Fiscal Year 2022 ACFR (PDF)

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QUEEN ANNE'S COUNTY, MARYLAND
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2022
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
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 - 16
Management's Discussion and Analysis (required supplementary information) 17 - 30
BASIC FINANCIAL STATEMENTS 31
Government-Wide Financial Statements
Statement of Net Position 32 - 33
Statement of Activities 34 - 35
Governmental Fund Financial Statements
Balance Sheet 36
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position 37
Statement of Revenues, Expenditures and Changes in Fund Balances 38
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund
Balances of Governmental Funds to the Statement of Activities 39
Enterprise Fund Financial Statements
Statement of Net Position 40 - 41
Statement of Revenues, Expenses, and Changes in Net Position 42 - 43
Statement of Cash Flows 44 - 45
Fiduciary Fund Statements
Statement of Fiduciary Net Position 46
Statement of Changes in Fiduciary Net Position 47
Notes to Financial Statements 48 - 123
REQUIRED SUPPLEMENTARY INFORMATION 124
Schedule of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual General Fund 125 - 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
Actuarial Assumptions - OPEB Plan 131
Length of Service Awards Program (LOSAP)
Schedule of Changes in the Net LOSAP Liability 132
Notes to the Required Supplemental Information (LOSAP) 133

QUEEN ANNE'S COUNTY, MARYLAND
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2022
TABLE OF CONTENTS
(CONTINUED)
Page(s)
FINANCIAL SECTION (CONTINUED)
OTHER SUPPLEMENTARY INFORMATION 134
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES 135
Non-Major Governmental Funds 136 - 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 - 155
Non-Major Enterprise Funds 156 - 157
Combining Statement of Net Position 158
Combining Statement of Revenues, Expenses, and Changes in Net Position 159
Combining Statement of Cash Flows 160
Fiduciary Funds 161
Custodial Funds 162
Statement of Fiduciary Net Position 163
Statement of Changes in Fiduciary Net Position 164
Community Partnerships for Children 165
Community Partnerships for Children Special Revenue Fund
Combining Balance Sheets - By Grantor 166 - 167
Schedule of Revenues, Expenditures, and Changes in Fund Balances -
By Community Partnership Agreements (CPA) and
Non-Community Partnership Agreements (Non-CPA) 168 - 171
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budgetary Basis 172 - 173
STATISTICAL SECTION (UNAUDITED) 174 - 175
Table
1 Net Position by Component - Government-Wide 176 - 177
2a Changes in Net Position - Government-Wide 178 - 181
2b General Tax Revenues - Governmental Activities 182
3 Fund Balances - Governmental Funds 183
4 Changes in Fund Balances - Governmental Funds 184 - 185
5 Assessed Value of Taxable and Exempt Property 186 - 187
6a Real Property Tax Rates - County Direct Rate 188
6b Real Property Tax Rates - County Special Taxing Districts 189
6c Real Property Tax Rates - Overlapping Governments - Towns 190 - 191
7 Ten Highest Commercial Property Taxpayers 192
8 Property Tax Levies and Collections 193
9 Ratios of Outstanding Debt by Type 194
10 Ratios of General Bonded Debt Outstanding 195
11 Computation of Net Direct and Overlapping Debt 196 - 197
12a Computation of Legal Debt Margin 198 - 199
12b Computation of Local Debt Limit 200 - 201
13 Principal Employers 202
14 Demographic Statistics 203
15 County Government Employees - Full-Time Equivalents 204
16 County Government Employees - Full-Time Only by Function 205
17 Operating Indicators by Function 206
18 Capital Asset Statistics by Function 207

I S
NTRODUCTORY ECTION
4

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
Director, Budget & Finance: Nichole L. Hepfer
J. Patrick McLaughlin, District 2
Chief Treasury Officer: Jeffrey A. Rank
P hilip L. Dumenil, District 3
Christopher M. Corchiarino, District 4
April 28, 2023
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, 2022.
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, 2022, 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, 2022, 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.
5

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
50,747 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 $10,000 with the approval of the County
Administrator. Transfers of appropriations or appropriation of new revenues in excess of $10,000 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
6

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 2022 rate for the County was 4.0%, compared to the state’s rate of 4.7% and the U.S.’s rate of 3.6%. The fiscal year
2022 average rate for the County was 3.7%. The decrease in the unemployment rate for fiscal year 2022 was the result of recovery
from the COVID pandemic.
Unemployment Rate
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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 2022 by 1.6% to $75.9 million due to an increase in assessable base. Local income tax is the County’s
other main revenue source. Income tax collections increased by 4.4% in fiscal year 2022, from $68.0 million in fiscal year 2021
to $71.0 million in fiscal year 2022 as a result of increased employment, capital gains and wages.
Recordation tax declined in fiscal year 2022 with a decrease of 6.7% over fiscal year 2021, from $11.0 million in fiscal year 2021
to $10.2 million in fiscal year 2022. The transfer tax revenue also decreased in fiscal year 2022 by 4.4%, from $4.0 million in
fiscal year 2021 to $3.8 million in fiscal year 2022.
7

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 $13,363,377 in fiscal
year 2022.
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 $730,492 in fiscal year 2022. The current balance of the Revenue Stabilization Fund is $8,352,110.
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 2023, prioritizes capital
expenditures over these years to meet the County’s needs. The six-year program totals $236.1 million and includes: $39.7 million
for the Detention Center renovation; $37.0 million for various Sanitary District projects (includes the Southern Kent Island Sewer
Service at $22.4 million); $36.0 million for various school related projects (includes $14.7 million for Centreville Middle School
and $14.0 million for the board administration building); $30.8 million for Roads Board capital projects (includes $13.5 million
for asphalt overlays); $21.3 million for Parks (includes $5.64 million for artificial turf and $5.4 million for phase two of the Cross
County Connector project); $20.6 million for Administration and General Services (includes $6.0 million for Historic
Courthouse); $12.4 million for Bay Bridge Airport; and $11.4 million for Department of Emergency Services.
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.
8

For fiscal year 2022, Queen Anne’s County general obligation debt was 1.62% of the total taxable assessable base, and the per
capita debt measurement was $2,848. The debt service was 8.3% 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, 2021. 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-three consecutive years (fiscal years 1999-2021). 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,
Nichole L. Hepfer
Director of Budget and Finance
9

•
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, 2021
p.
~ ~
Executive Director/CEO
10

Queen Anne’s County Government Organizational Chart
Queen Anne’s County Voters
County
State’s Attorney Sheriff’s Office Orphan’s Court Circuit Court
Commissioners
Boards & County County Attorney
Commissions Administrator
County Administration Public Works Parks & Recreation Planning & Zoning Community Services Public Safety
Budget & Finance Detention Center
Engineering Parks Liquor Board Aging
Recreation
Human Resources General Services Planning Housing & Emergency Services
Community
Enterprise Funds
Services (cid:120) EMS
Property (cid:120) Marinas &
Economic Zoning / Permits (cid:120) Communications
Development & Management Landings (cid:120) Fire Marshal
(cid:120) Bay Bridge Local (cid:120) Support Services
Tourism Airport
Management (cid:120) Special
Roads (cid:120) Blue Heron Board Operations
Golf Course
- Animal
Information
Control
Technology & Sanitary District - Emergency
Communications
Management
(cid:120) Information
Technology (IT) Solid Waste Department under State law
(cid:120) GIS – Geographic partially or fully funded by
Information County Appropriations
(cid:120) QACTV
(cid:120) Public Information
Departments and
agencies shown to the Board of Education Chesapeake
College
right are not under the
control or supervision of
QAC Free Library Board of Elections
Queen Anne’s County
Government but are
Housing Authority
partially or fully funded by Health Department
County appropriation
under State law. University of MD
Soil Conservation
11 Service Extension

QUEEN ANNE’S COUNTY, MARYLAND
GOVERNMENTAL ORGANIZATION
CERTAIN ELECTED AND OTHER OFFICIALS
AS OF JUNE 30, 2022
CERTAIN ELECTED OFFICIALS
County Commissioners James J. Moran, At Large
Jack N. Wilson, Jr., District 1
Stephen Wilson, 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 Nichole Hepfer
Director of IT Brian Riley
Chief Treasury Officer Jeffrey Rank
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
*Effective December 6th, 2022, Patrick McLaughlin was elected to represent District 2.
12

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, 2022, 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, 2022, 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, 2022, 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.
Emphasis of Matter
During the year ended June 30, 2022, as discussed in Note 21, the County has a prior period
restatement. In accordance with GASB no. 54, blended component units should not be reported in the
General Fund and therefore the Roads Board was recharacterized as a separate fund, the Roads
Operating Fund. In addition, as discussed in Note 10, the County adopted new accounting guidance
GASB no. 87, “Leases”. Our opinion is not modified with respect to these matters.
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
UHY-US.com | An independent member of UHY International
14

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.
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,
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
15

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 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 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.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated April 28,
2023, 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
April 28, 2023
16

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, 2022. 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.
17

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.
18

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
2022 2021 2022 2021 2022 2021
Current and Other Assets $ 201,881,441 $ 164,597,173 $ 62,201,357 $ 54,611,035 $ 264,082,798 $ 219,208,208
Capital Assets 190,874,807 188,206,051 129,251,754 125,398,107 320,126,561 313,604,158
Total Assets 392,756,248 352,803,224 191,453,111 180,009,142 584,209,359 532,812,366
Total deferred Outflows of resources 18,706,064 10,082,413 1,651,620 793,303 20,357,684 10,875,716
Noncurrent liabilities 216,868,181 222,696,479 45,442,547 47,011,245 262,310,728 269,707,724
Other Liabilities 14,383,748 9,719,669 1,381,610 2,770,112 15,765,358 12,489,781
Total Liabilities 231,251,929 232,416,148 46,824,157 49,781,357 278,076,086 282,197,505
Total deferred Inflows of resources 25,652,222 13,437,465 18,836,471 17,044,932 44,488,693 30,482,397
Net investment in capital assets 118,666,142 116,220,059 93,562,741 88,635,207 212,228,883 204,855,266
Restricted amounts 24,012,709 20,883,128 5,310,698 6,322,353 29,323,407 27,205,481
Unrestricted amounts (deficit) 11,879,310 (20,071,163) 28,570,664 19,018,596 40,449,974 (1,052,567)
Total net position $ 154,558,161 $ 117,032,024 $ 127,444,103 $ 113,976,156 $ 282,002,264 $ 231,008,180
The County’s total current and other assets increased by $44.9 million, or 20.5 percent, to $264.1 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 2022 by $282.0 million.
Net position is divided into three categories: net investment in capital assets; restricted amounts; and unrestricted
amounts. By far the largest portion, $212.2 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 $53.2 million at June 30, 2022. Absent the effect of this relationship, the County would
have reported a positive unrestricted amount of $70.8 million on its government-wide financial statements, rather
than the positive unrestricted net assets of $17.6 million reported herein. For a multi-year view of this
calculation, see the Footnote presented in Table 1 of the Statistical Section.
An additional $52.5 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: $13.8 million related to general
government services; $3.0 million for economic/community development; $4.7 million for public safety; and
$2.5 million for conservation of natural resources. For business-type activities, this amount includes $2.5 million
restricted to meet Sanitary District debt covenants; $1.2 million for the Bay Bridge Airport debt service; and
$1.5 million restricted to for other purposes for the Bay Bridge Airport.
At the end of the current fiscal year, Queen Anne’s County Government reports positive balances in two out of
three categories of net position, both for the government as a whole, as well as for its separate governmental
activities. Business-type activities reports positive balances in all net position categories.
19

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
2022 2021 2022 2021 2022 2021
Program revenues:
Charges for services $ 10,490,544 $ 10,391,499 $ 19,228,797 $ 13,332,332 $ 29,719,341 $ 23,723,831
Operating grants and contributions 9,381,209 14,473,649 1,645,287 4,798,388 11,026,496 19,272,037
Capital grants and contributions 7,246,021 5,524,296 3,034,541 2,668,488 10,280,562 8,192,784
General revenues:
Property taxes 76,017,204 74,474,109 - - 76,017,204 74,474,109
Local income tax 78,881,170 73,458,519 - - 78,881,170 73,458,519
Other local taxes
Admission and amusement taxes 247,533 183,601 - - 247,533 183,601
Recordation taxes 10,243,655 10,974,409 - - 10,243,655 10,974,409
Hotel taxes 849,345 596,806 - - 849,345 596,806
County transfer taxes 3,824,021 4,000,090 - - 3,824,021 4,000,090
State Shared Taxes 1,692,747 - - - 1,692,747 -
Investment income 462,588 239,908 414,822 424,983 877,410 664,891
Gain (loss) on sale of capital assets (1,157,005) 95,687 5,265 573,500 (1,151,740) 669,187
Miscellaneous 1,801,868 1,073,180 2,511,617 1,189,317 4,313,485 2,262,497
Total Revenues 199,980,900 195,485,753 26,840,329 22,987,008 226,821,229 218,472,761
Governmental Activities:
General government 20,975,854 21,447,303 - - 20,975,854 21,447,303
Public safety 32,937,936 33,376,832 - - 32,937,936 33,376,832
Public works 15,486,633 13,898,271 - - 15,486,633 13,898,271
Parks & recreation 6,445,776 6,051,585 - - 6,445,776 6,051,585
Health & Social Services 6,631,472 6,969,134 - - 6,631,472 6,969,134
Education & Library 68,957,650 68,632,733 - - 68,957,650 68,632,733
Conservation of natural resources 2,402,429 3,621,749 - - 2,402,429 3,621,749
Economic and Community development 3,012,720 5,262,207 - - 3,012,720 5,262,207
Interest and fiscal charges 4,415,584 4,330,706 - - 4,415,584 4,330,706
Business-type Activities:
Water and sewer - - 12,384,820 12,157,175 12,384,820 12,157,175
Airport - - 1,017,606 940,188 1,017,606 940,188
Golf course - - 609,737 523,435 609,737 523,435
Public landings and marinas - - 548,928 1,104,170 548,928 1,104,170
Total Expenses 161,266,054 163,590,520 14,561,091 14,724,968 175,827,145 178,315,488
Increase in Net Position before Transfers 38,714,846 31,895,233 12,279,238 8,262,040 50,994,084 40,157,273
Transfers in (out) (1,188,709) (150,236) 1,188,709 150,236 - -
Increase in Net Position 37,526,137 31,744,997 13,467,947 8,412,276 50,994,084 40,157,273
Net Position, prior year 117,032,024 85,287,027 113,976,156 105,563,880 231,008,180 190,850,907
Net Position - current year $ 154,558,161 $ 117,032,024 $ 127,444,103 $ 113,976,156 $ 282,002,264 $ 231,008,180
20

Governmental activities:
Revenues for governmental activities were $200.0 million for fiscal year 2022. The following chart depicts
revenues by source for governmental activities:
 Taxes comprise the largest source of County revenue, totaling $171.8 million (85.9 percent) of total
revenue for fiscal year 2022. Of that amount, property and local income tax together yielded $154.9
million (77.5 percent) of all revenue. Each County sets its own property and income tax rates, within
parameters established by the State. For fiscal year 2022, the County’s property tax rate remained
constant at $.8471 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 $9.4 million, reflect grants from Federal and State agencies
that support specific County programs. Programs that benefitted the most were: General Government
($2.9 million or 31.1 percent), Health and Social Services ($2.6 million or 27.7 percent), Public Safety
($2.3 million or 24.5 percent) and Economic/Community development ($1.5 million or 16.2 percent).
 Charges for services, totaling $10.5 million, reflect fees charged to County citizens. These primarily
support public safety ($2.8 million or 26.5 percent), education and library ($2.4 million or 23.3 percent),
general government ($2.4 million or 22.9 percent), parks and recreation ($1.1 million or 10.9 percent),
and public works ($1.1 million or 10.8 percent).
 Capital grants and contributions, totaling $7.2 million, reflect contributions from Federal and State
agencies, as well as developers. Programs that benefitted the most were: parks and recreation ($1.9
million or 27.1 percent), education and library ($1.8 million or 25.5 percent), general government ($1.2
million or 16.8 percent), conservation of natural resources ($1.1 million or 15.1 percent), and public
safety ($908 thousand or 12.5 percent).
21

Expenses for all governmental activities were $161.3 million for fiscal year 2022. 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 $69 million (42.8 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 2022 2021 2022 2021 2022 2021
Education and Library $ 68,957,650 $ 66,649,935 $ 4,289,583 $ 3,383,580 $ (64,668,067) $ (63,266,355)
Public safety 32,937,936 33,376,832 5,991,282 6,755,881 (26,946,654) (26,620,951)
General government 20,975,854 21,447,303 6,540,300 5,771,395 (14,435,554) (15,675,908)
Public works 15,486,633 13,898,271 1,142,909 2,577,872 (14,343,724) (11,320,399)
Parks & recreation 6,445,776 6,051,585 3,146,417 1,618,741 (3,299,359) (4,432,844)
Health & Social Services 6,631,472 4,557,075 2,894,945 2,576,637 (3,736,527) (1,980,438)
Conservation of natural resources 2,402,429 5,262,207 1,142,251 4,843,515 (1,260,178) (418,692)
Economic and Community development 3,012,720 3,621,749 1,921,581 1,888,076 (1,091,139) (1,733,673)
Interest and fiscal charges 4,415,584 8,725,563 48,506 973,747 (4,367,078) (7,751,816)
Total $ 161,266,054 $ 163,590,520 $ 27,117,774 $ 30,389,444 $ (134,148,280) $ (133,201,076)
Of the total cost of $161.3 million for governmental activities, $27.1 million (16.8 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 $10.5 million, while
governments and other organizations that benefited indirectly from these programs contributed operating grants
of $9.4 million and capital grants of $7.2 million.
County taxpayers paid for most of the remaining $134.1 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: $64.7 million
for education and library; $26.9 million for public safety; $14.4 million for general government; $14.3 million
for public works; $3.3 million for parks and recreation; $3.7 million for health and social services; $1.3 million
for conservation of natural resources; $1.1 million for economic and community development; and $4.4
22

million for interest and fiscal charges. See Changes in Net Position and General Fund Budgetary Highlights for
further details.
Changes in net position: Government-wide revenues, less expenses, plus/minus transfers in/out, yield changes
in net position. During fiscal year 2022, governmental activities increased the County’s net position overall by
$37.5 million, compared to an increase of $31.7 million in fiscal year 2021. The following discussion explains
changes in net position relative to the prior fiscal year.
Revenues for governmental activities increased by $4.5 million (2.3 percent). The following key revenues
changed, when compared to the prior fiscal year:
 Income taxes increased by $5.4 million (7.4 percent), from $73.5 million in fiscal year 2021 to $78.9
million in fiscal year 2022. 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.
 Operating grants and contributions decreased by $5.1 million (35.2 percent), from $14.5 million in fiscal
year 2021 to $9.4 million in fiscal year 2022. The entire decrease is the result of a decrease in grant
funding provided by the Federal Government to assist the County in navigating through the COVID-19
pandemic.
 Capital grants and contributions increased by $1.7 million (31.2 percent), from $5.5 million in fiscal
year 2021 to $7.2 million in fiscal year 2022. The main result of this increase was a capital grant for
$1.2 million received for parks for athletic field work.
 Property taxes increased by $1.5 million (2.1 percent), from $74.5 million in fiscal year 2021 to $76.0
million in fiscal year 2022 due to an increase in property assessments.
 County transfer taxes increased $1.5 million (37.9 percent), from $4.0 million in fiscal year 2021 to
$5.5 million in fiscal year 2022. This increase is also a result of rising prices and demand in the housing
market.
 Loss on sale of capital assets decreased $1.3 million (1309.2 percent), from $95 thousand in fiscal year
2021 to -$1.2 million in fiscal year 2022. This decrease consists of the following: $642 thousand
disposal of buildings during construction, $244 thousand due to CIP write off to a project not resulting
in an asset, and $146 thousand of fiber network asset disposal not owned by the county.
Expenses for governmental activities decreased by $2.3 million (1.4 percent). Key positive and negative expense
changes, in order of relative importance, are:
 Economic and Community Development decreased by $2.2 million (42.8 percent), mainly resulting
from the decrease in COVID related expenditures.
 Conservation of Natural Resources decreased by $1.2 million (33.7 percent), due to the decrease of rural
legacy easements. Generally, the timing of easements purchased is affected by the evaluation of the
identified land, as well as the availability of State funds.
 Public Works increased by $1.6 million (11.4 percent). $900 thousand of this increase was due to
expenses associated with Roads capital projects in the Asphalt project, which varies due to timing of
road maintenance. The remaining increase was in various department throughout the county.
23

Business-type activities:
Revenues, transfers in, and expenses for business-type activities were $26.8 million, $1.2 million, and $14.6
million, respectively, for fiscal year 2022. 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 by $13.5 million in fiscal year 2022,
which is $5.1 million more than the prior year’s increase of $8.4 million. The fiscal year 2022 change in net
position resulted primarily from:
 Operating Revenues before transfers increased by $3.9 million (16.8 percent), from $23.0 million in
fiscal year 2021 to $26.8 million in fiscal year 2022, for all business-type activities. Operating grants
and contributions decreased by $3.1 million, mainly due to decreased intergovernmental grant funding
in the Sanitary district. Charges for services increased by $5.9 million primarily due to an increase in
the Sanitary district restricted funds which had higher allocation fees than in fiscal year 2021. Capital
grants and contributions increased by $366 thousand mainly due to Sanitary District SKI development
phase 2.
24

 Operating Expenses decreased by $164 thousand (-1.1 percent), from $14.7 million in fiscal year 2021
to $14.6 million in fiscal year 2022, for all business-type activities. The main reason for the decrease
was public landings decreased by $555 thousand (50.3 percent) which is related to the Corsica river
dredging project that was completed in fiscal year 2021. Water and sewer activities increase by $227
thousand (1.9 percent) mainly due to an increase in supplies and materials.
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 $154.6 million, compared to $129.8 million for the prior year. Approximately
20.8 percent of this total ($32.1 million) constitutes unassigned fund balance, which is available for spending.
The total unassigned fund balance of $32.1 million is comprised of $32.1 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 and prepaid items. Restricted fund balance of $40.1 million (25.9 percent) includes amounts that
can be spent only for specific purposes stipulated by external sources or legal restrictions. Included in the
restricted fund balance is $13.4 million for the rainy day fund.
Committed fund balance of $35.4 million (22.9 percent) represents those amounts that can be used only for the
specific purposes of the government’s highest level of decision-making authority. Included in the committed
fund balance is $8.4 million for the revenue stabilization fund.
The remaining $45.6 million of fund balance (29.5 percent) constitutes assigned fund balances. These amounts
are intended to be used by the government for the specific purposes of each fund.
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 $59.9 million, which is an increase of $10.8 million (17
percent) from the fiscal year 2021 balance of $49.1 million. Of the $10.8 million increase, local property tax
increased by $1.5 million (2.1 percent) as a result of higher than anticipated new construction, including several
new commercial properties in the Kent Narrows area and the quicker-than-expected expansion of a large
subdivisions on Kent Island, local income tax $5.4 million (7.4 percent) due to increase in wage rates and capital
gains.
Of the total $59.9 million in fund balance, $32.1 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, $13.4 million of rainy
day funds are included in the General Fund’s restricted fund balance of $17.8 million for fiscal year 2022. The
remaining fund balance is comprised of $48 thousand in nonspendable, $8.4 million in committed, and $1.5
million of assigned.
For further explanations of General Fund revenues and expenditures, see the General Fund Budgetary
Highlights section of this MD&A.
25

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.
As of June 30, 2022, the General Capital Projects Fund has a total fund balance of $58.7 million, compared to
$46.5 million at the end of the prior fiscal year. The $58.7 million in total fund balance is comprised of $16.4
million in restricted fund balance, mainly for unspent bond proceeds, $4.6 million of fund balance committed
for specific projects, and $37.7 million of assigned fund balance. The increase in General Capital Projects fund
balance resulted from the transfer in from the General Fund, which will be used to fund future capital projects.
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, 2022, the Roads Capital Projects Fund has a total fund balance of $6.1 million, compared to $6.4
million at the end of the prior fiscal year. Of this total $6.1 million fund balance, $5.6 million has been assigned
to fund ongoing projects, while $553 thousand has been contributed by local developers and is committed to
fund specific infrastructure improvements.
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 2022 amounted
to $30.2 million, which is $9.3 million more than the prior year. Net investment in capital assets also increased
by $4.0 million.
Total net position of the Sanitary District amounted to $105.0 million at the end of fiscal year 2022, which
increased by $12.3 million when compared to the prior year.
The unrestricted net position of the Bay Bridge Airport Enterprise Fund at year end amounted to negative $1.2
million, reflecting a decrease of $130 thousand. The investment in capital assets for the Bay Bridge Airport
increased by $250 thousand in the current fiscal year. In addition, the restricted amount for other purposes
decreased by $120 thousand.
Total net position of the Bay Bridge Airport amounted to $15.7 million at the end of fiscal year 2022, which is
an increase of $255 thousand from the prior year amount of $15.4 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 $172.2 million. Amendments increased spending authority by $16.3 million during fiscal year 2022,
when compared to the original budget of $155.9 million.
Major components of these expenditure budget increases are as follows:
26

