTUAL (NEGATIVE)
REVENUES
Taxes
Local Property Tax $ - $ - $ - $ - $ - $ - $ - $ -
Recordation Taxes - - - - 200,000 200,000 232,381 32,381
State Shared Taxes - - - - - - - -
Licenses and Permits - - - - - - - -
Intergovernmental 1,204,915 1,851,468 1,660,145 ( 191,323) 279,332 459,635 349,906 ( 109,729)
Charges for Current Services 83,000 83,000 62,176 ( 20,824) 400,000 400,000 - ( 400,000)
Fines and Forfeitures - - - - - - - -
Investment Income - - 24,171 24,171 - - 54,339 54,339
Donations 35,000 35,000 22,978 ( 12,022) - - - -
Miscellaneous 36,600 36,600 - ( 36,600) - - 436 436
Total Revenues 1,359,515 2,006,068 1,769,470 ( 236,598) 879,332 1,059,635 637,062 ( 422,573)
EXPENDITURES
Current
General Government - - - - - - - -
Public Safety - - - - - - - -
Public Works - - - - - - - -
Parks & Recreation - - - - - - - -
Health and Social Services 4,046,200 4,673,526 4,245,298 428,228 - - - -
Education and Library - - - - - - - -
Conservation of Natural Resources - - - - - - - -
Economic/Community Development - - - - 1,522,032 1,842,051 1,044,310 797,741
Intergovernmental - - - - - - - -
Miscellaneous - - - - - - - -
Capital Outlay - - - - - - - -
Debt Service
Principal - - - - - - - -
Interest - - - - - - - -
Total Expenditures 4,046,200 4,673,526 4,245,298 428,228 1,522,032 1,842,051 1,044,310 797,741
Excess of Revenues Over
(Under) Expenditures ( 2,686,685) ( 2,667,458) ( 2,475,828) 191,630 ( 642,700) ( 782,416) ( 407,248) 375,168
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - - - - - -
Insurance Proceeds - - 11,053 11,053 - - - -
Transfers In 2,686,685 2,667,458 2,481,280 ( 186,178) 642,700 782,416 751,418 ( 30,998)
Transfers Out - - - - - ( 30,000) ( 30,000) -
Total Other Financing Sources (Uses) 2,686,685 2,667,458 2,492,333 ( 175,125) 642,700 752,416 721,418 ( 30,998)
Net Increase (Decrease) in Fund Balances $ - $ - $ 16,505 $ 16,505 $ - $ ( 30,000) $ 314,170 $ 344,170
148

QUEEN ANNE'S COUNTY, MARYLAND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGETARY BASIS
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
(CONTINUED)
ECONOMIC DEVELOPMENT INCENTIVE ROADS OPERATING
VARIANCE VARIANCE
ORIGINAL FINAL POSITIVE ORIGINAL FINAL POSITIVE
BUDGET BUDGET ACTUAL (NEGATIVE) BUDGET BUDGET ACTUAL (NEGATIVE)
REVENUES
Taxes
Local Property Tax $ - $ - $ - $ - $ - $ - $ - $ -
Recordation Taxes - - - - - - - -
State Shared Taxes - - - - 1,519,500 1,519,500 1,528,714 9,214
Licenses and Permits - - - - - - - -
Intergovernmental - - - - - - - -
Charges for Current Services - - - - 95,000 95,000 173,947 78,947
Fines and Forfeitures - - - - - - - -
Investment Income - - - - - - - -
Donations - - - - - - - -
Miscellaneous 27,100 27,100 14,049 ( 13,051) - - 9,409 9,409
Total Revenues 27,100 27,100 14,049 ( 13,051) 1,614,500 1,614,500 1,712,070 97,570
EXPENDITURES
Current
General Government - - - - - - - -
Public Safety - - - - - - - -
Public Works - - - - 6,213,151 6,407,294 5,825,692 581,602
Parks & Recreation - - - - - - - -
Health and Social Services - - - - - - - -
Education and Library - - - - - - - -
Conservation of Natural Resources - - - - - - - -
Economic/Community Development 350,000 350,000 71,599 278,401 - - - -
Intergovernmental - - - - - - - -
Miscellaneous - - - - - - - -
Capital Outlay - - - - - - - -
Debt Service
Principal - - - - - - - -
Interest - - - - - - - -
Total Expenditures 350,000 350,000 71,599 278,401 6,213,151 6,407,294 5,825,692 581,602
Excess of Revenues Over
(Under) Expenditures ( 322,900) ( 322,900) ( 57,550) 265,350 ( 4,598,651) ( 4,792,794) ( 4,113,622) 679,172
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - - - - 60,477 60,477
Insurance Proceeds - - - - - - - -
Transfers In 297,619 297,619 297,619 - 4,598,651 4,792,794 4,053,145 ( 739,649)
Transfers Out - - - - - - - -
Total Other Financing Sources (Uses) 297,619 297,619 297,619 - 4,598,651 4,792,794 4,113,622 ( 679,172)
Net Increase (Decrease) in Fund Balances $ ( 25,281) $ ( 25,281) $ 240,069 $ 265,350 $ - $ - $ - $ -
CONTINUED
149

QUEEN ANNE'S COUNTY, MARYLAND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGETARY BASIS
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
(CONTINUED)
COMMUNITY PARTNERSHIPS FOR CHILDREN LAW LIBRARY
VARIANCE VARIANCE
ORIGINAL FINAL POSITIVE ORIGINAL FINAL POSITIVE
BUDGET BUDGET ACTUAL (NEGATIVE) BUDGET BUDGET ACTUAL (NEGATIVE)
REVENUES
Taxes
Local Property Tax $ - $ - $ - $ - $ - $ - $ - $ -
Recordation Taxes - - - - - - - -
State Shared Taxes - - - - - - - -
Licenses and Permits - - - - - - - -
Intergovernmental 708,427 748,427 727,489 ( 20,938) - - - -
Charges for Current Services - - - - 10,000 10,000 12,530 2,530
Fines and Forfeitures - - - - 15,500 15,500 32,375 16,875
Investment Income - - 206 206 - - 28,040 28,040
Donations - - - - - - - -
Miscellaneous 12,500 12,500 15,919 3,419 - - - -
Total Revenues 720,927 760,927 743,614 ( 17,313) 25,500 25,500 72,945 47,445
EXPENDITURES
Current
General Government - - - - 25,500 25,500 17,675 7,825
Public Safety - - - - - - - -
Public Works - - - - - - - -
Parks & Recreation - - - - - - - -
Health and Social Services 1,371,131 1,335,572 1,234,719 100,853 - - - -
Education and Library - - - - - - - -
Conservation of Natural Resources - - - - - - - -
Economic/Community Development - - - - - - - -
Intergovernmental - - - - - - - -
Miscellaneous - - - - - - - -
Capital Outlay - - - - - - - -
Debt Service
Principal - - - - - - - -
Interest - - - - - - - -
Total Expenditures 1,371,131 1,335,572 1,234,719 100,853 25,500 25,500 17,675 7,825
Excess of Revenues Over
(Under) Expenditures ( 650,204) ( 574,645) ( 491,105) 83,540 - - 55,270 55,270
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - - - - - -
Insurance Proceeds - - - - - - - -
Transfers In 650,204 574,645 491,311 ( 83,334) - - - -
Transfers Out - - - - - - - -
Total Other Financing Sources (Uses) 650,204 574,645 491,311 ( 83,334) - - - -
Net Increase (Decrease) in Fund Balances $ - $ - $ 206 $ 206 $ - $ - $ 55,270 $ 55,270
150

QUEEN ANNE'S COUNTY, MARYLAND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGETARY BASIS
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
(CONTINUED)
INMATE WELFARE ARGICULTURAL TRANSFER
VARIANCE VARIANCE
ORIGINAL FINAL POSITIVE ORIGINAL FINAL POSITIVE
BUDGET BUDGET ACTUAL (NEGATIVE) BUDGET BUDGET ACTUAL (NEGATIVE)
REVENUES
Taxes
Local Property Tax $ - $ - $ - $ - $ - $ - $ - $ -
Recordation Taxes - - - - - - - -
State Shared Taxes - - - - 125,000 125,000 31,473 ( 93,527)
Licenses and Permits - - - - - - - -
Intergovernmental 10,890 10,890 - ( 10,890) - - - -
Charges for Current Services 125,000 125,000 84,488 ( 40,512) - - - -
Fines and Forfeitures - - - - - - - -
Investment Income - - 9,400 9,400 - - - -
Donations - - - - - - - -
Miscellaneous 16,310 16,310 11,124 ( 5,186) - - - -
Total Revenues 152,200 152,200 105,012 ( 47,188) 125,000 125,000 31,473 ( 93,527)
EXPENDITURES
Current
General Government - - - - - - - -
Public Safety 148,150 148,150 127,433 20,717 - - - -
Public Works - - - - - - - -
Parks & Recreation - - - - - - - -
Health and Social Services - - - - - - - -
Education and Library - - - - - - - -
Conservation of Natural Resources - - - - 1,425,000 2,699,050 1,360,346 1,338,704
Economic/Community Development - - - - - - - -
Intergovernmental - - - - - - - -
Miscellaneous - - - - - - - -
Capital Outlay 15,000 15,000 - 15,000 - - - -
Debt Service
Principal - - - - - - - -
Interest - - - - - - - -
Total Expenditures 163,150 163,150 127,433 35,717 1,425,000 2,699,050 1,360,346 1,338,704
Excess of Revenues Over
(Under) Expenditures ( 10,950) ( 10,950) ( 22,421) ( 11,471) ( 1,300,000) ( 2,574,050) ( 1,328,873) 1,245,177
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - - - - - -
Insurance Proceeds - - - - - - - -
Transfers In - - - - - 1,274,050 1,274,050 -
Transfers Out - - - - - - - -
Total Other Financing Sources (Uses) - - - - - 1,274,050 1,274,050 -
Net Increase (Decrease) in Fund Balances $ ( 10,950) $ ( 10,950) $ ( 22,421) $ ( 11,471) $ ( 1,300,000) $ ( 1,300,000) $ ( 54,823) $ 1,245,177
CONTINUED
151

QUEEN ANNE'S COUNTY, MARYLAND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGETARY BASIS
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
(CONTINUED)
RURAL LEGACY DREDGING SPECIAL ASSESSMENTS
VARIANCE VARIANCE
ORIGINAL FINAL POSITIVE ORIGINAL FINAL POSITIVE
BUDGET BUDGET ACTUAL (NEGATIVE) BUDGET BUDGET ACTUAL (NEGATIVE)
REVENUES
Taxes
Local Property Tax $ - $ - $ - $ - $ - $ - $ - $ -
Recordation Taxes - - - - - - - -
State Shared Taxes - - - - - - - -
Licenses and Permits - - - - - - - -
Intergovernmental 1,307,452 1,380,064 1,380,064 - - - - -
Charges for Current Services - - - - 47,816 47,816 48,412 596
Fines and Forfeitures - - - - - - - -
Investment Income - 18,705 25,495 6,790 - - 438 438
Donations - - - - - - - -
Miscellaneous - - - - - - - -
Total Revenues 1,307,452 1,398,769 1,405,559 6,790 47,816 47,816 48,850 1,034
EXPENDITURES
Current
General Government - - - - - - - -
Public Safety - - - - - - - -
Public Works - - - - - - - -
Parks & Recreation - - - - - - - -
Health and Social Services - - - - - - - -
Education and Library - - - - - - - -
Conservation of Natural Resources 1,307,452 1,398,769 1,398,769 - - 7,950 - 7,950
Economic/Community Development - - - - - - - -
Intergovernmental - - - - - - - -
Miscellaneous - - - - - - - -
Capital Outlay - - - - - - - -
Debt Service
Principal - - - - 47,816 47,816 47,816 -
Interest - - - - - - - -
Total Expenditures 1,307,452 1,398,769 1,398,769 - 47,816 55,766 47,816 7,950
Excess of Revenues Over
(Under) Expenditures - - 6,790 6,790 - ( 7,950) 1,034 8,984
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - - - - - -
Insurance Proceeds - - - - - - - -
Transfers In - - - - - 7,950 7,950 -
Transfers Out - - - - - - - -
Total Other Financing Sources (Uses) - - - - - 7,950 7,950 -
Net Increase (Decrease) in Fund Balances $ - $ - $ 6,790 $ 6,790 $ - $ - $ 8,984 $ 8,984
152

QUEEN ANNE'S COUNTY, MARYLAND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGETARY BASIS
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
(CONTINUED)
KENT NARROWS FUND CAPITAL PROJECTS - SCHOOL IMPACT FEES
VARIANCE VARIANCE
ORIGINAL FINAL POSITIVE ORIGINAL FINAL POSITIVE
BUDGET BUDGET ACTUAL (NEGATIVE) BUDGET BUDGET ACTUAL (NEGATIVE)
REVENUES
Taxes
Local Property Tax $ 50,000 $ 50,000 $ 60,101 $ 10,101 $ - $ - $ - $ -
Recordation Taxes - - - - - - - -
State Shared Taxes - - - - - - - -
Licenses and Permits - - - - - - - -
Intergovernmental - - - - - - - -
Charges for Current Services - - - - 2,095,911 2,095,911 2,291,783 195,872
Fines and Forfeitures - - - - - - - -
Investment Income - - 12,625 12,625 70,000 70,000 696,862 626,862
Donations - - - - - - - -
Miscellaneous - - - - - - - -
Total Revenues 50,000 50,000 72,726 22,726 2,165,911 2,165,911 2,988,645 822,734
EXPENDITURES
Current
General Government - - - - - - - -
Public Safety - - - - - - - -
Public Works - - - - - - - -
Parks & Recreation - - - - - - - -
Health and Social Services - - - - - - - -
Education and Library - - - - - - - -
Conservation of Natural Resources - - - - - - - -
Economic/Community Development 50,000 50,000 - 50,000 - - - -
Intergovernmental - - - - - - - -
Miscellaneous - - - - - - - -
Capital Outlay - - - - - - - -
Debt Service
Principal - - - - - - - -
Interest - - - - - - - -
Total Expenditures 50,000 50,000 - 50,000 - - - -
Excess of Revenues Over
(Under) Expenditures - - 72,726 72,726 2,165,911 2,165,911 2,988,645 822,734
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - - - - - -
Insurance Proceeds - - - - - - - -
Transfers In - - - - - - - -
Transfers Out - - - - ( 2,165,911) ( 2,165,911) ( 2,165,911) -
Total Other Financing Sources (Uses) - - - - ( 2,165,911) ( 2,165,911) ( 2,165,911) -
Net Increase (Decrease) in Fund Balances $ - $ - $ 72,726 $ 72,726 $ - $ - $ 822,734 $ 822,734
CONTINUED
153