 Budgeted Transfers Out to General Capital Projects increased by $12.0 million from the original budget
during the year and budgeted transfers out to Roads Operating Fund increased by $4.4 million from the
original budget. There are several capital projects in which the County plans to move aggressively on
and will rely on fund balance available in the General Capital Projects fund to cover a portion of the
costs.
 Budgeted Transfers Out to the Agricultural Transfer Tax Fund increased by $1.2 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 $5.8 million.
Actual expenditures, and other financing uses, were less than final budgetary appropriations by $5.5 million.
The net effect of these two disparities was a positive variance of actual to final budget of $11.4 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 (2.9 percent) due to a higher
than anticipated increase in assessments.
 Charges for Current Services revenue was $1.2 million more than the final budget (44.2 percent), this
increase was mainly due to the EMS Supplemental Payment Program Audit that unexpectedly increased
Public Safety User Fees.
 Miscellaneous revenue was $1.0 million more than the final budget (213 percent), this was a result from
our Workmen’s Compensation audit that resulted in the County receiving a credit.
Expenditures:
 Final Budgeted Salaries and Benefits were $41.9 million for the year, while actual costs were $42.2
million. They were overspent at year-end by $278 thousand (.6 percent). Budgeted salaries and benefits
include reversions of $1.0 million. Absent the budget for reversions, actual costs were $722 thousand
less than budget. The savings were recognized in multiple departments due to vacant positions.
 Final Budgeted Other Operating Charges were $130.3 million for the year, while actual costs were
$124.5 million. These costs were lower than budget at year end by $5.8 million (4.5 percent). Operating
Charges include contracted services, supplies, other charges, debt service, and transfers out.
o Transfers Out were underspent by $2.7 million, due to savings realized by Roads ($1.3 million)
the Department of Aging ($1.0 million), Golf Course Enterprise Fund ($195 thousand), and
Housing and Community Services ($144 thousand) which allowed these departments to forgo
this portion of their appropriation.
o Other Charges were underspent by $2.0 million. Savings were realized in Roads ($1.4 million),
Contingencies ($221 thousand), Benefits ($180 thousand), and Intergovernmental ($145
thousand). The remaining savings for other charges were spread throughout the General Fund.
o Contracted Services were underspent by $302 thousand, with the largest savings realized by
Detention Center ($157 thousand), Information Technology ($135 thousand), and Elections
($102 thousand). Roads makes up the difference by and going over budget by $97 thousand.
o Debt Service was underspent by $231 thousand, which resulted from actual debt service for the
2021 bonds being lower than estimated.
27

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, 2022 amounted to $320.1 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 $6.5 million or 2.1%.
Capital asset activities, net of depreciation, are summarized as follows:
Governmental Activities Business-Type Activities Total
2022 2021 2022 2021 2022 2021
Land and Land Improvements $ 86,279,799 $ 86,326,959 $ 13,406,924 $ 13,383,344 $ 99,686,723 $ 99,710,303
Intangible Rights - Easements 821,819 821,819 6,140 6,140 827,959 827,959
Construction in Progress 9,943,879 9,812,878 4,033,099 19,775,908 13,976,978 29,588,786
Buildings 51,766,249 51,969,009 5,506,926 5,781,870 57,273,175 57,750,879
Improvements other than Buildings 12,824,824 10,899,566 7,969,267 8,019,254 20,794,091 18,918,820
Infrastructure 8,462,691 9,572,977 89,512,819 69,083,222 97,975,510 78,656,199
Auto, machinery, and equipment 20,775,546 18,802,843 8,816,579 9,348,369 29,592,125 28,151,212
Total $ 190,874,807 $ 188,206,051 $ 129,251,754 $ 125,398,107 $ 320,126,561 $ 313,604,158
Noteworthy capital asset events during the current fiscal year for governmental activities included the
following:
o Installation of field lighting at various parks totaling $1.8 million.
o Transfer of infrastructure assets to Sanitary fund totaling $990 thousand.
o County-wide software upgrade totaling $870 thousand.
o Furniture and fixtures related to renovating the Emergency Services building totaling $545 thousand.
Noteworthy capital asset events during the current fiscal year for business-type activities included the following:
o Completion of Sanitary district infrastructure projects totaling $19.0 million.
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, and lease obligations of $262.3 million
for its governmental and business-type activities.
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 $262.3 million in debt, $45.4 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 $2.5 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.
28

Debt activities are summarized as follows:
Governmental Activities Business-Type Activities Total
2022 2021 2022 2021 2022 2021
Bonds, Notes, and Premiums $ 142,796,926 $ 143,674,736 $ 35,653,564 $ 36,769,976 $ 178,450,490 $ 180,444,712
OPEB 36,268,523 34,912,910 7,052,186 6,872,895 43,320,709 41,785,805
Net Pension Liability 24,007,806 31,302,931 2,176,280 2,927,232 26,184,086 34,230,163
LOSAP Liability 10,267,761 9,602,464 - - 10,267,761 9,602,464
Compensated Absences 3,527,165 3,203,438 521,292 441,142 4,048,457 3,644,580
Right-to-use lease obligations - - 39,225 - 39,225 -
Total Noncurrent liabilities $ 216,868,181 $ 222,696,479 $ 45,442,547 $ 47,011,245 $ 262,310,728 $ 269,707,724
During the 2022 fiscal year, the County’s total net debt decreased by $7.4 million (2.7 percent). Of this amount,
governmental debt decreased by $5.8 million (2.6 percent), while business-type debt decreased by $1.6 million
(3.3 percent). In fiscal year 2022, the County issued the public facilities bonds of 2022 totaling $7.8 million.
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 2022 was $2.0
million. In addition, the total other post-employment benefit obligations increased by $1.5 million, the net
pension liability decreased by $8.0 million, the LOSAP liability increased by $665 thousand, and compensated
absences increased by $404 thousand. 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 $7.3 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.
During fiscal year 2022, Queen Anne’s County Government received “AAA” bond ratings from both Fitch
Rating Service and Standard & Poor’s and an “Aa1” bond rating from Moody’s.
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 2023 fiscal year:
 Property assessments are projected to increase by 2.2 percent over the previous year, based on State
Assessment Office values used to compute the Constant Yield rate.
 Income tax revenue was projected at $68.8 million for the 2023 budget.
The following are a few of the highlights from the fiscal year 2023 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 2023;
o The County’s property tax decreased from $.8471 to $.8300; and
o The County’s income tax rates remained the same.
29

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
2022 Annual Comprehensive Financial Report (ACFR)).
30

B F S
ASIC INANCIAL TATEMENTS
31

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF NET POSITION
June 30, 2022
PRIMARY GOVERNMENT
GOVERNMENTAL BUSINESS-TYPE
ACTIVITIES ACTIVITIES TOTAL
ASSETS
Equity in Pooled Cash and Investments $ 121,724,695 $ 16,706,530 $ 138,431,225
Cash and Cash Equivalents - - -
Taxes Receivable (Net) 852,159 - 852,159
Accounts and Loans Receivable (Net) 7,202,858 668,622 7,871,480
Special Assessments (Net) 686,891 - 686,891
Lease receivable 909,715 630,871 1,540,586
Internal Balances 1,607,306 (1,607,306) -
Due from Primary Government - - -
Due from Other Governments 41,579,992 670,752 42,250,744
Inventories 1,327,375 875,664 2,203,039
Prepaid Items 47,789 - 47,789
Endowment Fund - - -
Restricted Assets:
LOSAP Plan Assets 4,335,237 - 4,335,237
Equity in Pooled Cash and Investments 21,607,424 25,682,816 47,290,240
Accounts Receivable (Net) - 2,830,000 2,830,000
Special Assessments Receivable (Net) - 15,743,408 15,743,408
Capital Assets:
Nondepreciable Assets 97,045,497 17,446,163 114,491,660
Depreciable and Amortized Assets, Net 93,829,310 111,805,591 205,634,901
Total Assets 392,756,248 191,453,111 584,209,359
DEFERRED OUTFLOWS OF RESOURCES
OPEB 2,277,456 327,313 2,604,769
Pension Benefits 14,188,064 1,318,411 15,506,475
LOSAP Benefits 1,800,664 - 1,800,664
Deferred Charge on Refunding 439,880 5,896 445,776
Total Deferred Outflows of Resources 18,706,064 1,651,620 20,357,684
LIABILITIES
Accounts Payable and Other Current Liabilities 8,541,166 834,645 9,375,811
Accrued Interest Payable 2,031,126 144,819 2,175,945
Due to Component Units 36,574 - 36,574
Due to Other Governmental Agencies 316,109 - 316,109
Unearned Revenue 3,458,773 383,346 3,842,119
Escrow Deposits - 18,800 18,800
Noncurrent Liabilities:
Due within One Year 11,823,475 2,409,568 14,233,043
Due in More than One Year 205,044,706 43,032,979 248,077,685
Total Liabilities 231,251,929 46,824,157 278,076,086
DEFERRED INFLOWS OF RESOURCES
OPEB 7,612,183 1,040,398 8,652,581
Pension Benefits 15,649,294 1,425,512 17,074,806
LOSAP Benefits 326,518 - 326,518
Lease receivable 864,597 625,033 1,489,630
Deferred Inflows related to Refundings 176,596 2,120 178,716
Deferred Assessments 686,891 15,743,408 16,430,299
Deferred Fees 336,143 - 336,143
Total Deferred Inflows of Resources 25,652,222 18,836,471 44,488,693
NET POSITION
Net Investment in Capital Assets 118,666,142 93,562,741 212,228,883
Amounts Restricted for:
General Government 13,831,732 - 13,831,732
Economic/Community Development 2,954,185 - 2,954,185
Public Safety 4,725,517 - 4,725,517
Conservation of Natural Resources 2,499,815 - 2,499,815
Social Services 1,460 - 1,460
Debt Service - 3,772,690 3,772,690
Capital Projects - - -
Other Purposes - 1,538,008 1,538,008
Unrestricted Amounts (Deficit) 11,879,310 28,570,664 40,449,974
Total Net Position $ 154,558,161 $ 127,444,103 $ 282,002,264
The accompanying notes to the basic financial statements are an integral part of this statement.
32

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF NET POSITION
June 30, 2022
(CONTINUED)
COMPONENT UNITS
BOARD OF FREE
EDUCATION LIBRARY
$ - $ -
18,898,470 1 ,474,450
- -
266,274 2 71,872
- -
- -
- -
64,234 -
4,714,533 -
41,926 -
23,614 1 5,510
- 1 02,172
- -
- -
- -
- -
6,485,568 2 9,850
140,872,787 1 ,457,152
171,367,406 3 ,351,006
50,357,554 1 83,973
2,077,867 -
- -
- -
52,435,421 1 83,973
11,756,620 3 80,429
- -
- -
- -
1,105,637 -
- -
207,894 5 ,515
201,788,782 6 89,667
214,858,933 1 ,075,611
85,866,425 1 41,278
2,390,790 -
- -
- -
- -
- 1 5,000
88,257,215 1 56,278
145,980,461 1 ,473,150
- -
- -
- -
- -
- -
- -
189,310 -
1,978,563 1 1,191
(227,461,655) 8 18,749
$ (79,313,321) $ 2 ,303,090
The accompanying notes to the basic financial statements are an integral part of this statement.
33

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2022
PRIMARY GOVERNMENT
OPERATING CAPITAL
CHARGES FOR GRANTS AND GRANTS AND TOTAL
EXPENSES SERVICES CONTRIBUTIONS CONTRIBUTIONS REVENUE
PRIMARY GOVERNMENT
Governmental Activities
General Government $ 20,975,854 $ 2,400,962 $ 2,920,183 $ 1,219,155 $ 6,540,300
Public Safety 32,937,936 2,782,299 2,300,947 908,036 5,991,282
Public Works 15,486,633 1,134,409 8,500 - 1,142,909
Parks & Recreation 6,445,776 1,149,578 32,494 1,964,345 3,146,417
Health and social services 6,631,472 91,756 2,595,327 207,862 2,894,945
Education and Library 68,957,650 2,438,720 - 1,850,863 4,289,583
Conservation of Natural Resources 2,402,429 46,491 - 1,095,760 1,142,251
Economic/Community Development 3,012,720 397,823 1,523,758 - 1,921,581
Interest and Fiscal Charges 4,415,584 48,506 - - 48,506
Total Governmental Activities 161,266,054 10,490,544 9,381,209 7,246,021 27,117,774
Business-type Activities
Water and Sewer 12,384,820 18,135,534 487,761 3,034,541 21,657,836
Airport 1,017,606 23,774 516,774 - 540,548
Golf Course 609,737 594,180 - - 594,180
Public Landings and Marinas 548,928 475,309 640,752 - 1,116,061
Total Business-type Activities 14,561,091 19,228,797 1,645,287 3,034,541 23,908,625
Total Primary Government $ 175,827,145 $ 29,719,341 $ 11,026,496 $ 10,280,562 $ 51,026,399
COMPONENT UNITS
Board of Education $ 132,672,579 $ 304,740 $ 34,902,958 $ 1,355,083 $ 36,562,781
Free Library 4,661,575 7,202 2,776,783 - 2,783,985
Total Component Units $ 137,334,154 $ 311,942 $ 37,679,741 $ 1,355,083 $ 39,346,766
General Revenues
Local Property Tax
Local Income Tax
Other Local Taxes
Admission and Amusement Taxes
Recordation Taxes
Hotel Taxes
County Transfer Taxes
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.
34

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2022
(CONTINUED)
NET (EXPENSE) REVENUE AND CHANGES IN NET POSITION
PRIMARY GOVERNMENT COMPONENT UNITS
GOVERNMENTAL BUSINESS-TYPE BOARD OF FREE
ACTIVITIES ACTIVITIES TOTAL EDUCATION LIBRARY
$ (14,435,554) $ - $ (14,435,554) $ - $ -
(26,946,654) - (26,946,654) - -
(14,343,724) - (14,343,724) - -
(3,299,359) - (3,299,359) - -
(3,736,527) - (3,736,527) - -
(64,668,067) - (64,668,067) - -
(1,260,178) - (1,260,178) - -
(1,091,139) - (1,091,139) - -
(4,367,078) - (4,367,078) - -
(134,148,280) - (134,148,280) - -
- 9,273,016 9,273,016 - -
- ( 477,058) (477,058) - -
- ( 15,557) (15,557) - -
- 567,133 567,133 - -
- 9,347,534 9,347,534 - -
$ (134,148,280) $ 9,347,534 $ (124,800,746) $ - $ -
$ - $ - $ - $ (96,109,798) $ -
- - - - (1,877,590)
- - - (96,109,798) (1,877,590)
76,017,204 - 76,017,204 - -
78,881,170 - 78,881,170 - -
247,533 - 247,533 - -
10,243,655 - 10,243,655 - -
849,345 - 849,345 - -
3,824,021 - 3,824,021 - -
1,692,747 - 1,692,747
- - - 88,527,444 2,280,997
462,588 414,822 877,410 41,567 (14,496)
(1,157,005) 5,265 (1,151,740) - -
1,801,868 2,511,617 4,313,485 3,976 9,360
(1,188,709) 1,188,709 - - -
171,674,417 4,120,413 175,794,830 88,572,987 2,275,861
37,526,137 13,467,947 50,994,084 (7,536,811) 398,271
117,032,024 113,976,156 231,008,180 (71,776,510) 1,904,819
$ 154,558,161 $ 127,444,103 $ 282,002,264 $ (79,313,321) $ 2,303,090
The accompanying notes to the basic financial statements are an integral part of this statement.
35

QUEEN ANNE'S COUNTY, MARYLAND
BALANCE SHEET
GOVERNMENTAL FUNDS
June 30, 2022
MAJOR FUNDS NON-MAJOR TOTAL
GENERAL GENERAL ROADS GOVERNMENTAL GOVERNMENTAL
FUND CAPITAL CAPITAL FUNDS FUNDS
ASSETS
Cash and Cash Equivalents $ 52,989,864 $ 36,814,289 $ 6 ,297,614 $ 25,622,928 $ 121,724,695
Prepaid Items 47,789 - - - 47,789
Receivables:
Taxes Receivable (Net) 852,159 - - - 852,159
Accounts Receivable (Net) 189,783 744,926 - 90,988 1 ,025,697
Loans Receivable (Net) - - - 6 ,177,161 6 ,177,161
Special Assessments (Net) - - 32,802 654,089 686,891
Due from Other Governments 3 6,417,091 - - 1 ,853,924 3 8,271,015
Due from Other Funds 1 ,112,222 993,355 - - 2 ,105,577
Inventory - - - 1 ,327,375 1 ,327,375
Restricted:
Restricted LOSAP Plan Assets 4 ,335,237 - - - 4 ,335,237
Restricted Equity in Pooled Cash - 2 1,607,424 - - 2 1,607,424
Total Assets $ 95,944,145 $ 60,159,994 $ 6 ,330,416 $ 35,726,465 $ 198,161,020
LIABILITIES
Accrued Liabilities $ 5 ,969,444 $ 1 ,399,577 $ 1 74,162 $ 6 42,763 $ 8 ,185,946
Due to Other Funds - - - 498,271 498,271
Due to Component Units - 36,574 - - 36,574
Due to Other Governmental Agencies - - - 316,109 316,109
Unearned Revenue 14,626 - - 3 ,444,147 3 ,458,773
Total Liabilities 5 ,984,070 1 ,436,151 174,162 4 ,901,290 1 2,495,673
DEFERRED INFLOWS OF RESOURCES
Unavailable Income Taxes 2 9,806,055 - - - 2 9,806,055
Unavailable Property Taxes 188,272 - - - 188,272
Unavailable Inter-County Bonds Receivable 37,316 - - - 37,316
Unavailable Benefit Assessments - - 32,802 654,089 686,891
Unavailable Fees - - - 336,143 336,143
Total Deferred Inflows 3 0,031,643 - 32,802 990,232 3 1,054,677
FUND BALANCES
Nonspendable 47,789 - - 1 ,327,375 1 ,375,164
Restricted 1 7,838,136 1 6,425,179 - 5 ,845,741 4 0,109,056
Committed 8 ,399,587 4 ,642,352 553,088 2 1,815,104 3 5,410,131
Assigned 1 ,500,000 3 7,656,312 5 ,570,364 846,723 4 5,573,399
Unassigned 3 2,142,920 - - - 3 2,142,920
Total Fund Balances 5 9,928,432 5 8,723,843 6 ,123,452 2 9,834,943 154,610,670
Total Liabilities, Deferred Inflows
and Fund Balances $ 95,944,145 $ 60,159,994 $ 6 ,330,416 $ 35,726,465 $ 198,161,020
The accompanying notes to the basic financial statements are an integral part of this statement.
36

QUEEN ANNE'S COUNTY, MARYLAND
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
June 30, 2022
Total Fund Balance - Governmental Funds $ 154,610,670
Capital assets used in governmental fund activities are not current financial resources
and therefore are not reported in the funds. 190,874,807
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. 3 ,308,977
Accrued interest lease receivable 163
Lease receivable 9 09,552
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 1 88,272
Income Taxes deferred in governmental funds 2 9,806,055
Loans receivable deferred in governmental funds 37,316
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 (355,220)
Bonds and Notes Payable (142,796,926)
Accrued Interest Payable (2,031,126)
OPEB (36,268,523)
Net Pension Liability (24,007,806)
Net LOSAP Liability (10,267,761)
Accrued Compensated Absences (3,527,165)
Deferred outflow of resources - OPEB 2 ,277,456
Deferred outflow of resources - Maryland State Pension 1 4,188,064
Deferred outflow of resources - LOSAP 1 ,800,664
Deferred outflow of resources - Refundings 4 39,880
Deferred inflow of resources - OPEB (7,612,183)
Deferred inflow of resources - Maryland State Pension (15,649,294)
Deferred inflow of resources - LOSAP (326,518)
Deferred inflows of resources - Lease Receivable (864,597)
Deferred inflow of resources - Refundings (176,596)
Total Net Position - Governmental Activities $ 154,558,161
The accompanying notes to the basic financial statements are an integral part of this statement.
37

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2022
MAJOR FUNDS NON-MAJOR TOTAL
GENERAL GENERAL ROADS GOVERNMENTAL GOVERNMENTAL
FUND CAPITAL CAPITAL FUNDS FUNDS
REVENUES
Taxes
Local Property Tax $ 75,895,277 $ - $ - $ 4 7,986 $ 75,943,263
Local Income Tax 7 1,002,615 - - - 7 1,002,615
Admission and Amusement Taxes 247,533 - - - 2 47,533
Recordation Taxes 9 ,933,241 - - 3 10,414 1 0,243,655
Hotel Taxes 849,345 - - - 8 49,345
County Transfer Taxes 3 ,824,021 - - - 3 ,824,021
State Shared Taxes - - - 1 ,692,747 1 ,692,747
Franchise Fee 489,972 - - - 4 89,972
Licenses and Permits 1 ,126,267 39,873 - - 1 ,166,140
Intergovernmental 5 ,285,294 6 ,029,243 - 5 ,612,687 1 6,927,224
Charges for Current Services 3 ,835,921 61,284 6,347 4 ,309,879 8 ,213,431
Fines and Forfeitures 79,936 - - 1 76,019 2 55,955
Investment Income 325,225 71,438 15,487 50,438 4 62,588
Donations 5,253 40,000 - 19,799 65,052
Miscellaneous 1 ,520,229 1 15,692 - 1 65,947 1 ,801,868
Total Revenues 174,420,129 6 ,357,530 21,834 1 2,385,916 193,185,409
EXPENDITURES
Current
General Government 1 1,322,706 1 ,385,236 - 96,932 1 2,804,874
Public Safety 3 0,801,902 1 ,013,457 - 1 ,118,597 3 2,933,956
Public Works 7 ,175,031 5 68,949 1 ,802,871 4 ,744,826 1 4,291,677
Parks & Recreation 5 ,416,520 1 62,271 - - 5 ,578,791
Health and Social Services 1 ,957,238 1,640 - 4 ,430,550 6 ,389,428
Education and Library 6 7,687,864 1 ,259,463 - - 6 8,947,327
Conservation of Natural Resources 666,818 40,877 - 1 ,704,074 2 ,411,769
Economic/Community Development 823,249 - - 2 ,174,001 2 ,997,250
Intergovernmental 563,958 - - - 5 63,958
Miscellaneous 6 ,981,356 - - - 6 ,981,356
Capital Outlay - 9 ,476,980 4 00,784 - 9 ,877,764
Debt Service
Principal 7 ,727,374 - - 47,816 7 ,775,190
Debt Issuance Costs - 4 39,157 - - 4 39,157
Interest and Fiscal Charges 4 ,415,584 - - - 4 ,415,584
Total Expenditures 145,539,600 1 4,348,030 2 ,203,655 1 4,316,796 176,408,081
Excess of Revenues Over (Under) Expenditures 2 8,880,529 (7,990,500) (2,181,821) (1,930,880) 1 6,777,328
OTHER FINANCING SOURCES (USES)
Issuance of Debt - 6 ,007,324 1 ,792,676 - 7 ,800,000
Bond Premiums - 4 92,106 - - 4 92,106
Proceeds of Capital Asset Disposals 44,253 609 - 18,988 63,850
Insurance Proceeds 34,756 - - 452 35,208
Transfers In 2 ,964,402 1 3,981,835 1 10,000 6 ,896,466 2 3,952,703
Transfers Out (21,089,395) (262,664) - (2,964,402) (24,316,461)
Other Financing Sources (Uses) (18,045,984) 2 0,219,210 1 ,902,676 3 ,951,504 8 ,027,406
Change in Fund Balances 1 0,834,545 1 2,228,710 (279,145) 2 ,020,624 2 4,804,734
Fund Balances, July 1, as restated 4 9,093,887 4 6,495,133 6 ,402,597 2 7,814,319 129,805,936
Fund Balances, June 30 $ 59,928,432 $ 58,723,843 $ 6 ,123,452 $ 29,834,943 $ 154,610,670
The accompanying notes to the basic financial statements are an integral part of this statement.
38

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, 2022
Net change in fund balance - Governmental Funds $ 24,804,734
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 10,900,285
Current year disposals of capital assets (2,081,014)
Depreciation expenses recorded in the Statement of Activities (6,150,515)
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 (212,238)
Accrued interest related to lease receivable 163
Lease receivable 909,552
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 73,941
Change in Income Tax Deferred Inflows 7,878,555
Change in Loans receivable deferred (35,478)
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 6,878
Issuance of long-term debt (e.g., bonds, notes, and capital 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 8,255,699
Proceeds of debt (7,800,000)
Bond Premium amortization 422,111
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 (249,177)
OPEB (1,355,613)
Net pension liability - Maryland State Pension 7,295,125
Net LOSAP Liability (665,297)
Accrued Compensated Absences (323,727)
Deferred outflow of resources - OPEB 904,962
Deferred outflow of resources - Maryland State Pension 8,161,246
Deferred outflow of resources - LOSAP (330,039)
Deferred outflow of resources - Refunding (112,518)
Deferred inflow of resources - OPEB 1,542,604
Deferred inflow of resources - Maryland State Pension (13,534,753)
Deferred inflow of resources - LOSAP 64,883
Deferred inflows of resources - Lease Receivable (864,597)
Deferred inflow of resources - Refunding 20,365
Change in Net Position - governmental activities $ 37,526,137
The accompanying notes to the basic financial statements are an integral part of this statement.
39