QUEEN ANNE'S COUNTY, MARYLAND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGETARY BASIS
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
(CONTINUED)
CAPITAL PROJECTS - FIRE COMPANY IMPACT FEES CAPITAL PROJECTS - PARKS & RECREATION IMPACT FEES
VARIANCE VARIANCE
ORIGINAL FINAL POSITIVE ORIGINAL FINAL POSITIVE
BUDGET BUDGET ACTUAL (NEGATIVE) BUDGET BUDGET ACTUAL (NEGATIVE)
REVENUES
Taxes
Local Property Tax $ - $ - $ - $ - $ - $ - $ - $ -
Recordation Taxes - - - - - - - -
State Shared Taxes - - - - - - - -
Licenses and Permits - - - - - - - -
Intergovernmental - - - - - - - -
Charges for Current Services 291,500 253,235 319,113 65,878 299,600 299,600 252,361 ( 47,239)
Fines and Forfeitures - - - - - - - -
Investment Income 1,200 1,200 32,463 31,263 400 400 37,586 37,186
Donations - - - - - - - -
Miscellaneous - - - - - - - -
Total Revenues 292,700 254,435 351,576 97,141 300,000 300,000 289,947 ( 10,053)
EXPENDITURES
Current
General Government - - - - - - - -
Public Safety 382,700 602,031 602,031 - - - - -
Public Works - - - - - - - -
Parks & Recreation - - - - - - - -
Health and Social Services - - - - - - - -
Education and Library - - - - - - - -
Conservation of Natural Resources - - - - - - - -
Economic/Community Development - - - - - - - -
Intergovernmental - - - - - - - -
Miscellaneous - - - - - - - -
Capital Outlay - - - - - - - -
Debt Service
Principal - - - - - - - -
Interest - - - - - - - -
Total Expenditures 382,700 602,031 602,031 - - - - -
Excess of Revenues Over
(Under) Expenditures ( 90,000) ( 347,596) ( 250,455) 97,141 300,000 300,000 289,947 ( 10,053)
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - - - - - -
Insurance Proceeds - - - - - - - -
Transfers In 90,000 90,000 53,300 ( 36,700) - - - -
Transfers Out - - - - ( 300,000) ( 300,000) - 300,000
Total Other Financing Sources (Uses) 90,000 90,000 53,300 ( 36,700) ( 300,000) ( 300,000) - 300,000
Net Increase (Decrease) in Fund Balances $ - $ ( 257,596) $ ( 197,155) $ 60,441 $ - $ - $ 289,947 $ 289,947
154

NON-MAJOR ENTERPRISE FUNDS
Non-Major Enterprise funds account for activities which are commercial in nature and are primarily or
partially intended to be self-supporting. Each fund sets its rates and service charges at a level sufficient to:
(1) meet all of its operating expenses; (2) provide for depreciation from wear and obsolescence of capital
assets; and (3) to the extent that funds are not borrowed, finance the cost of expansion of physical facilities.
155

NON-MAJOR ENTERPRISE FUNDS
Non-major enterprise funds include the following funds:
Blue Heron Golf Course – This fund accounts for operation and maintenance of an 18-hole public golf
course that is owned and operated by the County.
Public Landings and Marinas – This fund accounts for operation, maintenance, and major repairs of
public landings, bulkheads, and public marinas. For a fee, the general public has access to these landings to
launch small craft into the many waterways that surround the County and can also access the marinas for
temporary mooring.
156

QUEEN ANNE'S COUNTY, MARYLAND
COMBINING STATEMENT OF NET POSITION
NON-MAJOR ENTERPRISE FUNDS
June 30, 2024
PUBLIC TOTAL
GOLF LANDINGS NON-MAJOR
COURSE AND MARINAS ENTERPRISE
ASSETS
Current Assets
Equity in Pooled Cash $ - $ 859,726 $ 859,726
Prepaid Items 2,520 - 2,520
Accounts Receivable (Net) - 90,990 90,990
Due from Other Governments - 14,999 14,999
Inventories 8,104 - 8,104
Total Current Assets 10,624 965,715 976,339
Capital Assets 3,979,223 7,571,780 11,551,003
Less Accumulated Depreciation (896,618) (1,897,466) (2,794,084)
Total Capital Assets, Net of Depreciation 3,082,605 5,674,314 8,756,919
Total Assets 3,093,229 6,640,029 9,733,258
DEFERRED OUTFLOWS OF RESOURCES
OPEB - 4,883 4,883
Pension Benefits 46,896 95,062 141,958
Deferred Charge on Refunding - 441 441
Total Deferred Outflows of Resources 46,896 100,386 147,282
LIABILITIES
Current Liabilities
Accounts Payable 57,307 30,447 87,754
Accrued Interest Payable 1,358 7,657 9,015
Due to Other Funds 185,929 - 185,929
Unearned Revenue 9,801 - 9,801
Current Portion of Compensated Absences 11,686 28,689 40,375
Current Portion of Lease Payable 27,922 - 27,922
Current Portion of Bonds/Notes Payable 5,036 75,840 80,876
Total Current Liabilities 299,039 142,633 441,672
Noncurrent Liabilities
Compensated Absences 8,136 19,975 28,111
OPEB - 228,350 228,350
Net Pension Liability 81,325 166,007 247,332
Lease Payable 82,792 - 82,792
Bonds/Notes Payable 75,163 547,758 622,921
Total Noncurrent Liabilities 247,416 962,090 1,209,506
Total Liabilities 546,455 1,104,723 1,651,178
DEFERRED INFLOWS OF RESOURCES
OPEB - 56,958 56,958
Pension Benefits 12,738 24,941 37,679
Bond Refundings - 1,338 1,338
Total Deferred Inflows of Resources 12,738 83,237 95,975
NET POSITION
Net Investment in Capital Assets 2,891,692 5,049,819 7,941,511
Unrestricted Amounts (Deficit) (310,760) 502,636 191,876
Total Net Position $ 2,580,932 $ 5,552,455 $ 8,133,387
157

QUEEN ANNE'S COUNTY, MARYLAND
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
NON-MAJOR ENTERPRISE FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
PUBLIC TOTAL
GOLF LANDINGS NON-MAJOR
COURSE AND MARINAS ENTERPRISE
OPERATING REVENUES
Charges for Services $ 720,153 $ 465,457 $ 1,185,610
Intergovernmental - 14,999 14,999
Material Sales 59,280 - 59,280
Miscellaneous Revenues 1,401 37,765 39,166
Total Operating Revenues 780,834 518,221 1,299,055
OPERATING EXPENSES
Recreation 657,995 511,826 1,169,821
OPEB - (13,421) (13,421)
Pension Liability Adjustment (3,099) (6,503) (9,602)
Depreciation and amortization 71,170 160,093 231,263
Total Operating Expenses 726,066 651,995 1,378,061
Operating Income (Loss) 54,768 (133,774) (79,006)
NON-OPERATING REVENUES (EXPENSES)
Interest Expense (4,842) (14,300) (19,142)
Total Non-Operating (Expenses) (4,842) (14,300) (19,142)
Transfers In (Out) 275,000 150,000 425,000
Change in Net Position 324,926 1,926 326,852
Total Net Position - Beginning of Year 2,256,006 5,550,529 7,806,535
Total Net Position - End of Year $ 2,580,932 $ 5,552,455 $ 8,133,387
158

QUEEN ANNE'S COUNTY, MARYLAND
COMBINING STATEMENT OF CASH FLOWS
NON-MAJOR ENTERPRISE FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
PUBLIC TOTAL
GOLF LANDINGS NON-MAJOR
COURSE AND MARINAS ENTERPRISE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users $ 779,433 $ 440,558 $ 1,219,991
Receipts from other operating revenues 4,423 116,155 120,578
Payments to suppliers (421,621) (276,228) (697,849)
Payments to employees and on behalf of employees (218,547) (303,610) (522,157)
Net Cash Provided (Used) by Operating Activities 143,688 (23,125) 120,563
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Transfers from (to) other funds 275,000 150,000 425,000
(Payments) Receipts of interfund loans (108,118) - (108,118)
Net Cash Provided by Noncapital Financing Activities 166,882 150,000 316,882
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Principal paid on lease and bond payables (32,051) (72,952) (105,003)
Interest paid on capital debt (4,992) (15,075) (20,067)
Acquisition and Construction of Capital Assets (273,527) - (273,527)
Net Cash Used by Capital and Related Financing Activities (310,570) (88,027) (398,597)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment income - - -
Net Cash Provided (Used) by Investing Activities - - -
Net increase (decrease) in cash and cash equivalents - 38,848 38,848
Balances - Beginning of year - 820,878 820,878
Balances - End of year $ - $ 859,726 $ 859,726
Reconciliation of operating income (loss) to net cash
provided by operating activities
Operating income (loss) $ 54,768 $ (133,774) $ (79,006)
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Amortization and Depreciation 71,170 160,093 231,263
Changes in assets and liabilities:
Accounts receivable, net - (24,899) (24,899)
Operating grants receivable - 63,391 63,391
Inventories and Prepaid Expenses (2,586) - (2,586)
Vendor accounts payable 19,867 (66,859) (46,992)
Uneared revenue collected in advance 3,022 - 3,022
Compensated absences 545 (1,152) (607)
OPEB - (13,421) (13,421)
Net Pension Liability (3,098) (6,504) (9,602)
Net Cash Provided (Used) by Operating Activities $ 143,688 $ (23,125) $ 120,563
159

FIDUCIARY FUNDS
Fiduciary funds account for assets held for others, in a trustee or agency capacity, which cannot be used to
support other government programs.
Custodial Funds account for assets held by the County on behalf of individuals, private organizations, or
other governments and/or funds. Additional combining schedules for the County’s Custodial Funds are
included in this section.
160

.
CUSTODIAL FUNDS
Custodial funds are as follows:
Tax Ditch – This fund accounts for special taxing district revenues that are used to maintain drainage
ditches located in parts of the County.
Zoning Deposits – This fund accounts for performance deposits required under various sections of the
Zoning Ordinance.
State and Town Tax Collections – This fund accounts for collections received by the County on behalf of
the State of Maryland and incorporated towns located within the County. These taxes are collected by the
County along with County taxes and are then remitted to the proper jurisdiction.
Motor Vehicle Administration Deposits – This fund accounts for funds collected by the County for State
vehicle registration fees.
Escheat – Abandoned Property – This fund accounts for stale-dated County payroll and disbursements
checks that are voided by the County and remitted to the State after three years as abandoned property. In
accordance with State statutes, these funds are available to be claimed by the original payee or they revert
to the State.
Inmate Welfare – This fund accounts for earnings or other funds deposited into an account established for
the inmates. Inmates can use these funds to make purchases at the commissary. Any remaining funds
belonging to an inmate is paid to them upon release.
161

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF FIDUCIARY NET POSITION
CUSTODIAL FUNDS
JUNE 30, 2024
STATE MOTOR
TAX & TOWN VEHICLE ESCHEAT - TOTAL
DITCH ZONING TAX ADMIN ABANDONED INMATE CUSTODIAL
FUND DEPOSITS COLLECTIONS DEPOSITS PROPERTY WELFARE FUNDS
ASSETS
Cash and Cash Equivalents $ 1 97,165 $ 8 63,410 $ 1 63,530 $ - $ 2 1,652 $ 3 7,680 $ 1 ,283,437
Total Assets $ 1 97,165 $ 8 63,410 $ 1 63,530 $ - $ 2 1,652 $ 3 7,680 $ 1 ,283,437
LIABILITIES
Accounts Payable and Other Liabilities $ 1 1,421 $ - $ - $ - $ - $ 1 ,259 $ 1 2,680
Due to Other Governments - - 1 63,530 - 2 1,652 - 1 85,182
Total Liabilities $ 1 1,421 $ - $ 1 63,530 $ - $ 2 1,652 $ 1 ,259 $ 1 97,862
NET POSITION
Restricted for:
Individuals, Organizations, and
other Governments $ 1 85,744 $ 8 63,410 $ - $ - $ - $ 3 6,421 $ 1 ,085,575
162

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
CUSTODIAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
STATE MOTOR
TAX & TOWN VEHICLE ESCHEAT - TOTAL
DITCH ZONING TAX ADMIN ABANDONED INMATE CUSTODIAL
FUND DEPOSITS COLLECTIONS DEPOSITS PROPERTY WELFARE FUNDS
ADDITIONS
Tax Ditch $ 3 7,360 $ - $ - $ - $ - $ - $ 3 7,360
Zoning Deposits - 1 99,777 - - - - 1 99,777
Tax Collections for Other Governments - - 1 6,652,672 - - - 1 6,652,672
Motor Vehicle Administration - - - 2 06,879 - - 2 06,879
Escheat - Abandoned Property - - - - 76,003 - 7 6,003
Inmate Welfare - - - - - 1 39,416 1 39,416
Total Additions 3 7,360 1 99,777 1 6,652,672 2 06,879 7 6,003 1 39,416 1 7,312,107
DEDUCTIONS
Distribution of Tax Ditch Funds 4 0,006 - - - - - 4 0,006
Refund of Zoning Deposits - 1 04,037 - - - - 1 04,037
Payments of Tax to Other Governments - - 1 6,652,672 - - - 1 6,652,672
Payments to Motor Vehicle Administration - - - 2 06,879 - - 2 06,879
Payments of Escheat to Others - - - - 7 6,003 - 7 6,003
Distribution of Inmate Welfare Funds - - - - - 1 40,532 1 40,532
Total Deductions 4 0,006 1 04,037 1 6,652,672 2 06,879 7 6,003 1 40,532 1 7,220,129
Net increase (decrease) in Fiduciary Net Position ( 2,646) 9 5,740 - - - ( 1,116) 9 1,978
Net Position-Beginning of Year 1 88,390 7 67,670 - - - 3 7,537 9 93,597
Net Position-End of Year $ 1 85,744 $ 8 63,410 $ - $ - $ - $ 3 6,421 $ 1 ,085,575
163

Community Partnerships for Children
Community Partnerships for Children is reported as a Non-Major Special Revenue Fund in the County’s
financial statements. In lieu of preparing separate audited financial statements for the Partnership,
additional schedules have been added to the County’s financial statements to meet requirements of the
Partnership’s grantor agencies.
164

QUEEN ANNE'S COUNTY
COMMUNITY PARTNERSHIPS FOR CHILDREN SPECIAL REVENUE FUND
COMBINING BALANCE SHEETS
BY GRANTOR
JUNE 30, 2024 (with Summarized Totals as of June 30, 2023)
Fed/State Total Returned 2023
GOCCP Community Reinvestment 2024 Summarized
Admin GOC Partnerships Fund Total Total
ASSETS
Cash and cash equivalents $ 1 13,328 $ 7 1,260 $ 1 84,588 $ 1 0,488 $ 1 95,076 $ 3 38,523
Accounts receivable 1 ,846 1 7,309 1 9,155 - 1 9,155 2 0,936
Due from State governmental agencies - 3 63,017 3 63,017 - 3 63,017 2 57,525
Due from Federal governmental agencies - - - - - -
Total Assets $ 1 15,174 $ 4 51,586 $ 5 66,760 $ 1 0,488 $ 5 77,248 $ 6 16,984
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable and accrued expenditures $ 1 6,979 $ 1 10,443 $ 1 27,422 $ - $ 1 27,422 $ 2 38,141
Due to Component Units 1 98 6 9,840 7 0,038 - 7 0,038 -
Due to State governmental agencies 4 3,887 2 69,477 3 13,364 - 3 13,364 3 12,625
Total Liabilities 6 1,064 4 49,760 5 10,824 - 5 10,824 5 50,766
FUND BALANCES
Assigned 5 4,110 1 ,826 5 5,936 1 0,488 6 6,424 6 6,218
Total Fund Balances 5 4,110 1 ,826 5 5,936 1 0,488 6 6,424 6 6,218
Total Liabilities and Fund Balances $ 1 15,174 $ 4 51,586 $ 5 66,760 $ 1 0,488 $ 5 77,248 $ 6 16,984
165