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF NET POSITION
ENTERPRISE FUNDS
June 30, 2022
SANITARY DISTRICT
SEWER WATER RESTRICTED DEBT SERVICE
ASSETS OPERATIONS OPERATIONS FUND FUND TOTAL
Current Assets
Unrestricted
Equity in Pooled Cash $ 6,853,237 $ 6,764,202 $ - $ - $ 13,617,439
Accounts Receivable (Net) 408,093 70,591 - - 478,684
Loans Receivable 86,621 - - - 86,621
Due from Other Governments - - - - -
Lease receivable - 457,718 - - 457,718
Inventories 836,744 - - - 836,744
Restricted
Restricted Equity in Pooled Cash - - 23,769,714 1,913,102 25,682,816
Restricted Accounts Receivable (Net) - - 2,193,250 636,750 2,830,000
Total Current Assets 8,184,695 7,292,511 25,962,964 2,549,852 43,990,022
Noncurrent Assets
Restricted
Special Assessments Receivable (Net) - - 463,951 15,279,457 15,743,408
Total Noncurrent Restricted Assets - - 463,951 15,279,457 15,743,408
Capital and Intangible Assets 138,826,298 36,204,546 - - 175,030,844
Less Accumulated Depreciation and Amortization (56,465,965) ( 13,007,761) - - (69,473,726)
Total Capital Assets, Net 82,360,333 23,196,785 - - 105,557,118
Total Assets 90,545,028 30,489,296 26,426,915 17,829,309 165,290,548
DEFERRED OUTFLOWS OF RESOURCES
OPEB 247,983 64,893 - - 312,876
Pension Benefits 907,728 268,561 - - 1,176,289
Deferred Charge on Refunding - - - - -
Total Deferred Outflows of Resources 1,155,711 333,454 - - 1,489,165
LIABILITIES
Current Liabilities
Payable from Unrestricted Assets
Accounts Payable 488,348 180,940 - - 669,288
Accrued Interest Payable 118,428 - - - 118,428
Escrow Deposits - - - - -
Due to Other Funds - - - - -
Unearned Revenue 379,030 - - - 379,030
Current Portion of Compensated Absences 181,071 50,058 - - 231,129
Current Portion of Lease Payable 12,800 - - - 12,800
Current Portion of Bonds/Notes Payable 1,915,182 - - - 1,915,182
Total Current Liabilities 3,094,859 230,998 - - 3,325,857
Noncurrent Liabilities
Payable from Unrestricted Assets
Compensated Absences 152,393 42,129 - - 194,522
OPEB 4,998,733 1,506,497 - - 6,505,230
Net Pension Liability 1,492,941 448,110 - - 1,941,051
Lease Payable 12,755 - - - 12,755
Bonds/Notes Payable 31,376,074 - - - 31,376,074
Total Noncurrent Liabilities 38,032,896 1,996,736 - - 40,029,632
Total Liabilities 41,127,755 2,227,734 - - 43,355,489
DEFERRED INFLOWS OF RESOURCES
OPEB 786,979 208,251 - - 995,230
Pension Benefits 978,031 293,011 - - 1,271,042
Bond Refundings - - - - -
Unavailable Water and Sewer Assessments - - 463,951 15,279,457 15,743,408
Lease receivable - 453,228 - - 453,228
Total Deferred Inflows of Resources 1,765,010 954,490 463,951 15,279,457 18,462,908
NET POSITION
Net Investment in Capital Assets 49,043,522 23,196,785 - - 72,240,307
Amounts Restricted for:
Debt Service - - - 2,549,852 2,549,852
Other Purposes - - - - -
Unrestricted Amounts (Deficit) (235,548) 4,443,741 25,962,964 - 30,171,157
Total Net Position $ 48,807,974 $ 27,640,526 $ 25,962,964 $ 2,549,852 $ 104,961,316
The accompanying notes to the basic financial statements are an integral part of this statement.
40

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF NET POSITION
ENTERPRISE FUNDS
June 30, 2022
(CONTINUED)
TOTAL
PRIMARY
NON-MAJOR GOVERNMENT
BAY BRIDGE ENTERPRISE ENTERPRISE
AIRPORT FUNDS FUNDS
$ 2,941,492 $ 147,599 $ 16,706,530
35,725 67,592 582,001
- - 86,621
30,000 640,752 670,752
173,153 - 630,871
31,000 7,920 875,664
- - 25,682,816
- - 2,830,000
3,211,370 863,863 48,065,255
- - 15,743,408
- - 15,743,408
22,015,236 10,503,112 207,549,192
(6,415,251) (2,408,461) ( 78,297,438)
15,599,985 8,094,651 129,251,754
18,811,355 8,958,514 193,060,417
2,975 11,462 327,313
36,333 105,789 1,318,411
5,161 735 5,896
44,469 117,986 1,651,620
65,470 99,887 834,645
18,687 7,704 144,819
18,800 - 18,800
993,355 613,951 1,607,306
- 4,316 383,346
18,077 33,856 283,062
- 13,670 26,470
109,925 74,929 2,100,036
1,224,314 848,313 5,398,484
15,214 28,494 238,230
269,222 277,734 7,052,186
58,936 176,293 2,176,280
- - 12,755
1,395,924 781,530 33,553,528
1,739,296 1,264,051 43,032,979
2,963,610 2,112,364 48,431,463
9,301 35,867 1,040,398
38,690 115,780 1,425,512
336 1,784 2,120
- - 15,743,408
171,805 - 625,033
220,132 153,431 18,836,471
14,098,961 7,223,473 93,562,741
1,222,838 - 3,772,690
1,538,008 - 1,538,008
(1,187,725) (412,768) 28,570,664
$ 15,672,082 $ 6,810,705 $ 127,444,103
The accompanying notes to the basic financial statements are an integral part of this statement.
41

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
ENTERPRISE FUNDS
FOR THE YEAR ENDED JUNE 30, 2022
SANITARY DISTRICT
SEWER WATER RESTRICTED DEBT SERVICE
OPERATIONS OPERATIONS FUND FUND TOTAL
OPERATING REVENUES
Charges for Services $ 6,863,732 $ 2,950,136 $ 7,511,791 $ 809,875 $ 18,135,534
Intergovernmental 139,861 - 273,650 74,250 487,761
Material Sales - 12,539 - - 12,539
Miscellaneous Revenues 1,497,270 296,013 - - 1,793,283
Total Operating Revenues 8,500,863 3,258,688 7,785,441 884,125 20,429,117
OPERATING EXPENSES
Cost of Sales and Services
Collection 3,060,133 - - - 3,060,133
Distribution - 342,069 - - 342,069
Treatment 1,716,635 1,423,303 - - 3,139,938
Shop 187,002 117,617 - - 304,619
Airport - - - - -
Recreation - - - - -
Total Cost of Sales and Services 4,963,770 1,882,989 - - 6,846,759
Administration and Inspection 1,618,298 613,086 - - 2,231,384
OPEB (113,359) (24,568) - - (137,927)
Pension Liability Adjustment (215,834) (32,270) - - (248,104)
Depreciation and amortization 2,529,186 786,775 - - 3,315,961
Total Operating Expenses 8,782,061 3,226,012 - - 12,008,073
Operating Income (Loss) (281,198) 32,676 7,785,441 884,125 8,421,044
NON-OPERATING REVENUES (EXPENSES)
Investment Income 75,383 42,571 115,377 179,428 412,759
Interest Expense (376,747) - - - (376,747)
Gain on Disposal of Capital Assets 5,265 - - - 5,265
Transfer of Capital Asset from Governmental Fund 575,351 249,600 - - 824,951
Total Non-Operating Revenues (Expenses) 279,252 292,171 115,377 179,428 866,228
Income (Loss) Before Contributions and Transfers (1,946) 324,847 7,900,818 1,063,553 9,287,272
Capital Contributions, Fees and Grants 1,174,891 1,859,650 - - 3,034,541
TRANSFERS
Transfers In 3,012,671 - - 1,057,982 4,070,653
Transfers Out (5,000) (5,000) (1,057,982) (3,012,671) (4,080,653)
Net Transfers In (Out) 3,007,671 (5,000) (1,057,982) (1,954,689) (10,000)
Change in Net Position 4,180,616 2,179,497 6,842,836 (891,136) 12,311,813
Total Net Position - Beginning of Year 44,627,358 25,461,029 19,120,128 3,440,988 92,649,503
Total Net Position - End of Year $ 48,807,974 $ 27,640,526 $ 25,962,964 $ 2,549,852 $ 104,961,316
The accompanying notes to the basic financial statements are an integral part of this statement.
42

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
ENTERPRISE FUNDS
FOR THE YEAR ENDED JUNE 30, 2022
(CONTINUED)
TOTAL
PRIMARY
NON-MAJOR GOVERNMENT
BAY BRIDGE ENTERPRISE ENTERPRISE
AIRPORT FUNDS FUNDS
$ 23,774 $ 1,069,489 $ 19,228,797
516,774 640,752 1,645,287
238,602 55,251 306,392
380,268 31,674 2,205,225
1,159,418 1,797,166 23,385,701
- - 3,060,133
- - 342,069
- - 3,139,938
- - 304,619
513,914 - 513,914
- 961,730 961,730
513,914 961,730 8,322,403
- - 2,231,384
(1,360) (5,133) (144,420)
(10,453) (5,293) (263,850)
435,737 191,113 3,942,811
937,838 1,142,417 14,088,328
221,580 654,749 9,297,373
2,063 - 414,822
(79,768) (16,248) (472,763)
- - 5,265
- - 824,951
(77,705) (16,248) 772,275
143,875 638,501 10,069,648
- - 3,034,541
111,094 262,664 4,444,411
- - (4,080,653)
111,094 262,664 363,758
254,969 901,165 13,467,947
15,417,113 5,909,540 113,976,156
$ 15,672,082 $ 6,810,705 $ 127,444,103
The accompanying notes to the basic financial statements are an integral part of this statement.
43

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
FOR THE YEAR ENDED JUNE 30, 2022
SANITARY DISTRICT
SEWER WATER RESTRICTED DEBT SERVICE
OPERATIONS OPERATIONS FUND FUND TOTAL
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users $ 6,671,035 $ 3,087,691 $ 7,925,339 $ 929,125 $ 18,613,190
Receipts from other operating sources 1,888,778 167,967 273,650 74,250 2,404,645
Payments to suppliers (6,740,050) (1,777,901) - - (8,517,951)
Payments to employees and on behalf of employees (1,578,245) (594,222) - - (2,172,467)
Net Cash Provided by Operating Activities 241,518 883,535 8,198,989 1,003,375 10,327,417
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Transfers in from other funds 3,012,671 - - 1,057,982 4,070,653
Transfers to other funds (5,000) (5,000) (1,057,982) (3,012,671) (4,080,653)
Receipts from interfund loans - - - - -
Principal paid on interfund loans - - - - -
Net Cash Provided (Used) by Noncapital Financing Activities 3,007,671 (5,000) (1,057,982) (1,954,689) (10,000)
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Proceeds from capital debt 756,414 - - - 756,414
Proceeds from the disposition of capital assets 5,265 - - - 5,265
Proceeds from lease receivable - 123,556 - - 123,556
Proceeds from capital lease payable 38,309 - - - 38,309
Principal paid on capital debt (1,898,093) - - - (1,898,093)
Repayment of capital lease payable (12,754) - - - (12,754)
Proceeds from refunding of long term debt - - - - -
Increase in loans receivable (12,489) - - - (12,489)
Deferred Refunding costs on sale of bonds - - - - -
Interest paid on capital debt (377,125) - - - (377,125)
Acquisition and construction of capital assets (2,090,390) (163,168) - - (2,253,558)
Net Cash Provided (Used) by Capital and Related Financing Activities (3,590,863) (39,612) - - (3,630,475)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment Income 75,383 42,571 115,377 179,428 412,759
Net Cash Provided by Investing Activities - Investment Income 75,383 42,571 115,377 179,428 412,759
Net Increase (Decrease) in Cash and Cash Equivalents (266,291) 881,494 7,256,384 (771,886) 7,099,701
Balances - Beginning of the year 7,119,528 5,882,708 16,513,330 2,684,988 32,200,554
Balances - End of the year $ 6,853,237 $ 6,764,202 $ 23,769,714 $ 1,913,102 $ 39,300,255
Reconciliation of operating income (loss) to net cash
provided by operating activities
Operating income (loss) $ (281,198) $ 32,676 $ 7,785,441 $ 884,125 $ 8,421,044
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Depreciation and amortization 2,529,186 786,775 - - 3,315,961
Lease revenue - deferred inflow - (128,046) - - (128,046)
(Increase) decrease in assets:
Accounts receivable, net (33,453) 125,016 413,548 119,250 624,361
Special assessments receivable, net - - 402,546 (546,429) (143,883)
Due from Other Governments - - - - -
Inventories (97,775) - - - (97,775)
Increase (decrease) in liabilities:
Accounts payable (1,678,505) 105,088 - - (1,573,417)
Escrow deposits (159,244) - - - (159,244)
Unearned revenue 251,647 - (402,546) 546,429 395,530
Compensated absences 40,053 18,864 - - 58,917
OPEB (113,359) (24,568) - - (137,927)
Pension Obligation (215,834) (32,270) - - (248,104)
Net Cash Provided (Used) by Operating Activities $ 241,518 $ 883,535 $ 8,198,989 $ 1,003,375 $ 10,327,417
Noncash investing, capital and financing activities:
Transfer of Capital Asset from Governmental Fund $ 575,351 $ 249,600 $ - $ - $ 824,951
Contributed Capital Assets $ 1,174,891 $ 1,859,650 $ - $ - $ 3,034,541
The accompanying notes to the basic financial statements are an integral part of this statement.
44

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF CASH FLOWS
ENTERPRISE FUNDS
FOR THE YEAR ENDED JUNE 30, 2022
(CONTINUED)
TOTAL
PRIMARY
NON-MAJOR GOVERNMENT
BAY BRIDGE ENTERPRISE ENTERPRISE
AIRPORT FUNDS FUNDS
$ 213,041 $ 1,119,637 $ 19,945,868
836,157 57,143 3,297,945
(450,757) (933,412) (9,902,120)
7,318 13,915 (2,151,234)
605,759 257,283 11,190,459
111,094 262,664 4,444,411
- - (4,080,653)
- 67,932 67,932
(56,444) - (56,444)
54,650 330,596 375,246
- - 756,414
- - 5,265
59,537 - 183,093
- - 38,309
(105,703) (91,807) (2,095,603)
- - (12,754)
- 236,447 236,447
- - (12,489)
990 (75) 915
(80,934) (16,122) (474,181)
(581,607) (1,101,801) (3,936,966)
(707,717) (973,358) (5,311,550)
2,063 - 414,822
2,063 - 414,822
(45,245) (385,479) 6,668,977
2,986,737 533,078 35,720,369
$ 2 ,941,492 $ 147,599 $ 42,389,346
$ 221,580 $ 654,749 $ 9,297,373
435,737 191,113 3,942,811
(60,885) - (188,931)
(20,235) (5,103) 599,023
- - (143,883)
(30,000) (616,802) (646,802)
2,970 (3,006) (97,811)
60,187 31,324 (1,481,906)
900 - (158,344)
- 1,519 397,049
7,318 13,915 80,150
(1,360) (5,133) (144,420)
(10,453) (5,293) (263,850)
$ 605,759 $ 257,283 $ 11,190,459
$ - $ - $ 824,951
$ - $ - $ 3,034,541
The accompanying notes to the basic financial statements are an integral part of this statement.
45

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF FIDUCIARY NET POSITION
PRIVATE PURPOSE TRUST, OTHER POST-EMPLOYMENT BENEFIT TRUST, AND CUSTODIAL FUNDS
June 30, 2022
PRIVATE OTHER
PURPOSE POST-
TRUST FUND EMPLOYMENT
TAX SALE BENEFIT CUSTODIAL
DEPOSITS TRUST FUND FUNDS
ASSETS
Cash and Cash Equivalents $ 107,856 $ 499,961 $ 1,030,841
Investments, at Fair Value
Debt Securities - 4,132,118 -
Fixed Income Fund - 658,840 -
Mutual and Global Funds - 6,453,634 -
International - 1,938,880 -
Total Investments - 13,183,472 -
Total Assets 107,856 13,683,433 1,030,841
LIABILITIES
Accounts Payable and Other Liabilities - 28,453 6,566
Due to Other Governments - - 153,676
Total Liabilities - 28,453 160,242
NET POSITION
Restricted for:
Held in Trust 107,856 - -
Other Post-Employment Benefits - 13,654,980 -
Individuals, Organizations, and other Governments - - 870,599
Total Net Position $ 107,856 $ 13,654,980 $ 870,599
The accompanying notes to the basic financial statements are an integral part of this statement.
46

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, 2022
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 $ 30,572 $ - $ -
Employers - 4,195,201 -
Members - 400,243 -
Total Contributions 30,572 4,595,444 -
Investment Earnings:
Net Change in the Fair Value of Investments - ( 2,440,742) -
Interest - 540,004 -
Total Investment Earnings - ( 1,900,738) -
Less Investment Administrative Expenses - 7,094 -
Net Investment Earnings - ( 1,907,832) -
Tax Ditch - - 23,389
Zoning Deposits - - 93,329
Tax Collections for Other Governments - - 14,893,059
Motor Vehicle Administration - - 215,676
Escheat - Abandoned Property - - 15,594
Inmate Welfare - - 217,988
Total Additions 30,572 2,687,612 15,459,035
DEDUCTIONS
Distributions to Property Holders 53,960 - -
Claims Paid for Other Post-Employment Benefits - 2,131,507 -
Administrative Expenses - 69,820 -
Distribution of Tax Ditch Funds - - 25,643
Refund of Zoning Deposits - - 59,172
Payments of Tax to Other Governments - - 14,893,059
Payments to Motor Vehicle Administration - - 215,676
Payments of Escheat to Others - - 15,594
Distribution of Inmate Welfare Funds - - 222,168
Total Deductions 53,960 2,201,327 15,431,312
Net Increase in Fiduciary Net Position ( 23,388) 486,285 27,723
Net Position-Beginning of Year 131,244 13,168,695 842,876
Net Position-End of Year $ 107,856 $ 13,654,980 $ 870,599
The accompanying notes to the basic financial statements are an integral part of this statement.
47

QUEEN ANNE'S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
INDEX
Note
1 Summary of Significant Accounting Policies 49 - 60
2 Budgets and Budgetary Accounting 60 - 61
3 Cash, Investments and Investment Income 62 - 66
4 Accounts Receivable 67 - 68
5 Unearned Revenue 69
6 Capital Assets 70 - 74
7 Interfund Receivables and Payables 75
8 Interfund Transfers 76
9 Noncurrent Liabilities 77 - 85
10 Leases 85 - 88
11 Restricted Assets and Liabilities
and Fund Balances 88 - 92
12 Risk Management 92 - 93
13 Retirement Plans 93 - 101
14 Deferred Compensation Plan 102
15 Other Post-Employment Benefits 102 - 117
16 Volunteer Fireman Pension Plan Length of Service Award Program 118 - 120
17 Deficit Equity Balances 121
18 Commitments, Contingencies, and Subsequent Events 121 - 122
19 Joint Venture 122
20 Pollution Remediation Obligations 122 - 123
21 Prior Period Restatement 123
48

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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.
49

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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 18.
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.
50

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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 as part of the required supplementary information section located after the Notes to the basic financial statements. A budget-to-
actual comparison is provided for the General Fund on a departmental level as required supplementary information, and 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.
51

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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.
52

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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.
Non-Major Governmental Funds – There are eighteen non-major governmental funds, which are used to account for and
report the proceeds of specific revenue sources. Included in the eighteen non-major governmental funds are fifteen 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 8,400 customers.
Water Operations - This fund is used to account for the operation of the water supply system serving
approximately 4,700 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.
53

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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.
54

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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 the first-in, first-out
method. Inventories held for resale are reported at lower of cost or market and also 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.
55

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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 15.
56

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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 12.
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
15.
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 amounts 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.
57

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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 $17,599,887. 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, 2022, the County has reported outstanding general obligation debt related to assets held by
the Board of Education amounting to $53,155,457 (of which $47,741,447 has been spent and the remaining $5,414,010
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, 2022, 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 $ 13,831,732 $ -
Economic/community development 2,954,185 -
Public safety 4,725,517 -
Conservation of natural resources 2,499,815 -
Social services 1,460 -
Debt service - 3,772,690
Other Purposes - 1,538,008
Total amounts restricted $ 24,012,709 $ 5,310,698
Note that unspent bond proceeds of $16,096,347 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.
58

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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.
59

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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, 2022 was
$0.8471 per $100 of assessed value.
E. NEW ACCOUNTING PRONOUNCEMENTS
In fiscal year ended June 30, 2022, the County adopted the following new GASB statements:
Statement No. 89, Accounting for Interest Cost Incurred before the End of Construction Period. This adoption of
this standard did not have a material impact.
Statement No. 87, Leases, see Note 10 for the effects of this standard.
The County will be analyzing the effects of these pronouncements and plans to adopt them as applicable by their effective
date.
GASB Statement No. 91, Conduit Debt Obligations, Statement No. 96, Subscription-Based Information Technology
Arrangements, Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting for
Internal Revenue Code Section 457 Deferred Compensation Plans – an amendment of GASB Statements No. 14 and
No. 84, and a supersession of GASB Statement No. 32.
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.
60

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 2 - BUDGETS AND BUDGETARY ACCOUNTING (CONTINUED)
During the fiscal year, the Commissioners may adopt supplemental appropriations. For the year ended June 30, 2022,
supplemental appropriations were as follows:
Original Final
Supplemental Appropriations Budget Budget Increase
General Fund - expenditures and transfers $ 155,905,270 $ 172,163,345 $ 16,258,075
Special Revenue Funds that adopt annual budgets
Non-Major Funds that adopt annual budgets -
Department of Aging - expenditures and transfers $ 3,385,795 $ 3,551,300 $ 165,505
Housing & Community Services - expenditures and transfers 1,627,493 3,278,610 1,651,117
Grants Fund - expenditures and transfers 811,287 1,128,961 317,674
Roads Operating - expenditures and transfers - 5,472,826 5,472,826
Community Partnerships for Children - expenditures and transfers 1,073,211 1,117,690 44,479
Agricultural Transfer - expenditures and transfers 425,000 1,673,226 1,248,226
Rural Legacy - expenditures and transfers - 1,114,280 1,114,280
Kent Narrows - expenditures and transfers 38,000 83,000 45,000
School Impact Fees - transfers and transfers 1,947,088 2,964,402 1,017,314
Fire Company Impact Fees - expenditures and transfers 290,500 578,360 287,860
Total Special Revenue Funds that adopt annual budgets $ 9,798,374 $ 21,162,655 $ 11,364,281
All final budgets are presented as amended. The County Administrator may approve budget amendments of $10,000 or less
throughout the year. Amendments greater than $10,000 require the approval of the County Commissioners.
Annual operating budgets are legally adopted for the General Fund and the following non-major governmental funds:
Department of Aging, Housing and Community Services, Grants Fund, 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.
No General Fund departments exceeded their legally adopted expenditure budgets for the year ended June 30, 2022.
However, salary reversions are budgeted as a lump sum negative $1,000,000, but actual amounts are realized in the
individual departments and are not reported as a lump sum in the reversions activity.
61

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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 $107,671,897 with local banks (carrying value $108,294,281),
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, 2022, the County had investments in MLGIP of $77,427,184, which are recorded at cost, which
approximates fair value.
As of June 30, 2022, 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, 2022, the
weighted average maturity (WAM) for the Trust’s money market mutual fund investment was 13 days. At June 30, 2022, 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.
62

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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 revenues, expenses and
changes in 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, 2022, of which Queen Anne’s County’s portion
was 21.8% of the total:
Level 1 Level 2 Level 3 Total
Investments by fair value level:
Debt Securities
U.S. Treasury Obligations $ - $ 4,878,497 $ - $ 4,878,497
U.S. Governmental Agencies - 2,224,067 - 2,224,067
Corporate & Foreign Bonds - 11,395,628 - 11,395,628
Municipal Obligations - 446,215 - 446,215
Equity and Mutual Fund Investments
Taxable Fixed Income Funds - 3,020,564 - 3,020,564
Mutual Funds 24,241,809 - - 24,241,809
Global Funds 5,345,989 - - 5,345,989
International 8,889,132 - - 8,889,132
Total $ 38,476,930 $ 21,964,971 $ - $ 60,441,901
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. The Trust’s investment policy states that the duration of the portfolio should be within 6 months of the Barclays Capital
Aggregate Bond Index. The Trusts’ weighted average years to maturity as of June 30, 2022 was 10.39 years.
63