QUEEN ANNE'S COUNTY
COMMUNITY PARTNERSHIPS FOR CHILDREN SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BY COMMUNITY PARTNERSHIP AGREEMENTS (CPA) and NON-COMMUNITY PARTNERSHIP AGREEMENTS (NON-CPA)
FOR THE YEAR ENDED JUNE 30, 2024 (with Summarized Totals for Year Ended June 30, 2023)
Federal/State GOCCP/GOC
Healthy MD
Community Achievement Local Transportation Fam/Home Family After School Community
Administrative Support Mentoring Care Team Voucher Visiting Navigators Opportunity Mentoring
REVENUES
CPA
Intergovernmental
GOC $ 5 2,033 $ 5 ,615 $ 6 0,319 $ 3 6,606 $ 4 5,469 $ 8 2,172 $ 4 2,804 $ - $ 8 1,099
Subtotal CPA 5 2,033 5 ,615 6 0,319 3 6,606 4 5,469 8 2,172 4 2,804 - 8 1,099
Non-CPA
Intergovernmental
Federal GOCCP Youth Strategies - - - - - - - - -
State GOCCP - non-CPA - - - - - - - 2 5,000 -
Other State Grant Funding - - - - - 2 96,372 - - -
Investment Income - - - - - - - - -
Earned Reinvestment Donations - - - - - - - - -
Miscellaneous - - - - - - - - -
Subtotal Non-CPA - - - - - 2 96,372 - 2 5,000 -
Total Revenues 5 2,033 5 ,615 6 0,319 3 6,606 4 5,469 3 78,544 4 2,804 2 5,000 8 1,099
EXPENDITURES
CPA
Program Contracted Services - - - - - - - - -
Other Expenditures
Salaries 4 5,737 - - 2 9,354 1 4,258 - - - -
Fringe Benefit Costs 3 ,794 - - 5 ,379 1 ,211 - - - -
Auditing - - 8 17 - - - - - 3 ,000
Consultants - 5 ,615 - - - - - - -
Equipment Rental 7 47 - - - - - - - -
Other Contracted Services - - - - - - 3 7,263 - 1 0,511
Postage - - - - - 1 1 04 - -
Office Supplies - - - - - 6 87 1 94 - 3 23
Program Supplies - - 1 ,371 - 3 0,000 1 ,450 1 ,202 - 2 ,831
Food - - - - - - - - 5 ,024
Printing and Publishing - - - - - - - - 1 83
Data Processing Supplies - - - - - 1 0,791 - - -
Repairs and Equipment - - - - - - 1 ,894 - -
Business Travel - - 2 ,485 - - 3 00 7 46 - 2 ,036
Subscriptions and Dues 1 ,754 - - - - - - - -
Meetings & Conferences - - - 1 ,873 - - - - -
Training - - - - - 8 8 5 46 - 9 00
Advertising - - - - - - 3 40 - -
Communications - - 4 00 - - 1 ,032 5 15 - -
Rent - - - - - - - - 2 ,000
Equipment under $1000/$500 - - - - - - - - 2 ,114
Other Charges - - 5 5,246 - - 6 7,823 - - 5 2,177
Subtotal CPA Expenditures 5 2,032 5 ,615 6 0,319 3 6,606 4 5,469 8 2,172 4 2,804 - 8 1,099
Non-CPA
Program Contracted Services - - - - - - - 2 5,000 -
Other Expenditures
Salaries 1 28,125 - - 2 ,173 6 ,443 - - - -
Fringe Benefit Costs 6 0,414 - - 5 ,714 6 ,097 - - - -
Consultants 1 2,735 - - - - - - - -
Equipment Rental 2 ,555 - - - - - - - -
Other Contracted Services - - - - - 2 96,372 - - -
Postage 1 72 - - - - - - - -
Office Supplies 1 ,517 - - - - - - - -
Program Supplies 1 1,592 - - - 8 01 - - - -
Food 3 ,119 - - - - - - - -
Equipment Operation - - - - - - - - -
Business Travel 5 0 - - - - - - - -
Subscriptions and Dues - - - - - - - - -
Meetings & Conferences 2 ,000 - - 6 5 - - - - -
Training 1 ,171 - - - - - - - -
Board's Expenditures 6 ,784 - - - - - - - -
Advertising - - - - - - - - -
Marketing/Promotions - - - - - - - - -
Communications 1 ,998 - - 1 00 - - - - -
Equipment under $1,000/$500 - - - 4 00 - - - - -
Other Charges 1 1,140 - - - - - - 1 65,255 -
Subtotal Non-CPA Expenditures 2 43,372 - - 8 ,452 1 3,341 2 96,372 - 1 90,255 -
Total Expenditures 2 95,404 5 ,615 6 0,319 4 5,058 5 8,810 3 78,544 4 2,804 1 90,255 8 1,099
Excess of Revenues Over (Under) Expenditures (243,371) - - (8,452) (13,341) - - (165,255) -
OTHER FINANCING SOURCES
Transfers In for:
Program Contracted Services 2 43,371 - - 8 ,452 1 3,341 - - 1 65,255 -
Other Financing Sources 2 43,371 - - 8 ,452 1 3,341 - - 1 65,255 -
Net Increase in Fund Balances $ - $ - $ - $ - $ - $ - $ - $ - $ -
Fund Balances, July 1
Fund Balances, June 30
166

QUEEN ANNE'S COUNTY
COMMUNITY PARTNERSHIPS FOR CHILDREN SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BY COMMUNITY PARTNERSHIP AGREEMENTS (CPA) and NON-COMMUNITY PARTNERSHIP AGREEMENTS (NON-CPA)
FOR THE YEAR ENDED JUNE 30, 2024 (with Summarized Totals for Year Ended June 30, 2023)
(CONTINUED)
Federal/State GOCCP/GOC State Federal
GOCCP/GOC State GOC GOCCP GOCCP
Character Operating Fund All Programs CPA Non-CPA Non-CPA Youth
Counts Total Subtotal Subtotal Subtotal Subtotal Strategies
$ - $ 3 54,084 $ 4 06,117 $ 4 06,117 $ - $ - $ -
- 3 54,084 4 06,117 4 06,117 - - -
- - - - - - -
- 2 5,000 2 5,000 - - 2 5,000 -
- 2 96,372 2 96,372 - - - -
- - - - - - -
- - - - - - -
1 5,919 1 5,919 1 5,919 - - - -
1 5,919 3 37,291 3 37,291 - - 2 5,000 -
1 5,919 6 91,375 7 43,408 4 06,117 - 2 5,000 -
- - - - - - -
- 4 3,612 8 9,349 8 9,349 - - -
- 6 ,590 1 0,384 1 0,384 - - -
- 3 ,817 3 ,817 3 ,817 - - -
- 5 ,615 5 ,615 5 ,615 - - -
- - 7 47 7 47 - - -
- 4 7,774 4 7,774 4 7,774 - - -
- 1 05 1 05 1 05 - - -
- 1 ,204 1 ,204 1 ,204 - - -
- 3 6,854 3 6,854 3 6,854 - - -
- 5 ,024 5 ,024 5 ,024 - - -
- 1 83 1 83 1 83 - - -
- 1 0,791 1 0,791 1 0,791 - - -
- 1 ,894 1 ,894 1 ,894 - - -
- 5 ,567 5 ,567 5 ,567 - - -
- - 1 ,754 1 ,754 - - -
- 1 ,873 1 ,873 1 ,873 - - -
- 1 ,534 1 ,534 1 ,534 - - -
- 3 40 3 40 3 40 - - -
- 1 ,947 1 ,947 1 ,947 - - -
- 2 ,000 2 ,000 2 ,000 - - -
- 2 ,114 2 ,114 2 ,114 - - -
- 1 75,246 1 75,246 1 75,246 - - -
- 3 54,084 4 06,116 4 06,116 - - -
- 2 5,000 2 5,000 - - 2 5,000 -
4 8,933 5 7,549 1 85,674 - - - -
9 ,369 2 1,180 8 1,594 - - - -
- - 1 2,735 - - - -
- - 2 ,555 - - - -
- 2 96,372 2 96,372 - - - -
- - 1 72 - - - -
1 ,281 1 ,281 2 ,798 - - - -
4 ,064 4 ,865 1 6,457 - - - -
- - 3 ,119 - - - -
- - - - - - -
- - 5 0 - - - -
3 72 3 72 3 72 - - - -
8 ,167 8 ,232 1 0,232 - - - -
- - 1 ,171 - - - -
- - 6 ,784 - - - -
2 45 2 45 2 45 - - - -
4 ,380 4 ,380 4 ,380 - - - -
- 1 00 2 ,098 - - - -
- 4 00 4 00 -
- 1 65,255 1 76,395 - - - -
7 6,811 5 85,231 8 28,603 - - 2 5,000 -
7 6,811 9 39,315 1 ,234,719 4 06,116 - 2 5,000 -
(60,892) (247,940) (491,311) 1 - - -
-
6 0,892 2 47,940 4 91,311 - - - -
6 0,892 2 47,940 4 91,311 - - - -
$ - $ - - 1 - - -
5 5,936 6 05,780 (1,679,233) 3 ,491 (25,474)
$ 5 5,936 $ 6 05,781 $ (1,679,233) $ 3 ,491 $ (25,474)
CONTINUED
167

QUEEN ANNE'S COUNTY
COMMUNITY PARTNERSHIPS FOR CHILDREN SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BY COMMUNITY PARTNERSHIP AGREEMENTS (CPA) and NON-COMMUNITY PARTNERSHIP AGREEMENTS (NON-CPA)
FOR THE YEAR ENDED JUNE 30, 2024 (with Summarized Totals for Year Ended June 30, 2023)
(CONTINUED)
Total
Other Community Returned 2023
Non-CPA Partnerships Reinvestment 2024 Summarized
State Grants Other Operating Funds Fund Total Total
REVENUES
CPA
Intergovernmental
GOC $ - $ - $ 4 06,117 $ - $ 4 06,117 $ 4 32,980
Subtotal CPA - - 4 06,117 - 4 06,117 4 32,980
Non-CPA
Intergovernmental
Federal GOCCP Youth Strategies - - - - - -
State GOCCP - non-CPA - - 2 5,000 - 2 5,000 -
Other State Grant Funding 2 96,372 - 2 96,372 - 2 96,372 2 96,170
Investment Income - - - 2 06 2 06 6 04
Earned Reinvestment Donations - - - - - -
Miscellaneous - 1 5,919 1 5,919 - 1 5,919 2 8,897
Subtotal Non-CPA 2 96,372 1 5,919 3 37,291 2 06 3 37,497 3 25,671
Total Revenues 2 96,372 1 5,919 7 43,408 2 06 7 43,614 7 58,651
EXPENDITURES
CPA
Program Contracted Services - - - - - -
Other Expenditures
Salaries - - 8 9,349 - 8 9,349 8 5,869
Fringe Benefit Costs - - 1 0,384 - 1 0,384 9 ,815
Auditing - - 3 ,817 - 3 ,817 -
Consultants - - 5 ,615 - 5 ,615 6 ,633
Equipment Rental - - 7 47 - 7 47 7 47
Other Contracted Services - - 4 7,774 - 4 7,774 8 2,247
Postage - - 1 05 - 1 05 2
Office Supplies - - 1 ,204 - 1 ,204 1 ,072
Program Supplies - - 3 6,854 - 3 6,854 4 5,983
Food - - 5 ,024 - 5 ,024 4 ,146
Printing and Publishing - - 1 83 - 1 83 2 80
Data Processing Supplies - - 1 0,791 - 1 0,791 3 ,240
Repairs and Equipment - - 1 ,894 - 1 ,894 2 ,023
Business Travel - - 5 ,567 - 5 ,567 4 ,638
Subscriptions and Dues - - 1 ,754 - 1 ,754 2 ,955
Meetings & Conferences - - 1 ,873 - 1 ,873 -
Training - - 1 ,534 - 1 ,534 3 5,675
Advertising - - 3 40 - 3 40 1 ,349
Communications - - 1 ,947 - 1 ,947 1 ,845
Rent - - 2 ,000 - 2 ,000 8 ,033
Equipment under $1000/$500 - - 2 ,114 - 2 ,114 2 ,298
Other Charges - - 1 75,246 - 1 75,246 1 35,012
Subtotal CPA Expenditures - - 4 06,116 - 4 06,116 4 33,862
Non-CPA
Program Contracted Services - - 2 5,000 - 2 5,000 4 16,170
Other Expenditures
Salaries - 1 85,674 1 85,674 - 1 85,674 1 24,511
Fringe Benefit Costs - 8 1,594 8 1,594 - 8 1,594 5 5,209
Consultants - 1 2,735 1 2,735 - 1 2,735 4 ,013
Equipment Rental - 2 ,555 2 ,555 - 2 ,555 2 ,819
Other Contracted Services - 2 96,372 2 96,372 - 2 96,372 9 ,188
Postage - 1 72 1 72 - 1 72 1 50
Office Supplies - 2 ,798 2 ,798 - 2 ,798 2 ,773
Program Supplies - 1 6,457 1 6,457 - 1 6,457 1 2,106
Food - 3 ,119 3 ,119 - 3 ,119 2 ,359
Equipment Operation - - - - - 2 80
Business Travel - 5 0 5 0 - 5 0 -
Subscriptions and Dues - 3 72 3 72 - 3 72 5 ,000
Meetings & Conferences - 1 0,232 1 0,232 - 1 0,232 2 ,000
Training - 1 ,171 1 ,171 - 1 ,171 2 ,624
Board's Expenditures - 6 ,784 6 ,784 - 6 ,784 4 ,661
Advertising - 2 45 2 45 - 2 45 -
Marketing/Promotions - 4 ,380 4 ,380 - 4 ,380 2 ,973
Communications - 2 ,098 2 ,098 - 2 ,098 1 ,326
Equipment under $1,000/$500 - 4 00 4 00 - 4 00 -
Other Charges - 1 76,395 1 76,395 - 1 76,395 2 55,085
Subtotal Non-CPA Expenditures - 8 03,603 8 28,603 - 8 28,603 9 03,247
Total Expenditures - 8 03,603 1 ,234,719 - 1 ,234,719 1 ,337,109
Excess of Revenues Over (Under) Expenditures 2 96,372 (787,684) (491,311) 2 06 (491,105) (578,458)
OTHER FINANCING SOURCES
Transfers In for:
Program Contracted Services - 4 91,311 4 91,311 - 4 91,311 5 79,062
Other Financing Sources - 4 91,311 4 91,311 - 4 91,311 5 79,062
Net Increase in Fund Balances 2 96,372 (296,373) - 2 06 2 06 6 04
Fund Balances, July 1 - 1 ,151,371 5 5,936 1 0,282 6 6,218 6 5,614
Fund Balances, June 30 $ 2 96,372 $ 8 54,998 $ 5 5,936 $ 1 0,488 $ 6 6,424 $ 6 6,218
168

169

QUEEN ANNE'S COUNTY
COMMUNITY PARTNERSHIPS FOR CHILDREN SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGETARY BASIS
FOR THE YEAR ENDED JUNE 30, 2024
COMMUNITY PARTNERSHIPS FOR CHILDREN RETURNED REINVESTMENT FUND
Variance with Variance with
Final Budget Final Budget
Original Final Positive Original Final Positive
Budget Budget Actual (Negative) Budget Budget Actual (Negative)
REVENUES
Intergovernmental
GOC - CPA and Non-CPA $ 412,055 $ 452,055 $ 431,117 $ (20,938) $ - $ - $ - $ -
Other 296,372 296,372 296,372 - - - - -
Investment Income - - - - - - 206 206
Donations - - - - - - - -
Miscellaneous 12,500 12,500 15,919 3,419 - - - -
Total Revenues 720,927 760,927 743,408 (17,519) - - 206 206
EXPENDITURES
Program Contracted Services - - 25,000 (25,000) - - - -
Other Expenditures
Salaries 237,931 270,210 275,023 (4,813) - - - -
Fringe Benefit Costs 93,799 105,961 91,978 13,983 - - - -
Auditing 817 3,817 3,817 - - - - -
Consultants 18,993 18,993 18,350 643 - - - -
Equipment Rental 3,252 3,252 3,302 ( 50) - - - -
Other Contracted Services 503,402 393,402 344,146 49,256 - - - -
Postage 510 510 277 233 - - - -
Office Supplies 5,465 5,715 4,002 1,713 - - - -
Program Supplies 50,378 50,568 53,311 (2,743) - - - -
Food 5,444 6,750 8,143 (1,393) - - - -
Printing and Publishing 600 750 183 567 - - - -
Data Processing Supplies 2,856 2,856 10,791 (7,935) - - - -
Repairs and Equipment 1,600 1,600 1,894 ( 294) - - - -
Equipment Operation - - - - - - - -
Business Travel 3,614 4,318 5,617 (1,299) - - - -
Subscriptions and Dues 3,000 3,000 2,126 874 - - - -
Meetings & Conferences 3,200 3,200 12,105 (8,905) - - - -
Training 2,900 3,650 2,705 945 - - - -
Board's Expenditures 7,038 7,038 6,784 254 - - - -
Advertising 420 670 585 85 - - - -
Marketing/Promotions 3,300 3,300 4,380 (1,080) - - - -
Communications 3,834 3,834 4,045 ( 211) - - - -
Rent 10,800 10,800 2,000 8,800 - - - -
Equipment 3,654 5,590 2,514 3,076 - - - -
Other Charges 404,324 425,788 351,641 74,147 - - - -
Total Expenditures 1,371,131 1,335,572 1,234,719 100,853 - - - -
Excess of Revenues Over (Under)
Expenditures (650,204) (574,645) (491,311) 83,334 - - 206 206
OTHER FINANCING SOURCES
Transfers In for:
Program Contracted Services 650,204 574,645 491,311 (83,334) - - - -
Other Financing Sources 650,204 574,645 491,311 (83,334) - - - -
Net Increase in Fund Balances $ - $ - - $ - $ - $ - 206 $ 206
Fund Balances, July 1 55,936 10,282
Fund Balances, June 30 $ 55,936 $ 10,488
170

QUEEN ANNE'S COUNTY
COMMUNITY PARTNERSHIPS FOR CHILDREN SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGETARY BASIS
FOR THE YEAR ENDED JUNE 30, 2024
(CONTINUED)
TOTAL
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 412,055 $ 452,055 $ 431,117 $ (20,938)
296,372 296,372 296,372 -
- - 206 206
- - - -
12,500 12,500 15,919 3,419
720,927 760,927 743,614 (17,313)
- - 25,000 (25,000)
237,931 270,210 275,023 (4,813)
93,799 105,961 91,978 13,983
817 3,817 3,817 -
18,993 18,993 18,350 643
3,252 3,252 3,302 ( 50)
503,402 393,402 344,146 49,256
510 510 277 233
5,465 5,715 4,002 1,713
50,378 50,568 53,311 (2,743)
5,444 6,750 8,143 (1,393)
600 750 183 567
2,856 2,856 10,791 (7,935)
1,600 1,600 1,894 ( 294)
- - - -
3,614 4,318 5,617 (1,299)
3,000 3,000 2,126 874
3,200 3,200 12,105 (8,905)
2,900 3,650 2,705 945
7,038 7,038 6,784 254
420 670 585 85
3,300 3,300 4,380 (1,080)
3,834 3,834 4,045 ( 211)
10,800 10,800 2,000 8,800
3,654 5,590 2,514 3,076
404,324 425,788 351,641 74,147
1,371,131 1,335,572 1,234,719 100,853
(650,204) (574,645) (491,105) 83,540
650,204 574,645 491,311 (83,334)
650,204 574,645 491,311 (83,334)
$ - $ - 206 $ 206
66,218
$ 66,424
171

S S
TATISTICAL ECTION
172

STATISTICAL SECTION
The Statistical Section, which fully incorporates information mandated by Governmental Accounting
Standards Board (GASB) Statement No. 44, Economic Condition Reporting: The Statistical Section,
presents detailed information for the primary government in the following areas, as a context for
understanding what the information in the Financial Section says about the County’s overall financial
health:
FINANCIAL TRENDS – Information to help the reader understand how the County’s financial
performance and well-being have changed over time.
REVENUE CAPACITY – Information to help the reader assess the County’s most significant
local revenue sources – the property tax and income tax.
DEBT CAPACITY – Information to help the reader assess the affordability of the County’s
current levels of outstanding debt and the County’s ability to issue additional debt in the future.
DEMOGRAPHIC AND ECONOMIC INFORMATION – Indicators to help the reader
understand the environment within which the County’s financial activities take place.
OPERATING INFORMATION – Service and infrastructure data to help the reader understand
how the information in the County’s financial report relates to the services the County provides
and the activities it performs.
Many of these tables cover more than two fiscal years and present data from outside the accounting
records. Therefore, the Statistical Section is unaudited.
173

QUEEN ANNE'S COUNTY, MARYLAND
FINANCIAL TRENDS
NET POSITION BY COMPONENT - GOVERNMENT-WIDE
(GOVERNMENTAL AND BUSINESS-TYPE ACTIVITIES)
LAST TEN FISCAL YEARS
Table 1
2015 2016 2017 2018 2019
Governmental Activities:
Net Investment in Capital Assets $ 125,434,538 $ 123,466,319 $ 120,249,244 $ 114,794,226 $ 115,143,089
Restricted 20,464,486 2 1,063,295 1 3,094,534 1 3,275,244 1 8,962,289
Unrestricted (deficit) (1) ( 73,475,567) (78,567,505) (67,189,342) (58,025,753) (61,637,321)
Total Governmental Activities Net Position (1) 72,423,457 6 5,962,109 (2) 6 6,154,436 (3) 7 0,043,717 7 2,468,057
Business-type Activities:
Net Investment in Capital Assets 80,787,152 8 0,909,015 8 6,163,078 8 4,386,291 8 5,916,730
Restricted 3,061,534 1 ,699,914 1 ,700,836 1 ,060,134 2 ,234,440
Unrestricted 8,486,063 1 0,240,161 4 ,116,300 7 ,458,996 1 0,087,649
Total Business-type Activities Net Position (1) 92,334,749 9 2,849,090 (2) 9 1,980,214 (3) 9 2,905,421 9 8,238,819
Primary Government:
Net Investment in Capital Assets 206,221,690 2 04,375,334 2 06,412,322 1 99,180,517 2 01,059,819
Restricted 23,526,020 2 2,763,209 1 4,795,370 1 4,335,378 2 1,196,729
Unrestricted (deficit) (1) ( 64,989,504) (68,327,344) (63,073,042) (50,566,757) (51,549,672)
Total Primary Government Net Position (1) $ 164,758,206 $ 158,811,199 (2) $ 158,134,650 (3) $ 162,949,138 $ 170,706,876
NOTES:
* Government-wide net position information is reported on the accrual basis of accounting.
* Accounting standards require that net position be reported in three components in the financial
statements: net investment in capital assets, restricted; and unrestricted. Net
position is considered restricted when (1) an external party, such as the state or federal
government, places a restriction on how the resources may be used, or (2) enabling
legislation is enacted by the County.
* Source: Statement of Net Position
(1) In the government-wide financial statements, the County has reported negative unrestricted amounts for some years.
This is due to the fact that the County issues general obligation bonded debt for purposes of capital construction on
behalf of the Queen Anne's County Board of Education. Absent the effect of this relationship, the County would
have reported the following:
Government-wide unrestricted (deficit) net position would have been:
Unrestricted (deficit) net position reported above $ ( 64,989,504) $ (68,327,344) $ (63,073,042) $ (50,566,757) $ (51,549,672)
Debt issued for capital on behalf of others 66,219,608 6 3,271,304 5 9,207,136 5 8,625,356 5 8,007,072
County (deficit) net position absent the effect of this relationship $ 1,230,104 $ (5,056,040) $ (3,865,906) $ 8 ,058,599 $ 6 ,457,400
(1) FY2014 Net Position of Governmental and Business-Type Activities was restated in fiscal year 2015.
(2) FY2017 Net Position of Governmental and Business-Type Activities was restated in fiscal year 2018.
(3) FY2018 Net Position of Governmental and Business-Type Activities was restated in fiscal year 2019.
(4) FY2022 Net Position of Business-Type Activities was restated in fiscal year 2023.
174

QUEEN ANNE'S COUNTY, MARYLAND
FINANCIAL TRENDS
NET POSITION BY COMPONENT - GOVERNMENT-WIDE
(GOVERNMENTAL AND BUSINESS-TYPE ACTIVITIES)
LAST TEN FISCAL YEARS
Table 1
(CONTINUED)
2020 2021 2022 2023 2024
$ 114,252,313 $ 116,220,059 $ 118,666,142 $ 122,128,900 $ 126,092,854
1 9,844,181 2 0,883,128 2 4,012,709 2 6,495,555 2 7,933,020
(48,809,467) (20,071,163) 1 1,879,310 3 6,459,068 4 8,797,358
8 5,287,027 1 17,032,024 1 54,558,161 1 85,083,523 2 02,823,232
8 6,939,502 8 8,635,207 9 3,562,741 9 9,118,189 1 11,940,928
2 ,037,318 6 ,322,353 5 ,310,698 5 ,350,538 4 ,147,493
1 6,587,060 1 9,018,596 2 8,956,179 3 0,307,701 3 0,325,458
1 05,563,880 1 13,976,156 (4) 1 27,829,618 1 34,776,428 1 46,413,879
2 01,191,815 2 04,855,266 2 12,228,883 2 21,247,089 2 38,033,782
2 1,881,499 2 7,205,481 2 9,323,407 3 1,846,093 3 2,080,513
(32,222,407) (1,052,567) 4 0,835,489 6 6,766,769 7 9,122,816
$ 190,850,907 $ 231,008,180 (4) $ 282,387,779 $ 319,859,951 $ 349,237,111
$ (32,222,407) $ (1,052,567) $ 4 0,835,489 $ 6 6,766,769 $ 7 9,122,816
5 5,846,036 5 6,855,185 5 3,155,458 4 8,229,215 4 3,910,684
$ 2 3,623,629 $ 5 5,802,618 $ 9 3,990,947 $ 114,995,984 $ 123,033,500
175

QUEEN ANNE'S COUNTY, MARYLAND
FINANCIAL TRENDS
CHANGES IN NET POSITION - GOVERNMENT-WIDE (GOVERNMENTAL AND BUSINESS-TYPE ACTIVITIES)
LAST TEN FISCAL YEARS
Table 2-a
2015 2016 2017 2018 2019
Expenses
Governmental Activities:
General Government $ 10,849,277 $ 13,936,312 $ 13,177,254 $ 17,511,975 $ 16,493,064
Public Safety 25,297,450 27,525,712 27,997,262 28,373,219 35,668,385
Public Works 14,363,603 19,522,534 20,753,117 18,101,635 19,118,090
Parks & Recreation (3) - - - - -
Health & Social Services 6,631,598 7,333,528 7,424,371 7,149,348 7,669,431
Education & Library 67,091,679 62,374,873 60,922,185 64,082,500 64,438,616
Conservation of Natural Resources 587,147 1,799,234 616,237 2,567,600 2,696,971
Economic/Community Development 1,763,024 3,391,547 1,860,222 2,477,129 1,808,000
Interest and Fiscal Charges 4,039,622 4,345,527 4,150,101 4,294,929 4,712,864
Total Governmental Activities Expenses 130,623,400 140,229,267 136,900,749 144,558,335 152,605,421
Business-type Activities:
Water and Sewer 10,412,432 10,615,466 11,818,087 12,880,483 11,232,955
Golf Course 496,065 505,085 540,504 509,150 584,718
Public Landings and Marinas 537,823 529,943 572,360 559,597 1,342,308
Airport 1,014,491 966,896 1,053,899 1,100,136 1,434,031
Total Business-type Activities Expenses 12,460,811 12,617,390 13,984,850 15,049,366 14,594,012
Total Primary Government Expenses 143,084,211 152,846,657 150,885,599 159,607,701 167,199,433
Program Revenues
Governmental Activities:
General Government
Charges for Services 1,505,857 1,565,170 1,552,164 1,669,311 1,769,520
Operating Grants and Contributions 644,297 582,571 563,016 660,790 716,683
Capital Grants and Contributions 96,684 (30,000) - 1,080,084 480,500
Total Revenue 2,246,838 2,117,741 2,115,180 3,410,185 2,966,703
Public Safety
Charges for Services 1,244,752 1,354,350 1,350,626 1,505,267 1,415,187
Operating Grants and Contributions 1,052,666 1,088,597 1,037,879 1,294,733 1,161,505
Capital Grants and Contributions 119,118 175,653 5,406 166,001 176,970
Total Revenue 2,416,536 2,618,600 2,393,911 2,966,001 2,753,662
Public Works
Charges for Services 1,275,538 1,337,358 1,472,664 1,779,206 1,784,040
Operating Grants and Contributions 527,538 1,029,019 980,075 822,659 1,155,251
Capital Grants and Contributions 80,000 108,880 161,084 282,028 1,353,948
Total Revenue 1,883,076 2,475,257 2,613,823 2,883,893 4,293,239
Parks & Recreation (3)
Charges for Services - - - - -
Operating Grants and Contributions - - - - -
Capital Grants and Contributions - - - - -
Total Revenue - - - - -
Health & Social Services
Charges for Services 68,187 76,404 73,066 71,131 91,183
Operating Grants and Contributions 2,056,111 1,834,000 1,893,648 2,018,289 2,120,065
Capital Grants and Contributions 40,527 140,400 58,500 58,500 175,960
Total Revenue 2,164,825 2,050,804 2,025,214 2,147,920 2,387,208
Education & Library
Charges for Services 1,249,332 1,230,994 1,319,433 1,272,301 1,318,609
Operating Grants and Contributions - - - - -
Capital Grants and Contributions - - - - 43,059
Total Revenue 1,249,332 1,230,994 1,319,433 1,272,301 1,361,668
Conservation of Natural Resources
Charges for Services 72,688 70,708 60,826 110,655 126,940
Operating Grants and Contributions 96,195 68,152 186,333 131,321 94,814
Capital Grants and Contributions 3,637 573,003 - 1,439,284 2,118,200
Total Revenue 172,520 711,863 247,159 1,681,260 2,339,954
Economic/Community Development
Charges for Services 80,558 311,000 620,000 316,500 -
Operating Grants and Contributions 285,344 156,804 231,360 810,319 205,300
Capital Grants and Contributions - - - - -
Total Revenue 365,902 467,804 851,360 1,126,819 205,300
Interest and Fiscal Charges
Charges for Services - - - - -
Operating Grants and Contributions - - - - -
Capital Grants and Contributions - - - - -
Total Revenue - - - - -
Total Governmental Activities Program Revenues 10,499,029 11,673,063 11,566,080 15,488,379 16,307,734
176