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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, 2022:
Investment Maturities (in Years)
Less than 1 1 - 5 6 - 10 More than 10 Total
Investments with Maturities
U.S. Treasury Obligations $ - $ 2,073,919 $ 1,987,845 $ 816,733 $ 4,878,497
U.S. Governmental Agencies 23,909 54,366 612,650 1,533,142 2,224,067
Corporate & Foreign Bonds 480,767 4,340,899 4,897,592 1,676,370 11,395,628
Municipal Obligations 230,302 - 57,918 157,995 446,215
Total $ 734,978 $ 6,469,184 $ 7,556,005 $ 4,184,240 $ 18,944,407
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, 2022 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 $ 4,764,407 $ - $ - $ - $ 114,090 $ 4,878,497
U.S. Governmental Agencies 54,366 - - - 2,169,701 2,224,067
Corporate & Foreign Bonds 586,999 896,115 5,179,430 4,718,137 14,947 11,395,628
Municipal Obligations 99,826 346,389 - - - 446,215
Total $ 5,505,598 $ 1,242,504 $ 5,179,430 $ 4,718,137 $ 2,298,738 $ 18,944,407
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, 2022 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, 2022:
Interest
Fair Value Rate Range
U.S. Treasury Obligations $ 4,878,497 .25 to 4.50%
U.S. Governmental Agencies 2,224,067 1.3 to 4.00%
Corporate & Foreign bonds 11,395,628 1.1 to 7.7%
Municipal Obligations 446,215 2.68 to 6.26%
Taxable Fixed Income Funds 3,020,564 N/A
Mutual Funds 24,241,809 N/A
Global Funds 5,345,989 N/A
International 8,889,132 N/A
Total $ 60,441,901
64

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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, 2022 that exceeded 5% of the total investment balance as of June 30,
2022:
Name Amount
VANGUARD 500 INDEX CL ADML $ 8,871,396
NEW WORLD FUND-R6 3,345,989
LAZARD INTL STRATEGIC EQUITY FD CL 4,468,161
TRANSAMERICA TS&W INTL EQ-IS 4,420,972
VANGUARD MID CAP INDEX-ADM 4,399,615
VANGUARD RUSSELL 1000 GR-1S 4,085,082
FULLER & THALER BEHAVIORAL SC GR 3,914,116
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, 2022 as the Trust did not have any
investments denominated in foreign currencies.
For the year ended June 30, 2022, the annual money-weighted rate of return on investments, net of expense, was -4.69%. 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.
65

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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, 2022 is $4,335,237 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 $18,598,470, including $300,000 in
certificates of deposit and excluding the carrying amount of fiduciary funds. At June 30, 2022, the Board had deposits of
approximately $20.1 million with local banks. Approximately $3.2 million of the bank deposits were uninsured or
collateralized.
Component Unit – Library - At year-end, the carrying amount of all bank deposits, including certificates of deposit, was
$1,474,450 and the balance per bank totaled $1,518,433. Of the bank balances, $250,000 was secured by the FDIC and
$1,268,433 was 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 $ 325,225 $ -
General Capital Projects 7 1,438 -
Roads Capital Projects 1 5,487 -
Non-Major Governmental Funds 5 0,438 -
Major Enterprise Funds
Sanitary District - 4 12,759
Bay Bridge Airport - 2 ,063
Non-Major Enterprise Funds - -
Total Investment Income $ 462,588 $ 414,822
66

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 4 - ACCOUNTS RECEIVABLE
Receivables as of June 30, 2022 for the governmental and business-type activities are as follows:
Total
General Roads Non-Major Total Total Governmental
General Capital Capital Governmental Governmental Enterprise and Enterprise
Accounts Receivable Fund Projects Projects Funds Funds Funds Funds
Receivables
Taxes - Real Property $ 247,678 $ - $ - $ - $ 247,678 $ - $ 247,678
Taxes - Other 604,481 - - - 604,481 - 604,481
Subtotal Taxes Receivable (Net) 852,159 - - - 852,159 - 852,159
Other Accounts Receivable:
QAC - PHA - 733,121 - - 733,121 - 733,121
Sanitary District -
User and Septage Fees - - - - - 478,684 478,684
Airport - Fuel Sales, User
and Rental Fees - - - - - 35,725 35,725
Miscellaneous Receivables 189,783 11,805 - 90,988 292,576 67,592 360,168
Subtotal Accounts Receivable (Net) 189,783 744,926 - 90,988 1,025,697 582,001 1,607,698
Loans Receivable - - - 6,177,161 6,177,161 86,621 6,263,782
Special Assessments - - 32,802 654,089 686,891 - 686,891
Intergovernmental
Income Taxes Held by State 34,832,444 - - - 34,832,444 - 34,832,444
Grants Receivable 501,313 - - 1,427,745 1,929,058 670,752 2,599,810
Recordation Tax 1,046,018 - - - 1,046,018 - 1,046,018
State-Highway User Tax - - - 426,179 426,179 - 426,179
Bonds Receivable 37,316 - - - 37,316 - 37,316
Subtotal Due from Other Governments 36,417,091 - - 1,853,924 38,271,015 670,752 38,941,767
Restricted Receivables
Accounts Receivable (Net) - - - - - 2,830,000 2,830,000
Special Assessments Receivable (Net) - - - - - 15,743,408 15,743,408
Subtotal Restricted Receivables - - - - - 18,573,408 18,573,408
Total Receivables $ 37,459,033 $ 744,926 $ 32,802 $ 8 ,776,162 $ 47,012,923 $ 19,912,782 $ 66,925,705
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 $3.3 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.
67

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 4 - ACCOUNTS RECEIVABLE (CONTINUED)
The County expects to receive all receivables listed in the table within one year, excluding the following items.
Intergovernmental receivables include bonds receivable from four other counties. In years 2000 and 2003, Queen Anne’s
County sold $2,815,000 and $710,000, respectively, of its general obligation bonds for the purpose of providing the local share
of capital projects at Chesapeake College. Five counties, including Queen Anne’s County, provide local support for the
College. The other four counties supporting Chesapeake College reimburse Queen Anne’s County for their portion of the debt
service. Bonds are amortized over the 20-year life of each of the original Queen Anne's County Bonds. The current carrying
value for the bonds receivable from the other four counties is $37,316. The College bills and collects from the original five
counties an amount sufficient to cover this debt service and reimburses this amount to Queen Anne’s County on a semi-annual
basis. In addition to the receivable related to Chesapeake College, there is also a receivable of $3.3 million included in the
Government-Wide Statement of Net Position. Details are included on the previous page.
Loans receivable in the amount of $6,177,161 relate to the Housing and Community Services, Impact Fees, and Revolving
Loan Special Revenue Funds. Loans receivable in the amount of $5,738,051 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 $102,967 are also repaid over a number of years.
The remaining loan receivable balance of $336,143 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.
A loan receivable in the amount of $86,621 relates to the Sanitary Sewer Operations Fund. In fiscal year 2021, the County
contracted with the Town of Sudlersville and agreed to provide certain operation and maintenance services of the wastewater
and water treatment facilities for the Town. As part of the contract, the County agreed to make up to $100,000 available as a
loan to the Town to make necessary repairs to the wastewater plants. The Town of Sudlersville shall repay the loan to the
County without interest in 48 equal monthly installments commencing in February 2022.
Income taxes held by the State in the amount of $34,832,444 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 $686,891 represent receivables for governmental activities. Part of this amount consists
of $32,802 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 $654,089 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 $15,743,408 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.
68

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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:
Total
General Roads Non-Major Total Total Governmental
General Capital Capital Governmental Governmental Enterprise and Enterprise
Unearned Revenue Fund Projects Projects Funds Funds Funds Funds
Property Tax Deferrals $ 14,626 $ - $ - $ - $ 14,626 $ - $ 14,626
Inspection Fees Collected in Advance Grant - - - - - 379,030 379,030
Drawdowns in excess of Expenditures - - - 3 ,444,147 3,444,147 - 3,444,147
Miscellaneous - - - - - 4,316 4,316
Total Receivables $ 14,626 $ - $ - $ 3 ,444,147 $ 3 ,458,773 $ 383,346 $ 3,842,119
69

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 6 – CAPITAL ASSETS
PRIMARY GOVERNMENT
Changes in the County’s capital assets for governmental activities for the year ended June 30, 2022 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, 2021 Increases Transfers Decreases June 30, 2022
Capital Assets, not being depreciated:
Land $ 38,721,813 $ - $ - $ (47,160) $ 38,674,653
Intangible Rights - Easements 821,819 - - - 821,819
Land Improvements 3,714,283 - - - 3,714,283
Construction in Progress 9,812,878 4,152,399 (3,683,922) (337,476) 9,943,879
Land - Inexhaustible Infrastructure Improvements 43,890,863 - - - 43,890,863
Total Capital Assets, not being depreciated 96,961,656 4,152,399 (3,683,922) (384,636) 97,045,497
Capital Assets, being depreciated:
Buildings and Building Improvements 71,460,162 614,327 1,424,085 (1,144,010) 72,354,564
Improvements other than Buildings 15,607,956 2,802,840 51,929 (274,575) 18,188,150
Vehicles 15,546,705 1,187,445 65,547 (401,063) 16,398,634
Equipment 14,777,204 1,117,058 380,766 (621,839) 15,653,189
Furniture and Fixtures 11,776,164 1,026,216 1,761,595 (1,403,477) 13,160,498
Infrastructure Improvements - Depreciable 19,613,747 - - (990,000) 18,623,747
Total Capital Assets, being depreciated 148,781,938 6,747,886 3,683,922 (4,834,964) 154,378,782
Less Accumulated Depreciation for:
Buildings and Building Improvements 19,491,153 1,573,778 - (476,616) 20,588,315
Improvements other than Buildings 4,708,390 770,259 - (115,323) 5,363,326
Vehicles 8,820,264 1,334,060 - (390,711) 9,763,613
Equipment 8,841,409 882,069 - (569,725) 9,153,753
Furniture and Fixtures 5,635,557 1,272,063 - (1,388,211) 5,519,409
Infrastructure Improvements - Depreciable 10,040,770 318,286 - (198,000) 10,161,056
Total Accumulated Depreciation 57,537,543 6,150,515 - (3,138,586) 60,549,472
Total Capital Assets, being depreciated, net 91,244,395 597,371 3,683,922 (1,696,378) 93,829,310
Governmental activities Capital Assets, net $ 188,206,051 $ 4,749,770 $ - $ (2,081,014) $ 190,874,807
70

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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, 2022 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, 2021 Increases Transfers Decreases June 30, 2022
Capital Assets, not being depreciated:
Land $ 10,892,750 $ 23,580 $ - $ - $ 10,916,330
Land Improvements 9,500 - - - 9,500
Intangible Rights 6,140 - - - 6,140
Construction in Progress 19,775,908 3,116,974 (18,859,783) - 4,033,099
Land - Inexhaustible Infrastructure Improvements 2,481,094 - - - 2,481,094
Total Capital Assets, not being depreciated 33,165,392 3,140,554 (18,859,783) - 17,446,163
Capital Assets, being depreciated:
Buildings and Improvements to Buildings 16,193,029 - - - 16,193,029
Improvements other than Buildings 15,237,030 211,510 279,262 - 15,727,802
Vehicles 1,969,076 - 21,600 - 1,990,676
Equipment 24,371,920 92,587 51,115 - 24,515,622
Furniture and Fixtures 43,266 19,607 - - 62,873
Infrastructure Improvements - Depreciable 108,511,675 3,450,202 19,570,520 - 131,532,397
Right-to-use asset - 80,630 - - 80,630
Total Capital Assets, being depreciated 166,325,996 3,854,536 19,922,497 - 190,103,029
Less Accumulated Depreciation for:
Buildings and Improvements to Buildings 10,411,159 274,944 - - 10,686,103
Improvements other than Buildings 7,217,776 540,759 - - 7,758,535
Vehicles 1,245,301 120,718 21,600 - 1,387,619
Equipment 15,768,286 564,921 41,746 - 16,374,953
Furniture and Fixtures 22,306 3,052 - - 25,358
Infrastructure Improvements - Depreciable 39,428,453 2,393,125 198,000 - 42,019,578
Right-to-use asset - 45,292 - - 45,292
Total Accumulated Depreciation 74,093,281 3,942,811 261,346 - 78,297,438
Total Capital Assets, being depreciated, net 92,232,715 (88,275) 19,661,151 - 111,805,591
Business-Type activities Capital Assets, net $ 125,398,107 $ 3,052,279 $ 801,368 $ - $ 129,251,754
71

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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 $ 1,016,249 $ -
Public Safety 2,330,233 -
Public Works 1,428,189 -
Parks & Recreation 959,657 -
Health and Social Services 309,752 -
Education and Library 25,224 -
Conservation of Natural Resources 36,914 -
Economic/Community Development 44,297 -
Major Enterprise Funds:
Sanitary District - 3,315,961
Bay Bridge Airport - 435,737
Non-Major Enterprise Funds - 191,113
Total amounts restricted $ 6,150,515 $ 3,942,811
72

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 6 – CAPITAL ASSETS (CONTINUED)
COMPONENT UNITS
Board of Education: Capital asset activity for the year ended June 30, 2022 is as follows:
Balance Balance
Board of Education June 30, 2021 Increases Transfers Decreases June 30, 2022
Capital Assets, not being depreciated:
Land $ 6,363,040 $ - $ - $ - $ 6,363,040
Construction in Progress 1,555,162 122,528 (1,555,162) - 122,528
Total Capital Assets, not being depreciated 7,918,202 122,528 (1,555,162) - 6,485,568
Capital Assets, being depreciated:
Land Improvements 5,410,966 - - - 5,410,966
Buildings 211,695,528 769,584 - (156,790) 212,308,322
Furniture, Fixtures, and Equipment 17,175,100 614,939 1,555,162 (471,320) 18,873,881
Total Capital Assets, being depreciated 234,281,594 1,384,523 1,555,162 (628,110) 236,593,169
Less Accumulated Depreciation for:
Land Improvements 4,824,210 102,179 - - 4,926,389
Buildings 72,816,250 4,675,460 - (31,359) 77,460,351
Furniture, Fixtures, and Equipment 12,084,083 1,708,779 - (459,220) 13,333,642
Total Accumulated Depreciation 89,724,543 6,486,418 - (490,579) 95,720,382
Total Capital Assets, being depreciated, net 144,557,051 (5,101,895) 1,555,162 (137,531) 140,872,787
Capital Assets, net $ 152,475,253 $ (4,979,367) $ - $ (137,531) $ 147,358,355
73

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 6 – CAPITAL ASSETS (CONTINUED)
COMPONENT UNITS (CONTINUED)
Queen Anne’s County Free Library: Capital asset activity for the year ended June 30, 2022 is as follows:
Balance Balance
Library June 30, 2021 Increases Transfers Decreases June 30, 2022
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 1,793,695 190,136 - (220,037) 1,763,794
Building Improvements 402,207 - - - 402,207
Equipment 162,992 161,346 - - 324,338
Right-to-use 27,018 - - - 27,018
Total Capital Assets, being depreciated 2,385,912 351,482 - (220,037) 2,517,357
Less Accumulated Depreciation 1,063,417 194,821 - (198,033) 1,060,205
Total Capital Assets, being depreciated, net 1,322,495 156,661 - (22,004) 1,457,152
Capital Assets, net $ 1,352,345 $ 156,661 $ - $ (22,004) $ 1,487,002
74

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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. Occasionally, these receivables and payables are used in lieu of short-term external
borrowing, such as for capital lease agreements.
The interfund and intra-entity receivables and payables consist of the following at June 30, 2022:
Due from Fund
Non- Bay Non- Total
Due to Fund General Capital Roads Major Sanitary Bridge Major Due
Fund Projects Capital Governmental District Airport Enterprise From
General Fund $ 1 ,112,222 $ - $ - $ - $ 498,271 $ - $ - $ 613,951 $ 1 ,112,222
General Capital Projects 9 93,355 - - - - - 993,355 - 9 93,355
Roads Capital - - - - - - - - -
Non-Major Governmental - - - - - - - - -
Sanitary District - - - - - - - - -
Bay Bridge Airport - - - - - - - - -
Non-Major Enterprise - - - - - - - - -
Total Due To Fund $ 2 ,105,577 $ - $ - $ - $ 498,271 $ - $ 993,355 $ 613,951 $ 2 ,105,577
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, 2022
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 Fund. Transfers from General Capital Projects represent a
miscellaneous transfer to the General Fund. Transfers from Water and Sewer Sanitary District funds are to provide funding
for the County mapping project. 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, 2022:
Transfers In
Non- Bay Non- Total
Transfers Out General Capital Roads Major Sanitary Bridge Major Transfers
Fund Projects Capital Governmental District Airport Enterprise In
General Fund $ 21,089,395 $ - $ 13,971,835 $ 110,000 $ 6,896,466 $ - $ 111,094 $ - $ 21,089,395
General Capital Projects 262,664 - - - - - - 262,664 262,664
Roads Capital - - - - - - - - -
Non-Major Governmental 2,964,402 2,964,402 - - - - - - 2,964,402
Sanitary District 4,080,653 - 10,000 - - 4,070,653 - - 4,080,653
Bay Bridge Airport - - - - - - - - -
Non-Major Enterprise - - - - - - - - -
Total Transfers Out $ 28,397,114 $ 2,964,402 $ 13,981,835 $ 110,000 $ 6,896,466 $ 4,070,653 $ 111,094 $ 262,664 $ 28,397,114
Reconciliation of interfund transfers to the Statement of Activities
Governmental Funds Transfers In $ 23,952,703 Enterprise Funds Transfers In $ 4,444,411
Governmental Funds Transfers Out (24,316,461) Enterprise Funds Transfers Out (4,080,653)
Government-Wide Transfer Out (824,951) Reclassification of Non-Operating Income 824,951
Total Governmental Activities $ (1,188,709) Total Business-Type Activities $ 1,188,709
The above entries for $824,951 relate to capital assets with a remaining book value transferred from Governmental Activities
to Enterprise funds.
76

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 9 - NONCURRENT LIABILITIES
A. CHANGES IN NONCURRENT LIABILITIES
During the year ended June 30, 2022, 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, 2021 of debt Repayments June 30, 2022 One Year One Year
General Bonds Payable $ 1 27,040,990 $ 7,800,000 $ 7,911,962 $ 126,929,028 $ 8,613,697 $ 118,315,331
General Bonds Payable - Related to PHA 6 14,942 - 83,684 531,258 88,249 443,009
General Bonds Payable - Related to Ches College 3 ,521,215 - 212,237 3,308,978 220,813 3,088,165
Notes Payable 7 03,773 - 47,816 655,957 47,816 608,141
Bond Premiums 1 1,793,816 492,106 914,217 11,371,705 937,650 10,434,055
Subtotal Governmental Activities Debt 1 43,674,736 8,292,106 9,169,916 142,796,926 9,908,225 132,888,701
OPEB 3 4,912,910 1,355,613 - 36,268,523 - 36,268,523
Net Pension Liability 3 1,302,931 - 7,295,125 24,007,806 - 24,007,806
LOSAP Liability 9 ,602,464 665,297 - 10,267,761 - 10,267,761
Compensated Absences 3 ,203,438 2,061,794 1,738,067 3,527,165 1,915,250 1,611,915
Total Governmental Activities Debt $ 2 22,696,479 $ 12,374,810 18,203,108 $ 216,868,181 $ 11,823,475 $ 205,044,706
Less College Reimbursements 50,379
Total Governmental Retirements and Repayments $ 18,253,487
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 $ 7,911,962
General Bonds Payable - PHA 83,684
Payments made by PHA (23,770)
Notes Payable 47,816
LESS: Distributions of 2021 Bonds (194,123)
LESS: College Reimbursements (50,379)
Total Principal Payments $ 7,775,190
The County added amounts to several bond offerings on behalf of Chesapeake College, which cannot borrow money on its
own. The College reimbursed the County $50,379 for this year’s principal and interest payments.
77

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 9 – NONCURRENT LIABILITIES (CONTINUED)
A. CHANGES IN NONCURRENT LIABILITIES (CONTINUED)
During the year ended June 30, 2022, 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, 2021 of debt Repayments June 30, 2022 One Year One Year
Golf Course $ 8 8,158 $ - $ 4,018 $ 84,140 $ 4,236 $ 79,904
Bay Bridge Airport 1 ,528,445 - 98,218 1,430,227 102,440 1,327,787
Public Landings and Marinas 5 36,254 194,123 49,007 681,370 60,565 620,805
Sanitary District 3 4,432,935 756,414 1,898,093 33,291,256 1,915,182 31,376,074
Subtotal Debt 3 6,585,792 950,537 2,049,336 35,486,993 2,082,423 33,404,570
Bond Premiums
Golf Course 5 ,800 - 362 5,438 362 5,076
Bay Bridge Airport 8 3,107 - 7,485 75,622 7,485 68,137
Public Landings and Marinas 9 5,277 - 9,766 85,511 9,766 75,745
Subtotal Bond Premiums 1 84,184 - 17,613 166,571 17,613 148,958
Subtotal Business-Type Activities Debt 3 6,769,976 950,537 2,066,949 35,653,564 2,100,036 33,553,528
OPEB 6 ,872,895 179,291 - 7,052,186 - 7,052,186
Net Pension Liability 2 ,927,232 - 750,952 2,176,280 - 2,176,280
Compensated Absences 4 41,142 80,150 - 521,292 283,062 238,230
Right-to-use Lease obligations - 80,633 41,408 39,225 26,470 12,755
Total Business-Type Activities Debt $ 4 7,011,245 $ 1,290,611 $ 2,859,309 $ 45,442,547 $ 2,409,568 $ 43,032,979
Additions of debt listed for the Public Landings include $194,123 in distributions of the 2021 Bonds.
78

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 9 – NONCURRENT LIABILITIES (CONTINUED)
A. CHANGES IN NONCURRENT LIABILITIES (CONTINUED)
During the year ended June 30, 2022, 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, 2021 of debt Repayments June 30, 2022 One Year One Year
Board of Education
Compensated Absences $ 988,733 $ - $ 100,928 $ 887,805 $ - $ 887,805
Financed purchases 1,573,192 - 195,298 1,377,894 207,894 1,170,000
OPEB 1 66,845,063 28,576,313 - 195,421,376 - 195,421,376
Net Pension Liability 5,794,422 - 1,484,821 4,309,601 - 4,309,601
Subtotal 1 75,201,410 28,576,313 1,781,047 201,996,676 207,894 201,788,782
Free Library
OPEB 799,914 - 118,584 681,330 - 681,330
Subtotal 799,914 - 118,584 681,330 - 681,330
Total Component Units Debt $ 1 76,001,324 $ 28,576,313 $ 1,899,631 $ 202,678,006 $ 207,894 $ 202,470,112
Long-term liabilities are normally paid from the General fund.
79

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 9 – NONCURRENT LIABILITIES (CONTINUED)
B. GENERAL OBLIGATION BONDS, NOTES, OTHER POST-EMPLOYMENT BENEFIT OBLIGATION, NET
PENSION 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 16.
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 15, 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 13, 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.
80

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 9 – NONCURRENT LIABILITIES (CONTINUED)
B. GENERAL OBLIGATION BONDS, NOTES, OTHER POST-EMPLOYMENT BENEFIT OBLIGATION, NET
PENSION LIABILITY, AND COMPENSATED ABSENCES (CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
As of June 30, 2022, general obligation bonds and notes payable for governmental activities are comprised of the following,
along with other post-employment benefits, net pension liability, and accrued compensated absences:
Year Amount Outstanding Due in
Paying Interest Series of Original June 30, Due Within More than
Governmental Activities Fund Rate Matures Issue 2022 One Year One Year
General Obligation Bonds Payable
2012 Refunding Bonds General 2.00%-4.00% 2023 $ 8,010,000 $ 909,998 $ 909,998 $ -
2014 Public Facilities General 2.00%-4.00% 2034 17,590,000 11,436,653 763,184 10,673,469
2015 Public Facilities General 3.00%-5.00% 2036 11,622,756 8,954,158 485,921 8,468,237
2015 Refunding Bonds General 2.00%-5.00% 2027 13,521,625 7,443,674 1,375,409 6,068,265
2016 Public Facilities General 2.00%-4.00% 2036 13,934,364 11,435,860 575,764 10,860,096
2017 Public Facilities General 3.00%-5.00% 2037 12,600,000 10,915,000 480,000 10,435,000
2018 Public Facilities General 3.00%-5.00% 2038 16,000,000 14,440,000 575,000 13,865,000
2019 Public Facilities General 3.00%-5.00% 2039 11,000,000 10,285,000 375,000 9,910,000
2019 Refunding Bonds General 4.00%-5.00% 2029 14,236,594 11,951,651 1,240,398 10,711,253
2020 Public Facilities General 2.00%-5.00% 2040 9,000,000 8,693,033 299,244 8,393,789
2021 Public Facilities General 1.50%-5.00% 2041 13,000,000 12,805,876 640,294 12,165,582
2021 Refunding Bonds General 1.50%-5.00% 2030 10,835,995 9,858,125 893,485 8,964,640
2022 Public Facilities General 3.375%-5.00% 2043 7,800,000 7,800,000 - 7,800,000
2012 Refunding Bonds (2003 Bonds) Due from PHA 3.50%-4.50% 2023 335,000 25,002 25,002 -
2015 Refunding Facilities (2006 Bonds) Due from PHA 2.00%-3.00% 2027 240,112 132,182 24,424 107,758
2019 Refunding Facilities (2009 Bonds) Due from PHA 4.00%-5.00% 2029 445,590 374,074 38,823 335,251
2014 Public Facilities Due from other Counties 2.00%-4.00% 2034 4,800,000 3,308,978 220,813 3,088,165
Subtotal Bonds Payable 130,769,264 8,922,759 121,846,505
Notes Payable
State of Maryland - Grove Ck. Spec. Rev. 0.00% 2034 510,617 245,092 20,425 224,667
State of Maryland - Narrows Pointe Spec. Rev. 0.00% 2037 525,318 410,865 27,391 383,474
Subtotal Notes Payable 6 55,957 4 7,816 608,141
Subtotal Bonds and Notes Payable 131,425,221 8,970,575 122,454,646
Bond Premiums 11,371,705 937,650 10,434,055
Subtotal Governmental Activities Debt 142,796,926 9,908,225 132,888,701
OPEB 36,268,523 - 36,268,523
Net Pension Liability 24,007,806 - 24,007,806
LOSAP Liability 10,267,761 - 10,267,761
Compensated Absences 3,527,165 1,915,250 1,611,915
Total Governmental Activities $ 216,868,181 $ 11,823,475 $ 205,044,706
81