QUEEN ANNE'S COUNTY, MARYLAND
FINANCIAL TRENDS
CHANGES IN NET POSITION - GOVERNMENT-WIDE (GOVERNMENTAL AND BUSINESS-TYPE ACTIVITIES)
LAST TEN FISCAL YEARS
Table 2-a
(CONTINUED)
2020 2021 2022 2023 2024
$ 17,299,695 $ 21,447,303 $ 20,975,854 $ 21,070,854 $ 22,378,707
31,445,313 33,376,832 32,937,936 42,482,230 49,458,541
15,045,105 13,898,271 15,486,633 19,422,823 20,222,362
7,780,241 6,051,585 6,445,776 6,338,014 7,458,494
7,116,694 6,969,134 6,631,472 7,219,183 7,944,933
68,764,861 68,632,733 68,957,650 69,770,287 83,355,583
1,423,080 3,621,749 2,402,429 3,386,538 3,702,670
2,281,480 5,262,207 3,012,720 2,798,777 2,826,682
4,391,332 4,330,706 4,415,584 4,525,460 4,254,673
155,547,801 163,590,520 161,266,054 177,014,166 201,602,645
11,602,537 12,157,175 12,384,820 13,822,527 14,932,981
541,335 523,435 609,737 697,824 730,908
683,738 1,104,170 548,928 684,685 666,295
968,205 940,188 1,017,606 1,058,318 966,183
13,795,815 14,724,968 14,561,091 16,263,354 17,296,367
169,343,616 178,315,488 175,827,145 193,277,520 218,899,012
1,509,985 2,027,823 2,400,962 2,037,088 1,717,926
428,812 2,686,609 2,920,183 249,863 1,742,174
520,277 1,056,963 1,219,155 1,549,325 2,529,869
2,459,074 5,771,395 6,540,300 3,836,276 5,989,969
1,379,621 1,772,824 2,782,299 1,908,036 2,617,398
1,697,018 3,603,339 2,300,947 3,601,321 2,628,668
112,845 1,379,718 908,036 164,422 179,350
3,189,484 6,755,881 5,991,282 5,673,779 5,425,416
817,088 1,083,030 1,134,409 961,563 883,739
1,233,626 1,494,842 8,500 9,070 6,270
45,640 - - 1,119,611 2,836,186
2,096,354 2,577,872 1,142,909 2,090,244 3,726,195
822,605 1,058,579 1,149,578 1,101,729 1,151,020
37,060 216,861 32,494 25,681 14,453
2,237,549 343,301 1,964,345 640,892 924,299
3,097,214 1,618,741 3,146,417 1,768,302 2,089,772
72,840 37,025 91,756 77,736 62,176
2,273,959 2,381,707 2,595,327 3,060,269 2,591,053
362,900 157,905 207,862 195,509 588,792
2,709,699 2,576,637 2,894,945 3,333,514 3,242,021
1,593,200 3,383,580 2,438,720 2,237,364 2,291,783
- - - - -
105,575 973,747 1,850,863 979,756 -
1,698,775 4,357,327 4,289,583 3,217,120 2,291,783
136,458 163,971 46,491 76,138 19,262
117,820 111,443 - - -
831,901 1,612,662 1,095,760 2,007,786 2,474,706
1,086,179 1,888,076 1,142,251 2,083,924 2,493,968
205,000 864,667 397,823 620,000 -
757,258 3,978,848 1,523,758 1,286,414 1,066,447
- - - - -
962,258 4,843,515 1,921,581 1,906,414 1,066,447
- - 48,506 46,124 48,412
- - - - -
- - - - -
- - 48,506 46,124 48,412
17,299,037 30,389,444 27,117,774 23,955,697 26,373,983
177

QUEEN ANNE'S COUNTY, MARYLAND
FINANCIAL TRENDS
CHANGES IN NET POSITION - GOVERNMENT-WIDE (GOVERNMENTAL AND BUSINESS-TYPE ACTIVITIES)
LAST TEN FISCAL YEARS
Table 2-a
(CONTINUED)
2015 2016 2017 2018 2019
Business-type Activities:
Water and Sewer
Charges for Services $ 8,840,213 $ 8,956,360 $ 8,222,317 $ 9,214,383 $ 10,524,474
Operating Grants and Contributions 90,000 85,099 90,000 90,000 520,000
Capital Grants and Contributions 1,862,257 1,958,051 2,222,796 4,198,378 3,626,906
Total Revenue 10,792,470 10,999,510 10,535,113 13,502,761 14,671,380
Golf Course
Charges for Services 295,955 305,528 318,599 340,123 373,014
Operating Grants and Contributions - - - - -
Capital Grants and Contributions - - - - -
Total Revenue 295,955 305,528 318,599 340,123 373,014
Public Landings and Marinas
Charges for Services 423,723 423,427 443,176 451,524 454,071
Operating Grants and Contributions 43,304 36,781 33,542 104,829 888,592
Capital Grants and Contributions - - - - -
Total Revenue 467,027 460,208 476,718 556,353 1,342,663
Airport
Charges for Services 53,200 45,916 33,256 25,857 24,710
Operating Grants and Contributions 73,311 52,837 245,738 60,858 725,109
Capital Grants and Contributions - - - - -
Total Revenue 126,511 98,753 278,994 86,715 749,819
Total Business-type Activities Program Revenues 11,681,963 11,863,999 11,609,424 14,485,952 17,136,876
Total Primary Government Program Revenues 22,180,992 23,537,062 23,175,504 29,974,331 33,444,610
Net (Expense) Revenue (1)
Governmental activities ( 120,124,371) ( 128,556,204) ( 125,334,669) ( 129,069,956) ( 136,297,687)
Business-type activities (778,848) (753,391) (2,375,426) (563,414) 2,542,864
Total Primary Government Net Expense $ ( 120,903,219) $ ( 129,309,595) $ ( 127,710,095) $ ( 129,633,370) $ ( 133,754,823)
General Revenues and Other Changes in Net Position
Governmental Activities:
Taxes (2) $ 116,821,607 $ 121,011,135 $ 123,299,031 $ 131,444,679 $ 137,285,550
Investment income 94,092 174,691 444,063 978,955 1,772,464
Gain/(Loss) on Sale of Capital Assets 1,098,632 161,106 53,936 87,734 25,823
Miscellaneous 1,076,893 949,046 2,065,465 630,895 979,201
Transfers In (Out) (360,177) (201,122) (335,499) (183,026) (1,341,011)
Total Governmental Activities 118,731,047 122,094,856 125,526,996 132,959,237 138,722,027
Business-type Activities:
Investment income 323,585 320,443 361,840 439,716 550,691
Gain (Loss) on Sale of Capital Assets - - - - 33,100
Miscellaneous 815,430 746,167 809,211 865,879 865,732
Transfers In (Out) 360,177 201,122 335,499 183,026 1,341,011
Total Business-type Activities 1,499,192 1,267,732 1,506,550 1,488,621 2,790,534
Total Primary Government 120,230,239 123,362,588 127,033,546 134,447,858 141,512,561
Change in Net Position
Governmental activities (1,393,324) (6,461,348) 192,327 3,889,281 2,424,340
Business-type activities 720,344 514,341 (868,876) 925,207 5,333,398
Total Primary Government $ (672,980) $ ( 5,947,007) $ ( 676,549) $ 4,814,488 $ 7,757,738
NOTES:
* Government-wide net position information is reported on the accrual basis of accounting.
* Source: Statement of Activities.
(1) Net (expense)/revenue is the difference between the expenses and program revenues of a function or program. It indicates
the degree to which a function or program is supported with its own fees and program-specific grants versus its reliance
upon funding from taxes and general revenues. Numbers in parentheses indicate that expenses were greater than program
revenues and therefore general revenues were needed to finance that function or program. Numbers without parentheses
mean that program revenues were more than sufficient to cover expenses.
(2) See Table 2-b for detail of General Tax Revenues.
(3) For years FY15 through FY19, Parks & Recreation governmental activities are included in public works (parks) and social services (recreation).
178

QUEEN ANNE'S COUNTY, MARYLAND
FINANCIAL TRENDS
CHANGES IN NET POSITION - GOVERNMENT-WIDE (GOVERNMENTAL AND BUSINESS-TYPE ACTIVITIES)
LAST TEN FISCAL YEARS
Table 2-a
(CONTINUED)
2020 2021 2022 2023 2024
$ 13,873,082 $ 12,174,150 $ 18,143,049 $ 12,330,275 $ 14,162,090
2,541,550 4,600,000 865,761 1,467,662 2,565,847
1,974,341 2,668,488 3,034,541 4,027,234 2,607,219
18,388,973 19,442,638 22,043,351 17,825,171 19,335,156
399,603 593,022 594,180 617,340 720,153
- - - - -
- - - - -
399,603 593,022 594,180 617,340 720,153
538,760 540,240 475,309 465,730 465,457
10,447 178,208 640,752 745,966 14,999
- - - - -
549,207 718,448 1,116,061 1,211,696 480,456
24,130 24,920 23,774 22,655 6,049
95,052 20,180 516,774 741,939 -
- - - - 5,028,713
119,182 45,100 540,548 764,594 5,034,762
19,456,965 20,799,208 24,294,140 20,418,801 25,570,527
36,756,002 51,188,652 51,411,914 44,374,498 51,944,510
( 138,246,764) ( 133,201,076) ( 134,148,280) ( 153,058,469) ( 175,228,662)
5,661,150 6,074,240 9,733,049 4,155,447 8,274,160
$ ( 132,585,614) $ ( 127,126,836) $ ( 124,415,231) $ ( 148,903,022) $ ( 166,954,502)
$ 148,876,477 $ 163,687,534 $ 171,755,675 $ 176,022,971 $ 182,200,656
1,393,017 239,908 462,588 6,448,944 9,192,673
44,343 95,687 (1,157,005) - -
900,976 1,073,180 1,801,868 1,628,246 2,059,293
(149,079) (150,236) (1,188,709) (516,330) (484,251)
151,065,734 164,946,073 171,674,417 183,583,831 192,968,371
589,126 424,983 414,822 1,047,564 1,732,675
17,876 573,500 5,265 2,561 (21,552)
907,830 1,189,317 2,511,617 1,224,908 1,167,917
149,079 150,236 1,188,709 516,330 484,251
1,663,911 2,338,036 4,120,413 2,791,363 3,363,291
152,729,645 167,284,109 175,794,830 186,375,194 196,331,662
12,818,970 31,744,997 37,526,137 30,525,362 17,739,709
7,325,061 8,412,276 13,853,462 6,946,810 11,637,451
$ 20,144,031 $ 40,157,273 $ 51,379,599 $ 37,472,172 $ 29,377,160
179

QUEEN ANNE'S COUNTY, MARYLAND
FINANCIAL TRENDS
GENERAL TAX REVENUES - GOVERNMENTAL ACTIVITIES
LAST TEN FISCAL YEARS
Table 2-b
2015 2016 2017 2018 2019
Local Property Taxes $ 64,672,721 $ 65,185,546 $ 6 6,487,004 $ 6 7,736,404 $ 7 0,670,569
Local Income Tax 44,643,870 47,928,725 4 8,624,679 5 5,211,695 5 7,728,293
Other Local Taxes 7,505,016 7,896,864 8 ,187,348 8 ,496,580 8 ,886,688
Total Taxes - Governmental Activities $ 116,821,607 $ 121,011,135 $ 1 23,299,031 $ 1 31,444,679 $ 1 37,285,550
2020 2021 2022 2023 2024
Local Property Taxes $ 71,874,566 $ 74,474,109 $ 7 6,017,204 $ 7 8,022,772 $ 8 2,047,674
Local Income Tax 67,698,447 73,458,519 7 8,881,170 8 3,439,604 8 6,567,013
Other Local Taxes 9,303,464 15,754,906 1 5,164,554 1 3,208,003 1 2,025,782
Total Taxes - Governmental Activities $ 148,876,477 $ 163,687,534 $ 1 70,062,928 $ 1 74,670,379 $ 1 80,640,469
NOTES:
* Government-wide general tax revenue information is reported on the accrual basis of accounting.
* Source: Statement of Activities.
180

QUEEN ANNE'S COUNTY, MARYLAND
FINANCIAL TRENDS
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
Table 3
2015 2016 2017 2018 2019
General Fund:
Nonspendable $ 6 87,777 $ 586,481 $ 7 54,921 $ 1,001,610 $ 1 ,616,447
Restricted 8 ,681,112 9,002,389 1 0,626,394 10,999,800 1 4,361,899
Committed 2 ,000,000 3,000,000 4 ,000,000 5,027,897 6 ,000,000
Assigned 2 ,034,875 1,926,782 1 ,998,415 1,483,827 1 ,224,503
Unassigned 7 ,793,085 8,468,591 8 ,830,530 11,142,331 1 1,856,474
Total General Fund 2 1,196,849 22,984,243 2 6,210,260 29,655,465 3 5,059,323
All Other Governmental Funds:
Nonspendable 5 ,919,048 6,146,072 7 ,552,462 7,583,553 -
Restricted 1 7,794,372 21,316,088 8 ,900,465 6,815,341 1 2,598,139
Committed 4 ,209,177 3,425,701 1 3,447,283 15,202,215 1 8,514,079
Assigned 2 3,093,224 18,029,073 1 6,045,167 19,618,643 2 3,573,581
Unassigned (108,185) ( 115,129) (53,665) (48,758) (28,164)
Total All Other Governmental Funds 5 0,907,636 48,801,805 4 5,891,712 49,170,994 5 4,657,635
Total All Governmental Funds $ 7 2,104,485 $ 71,786,048 $ 7 2,101,972 $ 78,826,459 $ 8 9,716,958
2020 2021 2022 2023 2024
General Fund:
Nonspendable $ 2 ,400,664 $ 5,751,694 $ 92,744 $ 242,876 $ 1 48,234
Restricted 1 4,711,547 16,182,014 1 7,838,136 19,996,347 2 1,377,816
Committed 6 ,998,256 7,621,618 8 ,399,587 9,069,982 9 ,450,311
Assigned 1 ,099,170 1,525,829 1 ,500,000 - -
Unassigned 1 5,874,992 19,340,107 3 2,142,920 39,494,554 4 6,537,817
Total General Fund 4 1,084,629 50,421,262 5 9,973,387 68,803,759 7 7,514,178
All Other Governmental Funds:
Nonspendable - - 1 ,327,375 1,274,659 1 ,218,486
Restricted 1 5,121,784 17,919,423 2 2,270,920 17,607,427 1 2,551,494
Committed 2 1,296,829 25,457,920 2 7,010,544 28,987,607 3 1,668,367
Assigned 2 3,721,935 36,026,980 4 4,073,399 49,351,449 4 9,153,762
Unassigned (24,133) ( 19,649) - - -
Total All Other Governmental Funds 6 0,116,415 79,384,674 9 4,682,238 97,221,142 9 4,592,109
Total All Governmental Funds $ 1 01,201,044 $ 129,805,936 $ 1 54,655,625 $ 166,024,901 $ 1 72,106,287
NOTES:
* Fund balance information for governmental funds is reported on the modified accrual basis of accounting.
* Source: Balance Sheet, Governmental Funds.
181

QUEEN ANNE'S COUNTY, MARYLAND
FINANCIAL TRENDS
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
Table 4
2015 2016 2017 2018 2019
Revenues
Taxes
Local Property Taxes $ 64,672,292 $ 64,946,443 $ 66,501,901 $ 67,944,730 $ 70,615,293
Local Income Taxes 42,889,715 46,424,552 48,578,044 51,834,189 55,282,162
Other Local Taxes 7,505,016 7,896,865 8,187,348 8,496,580 8,886,688
State Shared Taxes 557,834 623,256 708,566 836,677 1,171,668
Licenses and Permits 1,062,917 1,078,144 1,123,072 1,167,444 1,224,381
Intergovernmental 4,030,576 4,696,561 3,987,308 7,539,052 8,284,699
Bond Interest Reimbursement - Build America Bond 375,323 364,799 350,254 334,858 319,362
Charges for Current Services 4,251,835 4,617,730 5,114,605 5,298,701 5,088,123
Fines and Forfeitures 182,160 250,110 211,102 258,226 192,975
Investment Income 94,092 174,691 444,063 978,955 1,772,464
Donations 4 1,391 4 5,773 6 0,217 5 7,635 3 1,084
Miscellaneous 1,076,893 949,045 2,065,465 630,895 979,201
Total Revenues 126,740,044 132,067,969 137,331,945 145,377,942 153,848,100
Expenditures
Current
General Government (1) 8,833,255 9,817,062 10,382,078 10,640,065 10,542,151
Public Safety 23,133,608 23,523,103 23,866,030 25,049,431 24,411,320
Public Works 12,041,969 15,080,454 15,506,684 15,235,104 16,163,026
Parks and Recreation - - - - -
Health & Social Services 5,425,002 5,827,938 5,981,620 6,100,594 6,209,377
Education & Library 67,116,408 62,405,143 60,950,845 64,117,236 64,473,922
Conservation of Natural Resources 565,289 1,744,260 565,938 2,577,735 2,717,738
Economic/Community Development 1,616,784 3,188,928 1,710,899 2,433,171 1,638,265
Miscellaneous 3,535,585 4,766,722 4,185,652 5,348,568 5,729,955
Capital Outlay 8,733,509 11,050,384 14,591,632 12,311,551 9,323,882
Debt Service
Principal 7,444,611 7,667,316 8,074,013 7,149,537 7,855,820
Debt Issuance Costs 403,572 218,799 196,150 229,894 211,447
Interest and Fiscal Charges 3,846,823 3,696,719 4,104,254 4,280,553 4,586,387
Total Expenditures 142,696,415 148,986,828 150,115,795 155,473,439 153,863,290
Excess (Deficiency) of Revenues over (under) Expenditures ( 15,956,371) ( 16,918,859) ( 12,783,850) ( 10,095,497) (15,190)
Other Financing Sources (Uses)
Issuance of Debt 25,384,493 15,484,639 12,775,926 16,000,000 11,000,000
Other Financing Use - Proceeds of Refunding Bonds - 8,042,773 - - -
Bond Premiums 1,901,240 1,650,448 618,681 908,973 1,011,998
Payments to Bond Refunding Agent ( 14,881,834) - - - -
Other Financing Use - Debt Service - Principal - ( 8,446,336) - - -
Proceeds of Capital Asset Disposals 1,331,608 1 8,100 5 5,189 5 4,097 231,588
Insurance Proceeds 5 7,916 153,534 1 2,241 3 9,940 3 ,114
Leases - - - - -
Subscription-Based IT Arrangements - - - - -
Transfers In 5,079,641 9,941,051 6,331,482 8,220,201 12,588,897
Transfers Out ( 6,449,845) ( 10,243,787) ( 6,693,745) ( 8,403,227) ( 13,929,908)
Total Other Financing Sources (Uses) 12,423,219 16,600,422 13,099,774 16,819,984 10,905,689
Net Increase (Decrease) in Fund Balances $ ( 3,533,152) $ ( 318,437) $ 315,924 $ 6,724,487 $ 10,890,499
Debt service as a percentage of non-capital expenditures (2, 3) 8.43% 8.16% 8.99% 8.00% 8.61%
NOTES:
* Governmental fund information is reported on the modified accrual basis of accounting.
* Source: Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds
and the Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities.
(1) For all fiscal years, "General Government" includes amounts previously classified as "Intergovernmental" and/or "Contingency."
(2) Only the principal and interest components of debt service expenditures are included in the calculation of the ratio of total debt service expenditures to noncapital expenditures.
(3) Noncapital expenditures represents Total Expenditures above, less the Net Increase in Capital Assets from the Reconciliation between the Government-Wide Statement of Activities
and the Statement of Revenues, Expenditures, and Changes in Fund Balance. Only the assets acquired (not included assets transferred or donated) from the reconciliation are used in the calculation.
182

QUEEN ANNE'S COUNTY, MARYLAND
FINANCIAL TRENDS
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
Table 4
(CONTINUED)
2020 2021 2022 2023 2024
$ 71,682,389 $ 74,769,217 $ 75,943,263 $ 78,062,336 $ 82,109,458
61,547,651 67,985,531 71,002,615 79,467,361 86,007,950
9,303,464 15,754,906 15,164,554 13,208,003 12,025,782
1,192,293 1,286,374 1,692,747 1,352,592 1,560,187
1,083,317 1,461,286 1,656,112 1,417,096 1,207,809
9,506,419 18,705,791 16,927,224 14,889,923 17,381,754
- - - - -
5,320,465 8,789,033 8,258,386 7,454,195 7,451,475
133,015 141,180 255,955 174,002 132,427
1,393,017 239,908 462,588 6,448,944 9,192,673
143,375 5 ,780 6 5,052 2 0,481 200,518
900,976 1,073,180 1,801,868 1,628,246 2,059,293
162,206,381 190,212,186 193,230,364 204,123,179 219,329,326
10,610,554 13,487,519 13,368,832 15,890,722 16,878,490
27,648,023 29,314,405 32,933,956 38,135,440 42,825,592
12,749,864 12,223,767 14,291,677 19,545,607 19,794,447
6,995,840 5,257,527 5,578,791 6,049,686 6,731,220
6,660,677 6,731,938 6,389,428 7,909,483 8,266,984
68,796,024 68,621,741 68,947,327 69,757,478 82,716,306
1,475,572 3,672,847 2,411,769 3,457,656 3,730,444
2,107,676 5,233,618 2,997,250 3,017,040 3,054,946
5,308,680 6,834,217 6,981,356 8,921,419 7,232,373
4,963,004 12,790,600 9,877,764 8,603,952 9,019,268
8,624,604 7,343,425 7,775,190 8,696,773 8,536,204
316,027 249,479 439,157 2 9,851 -
4,676,955 4,492,461 4,415,584 4,525,460 4,254,673
160,933,500 176,253,544 176,408,081 194,540,567 213,040,947
1,272,881 13,958,642 16,822,283 9,582,612 6,288,379
9,000,000 13,000,000 7,800,000 - -
14,682,184 10,835,995 - - -
3,654,843 3,814,696 492,106 - -
- - - - -
( 17,043,453) ( 12,970,537) - - -
30,949 4 1,099 6 3,850 6 1,520 8 9,074
35,761 102,429 3 5,208 103,030 150,184
- - - 638,500 -
- - - 1,503,069 3 8,000
9,690,474 20,469,607 23,952,703 27,982,455 26,534,774
( 9,839,553) ( 20,647,039) ( 24,316,461) ( 28,501,910) ( 27,019,025)
10,211,205 14,646,250 8,027,406 1,786,664 ( 206,993)
$ 11,484,086 $ 28,604,892 $ 24,849,689 $ 11,369,276 $ 6,081,386
8.53% 7.26% 7.38% 7.26% 6.33%
183

QUEEN ANNE'S COUNTY, MARYLAND
REVENUE CAPACITY
ASSESSED VALUE OF TAXABLE AND EXEMPT PROPERTY
LAST TEN FISCAL YEARS
Table 5
Real Property (2) Personal Property Total Total
Total Public Utility Taxable Taxable and
Fiscal Commercial Residential (1) Total Direct Assessed Assessed Exempt Exempt
Year Assessed Value Assessed Value Assessed Value Tax Rate (3) Value (2) (4) Value Property Property
2015 $ 1,526,533,795 $ 5,971,094,589 $ 7 ,497,628,384 $ 0 .8471 $ 71,076,850 $ 7,568,705,234 $ 7 08,231,797 $ 8 ,276,937,031
2016 1,536,236,637 6,015,729,665 7 ,551,966,302 0 .8471 74,544,230 7,626,510,532 7 13,843,531 8 ,340,354,063
2017 1,578,390,091 6,136,189,107 7 ,714,579,198 0 .8471 77,685,020 7,792,264,218 7 71,576,578 8 ,563,840,796
2018 1,619,626,376 6,277,865,272 7 ,897,491,648 0 .8471 76,903,490 7,974,395,138 7 84,345,727 8 ,758,740,865
2019 1,668,339,027 6,485,471,694 8 ,153,810,721 0 .8471 110,703,740 8,264,514,461 8 10,049,666 9 ,074,564,127
2020 1,796,512,410 6,587,063,708 8 ,383,576,118 0 .8471 103,282,520 8,486,858,638 8 39,013,301 9 ,325,871,939
2021 1,810,616,428 6,789,270,644 8 ,599,887,072 0 .8471 115,005,450 8,714,892,522 8 60,398,332 9 ,575,290,854
2022 1,814,529,551 6,984,923,499 8 ,799,453,050 0 .8471 122,167,420 8,921,620,470 8 79,391,068 9 ,801,011,538
2023 1,869,310,608 7,334,750,709 9 ,204,061,317 0 .8300 131,489,970 9,335,551,287 8 87,420,959 1 0,222,972,246
2024 1,946,403,718 7,735,421,703 9 ,681,825,421 0 .8300 159,917,460 9,841,742,881 9 20,628,412 1 0,762,371,293
NOTES:
* Tax exempt property is included for purposes of calculating total assessed value, which is used on Table 12-a.
(1) Residential real property includes single-family homes, townhouses, condominiums, and apartment dwellings. The assessed value shown
above has been reduced for the Homestead Credit assessment.
(2) Real property and personal property assessments are done every three years and every year, respectively, by the State
Department of Assessments and Taxation at 100% of estimated fair value.
(3) See Table 6-a for real property direct tax rates. Tax Rates are applied per $100 of assessed value.
(4) The personal property tax rate for Queen Anne's County is zero.
Source: State of Maryland, Department of Assessments and Taxation.
184

185

QUEEN ANNE'S COUNTY, MARYLAND
REVENUE CAPACITY
REAL PROPERTY TAX RATES - COUNTY DIRECT RATE
LAST TEN FISCAL YEARS
Table 6-a
County
Fiscal Direct
Year Rate (1)
2015 $ 0 .8471
2016 0 .8471
2017 0 .8471
2018 0 .8471
2019 0 .8471
2020 0 .8471
2021 0 .8471
2022 0 .8471
2023 0 .8300
2024 0 .8300
NOTES:
* No discounts are allowed.
* Taxes are levied as of July 1, are due by September 30, and become delinquent October 1.
* Owner occupied properties may elect to pay on an annual basis. If no election is made,
taxes are paid on a semi-annual basis with payment due by September 30 and December 31.
* Non-owner occupied properties must pay on an annual basis.
* Interest at one percent per month is assessed on delinquent tax bills.
* Revised tax bills based upon certifications from the State received after September 1
may be paid within thirty days without interest.
* Delinquent taxes on real property are collected by sale.
* Costs of tax sale, which vary, are added to the redemption.
* Tax sale date: Third Tuesday in May.
* The personal property tax rate for Queen Anne's County is zero.
(1) Tax Rates are applied per $100 of assessed value.
186

QUEEN ANNE'S COUNTY, MARYLAND
REVENUE CAPACITY
REAL PROPERTY TAX RATES - COUNTY SPECIAL TAXING DISTRICTS
LAST TEN FISCAL YEARS
Table 6-b
Kent Narrows
Commercial Management
Fiscal and Waterfront
Year Improvement District
2015 $ 0 .0600
2016 0 .0600
2017 0 .0600
2018 0 .0600
2019 0 .0600
2020 0 .0600
2021 0 .0600
2022 0 .0600
2023 0 .0600
2024 0 .0600
NOTES:
* Tax rates are per $100 of assessed value.
* The personal property tax rate for Queen Anne's County is zero.
187