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 9 – NONCURRENT LIABILITIES (CONTINUED)
B. GENERAL OBLIGATION BONDS, NOTES, OTHER POST-EMPLOYMENT BENEFIT OBLIGATION, NET
PENSION LIABILITY, AND COMPENSATED ABSENCES (CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
The annual requirements to amortize general obligation bonds and notes payable outstanding as of June 30, 2022 for
governmental activities are as follows:
Governmental Activities
Year Ending Governmental Bonds Payable Governmental Notes Payable
June 30, Principal Interest Total Principal Interest Total
2023 $ 8,922,759 $ 4,653,615 $ 1 3,576,374 $ 47,816 $ - $ 47,816
2024 8,720,666 4,371,905 13,092,571 47,816 - 47,816
2025 9,083,074 4,020,003 13,103,077 47,816 - 47,816
2026 9,450,550 3,628,558 13,079,108 47,816 - 47,816
2027 9,837,661 3,230,599 13,068,260 47,816 - 47,816
2028 - 2032 40,950,254 10,547,808 51,498,062 239,080 - 239,080
2033 - 2037 30,503,740 4,132,079 34,635,819 177,797 - 177,797
2038 - 2042 12,910,560 716,295 13,626,855 - - -
2043 - 2047 390,000 7,562 397,562 - - -
$ 130,769,264 $ 35,308,424 $ 1 66,077,688 $ 655,957 $ - $ 655,957
82

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 9 – NONCURRENT LIABILITIES (CONTINUED)
B. GENERAL OBLIGATION BONDS, NOTES, OTHER POST-EMPLOYMENT BENEFIT OBLIGATION, NET
PENSION LIABILITY, AND COMPENSATED ABSENCES (CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
General obligation bonds and notes payable outstanding as of June 30, 2022 for business-type activities are comprised of the
following, as well as other post-employment benefits, net pension liability, and accrued compensated absences:
Year Amount Outstanding Due in
Interest Series of Original June 30, Due Within More than
Business -Type Activities Rate Matures Issue 2022 One Year One Year
Golf Course
2016 Public Facilities Bonds 2.00%-4.00% 2036 $ 85,636 $ 8 4,140 $ 4,236 $ 7 9,904
Bond Premiums 5 ,438 362 5 ,076
Subtotal Golf Course 8 9,578 4,598 8 4,980
Bay Bridge Airport
2014 Public Facilities Bonds 2.00%-4.00% 2034 964,940 6 89,370 46,003 6 43,367
2015 Public Facilities Bonds 3.00%-5.00% 2036 577,244 5 35,842 17,654 5 18,188
2015 Refunding Bonds 2.00%-5.00% 2027 173,556 9 5,543 29,079 6 6,464
2019 Refunding Bonds 4.00%-5.00% 2029 92,167 7 7,375 8,030 6 9,345
2020 Public Facilities Bonds 2.00%-5.00% 2040 22,686 2 1,967 756 2 1,211
2021 Refunding Bonds 1.50%-5.00% 2030 11,134 1 0,130 918 9 ,212
Bond Premiums 7 5,622 7,485 6 8,137
Subtotal Airport 1 ,505,849 109,925 1 ,395,924
Public Landings and Marinas
2015 Refunding Bonds 2.00%-5.00% 2027 24,707 1 3,601 2,513 1 1,088
2019 Refunding Bonds 4.00%-5.00% 2029 490,649 4 11,900 42,749 3 69,151
2021 Refunding Bonds 1.50%-5.00% 2030 67,871 6 1,746 5,597 5 6,149
2021 Public Facilities 3.375%-5.00% 2043 194,123 1 94,123 9,706 1 84,417
Bond Premiums 8 5,511 9,766 7 5,745
Subtotal Public Landings and Marinas 7 66,881 70,331 6 96,550
Sanitary District
Maryland Water Quality-2005 Enhancement 1.00% 2027 18,252,291 4 ,894,269 962,366 3 ,931,903
Maryland Water Quality-2017 Loan 0.80% 2051 28,585,828 2 8,396,987 952,816 2 7,444,171
Subtotal Sanitary District 3 3,291,256 1,915,182 3 1,376,074
Total Business-Type Activities Debt 3 5,653,564 2,100,036 3 3,553,528
OPEB 7 ,052,186 - 7 ,052,186
Net Pension Liability 2 ,176,280 - 2 ,176,280
Compensated Absences 5 21,292 283,062 2 38,230
Right-to-use Lease obligations 3 9,225 26,470 1 2,755
Total Business-Type Activities $ 4 5,442,547 $ 2,409,568 $ 4 3,032,979
83

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 9 – NONCURRENT LIABILITIES (CONTINUED)
B. GENERAL OBLIGATION BONDS, NOTES, OTHER POST-EMPLOYMENT BENEFIT OBLIGATION, NET
PENSION LIABILITY, AND COMPENSATED ABSENCES (CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
The annual requirements to amortize business-type bonds and notes outstanding at June 30, 2022, are as follows:
Business-Type Activities
Year Ending Business-Type Bonds Payable Business-Type Notes Payable
June 30, Principal Interest Total Principal Interest Total
2023 $ 167,241 $ 81,793 $ 249,034 $ 1,915,182 $ 400,813 $ 2,315,995
2024 174,329 74,116 248,445 1,932,429 359,424 2,291,853
2025 181,926 66,994 248,920 1,949,832 342,020 2,291,852
2026 189,451 59,588 249,039 1,967,394 324,457 2,291,851
2027 197,343 52,248 249,591 1,970,350 306,734 2,277,084
2028 - 2032 819,741 151,601 971,342 5,037,679 1,123,029 6,160,708
2033 - 2037 411,262 31,931 443,193 5,242,436 918,271 6,160,707
2038 - 2042 54,444 2,688 57,132 5,455,515 705,192 6,160,707
2043 - 2047 - - - 5,677,256 483,453 6,160,709
2048 - 2052 - - - 2,143,183 129,287 2,272,470
$ 2,195,737 $ 520,959 $ 2,716,696 $ 33,291,256 $ 5 ,092,680 $ 38,383,936
C. ISSUANCE OF NEW DEBT
PRIMARY GOVERNMENT
In May 2022, Queen Anne's County issued Public Facilities Bonds of 2022 for $7,800,000. These General Obligation Bonds
carry interest rates of 3.375 to 5.0 percent and mature serially through 2043. The primary use of the bond proceeds is to
provide funding for the various County facility renovations, the Kent Island Public Library expansion, Roads capital projects,
various Board of Education projects, with minor amounts earmarked for construction of general government capital projects.
Moody’s Investor Service has assigned the rating of Aa1, Fitch Ratings has assigned a rating of AAA and Standard & Poor’s
also assigned a AAA rating to the Queen Anne’s County 2022 Bonds.
In fiscal year 2017, the County began borrowing funds through the Maryland Water Quality Financing Administration for the
Southern Kent Island (SKI) Sanitary Project. The total loan amount will be approximately $32 million and funds will be
disbursed as the project costs are incurred. Principal payments will begin in 2022 and the loan will be repaid over 30 years at
an interest rate of 0.80%. In fiscal year 2022, the County received $2,023,414 as part of this loan. The total amount
outstanding as of June 30, 2022 was $28,396,987. The SKI project was completed in 2022 and $1,267,000 of the loan with
the Maryland Water Quality Financing Administration was forgiven.
84

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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.
County as Lessor
The County’s Governmental Activities entered into various lease agreements to lease land for antenna sites, cultivation,
and/or hunting. The following is a summary of Governmental activities lease receivable and the corresponding deferred
inflow:
Retirements
Balance and Balance
Governmental Activities June 30, 2021 Additions Repayments June 30, 2022
Lease Receivable $ - $ 1,020,042 $ 110,327 $ 909,715
Lease Receivable deferred inflows $ - $ ( 1,020,042) $ (155,445) $ (864,597)
For the year ended June 30, 2022, rentl and interest income associated with the governmental activities lease receivable was
approximately $155,000 and $1,700, respectively.
85

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
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. In addition, the County’s Bay Bridge Airport has entered into various lease agreements to lease land and/or facilities at
the airport. 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, 2021 Additions Repayments June 30, 2022
Sanitary District - Lease Receivable $ - $ 581,274 $ 1 23,556 $ 457,718
Bay Bridge Airport - Lease Receivable - 232,690 5 9,537 173,153
Total lease receivable $ - $ 813,964 $ 183,093 $ 630,871
Sanitary District - Deferred inflows $ - $ ( 581,274) $ (128,046) $ (453,228)
Bay Bridge Airport - Deferred inflows - ( 232,690) (60,885) (171,805)
Total lease receivable deferred inflows $ - $ ( 813,964) $ (188,931) $ (625,033)
For the year ended June 30, 2022, rental and interest income associated with the business-type activities lease receivable was
$61,000 and $3,000, respectively.
County as Lessee
On November 1, 2021, the County (Sanitary District) entered into a 24-month lease for the use of Fourth Election District
land. An initial lease liability was recorded in the amount of $38,309. As of June 30, 2022, the value of the lease liability is
$25,555. The County is required to make monthly fixed payments of $1,600. The lease has an interest rate of 0.25%. The
value of the right to use asset as of June 30, 2022 was $25,539 net of accumulated amortization of $12,770. The County has
1 extension option(s), each for 12 months. Queen Anne's County, MD had a termination period of 2 months as of the lease
commencement.
On July 1, 2021, the County (Golf Course) entered into a 16-month lease for the use of Golf Carts. An initial lease liability
was recorded in the amount of $30,324. As of June 30, 2022, the value of the lease liability is $7,670. The County is required
to make monthly fixed payments of $1,927. The lease has an interest rate of 2.29%. The value of the right to use asset as of
June 30, 2022 was $8,877, net of accumulated amortization of $21,447.
On July 1, 2021, the County (Public Landing) entered into a 13-month lease for the use of dredge materials. An initial lease
liability was recorded in the amount of $12,000. As of June 30, 2022, the value of the lease liability is $6,000. The County is
required to make annual fixed payments of $6,000. The lease has an interest rate of 0.1850%. The value of the right to use
asset as of June 30, 2022 was $924, net of accumulated amortization of $11,076. The County has 5 extension option(s), each
for 12 months.
The following is a summary of Business-Type activities right-to-use lease obligations as of June 30, 2022:
Balance Balance
Business-Type Activities June 30, 2021 Additions Repayments June 30, 2022
Sanitary District $ - $ 3 8,309 $ 12,754 $ 25,555
Golf Course - 3 0,324 22,654 7,670
Public Landings and Marinas - 1 2,000 6,000 6,000
Intangible right-to-use lease obligation $ - $ 8 0,633 $ 41,408 $ 39,225
86

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 10 – LEASES (CONTINUED)
The future minimum lease payments are approximately as follows:
Principal Interest Total
2023 $ 2 6,470 $ 210 $ 26,680
2024 1 2,755 35 12,790
2025 - - -
2026 - - -
2027 - - -
Thereafter - - -
Total $ 3 9,225 $ 245 $ 39,470
Interest on the above intangible right-to-use leases was approximately $500 for the year ended June 30, 2022.
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
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. Thus 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 $ 3,246,662
Less: accumulated depreciation (2,111,465)
Total $ 1,135,197
Interest expense related to the above capital leases was approximately $41,000 for the year ended June 30, 2022. The future
minimum lease obligations and net present value of these minimum lease payments as of June 30, 2022 were as follows:
Year ended June 30:
2023 $ 243,679
2024 250,989
2025 258,519
2026 266,275
2027 274,263
Thereafter 203,552
Total minimum lease payments 1,497,277
Less: amount representing interest (119,383)
Present value of minimum financed purchase payments $ 1,377,894
87

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 10 – LEASES (CONTINUED)
LIBRARY
Operating leases payable
Retirements Due in
Balance Additions and Balance Due Within More than
June 30, 2021 of debt Repayments June 30, 2022 One Year One Year
Operating lease payable $ 19,155 $ - $ 5,303 $ 13,852 $ 5,515 $ 8,337
Effective July 1, 2021, the Library adopted the new lease accounting guidance in GASB Statement No. 87, Leases. The new
guidance requires recognition of certain lease assets and liabilities that were previously classified as operating leases. As a
result of the adoption of the new guidance, the Library recognized as of June 30, 2021 (a) lease liabilities of $19,155, which
represents the present value of the remaining lease payments discounted using the Library’s incremental borrowing rate of
4%, and (b) right-to-use assets of $27,018 net of accumulated amortization $7,863.
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, 2022, total lease liabilities were $13,852, which
represents the present value of the remaining lease payments of $15,172, discounted using the Library’s incremental
borrowing rate of 4%.
Following are the principal and interest requirements through maturity of the lease liabilities under
this non-cancelable operating lease:
Year ended June 30: Principal Interest
2023 $ 5,515 $ 554
2024 5,735 333
2025 2,602 162
$ 13,852 $ 1,049
NOTE 11 – 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.
88

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 11 – RESTRICTED ASSETS AND LIABILITIES AND FUND BALANCES (CONTINUED)
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, 2022 are as follows:
SANITARY DISTRICT
RESTRICTED DEBT SERVICE
ASSETS FUND FUND TOTAL
Current Restricted Assets
Restricted Equity in Pooled Cash $ 23,769,714 $ 1,913,102 $ 25,682,816
Restricted Accounts Receivable (Net) 2,193,250 636,750 2,830,000
Total Current Restricted Assets 25,962,964 2,549,852 28,512,816
Noncurrent Restricted Assets
Special Assessments Receivable (Net) 463,951 15,279,457 15,743,408
Total Noncurrent Restricted Assets 463,951 15,279,457 15,743,408
DEFERRED INFLOWS OF RESOURCES
Unavailable Water and Sewer Assessments 463,951 15,279,457 15,743,408
Total Deferred Inflows of Resources 463,951 15,279,457 15,743,408
NET POSITION
Amounts Restricted for:
Debt Service - 2,549,852 2,549,852
Unrestricted Amounts 25,962,964 - 25,962,964
Total Net Position $ 25,962,964 $ 2,549,852 $ 28,512,816
89

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 11 – 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 Activities
Net Assets Invested in Capital Assets $ 190,874,807
Total Debt excluding Compensated Absences, Pension, OPEB, and LOSAP Obligations (142,796,926)
Deferred Charge on Refunding 4 39,880
Add back: Debt relating to Board of Education Assets 47,741,448
Add back: Unspent portion of Bond Proceeds for Board of Education debt 5,414,010
Add back: Unspent portion of Bond Proceeds for Governmental debt 10,682,337
Add back: Debt relating to Chesapeake College 5,123,371
Add back: Debt relating to PHA 5 31,258
Add back: Debt relating to non-capital assets (Dredging) 6 55,957
Add back debt unrelated to Capital Assets 70,148,381
Net Investment in Capital Assets $ 118,666,142
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 $ 138,826,298 $ 36,204,546 $ 175,030,844 $ 22,015,236 $ 10,503,112 $ 207,549,192
Less Accumulated Depreciation (56,465,965) (13,007,761) (69,473,726) (6,415,251) (2,408,461) (78,297,438)
Total Capital Assets, Net of Depreciation 82,360,333 23,196,785 105,557,118 15,599,985 8,094,651 129,251,754
DEFERRED OUTFLOWS OF RESOURCES
Deferred Charge on Refunding - - - 5,161 7 35 5,896
Total Deferred Outflows of Resources - - - 5,161 7 35 5,896
LIABILITIES
Lease Payable 25,555 - 25,555 - 13,670 39,225
Bonds/Notes Payable 33,291,256 - 33,291,256 1,505,849 856,459 35,653,564
Total Liabilities 33,316,811 - 33,316,811 1,505,849 870,129 35,692,789
DEFERRED INFLOWS OF RESOURCES
Bond Refundings - - - 3 36 1,784 2,120
Total Deferred Inflows of Resources - - - 3 36 1,784 2,120
NET POSITION
Net Investment in Capital Assets $ 49,043,522 $ 23,196,785 $ 72,240,307 $ 14,098,961 $ 7,223,473 $ 93,562,741
90

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 11 – 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 Non-Major Governmental
Governmental Funds Fund Capital Capital Governmental Funds
Nonspendable
Inventory $ - $ - $ - $ 1,327,375 $ 1,327,375
Prepaid Items 47,789 - - - 47,789
Subtotal Nonspendable 47,789 - - 1,327,375 1,375,164
Restricted
Rainy Day Fund 13,363,377 - - - 13,363,377
Employee Benefits - LOSAP 4,335,237 - - - 4,335,237
Donor-Specified Purposes 59,884 - - - 59,884
Mosquito Control 79,638 - - - 79,638
Unspent Bond Proceeds - 16,096,347 - - 16,096,347
Impact Fees - 247,435 - - 247,435
Vehicle Acquisition - 81,397 - - 81,397
Department of Aging - - - 1 ,460 1 ,460
House and Community Services - - - 2,787,193 2,787,193
Critical Areas - - - 351,561 351,561
Sheriff's Drug Task Force - - - 180,396 180,396
Inmate Welfare - - - 209,885 209,885
Agricultural Transfer - - - 1,756,863 1,756,863
Rural Legacy - - - 384,125 384,125
Dredging Special Assessments - - - 7 ,266 7 ,266
Kent Narrows - - - 166,992 166,992
Subtotal Restricted 17,838,136 16,425,179 - 5,845,741 40,109,056
Committed
House and Community Services - - - 7,500,421 7,500,421
Revolving Loan Fund - - - 575,239 575,239
Economic Development Incentive - - - 324,003 324,003
School Impact Fees - - - 11,791,340 11,791,340
Fire Company Impact Fees - - - 540,820 540,820
Parks and Recreation Impact Fees - - - 1,083,281 1,083,281
Revenue Stabilization Fund 8,352,110 - - - 8,352,110
Encumbrances 47,477 - - - 47,477
Economic Development - 1,076,841 - - 1,076,841
Rubble Surcharge - 744,444 - - 744,444
Developer Exactions - 2,821,067 553,088 - 3,374,155
Subtotal Committed 8,399,587 4,642,352 553,088 21,815,104 35,410,131
Assigned
Encumbrances - 6,377,122 2,773,747 - 9,150,869
Subsequent Years' Expenditures 1,500,000 10,947,045 2,522,000 - 14,969,045
Department of Aging - - - 90,114 90,114
Grants Fund - - - 240,000 240,000
Community Partnerships for Children - - - 65,614 65,614
Law Library - - - 450,995 450,995
Capital Projects - 18,586,020 274,617 - 18,860,637
Loans Receivable - 1,746,125 - - 1,746,125
Subtotal Assigned 1,500,000 37,656,312 5,570,364 846,723 45,573,399
Unassigned
General Fund 32,142,920 - - - 32,142,920
Subtotal Unassigned 32,142,920 - - - 32,142,920
Total Governmental Funds Balances $ 59,928,432 $ 58,723,843 $ 6,123,452 $ 29,834,943 $ 154,610,670
91

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 11 – 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 $ 1,799,258 $ -
Public Safety 3 89,960 -
Public Works 3 74,487 -
Parks & Recreation 1,095,815 -
Health and Social Services 8 5,133 -
Education and Library 9 95,815 -
Conservation of Natural Resources 9 1,414 -
Economic/Community Development 1,545,240 -
Resurfacing Contracts and Materials - 1,503,420
Roads Construction Equipment - 1,270,327
Total encumbrances $ 6,377,122 $ 2,773,747
NOTE 12 - 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 2022 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.
92

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 12 - RISK MANAGEMENT (CONTINUED)
Effective January 2017, the County prescription plan moved to a new pharmacy benefit manager, Express Scripts, which
is separate from CareFirst.
Settlements – In fiscal years 2020, 2021 and 2022, settlements have not exceeded insurance coverage for any type of
policy in effect.
NOTE 13 - 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, 2022
NOTE 13 - 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’, Correctional Officers’ or State Police 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 State
Police Retirement System or 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, 2022
NOTE 13 - 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. The member
contribution rate for members of the Judges’ Retirement System is 8%.
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 2021, 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.
95

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 13 - RETIREMENT PLANS (CONTINUED)
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).
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 State Police, Judges’, 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.
96

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 13 - 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
formula. 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.
Effective July 1, 1998, for Teachers’, Employees’, and LEOPS retirees, the adjustment is capped at a maximum 3%
compounded and is applied to all benefits which have been in payment for one year. The annual increase to pension
allowances for Employees’ Pension System retirees who were employed by a participating governmental unit that does not
provide enhanced pension benefits are limited to 3% of the initial allowance.
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, 2021 actuarial valuation was determined using the following actuarial assumptions,
applied to all periods included in the measurement.
Inflation In the 2021 actuarial valuation, 2.25% general, 2.75% wage.
In the 2020 actuarial valuation, 2.60% general , 3.10% wage.
Salary Increases In the 2021 actuarial valuation, 2.75% to 9.25%.
In the 2020 actuarial valuation, 3.10% to 11.6%.
Investment Rate of Return In the 2021 actuarial valuation 6.80%.
In the 2020 actuarial valuation 7.40%.
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.
97

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 13 - 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 37% 4.7%
Private Equity 13% 6.5%
Rate Sensitive 19% -0.4%
Credit Opportunity 9% 2.6%
Real Assets 14% 4.2%
Absolute Return 8% 2.0%
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, 2021.
For the years ended June 30, 2021, the annual money-weighted rate of return on pension plan investments, net of the pension
plan investment expense, was 26.69%. 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, 2022
NOTE 13 - 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 $ 44,595,167 $ 26,184,085 $ 10,912,215
Board of Education 7,339,854 4,309,601 1,796,026
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 2022 was $2,292,144. In addition, the State of Maryland contributed $6,007,540 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, 2022, 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) $ 4,309,601
State's proportionate share of the net pension liability (Teachers' System) 39,945,791
Total $ 44,255,392
99

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 13 - RETIREMENT PLANS (CONTINUED)
The net pension liability was measured as of June 30, 2021, 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 contribution.
4. Calculate for each participating government, their percentage of the adjusted System contribution by dividing the
total adjusted System contribution into each primary government contribution.
5. Provide each PGU its adjusted percentage of contribution and the System’s net pension liability and other related
amounts.
At June 30, 2022, the County reported the following related to pensions:
Board County
Employer's proportionate (percentage) of the collective net pension liability 0.029% 0.175%
Employer's proportionate share of the collective net pension liability $ 4,309,601 $ 26,184,085
Pension expense recognized by the employer for the year ended 2,564,141 $ 1,432,436
Defferred Defferred
Outflows of Inflows of
Resources Resources
County
Changes in assumptions $ - $ (2,006,864)
Net difference between projected and actual investment earnings 2,548,948 (14,506,729)
on pension plan investments
Differences between expected and actual experience 5,068,154 (561,213)
Change in proportion 4,271,468 -
Contributions subsequent to measurment date 3,617,905 -
Total $ 15,506,475 $ (17,074,806)
Board
Changes in assumptions $ 834,160 $ (92,369)
Net difference between projected and actual investment earnings
on pension plan investments - (1,968,114)
Differences between expected and actual experience - (330,307)
Change in proportion 571,596 -
Contributions subsequent to measurment date 672,111 -
Total $ 2,077,867 $ (2,390,790)
100

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 13 - RETIREMENT PLANS (CONTINUED)
The $3,617,905 and $672,111 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, 2023. Other amounts reported as deferred outflows of resources for the County will be amortized
over a five-year period, as follows:
Year ended June 30: Board County
2023 $ (310,751) $ (1,802,377)
2024 (244,335) (1,398,849)
2025 (241,057) (1,378,935)
2026 (327,282) (1,902,816)
2027 138,391 1,296,741
$ (985,034) $ (5,186,236)
Covered payroll refers to all compensation paid to active employees covered by the Systems.
Covered On-Behalf
Payroll By State
County $ 27,222,595 $ -
Board of Education 64,659,742 6,007,540
Library 1,415,474 181,112
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 Retirmenet and Pension System $ 1,432,436
Length of Service Award Program ("LOSAP") 1,170,464
Aggregate amount of pension expense $ 2,602,900
101

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 14 - 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 15 - 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, 2022. 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, 2022, with adjustments made for the 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, 2021
 Measurement Date: June 30, 2022
 Reporting Date: June 30, 2022
Plan Membership
The following is a summary of the plan membership as of January 1, 2021.
Active 438
Retired 273
Total 711
102

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 15 - 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, 2022
NOTE 15 - 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.
Employees who retire prior to September 2, 2011 (regardless of medical plan enrolled in)
Years of Service Subsidy Percentage
0 - 14 0.0%
15 54.0%
16 57.6%
17 61.2%
18 64.8%
19 68.4%
20 72.0%
21 75.6%
22 79.2%
23 82.8%
24 86.4%
25 or more 90.0%
Employees who retire between September 2, 2011 and August 31, 2012
Years of Service Subsidy Percentage
EPO Plan PPO Plan
0 - 14 0.0% 0.0%
15 54.0% 54.0%
16 57.6% 57.1%
17 61.2% 60.2%
18 64.8% 63.3%
19 68.4% 66.4%
20 72.0% 69.5%
21 75.6% 72.6%
22 79.2% 75.7%
23 82.8% 78.8%
24 86.4% 81.9%
25 or more 90.0% 85.0%
104

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 15 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
Plan description (Continued)
Employees who retire on or after September 1, 2012
Years of Service Subsidy Percentage
EPO or BCA Plans PPO Plan
0 - 14 0.0% 0.0%
15 54.0% 54.0%
16 57.1% 56.6%
17 60.2% 59.2%
18 63.3% 61.8%
19 66.4% 64.4%
20 69.5% 67.0%
21 72.6% 69.6%
22 75.7% 72.2%
23 78.8% 74.8%
24 81.9% 77.4%
25 or more 85.0% 80.0%
Plan Changes Since Prior Valuation
There have been no changes in eligibility or cost sharing provisions since the prior valuation, which included the retiree
payment changes outlined above.
Actuarial Information
Actuarial assumptions
The total OPEB liability was determined by an actuarial valuation as of January 1, 2021, 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: 5.75% initially, grading down to 4.25% for PPO and EPO plans and 4.50% for BCA plan 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
There were no changes in actuarial assumptions since the prior year, except the change in discount rate due to an updated
fund availability analysis.
105

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 15 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
PRIMARY GOVERNMENT (CONTINUED)
Actuarial Informtion (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 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 (19 years remaining).
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, 2022, and the final investment return assumption, are summarized in the following table:
Long-Term
Expected Real
Asset Class Rate of Return Weight
US Equity 5.85% 36.0%
International Equity 6.25% 24.0%
Fixed Income 2.00% 35.0%
Real Estate 4.95% 5.0%
Total Weighted Average Real Return 4.55% 100.0%
Plus Inflation 2.50%
Total Return w/o Adjustment 7.05%
Risk Adjustment -1.05%
Total Expected Return 6.00%
Discount Rate
The discount rate used to measure the total OPEB liability is 5.90%. The County’s funding expectations/policy is to
contribute 90% of the Actuarially Determined Contribution in fiscal year 2022, then increase this percentage 100% in fiscal
year 2023 and 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 3.69%. The blended rate is 5.90%.
The prior rate was 5.82%.
*Source: Fidelity general obligation municipal bond index.
106

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 15 - 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 plan, 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 $ 52,515,818 $ 43,320,709 $ 35,946,735
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 5.75% to an
ultimate rate of 4.25% for PPO and EPO plans and 4.50 % for the BCA plan, 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%/3.50% 4.25%/4.50% 5.25%/5.50%
Net OPEB liability $ 35,263,844 $ 43,320,709 $ 53,550,300
107

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 15 – 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 $ 1,226,384
Interest 3,220,060
Changes in benefit terms -
Difference between expected and actual experience -
Changes in assumptions (686,055)
Benefit payments (1,731,265)
Net change in total OPEB liability 2,029,124
Total OPEB liability - beginning of year 54,954,500
Total OPEB liability - end of year $ 56,983,624
Plan Fiduciary Net Position ("PFNP")
Contributions - employer $ 4,195,201
Contributions - member -
Net investment income (1,964,463)
Benefit payments (1,731,265)
Admin expenses (5,253)
Other -
Net change in plan fiduciary net position 494,220
Plan fiduciary net position - beginning of year 13,168,695
Plan fiduciary net position - end of year $ 13,662,915
Net OPEB liability ("NOL") - beginning of year $ 41,785,805
Net OPEB liability - end of year $ 43,320,709
PFNP as a % of TOL 24.0%
Covered employee payroll 29,071,019
NOL as a % of covered payroll 149.0%
108

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 15 - 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 $ 1,226,384
Interest on total OPEB liability 3,220,060
Difference between expected and actual experience* (887,255)
Changes in actuarial assumptions* (77,557)
Employee contributions -
Changes in benefit terms -
Projected earnings on plan investments (792,965)
Difference between projected and actual earnings* 264,908
Administrative expense 5,253
Other changes in fiduciary net position -
Total OPEB expense $ 2,958,828
* - portions recognized for expense
Deferred Inflow/Outflow Summary
The deferred outflows / inflows are as follows:
Defferred Defferred
Outflows of Inflows of
Resources Resources
Differences between expected and actual experience $ 1,285,031 $ -
Changes of assumptions 911,101 (1,869,698)
Net difference between projected and actual earnings 408,637 (6,782,883)
Total $ 2,604,769 $ (8,652,581)
Net deferred outflows / (inflows) will be amortized as follows:
Year ended June 30:
2023 $ (704,323)
2024 (698,903)
2025 (757,663)
2026 (413,329)
2027 (994,371)
Thereafter (2,479,223)
$ (6,047,812)
109

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 15 - 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 January 1, 2020, the date of the last actuarial valuation, approximately 395 retirees were receiving benefits, and 951
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.
110

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 15 - 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, 2022, the Board recognized an OPEB expense of $6,890,018.
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, 2021. Therefore, plan information for
the year ended June 30, 2021 is utilized. The following table shows the components of the Board’s total and net OPEB
liability at June 30, 2021.
Total OPEB Liability ("TOL")
Service cost $ 8,288,518
Interest 4,065,840
Changes in benefit terms -
Difference between expected and actual experience (642,889)
Changes in assumptions 19,116,520
Benefit payments (2,185,554)
Net change in total OPEB liability 28,642,435
Total OPEB liability - beginning of year 167,366,872
Total OPEB liability - end of year $ 196,009,307
Plan Fiduciary Net Position ("PFNP")
Contributions - employer $ 2,185,554
Net investment income 66,123
Benefit payments (2,185,554)
Admin expenses -
Net change in plan fiduciary net position 66,123
Plan fiduciary net position - beginning of year 521,808
Plan fiduciary net position - end of year $ 587,931
Net OPEB liability ("NOL") - beginning of year $ 166,845,064
Net OPEB liability - end of year $ 195,421,376
PFNP as a % of TOL 0.3%
Covered employee payroll 59,503,815
NOL as a % of covered payroll 328.4%
111

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 15 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
COMPONENT UNITS (CONTINUED)
BOARD OF EDUCATION (CONTINUED)
Payments have typically been liquated from the General Fund in prior years.
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 as of the latest actuarial valuation is as follows:
 Measurement date – The Board selected a June 30, 2021 measurement date for fiscal year-end 2022. 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
February 2017 through January 2020 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 January 1,
2020.
 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 1.92% as of June 30, 2021.
 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 2.2%
Rate of growth in real income / GDP per year 1.5%
Extra trend due to technology and other factors 1.1%
Expected health share of GDP in 2020 20.0%
Health Share of GDP Resistance Point 25.0%
Year for limiting cost growth to GDP growth 2075
 Salary Scale – State of Maryland salary scale assumption for teachers.
112

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 15 - 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-2019
Disability Pub-2010 Mortality Table (teacher and general disabled, headcount-weighted),
Fully Generational, Projected using Scale MP-2019
Sensitivity of the Net OPEB Liability
The following table presents the Board’s net OPEB liability at June 30, 2021 using the discount rate of 1.92%, 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 0.92% 1.92% 2.92%
Net OPEB liability $ 239,370,658 $ 195,421,376 $ 161,347,453
The following table presents the Board’s net OPEB liability at June 30, 2021 using the health care trend rate of 4.00%, 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
3.00% 4.00% 5.00%
Net OPEB liability $ 156,299,202 $ 195,421,376 $ 249,584,412
Deferred Inflows/Outflows of Resources related to OPEB
At June 30, 2022, the Board reported deferred outflows of resources and deferred inflows of resources related to the OPEB
plan from the following sources:
Defferred Defferred
Outflows of Inflows of
Resources Resources
Changes of assumptions $ 48,062,970 $ (12,652,261)
Net difference between projected and actual earnings - (59,608)
Differences between expected and actual experience 2,294,584 (73,154,556)
Total $ 50,357,554 $ (85,866,425)
113

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 15 - 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 inflows and outflows of resources over
the next five years is expected to be as follows:
Year ended June 30:
2023 $ (5,464,156)
2024 (5,463,954)
2025 (5,462,491)
2026 (5,461,295)
2027 (5,448,069)
Thereafter (8,208,906)
$ (35,508,871)
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).
114

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 15 - 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, 2021.
Active 16
Retired 8
Total 24
Contributions
The Library pays retiree healthcare benefits on a pay-as-you-go basis. For the year ended June 30, 2022, the Library
contributed $30,126.
Net OPEB liability
The Library's net OPEB liability was measured as of June 30, 2022, and the total OPEB liability used to calculate the net
OPEB liability was determined by an actuarial valuation January 1, 2021.
Actuarial assumptions
The total OPEB liability was determined by an actuarial valuation as of January 1, 2021, 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 (17 years remaining).
Discount rate
The discount rate used to measure the total OPEB liability is 4.00%. 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, 2022 of 3.69% blended
with the assumed return of 6.00%.
Benefits would be paid from the trust from 2050 to 2059, and from general fund assets before and after this time period,
resulting in a blended rate of 4.0%. The prior rate was 2.4%.
115

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 15 - OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
COMPONENT UNITS (CONTINUED)
LIBRARY (CONTINUED)
Changes in the net OPEB liability
Total OPEB Liability ("TOL")
Service cost $ 11,092
Interest 19,930
Changes in benefit terms -
Difference between expected and actual experience -
Changes in assumptions (123,598)
Benefit payments (30,126)
Net change in total OPEB liability (122,702)
Total OPEB liability - beginning of year 834,299
Total OPEB liability - end of year $ 711,597
Plan Fiduciary Net Position ("PFNP")
Contributions - employer $ 30,126
Net investment income (4,107)
Benefit payments (30,137)
Admin expenses -
Net change in fiduciary net position (4,118)
Plan fiduciary net position - beginning of year 34,385
Plan fiduciary net position - end of year $ 30,267
Net OPEB liability ("NOL") - beginning of year $ 799,914
Net OPEB liability - end of year $ 681,330
PFNP as a % of TOL 4.3%
Covered employee payroll $ 1,415,474
NOL as a % of covered payroll 48.1%
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 3.00% 4.00% 5.00%
Net OPEB liability $ 756,245 $ 681,330 $ 618,026
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.
116

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 15 - 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, 2022, and the final investment return assumption, are summarized in the following table:
Long-Term
Expected Real
Asset Class Rate of Return Weight
US Equity 5.85% 36.0%
International Equity 6.25% 24.0%
Fixed Income 2.00% 35.0%
Real Estate 4.95% 5.0%
Total Weighted Average Real Return 4.55% 100.0%
Plus Inflation 2.50%
Total Return w/o Adjustment 7.05%
Risk Adjustment -1.05%
Total Expected Return 6.00%
OPEB expense and deferred outflows of resources related to OPEB
For the year ended June 30, 2022, the Library recognized an OPEB expense of $54,671. At June 30, 2022, the Library
reported deferred outflows of resources related to the OPEB plan from the following sources:
Defferred Defferred
Outflows of Inflows of
Resources Resources
Differences between expected and actual experience $ 31,352 $ (31,413)
Changes of assumptions 147,895 (109,865)
Net difference between projected and actual earnings 4,726 -
Total $ 183,973 $ (141,278)
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:
2023 $ 25,326
2024 25,167
2025 24,990
2026 25,235
2027 (8,776)
Thereafter (49,247)
$ 42,695
117

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 16 – 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, 2021
 Measurement date: December 31, 2021
 Reporting date: June 30, 2022
An active member, upon reaching 55 years of age, is eligible to receive $6 per month for each year of eligible service, with a
$240 maximum monthly benefit that may be earned. An inactive member that reaches 65 years of age and is vested with 5
years of service is also entitled to the same benefits ($6/month for each year of service, maximum $240 per month). An
inactive life member with 20-plus years of service is entitled to the same benefits at 55 years old. Insured participants’
designated beneficiary shall receive the greater of $25,000 face amount of the life insurance or the present value of the
participants’ accrued benefit. Non-insured participants’ designated beneficiary shall receive the lump sum of the present
value of the participants’ accrued benefit.
Plan Description (Continued)
The participant summary as of the January 1, 2021 actuarial valuation is as follows:
Active members 298
Vested-terminted 158
Retired and beneficiaries 169
Total 625
Actuarial Assumptions
The total LOSAP liability was determined by an actuarial valuation as of January 1, 2021 rolled forward to December 31,
2021 using the following actuarial assumptions, applied to all periods included in the measurement:
Inflation 0.00%
Salary increases Not Applicable
Investment rate of return 1.84%, 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 1.84% discount rate is based on a 20 year AA general obligation bond rate as of December 31, 2021.
The above is a summary of key actuarial assumptions. Full descriptions of the actuarial assumptions are available in the
January 1, 2021 actuarial valuation report.
118

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 16 – 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 2.00%, 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 0.84% 1.84% 2.84%
Net LOSAP Liability $ 12,583,644 $ 10,267,761 $ 8,510,876
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, 2021 $ 9,602,464 $ - $ 9,602,464
Changes for the year:
Service cost 350,104 - 350,104
Interest 174,594 - 174,594
Changes of benefit terms - - -
Differences between expected and actual experience 65,498 - 65,498
Changes of assumptions 315,113 - 315,113
Benefits payments and expenses (240,012) - (240,012)
Net changes 665,297 - 665,297
Balances as of December 31, 2021 $ 10,267,761 $ - $ 10,267,761
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 $ 350,104
Interest 174,594
Projected earnings on OPEB Trust -
Changes in benefit terms -
Differences between expected and actual earnings -
Differences between expected and actual experience 24,370
Changes of assumptions 621,396
Total OPEB expense $ 1,170,464
119

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 16 – VOLUNTEER FIREMAN PENSION PLAN LENGTH OF SERVICE AWARD PROGRAM (LOSAP)
(CONTINUED)
Maryland State Retirmenet and Pension System $ 1,432,436
Length of Service Award Program ("LOSAP") 1,170,464
Aggregate amount of pension expense $ 2,602,900
LOSAP Deferred Outflows and Deferred Inflows of Resources
The components of LOSAP deferred outflows and deferred inflows are as follows:
Defferred Defferred
Outflows of Inflows of
Resources Resources
Differences between expected and actual experience $ 174,638 $ (31,386)
Changes of assumptions 1,626,026 (295,132)
Net difference between projected and actual earnings - -
Total $ 1,800,664 $ (326,518)
Amounts reported as deferred outflows and deferred inflows will be amortized as follows:
Year ended June 30:
2023 $ 645,766
2024 549,427
2025 309,052
2026 40,712
2027 (35,407)
Thereafter (35,404)
$ 1,474,146
120

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 17 – 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, 2022.
The following Enterprise Funds ended the year with deficit equity balances:
The Sewer Operations Fund has a deficit balance in unrestricted net position of $235,548 as of June 30, 2022.
The Bay Bridge Airport Fund has a deficit balance in unrestricted net position of $1,187,725 as of June 30, 2022.
The Golf Course Enterprise Fund has a deficit balance in unrestricted net position of $328,586 as of June 30, 2022.
The Public Landings and Marinas Enterprise Fund has a deficit balance in unrestricted net position of $84,182 as of June 30,
2022.
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 18 – 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, 2022
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 2022.
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 2022.
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 $4,642,352 has been committed, including $2,821,067 for Economic Development, $1,076,841 for site
improvements pursuant to agreements with local developers, and $744,444 for rubble surcharge. In the Roads Capital
Projects Fund, $553,088 has been contributed by developers and is committed to fund infrastructure improvements.
121

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 18 – COMMITMENTS, CONTINGENCIES AND SUBSEQUENT EVENTS (CONTINUED)
The Library has begun an expansion and renovation of the Kent Island branch for an estimated cost of $9,903,000 including
equipment of $640,000. The project is being financed in part by grants from the Maryland State Library of $3,955,000 with a
100% match being paid by Queen Anne’s County. During the year ended June 30, 2022, grant proceeds of $2,116,454 were
received from the Maryland State Library and passed through to Queen Anne’s County.
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 19 – 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 35.65% 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 $18.8 million, with approximately $6.7 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 $7.3 million as of June 30, 2022, 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 totaling $21.3 million. As of June 30, 2022, $7.6
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, 2022. MES expects to satisfy these requirements as of June 30, 2022 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.
122

QUEEN ANNE’S COUNTY, MARYLAND
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 20 – 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 2022, the County has maintained the required testing of all monitoring wells. The set testing schedule was
dictated my MDE, followed by Queen Anne’s County and data recorded as per the schedule. During the February 10th, 2022,
testing of all wells, LPH was detected in monitoring well MW-11. During the March 11th, 2022, testing of all wells, LPH was
then detected in monitoring well MW-9. These two wells had never had any LPH detection until after the Maryland state
project in replacing the USTs at the State Police “S” Barracks started a few months back – Fall of 2021. The presence of LPH
in MW-2A, MW-11, and MW-9 continues to be monitored, fluctuates in depth, and currently appears to be recoverable only
in minimal amounts.
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 provide a monthly report to MDE showing the data found during the monitoring processes. As
applied, the following schedule is as follows: monitoring well MW-2A is 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.
NOTE 21 – PRIOR PERIOD RESTATEMENT
The Queen Anne’s County Roads Board blended component unit should not be reported in the General Fund of the County.
The following table is summary of the effects as of June 30, 2022.
PRIMARY GOVERNMENT GENERAL ROADS
FUND OPERATING
June 30, 2021, as previously reported $ 50,421,262 $ -
GASB No. 54 (1,327,375) 1,327,375
June 30, 2021, as restated $ 49,093,887 $ 1,327,375
123

R S I
EQUIRED UPPLEMENTARY NFORMATION
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, 2022
VARIANCE
ORIGINAL FINAL WITH FINAL
BUDGET BUDGET ACTUAL BUDGET
REVENUES
Taxes
Local Property Tax $ 73,784,144 $ 73,784,144 $ 75,895,277 $ 2,111,133
Local Income Tax 61,238,067 70,751,740 71,002,615 2 50,875
Admission and Amusement Taxes 1 55,000 1 55,000 2 47,533 92,533
Recordation Taxes 7,000,000 9,900,000 9,933,241 33,241
Hotel Taxes 5 00,000 5 00,000 8 49,345 3 49,345
County Transfer Taxes 2,600,000 3,600,000 3,824,021 2 24,021
State Shared Taxes 1,000,000 - - -
Franchise Fee 4 85,000 4 85,000 4 89,972 4,972
Licenses and Permits 5 57,375 7 57,375 1,126,267 3 68,892
Intergovernmental 1,774,641 5,279,619 5,285,294 5,675
Charges for Current Services 2,562,937 2,660,937 3,835,921 1,174,984
Fines and Forfeitures 71,500 71,500 79,936 8,436
Investment Income 2 00,000 2 00,000 3 25,225 1 25,225
Donations - - 5,253 5,253
Miscellaneous 4 85,689 4 85,689 1,520,229 1,034,540
Total Revenues 152,414,353 168,631,004 174,420,129 5,789,125
EXPENDITURES
GENERAL GOVERNMENT
Legislative 4 90,251 5 46,138 5 43,096 3,042
Judicial
Circuit Court 7 10,124 7 29,844 6 64,813 6 5,031
Orphan's Court 8 8,446 8 9,337 8 6,923 2,414
State's Attorney 1,439,901 1,496,769 1,469,096 2 7,673
County Administrator 2 41,616 2 55,092 2 54,408 684
Board of Elections 9 69,448 9 69,448 8 14,985 1 54,463
Finance Office 1,383,280 1,436,841 1,381,628 5 5,213
Human Resources 5 78,055 6 38,250 6 36,037 2,213
Planning and Zoning 2,147,137 2,452,620 2,448,689 3,931
Information Technology 2,229,851 2,285,812 2,213,988 7 1,824
QAC-TV 4 08,631 4 25,602 4 11,752 1 3,850
Legal Services 5 01,700 5 02,200 3 97,291 1 04,909
Total General Government 11,188,440 11,827,953 11,322,706 5 05,247
PUBLIC SAFETY
Sheriff's Office 9,408,969 9,768,351 9,754,743 1 3,608
Volunteer Fire and Rescue Services 4,155,087 4,155,087 4,126,662 2 8,425
Detention Center 5,343,957 5,638,639 5,088,990 5 49,649
Emergency Services 11,061,936 12,565,467 11,831,507 7 33,960
Total Public Safety 29,969,949 32,127,544 30,801,902 1,325,642
PUBLIC WORKS
Administration 5 67,403 5 88,501 5 44,812 4 3,689
Solid Waste Disposal 1,598,609 1,644,081 1,575,206 6 8,875
Engineering Division 9 65,577 1,005,504 9 61,101 4 4,403
Roads Division 5,248,165 - - -
General Services 2,604,233 2,735,110 2,731,576 3,534
Animal Services 8 47,180 1,055,532 1,052,500 3,032
Property Management 3 21,871 3 38,299 3 09,836 2 8,463
Total Public Works 12,153,038 7,367,027 7,175,031 1 91,996
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, 2022
(CONTINUED)
VARIANCE
ORIGINAL FINAL WITH FINAL
BUDGET BUDGET ACTUAL BUDGET
PARKS & RECREATION
Parks $ 4,324,645 $ 4,542,182 $ 4,485,601 $ 5 6,581
Recreation 1,044,509 1,069,585 9 30,919 1 38,666
Total Parks & Recreation 5,369,154 5,611,767 5,416,520 1 95,247
HEALTH AND SOCIAL SERVICES
Health Department 2,451,468 2,455,837 1,788,588 6 67,249
Social Services 1 79,497 1 85,323 1 68,650 1 6,673
Total Health and Social Services 2,630,965 2,641,160 1,957,238 6 83,922
EDUCATION AND LIBRARY
Board of Education 62,559,389 63,632,484 63,632,483 1
Chesapeake College 1,991,406 1,991,406 1,991,406 -
Queen Anne's County Free Library 2,038,528 2,063,975 2,063,975 -
Total Education and Library 66,589,323 67,687,865 67,687,864 1
CONSERVATION OF NATURAL RESOURCES
Cooperative Extension Service 3 52,378 3 62,200 3 61,636 564
Soil Conservation Service 1 97,834 2 08,371 2 08,153 218
4-H Park 9 6,500 9 7,500 9 7,029 471
Total Conservation of Natural Resources 6 46,712 6 68,071 6 66,818 1,253
ECONOMIC AND COMMUNITY DEVELOPMENT
Economic Development 8 10,939 8 36,006 7 24,501 1 11,505
Community Affairs 1 92,279 1 99,084 9 8,748 1 00,336
Total Economic and Community Development 1,003,218 1,035,090 8 23,249 2 11,841
INTERGOVERNMENTAL
Aid to Municipalities 2 88,010 2 88,010 2 79,324 8,686
SDAT Costs from State 4 30,000 4 30,000 2 84,634 1 45,366
Total Intergovernmental 7 18,010 7 18,010 5 63,958 1 54,052
MISCELLANEOUS
Aid to Other Agencies 5 93,979 5 93,979 5 72,530 2 1,449
Insurance & Benefits 3,052,624 3,052,624 3,048,667 3,957
Transfer to OPEB Fund 2,463,936 2,463,936 2,463,936 -
Contingencies 1,700,003 7 00,001 5 15,755 1 84,246
Salary Lapse (1,000,000) (1,000,000) - (1,000,000)
Miscellaneous Non-Departmental 5 46,300 5 46,300 3 80,468 1 65,832
Total Miscellaneous 7,356,842 6,356,840 6,981,356 (624,516)
CONTINUED
126