QUEEN ANNE'S COUNTY, MARYLAND
REVENUE CAPACITY
REAL PROPERTY TAX RATES - OVERLAPPING GOVERNMENTS - TOWNS
LAST TEN FISCAL YEARS
Table 6-c
Fiscal Town of Town of Town of Town of Town of
Year Centreville Barclay Church Hill Millington Queen Anne
2015 $ 0 .3800 $ 0 .2000 $ 0 .3400 $ 0 .2800 $ 0.1800
2016 0.3800 0.2000 0 .3400 0.2800 0.1800
2017 0.4100 0.2000 0 .3400 0.2800 0.1800
2018 0.4050 0.2000 0 .3400 0.2800 0.1800
2019 0.4050 0.2000 0 .3400 0.2800 0.1800
2020 0.4050 0.2000 0 .3400 0.2800 0.1800
2021 0.4050 0.2000 0 .3400 0.2774 0.1800
2022 0.5350 0.2000 0 .3400 0.2909 0.1800
2023 0.5350 0.2000 0 .3400 0.2920 0.1800
2024 0.5350 0.2000 0 .3400 0.3000 0.1800
NOTES:
* Tax rates are per $100 of assessed value.
* The personal property tax rate for Queen Anne's County is zero.
* Taxes collected by the County for other fiscal units, including overlapping governments, are remitted
based on actual collections.
188

QUEEN ANNE'S COUNTY, MARYLAND
REVENUE CAPACITY
REAL PROPERTY TAX RATES - OVERLAPPING GOVERNMENTS - TOWNS
LAST TEN FISCAL YEARS
Table 6-c
(CONTINUED)
Town of Town of Town of
Queenstown Sudlersville Templeville
$ 0.1895 $ 0 .1670 $ 0 .3600
0.1850 0.1670 0 .3600
0.1810 0.1670 0 .5788
0.1773 0.1670 0 .3600
0.1726 0.1670 0 .3600
0.1744 0.1670 0 .3600
0.1867 0.1670 0 .3600
0.2026 0.1670 0 .3600
0.2217 0.1670 0 .3600
0.2312 0.1670 0 .3600
189

QUEEN ANNE'S COUNTY, MARYLAND
REVENUE CAPACITY
TEN HIGHEST COMMERCIAL PROPERTY TAXPAYERS
CURRENT FISCAL YEAR AND NINE YEARS AGO
Table 7
For the Fiscal Year Ended June 30, 2024
Ratio:
Taxpayer
Base to Total
Assessable Base Assessable Base
Second Horizon Group Limited Partnership $ 35,819,200 0.36 %
KRM - Chesapeake LLC 22,596,900 0.23
Schuls Development LLC 17,909,300 0.18
Kent Towne Market LLC 16,303,800 0.17
Maryland General Land Co LLC 16,150,300 0.16
Great American Life Insurance Co 15,082,100 0.15
Beach Harbor Campers Cooperative Inc 14,498,667 0.15
Anne Arundel Real Estate Holding Co 13,562,700 0.14
Knight Farms LLC 12,229,233 0.12
Mears Point Association 11,000,233 0.11
Total $ 175,152,433 1.78 %
Total Assessable Base $ 9,841,742,881 100.00 %
For the Fiscal Year Ended June 30, 2015
Ratio:
Taxpayer
Base to Total
Assessable Base Assessable Base
Second Horizon Group Limited Partnership $ 61,326,866 0.81 %
KRM Development Corporation 35,787,167 0.47
Maryland General Land Co LLC 20,569,800 0.27
Great American Life Insurance Company 15,721,000 0.21
Aspen Institute for Humanistic Studies 15,253,267 0.20
Beach Harbor Campers Cooperative Inc 12,582,700 0.17
K Hovnanian at Kent Island LLC 11,500,000 0.15
Anne Arundel Real Estate Holding Co 10,166,300 0.13
Mears Point Association 9,992,833 0.13
Shore Health System Inc 9,975,900 0.13
Total $ 202,875,833 2.67 %
Total Assessable Base $ 7,568,705,234 1 00.00 %
Source: State of Maryland Department of Assessments and Taxation
190

QUEEN ANNE'S COUNTY, MARYLAND
REVENUE CAPACITY
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Table 8
Collected within the
Taxes Levied Fiscal Year of the Levy Collections in Total Collections to Date
Fiscal for the Percentage of Subsequent Percentage of
Year Fiscal Year Amount Original Levy Years Amount Original Levy
2015 $ 63,338,629 $ 6 3,231,601 99.83% $ 107,028 $ 63,338,629 100.00%
2016 63,799,184 6 3,647,404 99.76% 151,780 6 3,799,184 100.00%
2017 65,217,648 6 5,107,115 99.83% 110,533 6 5,217,648 100.00%
2018 66,768,776 6 6,721,619 99.93% 47,157 6 6,768,776 100.00%
2019 68,887,556 6 8,778,389 99.84% 109,107 6 8,887,496 100.00%
2020 70,825,936 7 0,375,695 99.36% 446,467 7 0,822,162 99.99%
2021 72,635,124 7 2,627,467 99.99% 3,793 7 2,631,260 99.99%
2022 74,882,965 7 4,789,167 99.87% 80,491 7 4,869,658 99.98%
2023 77,663,358 7 7,608,873 99.93% 38,457 7 7,647,330 99.98%
2024 80,137,298 8 0,060,018 99.90% - 8 0,060,018 99.90%
NOTES:
* This table includes data for all property taxes billed applicable to all funds for Queen Anne's County, Maryland to include General,
Special Revenue, and Enterprise Funds. Property taxes billed for the State of Maryland and various municipalities are excluded.
191

QUEEN ANNE'S COUNTY, MARYLAND
DEBT CAPACITY
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Table 9
Governmental Activities
General Subscription-Based Total
Fiscal Obligation Notes Information Technology Governmental
Year Bonds Payable Leases Arrangements Activities
2015 $ 112,060,053 $ 784,785 $ - $ - $ 112,844,838
2016 118,977,909 1,913,199 - - 120,891,108
2017 123,519,157 1,698,425 - - 125,217,582
2018 132,567,304 1,417,461 - - 133,984,765
2019 135,985,079 1,098,323 - - 137,083,402
2020 136,513,411 775,589 - - 137,289,000
2021 142,970,963 703,773 - - 143,674,736
2022 142,140,969 655,957 - - 142,796,926
2023 132,251,652 608,141 6 14,668 1,178,880 134,653,341
2024 122,661,132 560,325 5 52,354 905,835 124,679,646
Business-type Activities
General Subscription-Based Total Total
Fiscal Obligation Notes Information Technology Business-type Primary
Year Bonds Payable Leases Arrangements Activities Government
2015 $ 3,540,295 $ 11,388,918 $ - $ - $ 14,929,213 $ 127,774,051
2016 3,520,859 10,471,639 - - 13,992,498 134,883,606
2017 3,217,479 16,296,744 - - 19,514,223 144,731,805
2018 2,976,195 25,484,821 - - 28,461,016 162,445,781
2019 2,725,011 29,419,756 - - 32,144,767 169,228,169
2020 2,475,881 31,932,369 - - 34,408,250 171,697,250
2021 2,337,041 34,432,935 - - 36,769,976 180,444,712
2022 2,362,308 33,291,256 3 9,225 - 35,692,789 178,489,715
2023 2,206,362 35,322,576 1 44,381 - 37,673,319 172,326,660
2024 2,011,526 34,997,932 1 10,714 - 37,120,172 161,799,818
Ratios
Debt to
Total Outstanding
Fiscal Personal Debt per
Year Income (1) Capita (1)
2015 6.89% $ 2,618
2016 7.24% 2,780
2017 7.64% 2,960
2018 8.39% 3,322
2019 8.22% 3,335
2020 7.29% 3,264
2021 7.73% 3,458
2022 6.96% 3,421
2023 6.33% 3,332
2024 5.85% 3,081
NOTES:
(1) See Table 14 for personal income and population data, which are used in calculating these ratios.
192

QUEEN ANNE'S COUNTY, MARYLAND
DEBT CAPACITY
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
Table 10
Percentage of
Fiscal General Total Taxable Per
Year Bonded Debt (1) Assessable Base (2) Capita (3)
2015 $ 1 15,600,348 1.53% $ 2,369
2016 1 22,498,768 1.61% 2,525
2017 1 26,736,636 1.63% 2,592
2018 1 35,543,499 1.70% 2,772
2019 1 38,710,090 1.68% 2,733
2020 1 38,989,292 1.64% 2,643
2021 1 45,308,004 1.67% 2,785
2022 1 44,503,277 1.62% 2,769
2023 1 34,458,014 1.44% 2,600
2024 1 24,672,658 1.27% 2,374
NOTES:
* General Bonded Debt includes all general obligation debt, regardless of
purpose or repayment source, and other bonded debt financed with general
government resources. Other debt is excluded because it is not in the form of bonds.
(1)General Bonded Debt is comprised of both governmental and business-
type activities from Table 9.
(2)See Table 5 for taxable assessable base.
(3)See Table 14 for population data.
193

QUEEN ANNE'S COUNTY, MARYLAND
DEBT CAPACITY
COMPUTATION OF NET DIRECT AND OVERLAPPING DEBT
AS OF JUNE 30, 2024
Table 11
Name of Jurisdiction Gross Debt
Queen Anne's County:
County Government
Total Net Direct Debt (1) $ 1 24,679,646
Towns: (2)
Centreville (100%) 10,531,000
Queenstown (100%) 4 ,776,415
Sudlersville (100%) 4 ,491,262
Millington (100%) 1 ,000,000
Total Net Overlapping Debt 2 0,798,677
Total Net Direct and Overlapping Debt $ 1 45,478,323
NOTES:
(1) Net direct debt of the County includes Governmental Activities general obligation bonds, notes payable, leases, and
subscription-based information technology arrangements. See Table 9.
Overlapping debt is the debt of other governmental entities located within the County that is
payable in whole or in part by taxpayers of the County.
(2) Entities are located wholly within Queen Anne's County. Debt information reported by municipalities.
194

195

QUEEN ANNE'S COUNTY, MARYLAND
DEBT CAPACITY
COMPUTATION OF LEGAL DEBT MARGIN
LAST TEN FISCAL YEARS
Table 12-a
2015 2016 2017 2018 2019
Computation of Legal Debt Margin - for Queen Anne's County
Other than Debt related to the Sanitary District:
Authorized debt limit under Title 5 (Subtitle 4) (1) $ 8,000,000 $ 8,000,000 $ 8,000,000 $ 8,000,000 $ 8,000,000
Authorized bonded debt under specific public laws
Enterprise Funds, excluding Sanitary District (4) 3 ,540,295 3 ,520,859 3 ,217,479 2 ,976,195 2 ,725,011
General Obligation Debt (4) 112,060,053 118,977,909 123,519,157 132,567,304 135,985,079
Subtotal 115,600,348 122,498,768 126,736,636 135,543,499 138,710,090
Total authorized debt under Title 5 and specific public laws 123,600,348 130,498,768 134,736,636 143,543,499 146,710,090
LESS Outstanding bonds, notes payable, and capital leases (5) 14,929,213 134,883,606 144,731,805 162,445,781 169,228,169
Less: Sanitary District debt (4) 11,388,918 10,471,639 16,296,744 25,484,821 29,419,756
Subtotal 3 ,540,295 124,411,967 128,435,061 136,960,960 139,808,413
Legal Debt Margin - Other than the Sanitary District $ 120,060,053 $ 6,086,801 $ 6,301,575 $ 6,582,539 $ 6,901,677
Debt related to the Sanitary District Proprietary Fund:
Total taxable assessed value (3) $ 7,568,705,234 $ 7,626,510,532 $ 7,792,264,218 $ 7,974,395,138 $ 8,264,514,461
Plus exempt property (3) 708,231,797 713,843,531 771,576,578 784,345,727 810,049,666
Total assessed value $ 8,276,937,031 $ 8,340,354,063 $ 8,563,840,796 $ 8,758,740,865 $ 9,074,564,127
Debt Limit - 6% of total assessed value (2) $ 496,616,222 $ 500,421,244 $ 513,830,448 $ 525,524,452 $ 544,473,848
LESS Sanitary District 11,388,918 10,471,639 16,296,744 25,484,821 29,419,756
Less: Restricted Cash and Investments in the
Debt Service Fund available for payment of principal 2 ,695,383 1 ,120,775 9 47,445 1 ,060,045 1 ,259,440
8 ,693,535 9 ,350,864 15,349,299 24,424,776 28,160,316
Legal Debt Margin - Sanitary District $ 487,922,687 $ 491,070,380 $ 498,481,149 $ 501,099,676 $ 516,313,532
NOTES:
(1) Title 5, Subtitle 4 (1), of the Code of Public Local Laws of Queen Anne's County authorizes the County to borrow up to $8,000,000 for
general operating and capital improvement expenditures. This authority is in addition to any bonded debt authorized under specific public local laws.
(2) Title 24, Subtitle 1, Section 24-146(A) of the Code of Public Local Laws of Queen Anne's County authorizes the County to borrow an amount not to
exceed 6% of the total value of property assessed. The proceeds of such borrowings must be used for sewer and water system construction payments.
(3) See Table 5.
(4) See Note 9, Section B.
(5) See Note 9.
196

QUEEN ANNE'S COUNTY, MARYLAND
DEBT CAPACITY
COMPUTATION OF LEGAL DEBT MARGIN
LAST TEN FISCAL YEARS
Table 12-a
(CONTINUED)
2020 2021 2022 2023 2024
$ 8,000,000 $ 8,000,000 $ 8,000,000 $ 8,000,000 $ 8,000,000
2 ,475,881 2,337,041 2,362,308 2,206,362 2,011,526
136,513,411 142,970,963 142,140,969 132,251,652 122,661,132
138,989,292 145,308,004 144,503,277 134,458,014 124,672,658
146,989,292 153,308,004 152,503,277 142,458,014 132,672,658
171,697,250 180,444,712 35,692,789 38,852,199 38,026,007
31,932,369 34,432,935 33,291,256 35,322,576 34,997,932
139,764,881 146,011,777 2,401,533 3,529,623 3,028,075
$ 7,224,411 $ 7,296,227 $ 150,101,744 $ 138,928,391 $ 129,644,583
$ 8,486,858,638 $ 8,714,892,522 $ 8,921,620,470 $ 9,335,551,287 $ 9,841,742,881
839,013,301 860,398,332 879,391,068 887,420,959 920,628,412
$ 9,325,871,939 $ 9,575,290,854 $ 9,801,011,538 $ 1 0,222,972,246 $ 1 0,762,371,293
$ 559,552,316 $ 574,517,451 $ 588,060,692 $ 613,378,335 $ 645,742,278
31,932,369 34,432,935 33,291,256 35,322,576 34,997,932
2 ,031,867 2,684,988 1,913,102 1,703,815 2,170,557
29,900,502 31,747,947 31,378,154 33,618,761 32,827,375
$ 529,651,814 $ 542,769,504 $ 556,682,538 $ 579,759,574 $ 612,914,903
197