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, 2022
(CONTINUED)
VARIANCE
ORIGINAL FINAL WITH FINAL
BUDGET BUDGET ACTUAL BUDGET
DEBT SERVICE
School Debt Service - Principal $ 4,273,994 $ 4,238,994 $ 4,217,497 $ 2 1,497
School Debt Service - Interest 2,094,117 2,039,117 1,833,923 2 05,194
County Debt Service - Principal 3,478,446 3,513,446 3,509,877 3,569
County Debt Service - Interest 2,527,871 2,582,871 2,581,661 1,210
Total Debt Service 12,374,428 12,374,428 12,142,958 2 31,470
Total Expenditures 150,000,079 148,415,755 145,539,600 2,876,155
Excess of Revenues Over Expenditures 2,414,274 20,215,249 28,880,529 8,665,280
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals 18,000 1 8,000 4 4,253 2 6,253
Insurance Proceeds - - 3 4,756 3 4,756
Transfers In From:
Impact Fees - School 1,947,088 2,964,402 2,964,402 -
Total Transfers In 1,947,088 2,964,402 2,964,402 -
Transfers Out To:
General Capital Projects Fund 1,971,835 13,971,835 13,971,835 -
Roads Capital Projects Fund 1 10,000 1 10,000 1 10,000 -
Roads Operating Fund - 4,377,826 3,116,932 1,260,894
Department of Aging 2,061,226 2,208,209 1,165,344 1,042,865
Department of Housing and Community Services 6 18,612 6 40,579 4 96,915 1 43,664
Community Partnerships 4 36,825 4 60,222 4 57,024 3,198
Agricultural Transfer Tax 3 00,000 1,548,226 1,548,226 -
Grants Fund 1 0,598 3 4,598 2 6,502 8,096
Impact Fees - Fire Companies/Contingencies 90,000 9 0,000 8 5,523 4,477
Airport Enterprise Fund 1 11,094 1 11,094 1 11,094 -
Golf Course Enterprise Fund 1 95,001 1 95,001 - 1 95,001
Total Transfers Out 5,905,191 23,747,590 21,089,395 2,658,195
Total Other Financing (Uses) (3,940,103) (20,765,188) (18,045,984) 2,719,204
Net Increase (Decrease) in Fund Balance $ (1,525,829) $ (549,939) $ 10,834,545 $ 11,384,484
127

QUEEN ANNE'S COUNTY, MARYLAND
MARYLAND STATE RETIREMENT AND PENSION SYSTEMS
REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2022
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 Employer's as a Total Plan's Percentage
of the of the Covered Percentage Fiduciary Total of Total
Measurement Collective Collective Employee 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% $ 45,339,988,000 $ 63,086,719,000 72%
June 30, 2015 0.1189567% 24,721,248 21,231,535 116% 45,789,840,000 66,571,552,000 69%
June 30, 2016 0.1271511% 30,000,070 23,160,758 130% 45,365,927,000 68,959,954,000 66%
June 30, 2017 0.1232988% 26,661,766 24,681,589 108% 48,987,184,000 70,610,885,000 69%
June 30, 2018 0.1383948% 29,037,440 26,088,826 111% 51,827,233,000 72,808,833,000 71%
June 30, 2019 0.1429452% 29,483,317 26,185,838 113% 53,943,420,000 74,569,030,000 72%
June 30, 2020 0.1514518% 34,230,163 27,669,757 124% 54,586,037,000 77,187,397,000 71%
June 30, 2021 0.1745337% 26,184,085 26,110,792 100% 67,604,500,000 82,606,805,000 82%
SCHEDULE OF CONTRIBUTIONS (as of fiscal year end)
Actual
Contribution
Employer's as a
Contractually Contribution Covered Percentage
Fiscal Required Actual Deficiency Employee 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%
Both schedules are 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.
128

QUEEN ANNE'S COUNTY, MARYLAND
MARYLAND STATE RETIREMENT AND PENSION SYSTEMS
REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2022
Changes in Benefit Terms
There were no benefit changes during the year.
Changes in Assumptions
Discount rate changed to 6.80%.
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; 17 years remaining.
Asset Valuation Model Five-year smoothed market (max. 120% and min 80% of the market value)
Inflation In the 2021 actuarial valuation, 2.25% general, 2.75% wage.
In the 2020 actuarial valuation, 2.60% general , 3.10% wage.
Salary Increases In the 2021 actuarial valuation, 2.75% to 9.25%.
In the 2020 actuarial valuation, 3.10% to 11.6%.
Investment Rate of Return In the 2021 actuarial valuation 6.80%.
In the 2020 actuarial valuation 7.40%.
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, 2022
SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY
2017 2018 2019 2020 2021 2022
Total OPEB liability ("TOL")
Service cost $ 1,097,813 $ 1,130,747 $ 1,164,669 $ 1,331,424 $ 1,371,367 $ 1,226,384
Interest 2,764,491 2,985,530 3,136,157 3,344,770 3,519,372 3,220,060
Changes of benefit terms - - - - - -
Differences between expected and actual experience - - 735,549 - (8,720,849) -
Changes of assumptions - 265,899 915,266 426,582 (1,619,833) (686,055)
Benefit payments (1,291,027) (1,498,005) (1,568,468) (1,561,872) (1,670,095) (1,731,265)
Net change in TOL 2,571,277 2,884,171 4,383,173 3,540,904 (7,120,038) 2,029,124
TOL - beginning of year 48,695,013 51,266,290 54,150,461 58,533,634 62,074,538 54,954,500
TOL - end of year $ 51,266,290 $ 54,150,461 $ 58,533,634 $ 62,074,538 $ 54,954,500 $ 56,983,624
Plan fiduciary net position ("PFNP")
Contributions - employer $ 2,223,474 $ 2,731,447 $ 3,037,243 $ 3,378,771 $ 3,612,555 $ 4,195,201
Contributions - member - - - - - -
Net investment income 75,175 207,932 342,827 129,710 2,261,978 (1,964,463)
Benefits payments (1,291,027) (1,498,005) (1,568,468) (1,561,872) (1,670,095) (1,731,265)
Administrative expense - (2,452) (39,142) (3,553) (2,236) (5,253)
Net change in PFNP 1,007,622 1,438,922 1,772,460 1,943,056 4,202,202 494,220
Total PFNP - beginning of year 2,804,433 3,812,055 5,250,977 7,023,437 8,966,493 13,168,695
Total PFNP - end of year $ 3,812,055 $ 5,250,977 $ 7,023,437 $ 8,966,493 $ 13,168,695 $ 13,662,915
Net OPEB liability ("NOL") - beginning of year $ 45,890,580 $ 47,454,235 $ 48,899,484 $ 51,510,197 $ 53,108,045 $ 41,785,805
Net OPEB liability ("NOL") - end of year $ 47,454,235 $ 48,899,484 $ 51,510,197 $ 53,108,045 $ 41,785,805 $ 43,320,709
PFNP as a % of TOL 7.4% 9.7% 12.0% 14.4% 24.0% 24.0%
Covered employee payroll $ 2 1,604,888 $ 2 2,282,543 $ 2 3,843,440 $ 2 5,806,124 $ 2 6,326,472 $ 2 9,071,019
NOL as a % of covered employee payroll 219.6% 219.5% 216.0% 205.8% 158.7% 149.0%
SCHEDULE OF ACTUAL EMPLOYER CONTRIBUTION AS A PERCENTAGE OF COVERED-EMPLOYEE PAYROLL
FISCAL YEAR 2017 2018 2019 2020 2021 2022
Actuarially Determined Employer Contribution $ 3,853,839 $ 3,969,454 $ 4,377,119 $ 4,508,433 $ 4,419,451 $ 4,552,035
Actual Employer Contribution 2,223,474 2,731,447 3,037,243 3,378,771 3,612,555 4,195,201
Contribution Deficiency / (Excess) 1,630,365 1,238,007 1,339,876 1,129,662 806,896 356,834
Covered Employee Payroll 21,604,888 22,282,543 23,843,440 25,806,124 26,326,472 29,071,019
Contribution as a Percent of Payroll 10.3% 12.3% 12.7% 13.1% 13.7% 14.4%
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, 2022
Actuarial Information - OPEB
Actuarial assumptions
The total OPEB liability was determined by an actuarial valuation as of January 1, 2021, 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: 5.75% initially for all plans, grading down to 4.25% for PPO and EPO plans and 4.50% for BCA plan
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
There were no changes in actuarial assumptions since the prior year, except the 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 (19 years remaining).
131

QUEEN ANNE'S COUNTY, MARYLAND
LENGTH OF SERVICE AWARD PROGRAM (LOSAP)
REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2022
SCHEDULE OF CHANGES IN THE NET LOSAP LIABILITY (as of measurement date)
AS OF MEASUREMENT DATE 2017 2018 2019 2020 2021
Total LOSAP liability ("TLL")
Service cost $ 206,276 $ 164,371 $ 215,978 $ 285,808 $ 3 50,104
Interest cost 196,904 249,496 180,529 158,757 1 74,594
Changes of benefit terms - - - - -
Differences between expected and actual experience - 137,821 (78,468) 65,911 6 5,498
Changes of assumptions 578,039 (491,888) 1,280,343 1,275,769 3 15,113
Benefits payments and admin expenses (190,420) (220,060) (220,084) (231,815) (240,012)
Net change in TLL 790,799 (160,260) 1,378,298 1,554,430 6 65,297
TLL - beginning of year 6,039,197 6,829,996 6,669,736 8,048,034 9 ,602,464
TLL - end of year $ 6,829,996 $ 6,669,736 $ 8,048,034 $ 9,602,464 $ 1 0,267,761
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
PFNP as a % of TLL 0% 0% 0% 0% 0%
Covered employee payroll - * 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
* - the NLL is based on volunteer hours and as such has no payroll associated.
Expected average remaining service years of all participants 6 10 5 5 5
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.
132

QUEEN ANNE'S COUNTY, MARYLAND
LENGTH OF SERVICE AWARD PROGRAM (LOSAP)
REQUIRED SUPPLEMENTARY INFORMATION
JUNE 30, 2022
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
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
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%
133

O S I
THER UPPLEMENTARY NFORMATION
134

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.
135

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.
136

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.
Grants Fund – This fund accounts for activities funded by grants and is included in various governmental
functions, depending on the grant.
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.
137

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.
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.
138

139

QUEEN ANNE'S COUNTY, MARYLAND
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
June 30, 2022
HOUSING AND ECONOMIC
DEPARTMENT COMMUNITY GRANTS REVOLVING DEVELOPMENT ROADS
OF AGING SERVICES FUND LOAN FUND INCENTIVE OPERATING
ASSETS
Cash and Cash Equivalents $ - $ 4,171,904 $ 2,513,530 $ 472,272 $ 324,003 772,950
Prepaid Items - - - - - -
Receivables
Taxes Receivable (Net) - - - - - -
Accounts Receivable (Net) 371 - 10,166 - - 817
Loans Receivable (Net) - 5,738,051 - 102,967 - -
Special Assessments (Net) - - - - - -
Due from Other Governments 665,764 440,337 238,954 - - 426,179
Inventory - - - - - 1,327,375
Total Assets $ 666,135 $ 10,350,292 $ 2,762,650 $ 575,239 $ 324,003 $ 2,527,321
LIABILITIES
Accrued Liabilities $ 76,290 $ 59,171 $ 56,635 $ - $ - $ 216,673
Due to Other Funds 498,271 - - - - -
Due to Other Governmental Agencies - 3,507 5,141 - - -
Unearned Revenue - - 2,460,874 - - 983,273
Total Liabilities 574,561 62,678 2,522,650 - - 1,199,946
DEFERRED INFLOWS OF RESOURCES
Unavailable Benefit Assessments - - - - - -
Unavailable Fees - - - - - -
Total Deferred Inflows - - - - - -
Total Liabilities and Deferred Inflows 574,561 62,678 2,522,650 - - 1,199,946
FUND BALANCES
Nonspendable - - - - - 1,327,375
Restricted 1,460 2,787,193 - - - -
Committed - 7,500,421 - 575,239 324,003 -
Assigned 90,114 - 240,000 - - -
Unassigned - - - - - -
Total Fund Balances 91,574 10,287,614 240,000 575,239 324,003 1,327,375
Total Liabilities, Deferred Inflows
and Fund Balances $ 666,135 $ 10,350,292 $ 2,762,650 $ 575,239 $ 324,003 $ 2,527,321
140

QUEEN ANNE'S COUNTY, MARYLAND
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
June 30, 2022
(CONTINUED)
COMMUNITY SHERIFF'S
PARTNERSHIPS DRUG
FOR CRITICAL LAW TASK INMATE AGRICULTURAL RURAL
CHILDREN AREAS LIBRARY FORCE WELFARE TRANSFER LEGACY
$ 447,451 $ 351,561 $ 451,495 $ 150,410 $ 216,240 $ 1,756,863 $ 384,125
- - - - - - -
- - - - - - -
12,000 - - 65,423 2,211 - -
- - - - - - -
- - - - - - -
82,690 - - - - - -
- - - - - - -
$ 542,141 $ 351,561 $ 451,495 $ 215,833 $ 218,451 $ 1,756,863 $ 384,125
$ 169,066 $ - $ 500 $ 35,437 $ 8,566 $ - $ -
- - - - - - -
307,461 - - - - - -
- - - - - - -
476,527 - 500 35,437 8,566 - -
- - - - - - -
- - - - - - -
- - - - - - -
476,527 - 500 35,437 8,566 - -
- - - - - - -
- 351,561 - 180,396 209,885 1,756,863 384,125
- - - - - - -
65,614 - 450,995 - - - -
- - - - - - -
65,614 351,561 450,995 180,396 209,885 1,756,863 384,125
$ 542,141 $ 351,561 $ 451,495 $ 215,833 $ 218,451 $ 1,756,863 $ 384,125
CONTINUED
141

QUEEN ANNE'S COUNTY, MARYLAND
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
June 30, 2022
(CONTINUED)
CAPITAL PROJECTS
DREDGING PARKS AND TOTAL
SPECIAL KENT SCHOOL FIRE COMPANY RECREATION NON-MAJOR
ASSESSMENTS NARROWS IMPACT FEES IMPACT FEES IMPACT FEES GOVERNMENTAL
ASSETS
Cash and Cash Equivalents $ 27,691 $ 166,992 $ 11,791,340 $ 540,820 $ 1,083,281 $ 25,622,928
Prepaid Items - - - - - -
Receivables
Taxes Receivable (Net) - - - - - -
Accounts Receivable (Net) - - - - - 90,988
Loans Receivable (Net) - - 277,135 30,067 28,941 6,177,161
Special Assessments (Net) 654,089 - - - - 654,089
Due from Other Governments - - - - - 1,853,924
Inventory - - - - - 1,327,375
Total Assets $ 681,780 $ 166,992 $ 12,068,475 $ 570,887 $ 1,112,222 $ 35,726,465
LIABILITIES
Accrued Liabilities $ 20,425 $ - $ - $ - $ - $ 642,763
Due to Other Funds - - - - - 498,271
Due to Other Governmental Agencies - - - - - 316,109
Unearned Revenue - - - - - 3,444,147
Total Liabilities 20,425 - - - - 4,901,290
DEFERRED INFLOWS OF RESOURCES
Unavailable Benefit Assessments 654,089 - - - - 654,089
Unavailable Fees - - 277,135 30,067 28,941 336,143
Total Deferred Inflows 654,089 - 277,135 30,067 28,941 990,232
Total Liabilities and Deferred Inflows 674,514 - 277,135 30,067 28,941 5,891,522
FUND BALANCES
Nonspendable - - - - - 1,327,375
Restricted 7,266 166,992 - - - 5,845,741
Committed - - 11,791,340 540,820 1,083,281 21,815,104
Assigned - - - - - 846,723
Unassigned - - - - - -
Total Fund Balances 7,266 166,992 11,791,340 540,820 1,083,281 29,834,943
Total Liabilities, Deferred Inflows
and Fund Balances $ 681,780 $ 166,992 $ 12,068,475 $ 570,887 $ 1,112,222 $ 35,726,465
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, 2022
HOUSING AND ECONOMIC
DEPARTMENT COMMUNITY GRANTS REVOLVING DEVELOPMENT ROADS
OF AGING SERVICES FUND LOAN FUND INCENTIVE OPERATING
REVENUES
Taxes
Local Property Tax $ - $ - $ - $ - $ - $ -
Recordation Taxes - 310,414 - - - -
State Shared Taxes - - - - - 1,275,640
Licenses and Permits - - - - - -
Intergovernmental 1,787,549 1,240,162 851,782 - - -
Charges for Current Services 71,956 397,833 4,676 - - 328,732
Fines and Forfeitures - - - - - -
Investment Income 708 4,674 - 2,104 - -
Donations 19,799 - - - - -
Miscellaneous 39,574 1,013 68,007 - 26,155 5,709
Total Revenues 1,919,586 1,954,096 924,465 2,104 26,155 1,610,081
EXPENDITURES
Current
General Government - - 92,873 - - -
Public Safety - - 333,086 - - -
Public Works - - - - - 4,744,826
Parks & Recreation - - - - - -
Health & Social Services 3,112,544 - 206,748 - - -
Conservation of Natural Resources - - - - - -
Economic/Community Development - 1,738,090 318,260 - 34,651 -
Capital Outlay - - - - - -
Debt Service
Principal - - - - - -
Interest and Fiscal Charges - - - - - -
Total Expenditures 3,112,544 1,738,090 950,967 - 34,651 4,744,826
Excess of Revenues Over (Under) Expenditures (1,192,958) 216,006 (26,502) 2,104 (8,496) (3,134,745)
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals 1,175 - - - - 17,813
Insurance Proceeds 452 - - - - -
Transfers In 1,165,344 496,915 26,502 - - 3,116,932
Transfers Out - - - - - -
Other Financing Sources (Uses) 1,166,971 496,915 26,502 - - 3,134,745
Net Increase (Decrease) in Fund Balances (25,987) 712,921 - 2,104 (8,496) -
Fund Balances, July 1, as restated 117,561 9,574,693 240,000 573,135 332,499 1,327,375
Fund Balances, June 30 $ 91,574 $ 10,287,614 $ 240,000 $ 575,239 $ 324,003 $ 1,327,375
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, 2022
(CONTINUED)
COMMUNITY SHERIFF'S
PARTNERSHIPS DRUG
FOR CRITICAL LAW TASK INMATE AGRICULTURAL RURAL
CHILDREN AREAS LIBRARY FORCE WELFARE TRANSFER LEGACY
$ - $ - $ - $ - $ - $ - $ -
- - - - - - -
- - - - - 417,107 -
- - - - - - -
637,434 - - - - - 1,095,760
- 44,240 15,449 - 140,985 - -
- - 54,957 121,062 - - -
286 - 1,106 402 542 - 1,150
- - - - - - -
16,800 - - 37 8,652 - -
654,520 44,240 71,512 121,501 150,179 417,107 1,096,910
- - 4,059 - - - -
- - - 54,113 153,738 - -
- - - - - - -
- - - - - - -
1,111,258 - - - - - -
- 25,100 - - - 564,694 1,114,280
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
1,111,258 25,100 4,059 54,113 153,738 564,694 1,114,280
(456,738) 19,140 67,453 67,388 (3,559) (147,587) (17,370)
- - - - - - -
- - - - - - -
457,024 - - - - 1,548,226 -
- - - - - - -
457,024 - - - - 1,548,226 -
286 19,140 67,453 67,388 (3,559) 1,400,639 (17,370)
65,328 332,421 383,542 113,008 213,444 356,224 401,495
$ 65,614 $ 351,561 $ 450,995 $ 180,396 $ 209,885 $ 1,756,863 $ 384,125
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, 2022
(CONTINUED)
CAPITAL PROJECTS
DREDGING PARKS AND TOTAL
SPECIAL KENT SCHOOL FIRE COMPANY RECREATION NON-MAJOR
ASSESSMENTS NARROWS IMPACT FEES IMPACT FEES IMPACT FEES GOVERNMENTAL
REVENUES
Taxes
Local Property Tax $ - $ 47,986 $ - $ - $ - $ 47,986
Recordation Taxes - - - - - 310,414
State Shared Taxes - - - - - 1,692,747
Licenses and Permits - - - - - -
Intergovernmental - - - - - 5,612,687
Charges for Current Services 48,506 - 2,438,720 473,498 345,284 4,309,879
Fines and Forfeitures - - - - - 176,019
Investment Income 146 466 34,797 1,447 2,610 50,438
Donations - - - - - 19,799
Miscellaneous - - - - - 165,947
Total Revenues 48,652 48,452 2,473,517 474,945 347,894 12,385,916
EXPENDITURES
Current
General Government - - - - - 96,932
Public Safety - - - 577,660 - 1,118,597
Public Works - - - - - 4,744,826
Parks & Recreation - - - - - -
Health & Social Services - - - - - 4,430,550
Conservation of Natural Resources - - - - - 1,704,074
Economic/Community Development - 83,000 - - - 2,174,001
Capital Outlay - - - - - -
Debt Service
Principal 47,816 - - - - 47,816
Interest and Fiscal Charges - - - - - -
Total Expenditures 47,816 83,000 - 577,660 - 14,316,796
Excess of Revenues Over (Under) Expenditures 836 (34,548) 2,473,517 (102,715) 347,894 (1,930,880)
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - - - 18,988
Insurance Proceeds - - - - - 452
Transfers In - - - 85,523 - 6,896,466
Transfers Out - - (2,964,402) - - (2,964,402)
Other Financing Sources (Uses) - - (2,964,402) 85,523 - 3,951,504
Net Increase (Decrease) in Fund Balances 836 (34,548) (490,885) (17,192) 347,894 2,020,624
Fund Balances, July 1, as restated 6,430 201,540 12,282,225 558,012 735,387 27,814,319
Fund Balances, June 30 $ 7,266 $ 166,992 $ 11,791,340 $ 540,820 $ 1,083,281 $ 29,834,943
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, 2022
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 - - - - 200,000 200,000 310,414 110,414
State Shared Taxes - - - - - - - -
Licenses and Permits - - - - - - - -
Intergovernmental 1,142,469 1,160,991 1,787,549 626,558 408,881 2,038,031 1,240,162 ( 797,869)
Charges for Current Services 111,100 111,100 71,956 ( 39,144) 400,000 400,000 397,833 ( 2,167)
Fines and Forfeitures - - - - - - - -
Investment Income - - 708 708 - - 4,674 4,674
Donations 35,000 35,000 19,799 ( 15,201) - - - -
Miscellaneous 36,000 36,000 39,574 3,574 - - 1,013 1,013
Total Revenues 1,324,569 1,343,091 1,919,586 576,495 1,008,881 2,638,031 1,954,096 ( 683,935)
EXPENDITURES
Current
General Government - - - - - - - -
Public Safety - - - - - - - -
Public Works - - - - - - - -
Parks & Recreation - - - - - - - -
Health and Social Services 3,385,795 3,551,300 3,112,544 438,756 - - - -
Education and Library - - - - - - - -
Conservation of Natural Resources - - - - - - - -
Economic/Community Development - - - - 1,627,493 3,278,610 1,738,090 1,540,520
Intergovernmental - - - - - - - -
Miscellaneous - - - - - - - -
Capital Outlay - - - - - - - -
Debt Service
Principal - - - - - - - -
Interest - - - - - - - -
Total Expenditures 3,385,795 3,551,300 3,112,544 438,756 1,627,493 3,278,610 1,738,090 1,540,520
Excess of Revenues Over
(Under) Expenditures ( 2,061,226) ( 2,208,209) ( 1,192,958) 1,015,251 ( 618,612) ( 640,579) 216,006 856,585
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - 1,175 1,175 - - - -
Insurance Proceeds - - 452 452 - - - -
Transfers In 2,061,226 2,208,209 1,165,344 ( 1,042,865) 618,612 640,579 496,915 ( 143,664)
Transfers Out - - - - - - - -
Total Other Financing Sources (Uses) 2,061,226 2,208,209 1,166,971 ( 1,041,238) 618,612 640,579 496,915 ( 143,664)
Net Increase (Decrease) in Fund Balances $ - $ - $ ( 25,987) $ ( 25,987) $ - $ - $ 712,921 $ 712,921
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, 2022
(CONTINUED)
GRANTS FUND ECONOMIC DEVELOPMENT INCENTIVE
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 727,189 1,020,863 851,782 ( 169,081) - - - -
Charges for Current Services 27,500 27,500 4,676 ( 22,824) - - - -
Fines and Forfeitures - - - - - - - -
Investment Income - - - - - - - -
Donations - - - - - - - -
Miscellaneous 46,000 46,000 68,007 22,007 27,100 27,100 26,155 ( 945)
Total Revenues 800,689 1,094,363 924,465 ( 169,898) 27,100 27,100 26,155 ( 945)
EXPENDITURES
Current
General Government 86,500 86,500 92,873 ( 6,373) - - - -
Public Safety 415,231 459,751 333,086 126,665 - - - -
Public Works 52,491 52,491 - 52,491 - - - -
Parks & Recreation - - - - - - - -
Health and Social Services 217,065 217,065 206,748 10,317 - - - -
Education and Library - - - - - - - -
Conservation of Natural Resources - - - - - - - -
Economic/Community Development 40,000 313,154 318,260 ( 5,106) 125,000 125,000 34,651 90,349
Intergovernmental - - - - - - - -
Miscellaneous - - - - - - - -
Capital Outlay - - - - - - - -
Debt Service
Principal - - - - - - - -
Interest - - - - - - - -
Total Expenditures 811,287 1,128,961 950,967 177,994 125,000 125,000 34,651 90,349
Excess of Revenues Over
(Under) Expenditures ( 10,598) ( 34,598) ( 26,502) 8,096 ( 97,900) ( 97,900) ( 8,496) 89,404
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - - - - - -
Insurance Proceeds - - - - - - - -
Transfers In 10,598 34,598 26,502 ( 8,096) - - - -
Transfers Out - - - - - - - -
Total Other Financing Sources (Uses) 10,598 34,598 26,502 ( 8,096) - - - -
Net Increase (Decrease) in Fund Balances $ - $ - $ - $ - $ ( 97,900) $ ( 97,900) $ ( 8,496) $ 89,404
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, 2022
(CONTINUED)
ROADS OPERATING COMMUNITY PARTNERSHIPS FOR CHILDREN
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 - 1,000,000 1,275,640 275,640 - - - -
Licenses and Permits - - - - - - - -
Intergovernmental - - - - 625,386 642,968 637,434 ( 5,534)
Charges for Current Services - 95,000 328,732 233,732 - - - -
Fines and Forfeitures - - - - - - - -
Investment Income - - - - - - 286 286
Donations - - - - - - - -
Miscellaneous - - 5,709 5,709 11,000 14,500 16,800 2,300
Total Revenues - 1,095,000 1,610,081 515,081 636,386 657,468 654,520 ( 2,948)
EXPENDITURES
Current
General Government - - - - - - - -
Public Safety - - - - - - - -
Public Works - 5,472,826 4,744,826 728,000 - - - -
Parks & Recreation - - - - - - - -
Health and Social Services - - - - 1,073,211 1,117,690 1,111,258 6,432
Education and Library - - - - - - - -
Conservation of Natural Resources - - - - - - - -
Economic/Community Development - - - - - - - -
Intergovernmental - - - - - - - -
Miscellaneous - - - - - - - -
Capital Outlay - - - - - - - -
Debt Service
Principal - - - - - - - -
Interest - - - - - - - -
Total Expenditures - 5,472,826 4,744,826 728,000 1,073,211 1,117,690 1,111,258 6,432
Excess of Revenues Over
(Under) Expenditures - ( 4,377,826) ( 3,134,745) 1,243,081 ( 436,825) ( 460,222) ( 456,738) 3,484
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - 17,813 17,813 - - - -
Insurance Proceeds - - - - - - - -
Transfers In - 4,377,826 3,116,932 ( 1,260,894) 436,825 460,222 457,024 ( 3,198)
Transfers Out - - - - - - - -
Total Other Financing Sources (Uses) - 4,377,826 3,134,745 ( 1,243,081) 436,825 460,222 457,024 ( 3,198)
Net Increase (Decrease) in Fund Balances $ - $ - $ - $ - $ - $ - $ 286 $ 286
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, 2022
(CONTINUED)
LAW LIBRARY INMATE WELFARE
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 - - - - 10,890 10,890 - ( 10,890)
Charges for Current Services 10,000 10,000 15,449 5,449 125,000 125,000 140,985 15,985
Fines and Forfeitures 15,500 15,500 54,957 39,457 - - - -
Investment Income - - 1,106 1,106 - - 542 542
Donations - - - - - - - -
Miscellaneous - - - - 16,310 16,310 8,652 ( 7,658)
Total Revenues 25,500 25,500 71,512 46,012 152,200 152,200 150,179 ( 2,021)
EXPENDITURES
Current
General Government 25,500 25,500 4,059 21,441 - - - -
Public Safety - - - - 148,150 148,150 153,738 ( 5,588)
Public Works - - - - - - - -
Parks & Recreation - - - - - - - -
Health and Social Services - - - - - - - -
Education and Library - - - - - - - -
Conservation of Natural Resources - - - - - - - -
Economic/Community Development - - - - - - - -
Intergovernmental - - - - - - - -
Miscellaneous - - - - - - - -
Capital Outlay - - - - 15,000 15,000 - 15,000
Debt Service
Principal - - - - - - - -
Interest - - - - - - - -
Total Expenditures 25,500 25,500 4,059 21,441 163,150 163,150 153,738 9,412
Excess of Revenues Over
(Under) Expenditures - - 67,453 67,453 ( 10,950) ( 10,950) ( 3,559) 7,391
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - - - - - -
Insurance Proceeds - - - - - - - -
Transfers In - - - - - - - -
Transfers Out - - - - - - - -
Total Other Financing Sources (Uses) - - - - - - - -
Net Increase (Decrease) in Fund Balances $ - $ - $ 67,453 $ 67,453 $ ( 10,950) $ ( 10,950) $ ( 3,559) $ 7,391
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, 2022
(CONTINUED)
AGRICULTURAL TRANSFER RURAL LEGACY
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 125,000 125,000 417,107 292,107 - - - -
Licenses and Permits - - - - - - - -
Intergovernmental - - - - - 1,095,760 1,095,760 -
Charges for Current Services - - - - - - - -
Fines and Forfeitures - - - - - - - -
Investment Income - - - - - - 1,150 1,150
Donations - - - - - - - -
Miscellaneous - - - - - - - -
Total Revenues 125,000 125,000 417,107 292,107 - 1,095,760 1,096,910 1,150
EXPENDITURES
Current
General Government - - - - - - - -
Public Safety - - - - - - - -
Public Works - - - - - - - -
Parks & Recreation - - - - - - - -
Health and Social Services - - - - - - - -
Education and Library - - - - - - - -
Conservation of Natural Resources 425,000 1,673,226 564,694 1,108,532 - 1,114,280 1,114,280 -
Economic/Community Development - - - - - - - -
Intergovernmental - - - - - - - -
Miscellaneous - - - - - - - -
Capital Outlay - - - - - - - -
Debt Service
Principal - - - - - - - -
Interest - - - - - - - -
Total Expenditures 425,000 1,673,226 564,694 1,108,532 - 1,114,280 1,114,280 -
Excess of Revenues Over
(Under) Expenditures ( 300,000) ( 1,548,226) ( 147,587) 1,400,639 - ( 18,520) ( 17,370) 1,150
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - - - - - -
Insurance Proceeds - - - - - - - -
Transfers In 300,000 1,548,226 1,548,226 - - - - -
Transfers Out - - - - - - - -
Total Other Financing Sources (Uses) 300,000 1,548,226 1,548,226 - - - - -
Net Increase (Decrease) in Fund Balances $ - $ - $ 1,400,639 $ 1,400,639 $ - $ ( 18,520) $ ( 17,370) $ 1,150
CONTINUED
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, 2022
(CONTINUED)
DREDGING SPECIAL ASSESSMENTS KENT NARROWS FUND
VARIANCE VARIANCE
ORIGINAL FINAL POSITIVE ORIGINAL FINAL POSITIVE
BUDGET BUDGET ACTUAL (NEGATIVE) BUDGET BUDGET ACTUAL (NEGATIVE)
REVENUES
Taxes
Local Property Tax $ - $ - $ - $ - $ 38,000 $ 38,000 $ 47,986 $ 9,986
Recordation Taxes - - - - - - - -
State Shared Taxes - - - - - - - -
Licenses and Permits - - - - - - - -
Intergovernmental - - - - - - - -
Charges for Current Services 47,816 47,816 48,506 690 - - - -
Fines and Forfeitures - - - - - - - -
Investment Income - - 146 146 - - 466 466
Donations - - - - - - - -
Miscellaneous - - - - - - - -
Total Revenues 47,816 47,816 48,652 836 38,000 38,000 48,452 10,452
EXPENDITURES
Current
General Government - - - - - - - -
Public Safety - - - - - - - -
Public Works - - - - - - - -
Parks & Recreation - - - - - - - -
Health and Social Services - - - - - - - -
Education and Library - - - - - - - -
Conservation of Natural Resources - - - - - - - -
Economic/Community Development - - - - 38,000 83,000 83,000 -
Intergovernmental - - - - - - - -
Miscellaneous - - - - - - - -
Capital Outlay - - - - - - - -
Debt Service
Principal 47,816 47,816 47,816 - - - - -
Interest - - - - - - - -
Total Expenditures 47,816 47,816 47,816 - 38,000 83,000 83,000 -
Excess of Revenues Over
(Under) Expenditures - - 836 836 - ( 45,000) ( 34,548) 10,452
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - - - - - -
Insurance Proceeds - - - - - - - -
Transfers In - - - - - - - -
Transfers Out - - - - - - - -
Total Other Financing Sources (Uses) - - - - - - - -
Net Increase (Decrease) in Fund Balances $ - $ - $ 836 $ 836 $ - $ ( 45,000) $ ( 34,548) $ 10,452
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, 2022
(CONTINUED)
CAPITAL PROJECTS - SCHOOL IMPACT FEES CAPITAL PROJECTS - FIRE COMPANY 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 1,500,000 2,250,000 2,438,720 188,720 200,000 381,197 473,498 92,301
Fines and Forfeitures - - - - - - - -
Investment Income - - 34,797 34,797 500 500 1,447 947
Donations - - - - - - - -
Miscellaneous - - - - - - - -
Total Revenues 1,500,000 2,250,000 2,473,517 223,517 200,500 381,697 474,945 93,248
EXPENDITURES
Current
General Government - - - - - - - -
Public Safety - - - - 290,500 578,360 577,660 700
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 - - - - 290,500 578,360 577,660 700
Excess of Revenues Over
(Under) Expenditures 1,500,000 2,250,000 2,473,517 223,517 ( 90,000) ( 196,663) ( 102,715) 93,948
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - - - - - -
Insurance Proceeds - - - - - - - -
Transfers In - - - - 90,000 90,000 85,523 ( 4,477)
Transfers Out ( 1,947,088) ( 2,964,402) ( 2,964,402) - - - - -
Total Other Financing Sources (Uses) ( 1,947,088) ( 2,964,402) ( 2,964,402) - 90,000 90,000 85,523 ( 4,477)
Net Increase (Decrease) in Fund Balances $ ( 447,088) $ ( 714,402) $ ( 490,885) $ 223,517 $ - $ ( 106,663) $ ( 17,192) $ 89,471
CONTINUED
154