QUEEN ANNE'S COUNTY, MARYLAND
DEBT CAPACITY
COMPUTATION OF LOCAL DEBT LIMIT
LAST TEN FISCAL YEARS
Table 12-b
2015 2016 2017 2018 2019
Computation of Local Debt Limit, as Authorized under Article 95, Section 22F of the Annotated Code of Maryland
and per criteria established by Queen Anne's County Resolution No. 13-04, as adopted May 2013.
CALCULATION PER FIRST FINANCIAL CRITERIA:
The sum of all outstanding and new general obligation and/or
bonded debt is 2.5% or less of the total taxable assessed base.
Total Taxable Assessed Base (1) $ 7,568,705,234 $ 7,626,510,532 $ 7,792,264,218 $ 7 ,974,395,138 $ 8 ,264,514,461
2.5% 2.5% 2.5% 2.5% 2.5%
2.5% of Total Taxable Assessed Base $ 189,217,631 $ 190,662,763 $ 194,806,605 $ 1 99,359,878 $ 2 06,612,862
LESS Outstanding and New General Obligation Debt applicable to limit (2) (3)
Enterprise Funds' Debt - Bonds $ 3 ,540,295 $ 3,520,859 $ 3,217,479 $ 2 ,976,195 $ 2 ,725,011
General Obligation Debt - Bonds and Notes 1 12,844,838 120,891,108 125,217,582 1 33,984,765 1 37,083,402
Total Outstanding and New General Obligation Debt $ 116,385,133 $ 124,411,967 $ 128,435,061 $ 1 36,960,960 $ 1 39,808,413
2.5% of Total Taxable Assessed Base in Excess of
Total Outstanding and New General Obligation Debt $ 7 2,832,498 $ 66,250,796 $ 66,371,544 $ 6 2,398,918 $ 6 6,804,449
CALCULATION PER SECOND FINANCIAL CRITERIA:
The sum of all outstanding and new general obligation and/or
bonded debt is $3,000 or less per capita.
Total County Population (4) 48,804 48,517 48,904 48,904 50,750
$3,000 Per Capita $ 3,000 $ 3,000 $ 3,000 $ 3,000 $ 3,000
$ 146,412,000 $ 145,551,000 $ 146,712,000 $ 1 46,712,000 $ 1 52,250,000
LESS Outstanding and New General Obligation Debt (1) $ 116,385,133 $ 124,411,967 $ 128,435,061 $ 1 36,960,960 $ 1 39,808,413
$3,000 Per Capita in Excess of
Total Outstanding and New General Obligation Debt $ 3 0,026,867 $ 21,139,033 $ 18,276,939 $ 9 ,751,040 $ 1 2,441,587
NOTES:
(1) See Table 5 - Total Taxable Assessed Value.
(2) See Note 9 A - Changes in Noncurrent Liabilities.
(3) General Obligation Debt includes debt relating to the Sanitary District, because such debt is backed by the full faith
and credit of the County, but excludes all capital leases, which are collateralized by the equipment purchased with
such leases.
(4) See Table 14 - Population.
In May, 2013, as described in Note 9 E, Queen Anne’s County adopted Resolution No. 13-04, thereby continuing
a local debt policy in compliance with Article 95, Section 22F of the Annotated Code of Maryland.
This policy requires that the County’s Director of Budget and Finance to take the following steps:
(a) prepare a six-year capital project plan each year;
(b) propose an amount to be transferred from the General Fund operating balance to the General Capital Projects
Fund to serve as pay-as-you-go funding in the latter Fund, in order to lessen the need for future County debt;
(c) limit the County’s non-bonded indebtedness to $8.0 million for general operating expenses or capital
improvements;
(d) certify that the sum of outstanding general bonded debt and any new general obligation debt is 2.5% or less
of the total taxable assessed base and is $3,000 or less per capita; and
This policy also stipulates that although there is some flexibility as to the acceptable percentage of debt service to general fund
expenditures, and no absolute limit has been established by the rating agencies or the Government Finance Officers Association,
anything above 12% of total general fund expenditures would be a cause to carefully monitor debt service.
198

QUEEN ANNE'S COUNTY, MARYLAND
DEBT CAPACITY
COMPUTATION OF LOCAL DEBT LIMIT
LAST TEN FISCAL YEARS
Table 12-b
(CONTINUED)
2020 2021 2022 2023 2024
$ 8 ,486,858,638 $ 8 ,714,892,522 $ 8 ,921,620,470 $ 9 ,335,551,287 $ 9 ,841,742,881
2.5% 2.5% 2.5% 2.5% 2.5%
$ 2 12,171,466 $ 2 17,872,313 $ 2 23,040,512 $ 2 33,388,782 $ 2 46,043,572
$ 2,475,881 $ 2,337,041 $ 2,362,308 $ 2,206,362 $ 2,011,526
1 37,289,000 1 43,674,736 1 42,796,926 1 32,859,793 1 23,221,457
$ 1 39,764,881 $ 1 46,011,777 $ 1 45,159,234 $ 1 35,066,155 $ 1 25,232,983
$ 7 2,406,585 $ 7 1,860,536 $ 77,881,278 $ 98,322,627 $ 1 20,810,589
52,597 52,177 52,177 51,711 52,508
$ 3,000 $ 3,000 $ 3,000 $ 3,000 $ 3,000
$ 1 57,791,000 $ 1 56,531,000 $ 1 56,531,000 $ 1 55,133,000 $ 1 57,524,000
$ 1 39,764,881 $ 1 46,011,777 $ 1 45,159,234 $ 1 35,066,155 $ 1 25,232,983
$ 1 8,026,119 $ 1 0,519,223 $ 11,371,766 $ 20,066,845 $ 32,291,017
199

QUEEN ANNE'S COUNTY, MARYLAND
DEMOGRAPHIC AND ECONOMIC INFORMATION
PRINCIPAL EMPLOYERS
CURRENT FISCAL YEAR AND NINE YEARS AGO
Table 13
For the Fiscal Year Ended June 30, 2024
Percentage of
Total County
Employer Employees Rank Employment
Queen Anne's County Board of Education 1,096 1 6.96%
Queen Anne's County Government 675 2 4.29%
Paul Reed Smith Guitars 468 3 2.97%
Chesapeake College 385 4 2.45%
REEB Millwork 303 5 1.92%
S.E.W. Friel 260 6 1.65%
Food Lion 203 7 1.29%
The Chesapeake Bay Beach Club 150 8 0.95%
Harris Seafood Company 125 9 0.79%
Federal Resources Supply 120 10 0.76%
Total 3,785 24.03%
For the Fiscal Year Ended June 30, 2015
Percentage of
Total County
Employer Employees Rank Employment
Queen Anne's County Board of Education 944 1 8.81%
Chesapeake College 510 2 4.76%
Queen Anne's County Government 449 3 4.19%
S.E.W. Friel 275 4 2.57%
Paul Reed Smith Guitars 249 5 2.32%
Reeb Millwork 180 6 1.68%
Cracker Barrel Old Country Store 170 7 1.59%
Power Electronics 162 8 1.51%
Fisherman's Inn 135 9 1.26%
Genesis HealthCare/Corsica Hall Center 134 10 1.25%
Total 3,208 29.94%
Source: Queen Anne's County Economic Development Office; Table 15.
200

QUEEN ANNE'S COUNTY, MARYLAND
DEMOGRAPHIC AND ECONOMIC INFORMATION
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
Table 14
Average
Total Registered
Fiscal Personal Per Capita Unemployment Number of
Year Population (1) Income (2) Income (3) Rate (3) Pupils (4)
2015 48,804 $ 1 ,854,356,784 $ 3 7,996 4.90% 7,752
2016 48,517 1,862,664,664 3 8,392 3.90% 7 ,738
2017 48,904 1,894,198,632 3 8,733 3.80% 7 ,799
2018 48,904 1,936,256,072 3 9,593 3.90% 7 ,768
2019 50,750 2,058,064,750 4 0,553 3.70% 7 ,767
2020 52,597 2,353,926,138 4 4,754 7.00% 7 ,705
2021 52,177 2,335,129,458 4 4,754 5.20% 7 ,351
2022 52,177 2,565,960,506 4 9,178 4.00% 7 ,418
2023 51,711 2,722,687,572 5 2,652 1.50% 7 ,539
2024 52,508 2,764,651,216 5 2,652 2.80% 7 ,492
NOTES:
(1) Source: Queen Anne's County Division of Land Use and Zoning
(2) Personal income derived by multiplying population by per capita income.
(3) Source: US Census Bureau and Maryland Department of Labor, Licensing, and Regulation - as of June.
(4) Source: Queen Anne's County Board of Education.
201

QUEEN ANNE'S COUNTY, MARYLAND
OPERATING INFORMATION
COUNTY GOVERNMENT EMPLOYEES - FULL-TIME EQUIVALENTS
LAST TEN FISCAL YEARS
Table 15
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Number of Exempt Employees 30 32 35 34 32 33 37 40 40 46
Number of Full Time Employees 416 431 439 450 479 484 496 462 533 627
Number of Part Time Employees (FTE) 3 3 4 3 3 2 2 2 2 2
Total County Government Employees 449 466 478 487 514 519 535 504 575 675
NOTES:
Source: Queen Anne's County Office of Budget and Finance
202

QUEEN ANNE'S COUNTY, MARYLAND
OPERATING INFORMATION
COUNTY GOVERNMENT EMPLOYEES - FULL-TIME ONLY BY FUNCTION
LAST TEN FISCAL YEARS
Table 16
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Governmental Activities:
General Government 81 83 87 76 75 78 79 83 92 97
Public Safety:
Police 58 59 61 62 69 71 70 65 72 93
Fire - Emergency Management Services 71 72 73 75 82 83 83 84 101 118
Detention Center 41 41 45 41 42 43 45 42 46 54
Animal Services 3 2 2 2 2 2 13 7 13 16
Public Works 58 61 59 75 80 77 75 68 77 93
Health 1 1 1 1 1 1 1 1 1 1
Social Services 38 42 41 39 39 39 41 41 40 45
Parks 39 42 44 43 46 52 51 43 53 60
Conservation of Natural Resources 3 4 4 4 4 4 4 3 3 4
Economic/Community Development 3 6 5 10 11 9 10 10 12 17
Total Governmental Activities 396 413 422 428 451 459 472 447 510 598
Business-Type Activities:
Sanitary District 46 46 48 51 55 53 56 50 60 72
Bay Bridge Airport 1 1 1 2 2 2 2 2 2 2
Golf 1 1 1 1 1 1 1 1 1 1
Public Landings 2 2 2 2 2 2 2 2 2 2
Total Business-Type Activities 50 50 52 56 60 58 61 55 65 77
Total Full-Time County Employees 446 463 474 484 511 517 533 502 575 675
NOTES:
- Only full-time County employees are represented in this table.
- Employees of the County's component units have been excluded from this table.
Source: Queen Anne's County Office of Budget and Finance
203

QUEEN ANNE'S COUNTY, MARYLAND
OPERATING INFORMATION
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
Table 17
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Governmental Activities:
General Government:
Planning & Zoning:
Number of commercial permits issued 52 50 47 55 30 49 91 63 83 48
Number of residential permits issued:
Single Family Permits 123 84 124 145 155 173 275 136 271 284
Multi Family Permits - 1 29 - 37 41 62 32 2 56
Renovations and Additions Permits 270 303 323 339 359 317 343 203 357 303
Total residential permits issued 393 388 476 484 551 531 680 371 630 643
Public Safety:
Fire and Rescue:
Number of volunteer members 683 500 400 500 450 542 558 550 703 757
Police:
Uniformed Police Officers 64 64 64 68 69 71 71 73 77 84
Number of law violations:
Physical arrests 1,055 903 914 1,097 930 854 1,080 812 859 1,240
Traffic violations 6,030 8,002 7,183 12,384 10,474 9,705 11,142 7,447 9,859 13,111
Detention Center:
Detention Center Officers 41 39 38 42 41 41 42 41 43 43
Average yearly prison population 123 115 133 115 105 106 158 154 108 99
Public Works:
Wastewater Treated - Daily (mgd) 2.1 2.0 2.0 2.2 2.2 2.1 2.3 2.7 2.6 2.6
Education:
Number of Personnel
Teachers 575 575 572 569 572 584 603 609 615 615
Administrators 40 40 38 37 37 37 36 38 43 49
Support 295 296 304 300 301 281 336 364 348 349
Other 34 34 34 34 32 7 7 7 5 83
Number of Students 7,752 7,738 7,799 7,768 7,767 7,705 7,351 7,418 7,539 7,492
Number of High School Graduates 589 532 550 552 521 590 561 535 534 568
NOTES:
Source: Various County departments.
204

QUEEN ANNE'S COUNTY, MARYLAND
OPERATING INFORMATION
CAPITAL ASSET STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
Table 18
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Governmental Activities:
Public Safety:
Fire and Rescue:
Number of volunteer stations 9 9 9 9 9 9 9 9 9 9
Equipment:
Engines 16 16 16 16 15 15 15 15 14 15
Tankers 8 8 8 8 7 9 9 9 9 9
Aerial Units 4 5 5 4 5 5 5 5 5 5
Rescue Units 7 6 6 5 5 7 7 7 7 7
Brush Units 7 7 7 7 7 8 8 8 8 8
Boats 6 6 6 3 4 4 4 4 4 4
Ambulance/Medic Units 14 12 13 13 11 13 12 13 11 11
Cars/Other 25 25 16 14 28 33 33 33 30 34
Police:
Number of Stations 1 1 1 1 1 1 1 1 1 1
Number of Vehicles
Patrol 68 71 70 70 71 81 66 43 60 74
Other 15 10 9 14 14 12 29 67 30 33
Detention Center
Capacity 148 148 148 148 148 148 148 148 148 148
Public Works:
County Maintained Roads and Streets
Paved (miles) 543 540 549 549 549 550 550 549 549 549
Unpaved (miles) 12 12 12 12 12 12 12 12 12 12
County Owned Water and
Wastewater Facilities
Water
Miles of Mains 62 64 65 67 68 69 70 71 71 72
Water Treatment Plants 11 11 11 11 11 11 11 11 11 11
Booster Stations 2 2 2 2 2 2 2 2 2 2
Wastewater
Miles of Mains 122 128 136 151 153 154 160 162 162 162
Wastewater Treatment Plants 1 1 1 1 1 1 1 1 1 1
Wastewater Collection, Lift,
and Pumping Stations 31 31 32 32 32 32 32 32 32 33
Education:
Number of Schools
High Schools 2 2 2 2 2 2 2 2 2 2
Middle Schools 4 4 4 4 4 4 4 4 4 4
Elementary Schools 8 8 8 8 8 8 8 8 8 8
Parks and Recreation:
Parks 33 32 32 32 32 32 32 32 32 32
Park Acreage 2,915 2,915 2,915 3,085 3,085 3,085 3,085 3,085 3,085 3,089
Public Landings 20 19 20 20 20 20 20 20 20 20
Library:
Number of Libraries 3 3 3 3 3 3 3 3 3 3
NOTES:
Source: Various County departments.
205