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, 2022
(CONTINUED)
CAPITAL PROJECTS - PARKS & RECREATION IMPACT FEES
VARIANCE
ORIGINAL FINAL POSITIVE
BUDGET BUDGET ACTUAL (NEGATIVE)
REVENUES
Taxes
Local Property Tax $ - $ - $ - $ -
Recordation Taxes - - - -
State Shared Taxes - - - -
Licenses and Permits - - - -
Intergovernmental - - - -
Charges for Current Services 199,600 199,600 345,284 145,684
Fines and Forfeitures - - - -
Investment Income 400 400 2,610 2,210
Donations - - - -
Miscellaneous - - - -
Total Revenues 200,000 200,000 347,894 147,894
EXPENDITURES
Current
General Government - - - -
Public Safety - - - -
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 - - - -
Excess of Revenues Over
(Under) Expenditures 200,000 200,000 347,894 147,894
OTHER FINANCING SOURCES (USES)
Proceeds of Capital Asset Disposals - - - -
Insurance Proceeds - - - -
Transfers In - - - -
Transfers Out ( 200,000) ( 200,000) - 200,000
Total Other Financing Sources (Uses) ( 200,000) ( 200,000) - 200,000
Net Increase (Decrease) in Fund Balances $ - $ - $ 347,894 $ 347,894
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

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.
157

QUEEN ANNE'S COUNTY, MARYLAND
COMBINING STATEMENT OF NET POSITION
NON-MAJOR ENTERPRISE FUNDS
June 30, 2022
PUBLIC TOTAL
GOLF LANDINGS NON-MAJOR
COURSE AND MARINAS ENTERPRISE
ASSETS
Current Assets
Equity in Pooled Cash $ 147,599 $ - $ 147,599
Accounts Receivable (Net) - 67,592 67,592
Due from Other Governments - 640,752 640,752
Inventories 7,920 - 7,920
Total Current Assets 155,519 708,344 863,863
Capital Assets 3,053,846 7,449,266 10,503,112
Less Accumulated Depreciation (811,835) (1,596,626) (2,408,461)
Total Capital Assets, Net of Depreciation 2,242,011 5,852,640 8,094,651
Total Assets 2,397,530 6,560,984 8,958,514
DEFERRED OUTFLOWS OF RESOURCES
OPEB - 11,462 11,462
Pension Benefits 35,001 70,788 105,789
Deferred Charge on Refunding - 735 735
Total Deferred Outflows of Resources 35,001 82,985 117,986
LIABILITIES
Current Liabilities
Accounts Payable 35,046 64,841 99,887
Accrued Interest Payable 1,320 6,384 7,704
Due to Other Funds 363,733 250,218 613,951
Unearned Revenue 4,316 - 4,316
Current Portion of Compensated Absences 9,751 24,105 33,856
Current Portion of Lease Payable 7,670 6,000 13,670
Current Portion of Bonds/Notes Payable 4,598 70,331 74,929
Total Current Liabilities 426,434 421,879 848,313
Noncurrent Liabilities
Compensated Absences 8,206 20,288 28,494
OPEB - 277,734 277,734
Net Pension Liability 58,336 117,957 176,293
Lease Payable - - -
Bonds/Notes Payable 84,980 696,550 781,530
Total Noncurrent Liabilities 151,522 1,112,529 1,264,051
Total Liabilities 577,956 1,534,408 2,112,364
DEFERRED INFLOWS OF RESOURCES
OPEB - 35,867 35,867
Pension Benefits 38,398 77,382 115,780
Bond Refundings - 1,784 1,784
Total Deferred Inflows of Resources 38,398 115,033 153,431
NET POSITION
Net Investment in Capital Assets 2,144,763 5,078,710 7,223,473
Unrestricted Amounts (Deficit) (328,586) (84,182) (412,768)
Total Net Position $ 1,816,177 $ 4,994,528 $ 6,810,705
158

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, 2022
PUBLIC TOTAL
GOLF LANDINGS NON-MAJOR
COURSE AND MARINAS ENTERPRISE
OPERATING REVENUES
Charges for Services $ 594,180 $ 475,309 $ 1,069,489
Intergovernmental - 640,752 640,752
Material Sales 55,251 - 55,251
Miscellaneous Revenues 464 31,210 31,674
Total Operating Revenues 649,895 1,147,271 1,797,166
OPERATING EXPENSES
Recreation 558,744 402,986 961,730
OPEB - (5,133) (5,133)
Pension Liability Adjustment (709) (4,584) (5,293)
Depreciation and amortization 48,955 142,158 191,113
Total Operating Expenses 606,990 535,427 1,142,417
Operating Income (Loss) 42,905 611,844 654,749
NON-OPERATING REVENUES (EXPENSES)
Interest Expense (2,747) (13,501) (16,248)
Total Non-Operating (Expenses) (2,747) (13,501) (16,248)
Transfers In (Out) 262,664 - 262,664
Change in Net Position 302,822 598,343 901,165
Total Net Position - Beginning of Year 1,513,355 4,396,185 5,909,540
Total Net Position - End of Year $ 1,816,177 $ 4,994,528 $ 6,810,705
159

QUEEN ANNE'S COUNTY, MARYLAND
COMBINING STATEMENT OF CASH FLOWS
NON-MAJOR ENTERPRISE FUNDS
FOR THE YEAR ENDED JUNE 30, 2022
PUBLIC TOTAL
GOLF LANDINGS NON-MAJOR
COURSE AND MARINAS ENTERPRISE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users $ 649,431 $ 470,206 $ 1,119,637
Receipts from other operating revenues 1,983 55,160 57,143
Payments to suppliers (548,717) (384,695) (933,412)
Payments to employees and on behalf of employees 2,235 11,680 13,915
Net Cash Provided by Operating Activities 104,932 152,351 257,283
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Transfers from (to) other funds 262,664 - 262,664
(Payments) Receipts of interfund loans (182,286) 250,218 67,932
Net Cash Provided by Noncapital Financing Activities 80,378 250,218 330,596
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Principal paid on lease and bond payables (27,034) (64,773) (91,807)
Proceeds from lease and bond payables 30,324 206,123 236,447
Deferred Refunding costs on sale of bonds - (75) (75)
Interest paid on capital debt (2,828) (13,294) (16,122)
Acquisition and Construction of Capital Assets (38,173) (1,063,628) (1,101,801)
Net Cash Used by Capital and Related Financing Activities (37,711) (935,647) (973,358)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment income - - -
Net Cash Provided (Used) by Investing Activities - - -
Net increase (decrease) in cash and cash equivalents 147,599 (533,078) (385,479)
Balances - Beginning of year - 533,078 533,078
Balances - End of year $ 147,599 $ - $ 147,599
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities
Operating income (loss) $ 42,905 $ 611,844 $ 654,749
Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:
Amortization and Depreciation 48,955 142,158 191,113
Changes in assets and liabilities:
Accounts receivable, net - (5,103) (5,103)
Operating grants receivable - (616,802) (616,802)
Inventories and Prepaid Expenses (3,006) - (3,006)
Vendor accounts payable 13,033 18,291 31,324
Uneared revenue collected in advance 1,519 - 1,519
Compensated absences 2,235 11,680 13,915
OPEB - (5,133) (5,133)
Net Pension Liability (709) (4,584) (5,293)
Net Cash Provided (Used) by Operating Activities $ 104,932 $ 152,351 $ 257,283
160

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.
161

.
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.
162

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF FIDUCIARY NET POSITION
CUSTODIAL FUNDS
JUNE 30, 2022
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 72,452 $ 6 67,853 $ 1 53,676 $ - $ - $ 3 6,860 $ 1 ,030,841
Total Assets $ 1 72,452 $ 6 67,853 $ 1 53,676 $ - $ - $ 3 6,860 $ 1 ,030,841
LIABILITIES
Accounts Payable and Other Liabilities $ - $ 6 ,566 $ - $ - $ - $ - $ 6 ,566
Due to Other Governments - - 1 53,676 - - - 1 53,676
Total Liabilities $ - $ 6 ,566 $ 1 53,676 $ - $ - $ - $ 1 60,242
NET POSITION
Restricted for:
Individuals, Organizations, and
other Governments $ 1 72,452 $ 6 61,287 $ - $ - $ - $ 3 6,860 $ 8 70,599
163

QUEEN ANNE'S COUNTY, MARYLAND
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
CUSTODIAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2022
STATE MOTOR
TAX & TOWN VEHICLE ESCHEAT - TOTAL
DITCH ZONING TAX ADMIN ABANDONED INMATE CUSTODIAL
FUND DEPOSITS COLLECTIONS DEPOSITS PROPERTY WELFARE FUNDS
ADDITIONS
Tax Ditch $ 2 3,389 $ - $ - $ - $ - $ - $ 2 3,389
Zoning Deposits - 9 3,329 - - - - 9 3,329
Tax Collections for Other Governments - - 1 4,893,059 - - - 1 4,893,059
Motor Vehicle Administration - - - 2 15,676 - - 2 15,676
Escheat - Abandoned Property - - - - 1 5,594 - 1 5,594
Inmate Welfare - - - - - 2 17,988 2 17,988
Total Additions 2 3,389 9 3,329 1 4,893,059 2 15,676 1 5,594 2 17,988 1 5,459,035
DEDUCTIONS
Distribution of Tax Ditch Funds 2 5,643 - - - - - 2 5,643
Refund of Zoning Deposits - 5 9,172 - - - - 5 9,172
Payments of Tax to Other Governments - - 1 4,893,059 - - - 1 4,893,059
Payments to Motor Vehicle Administration - - - 2 15,676 - - 2 15,676
Payments of Escheat to Others - - - - 1 5,594 - 1 5,594
Distribution of Inmate Welfare Funds - - - - - 2 22,168 2 22,168
Total Deductions 2 5,643 5 9,172 1 4,893,059 2 15,676 1 5,594 2 22,168 1 5,431,312
Net increase (decrease) in Fiduciary Net Position (2,254) 3 4,157 - - - (4,180) 2 7,723
Net Position-Beginning of Year 1 74,706 6 27,130 - - - 4 1,040 8 42,876
Net Position-End of Year $ 1 72,452 $ 6 61,287 $ - $ - $ - $ 3 6,860 $ 8 70,599
164

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.
165

QUEEN ANNE'S COUNTY
COMMUNITY PARTNERSHIPS FOR CHILDREN SPECIAL REVENUE FUND
COMBINING BALANCE SHEETS
BY GRANTOR
JUNE 30, 2022 (with Summarized Totals as of June 30, 2021)
Fed/State Total Returned 2021
GOCCP Community Reinvestment 2022 Summarized
Admin GOC Partnerships Fund Total Total
ASSETS
Cash and cash equivalents $ 105,639 $ 332,135 $ 437,774 $ 9,677 $ 447,451 $ 470,380
Accounts receivable - 12,000 12,000 - 12,000 1,745
Due from State governmental agencies - 82,690 82,690 - 82,690 79,724
Due from Federal governmental agencies - - - - - 2,676
Total Assets $ 105,639 $ 426,825 $ 532,464 $ 9,677 $ 542,141 $ 554,525
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable and accrued expenditures $ 8,277 $ 160,789 $ 169,066 $ - $ 169,066 $ 148,476
Due to State governmental agencies 43,251 264,210 307,461 - 307,461 340,721
Total Liabilities 51,528 424,999 476,527 - 476,527 489,197
FUND BALANCES
Assigned 54,111 1,826 55,937 9,677 65,614 65,328
Total Fund Balances 54,111 1,826 55,937 9,677 65,614 65,328
Total Liabilities and Fund Balances $ 105,639 $ 426,825 $ 532,464 $ 9,677 $ 542,141 $ 554,525
166

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, 2022 (with Summarized Totals for Year Ended June 30, 2021)
Federal/State GOCCP/GOC
Healthy MD
CASA Local Transportation Fam/Home Family After School Community
Administrative Start Care Team Voucher Visiting Navigators Opportunity Mentoring
REVENUES
CPA
Intergovernmental
GOC $ 65,031 $ 60,319 $ 26,250 $ 30,378 $ 70,081 $ 42,781 $ - $ 46,044
Subtotal CPA 65,031 60,319 26,250 30,378 70,081 42,781 - 46,044
Non-CPA
Intergovernmental
Federal GOCCP Youth Strategies - - - - - - - -
Other State Grant Funding - - - - 296,372 - - -
Investment Income - - - - - - - -
Earned Reinvestment Donations - - - - - - - -
Miscellaneous 2,500 - - - - - - -
Subtotal Non-CPA 2,500 - - - 296,372 - - -
Total Revenues 67,531 60,319 26,250 30,378 366,453 42,781 - 46,044
EXPENDITURES
CPA
Program Contracted Services - - - - - - - -
Other Expenditures
Salaries 45,737 - 21,390 14,258 - - - -
Fringe Benefit Costs 3,794 - 3,613 1,211 - - - -
Auditing - 1,528 - - - - - -
Consultants 15,500 - - - - - - -
Professional Groups - - - - 2,382 - - -
Equipment Rental - - - - - - - -
Other Contracted Services - - - - - 36,970 - -
Postage - - - - 12 - - -
Office Supplies - 635 - - 1,727 380 - -
Program Supplies - 21,439 - 14,909 6,393 969 - 2,717
Food - - - - - - - 1,536
Repairs and Equipment - - - - 166 996 - -
Business Travel - 642 - - 417 1,374 - 960
Subscriptions and Dues - - - - - - - -
Meetings & Conferences - - - - - 503 - (304)
Training - - - - 1,458 - - -
Advertising - - - - - - - -
Communications - 435 - - 936 389 - -
Rent - - - - - 1,200 - 9,600
Equipment under $1000/$500 - - 1,247 - 152 - - -
Other Charges - 35,640 - - 56,438 - - 31,535
Subtotal CPA Expenditures 65,031 60,319 26,250 30,378 70,081 42,781 - 46,044
Non-CPA
Program Contracted Services - - - - 296,372 - - -
Other Expenditures
Salaries 89,098 - 3,855 2,149 - - - 2,587
Fringe Benefit Costs 47,396 - 996 1,781 - - - 389
Consultants 10,000 - - - - - - -
Equipment Rental 2,917 - - - - - - -
Postage 500 - - - - - - -
Office Supplies 1,544 - - - - - - -
Program Supplies 11,535 - - 10,343 - - - -
Food 1,408 - - - - - - -
Equipment Operation - - - - - - - -
Business Travel 25 - - - - - - -
Subscriptions and Dues 911 - - - - - - -
Meetings & Conferences 2,000 - - - - - - -
Training 2,498 - - - - - - -
Board's Expenditures 4,952 - - - - - - -
Advertising 300 - - - - - - -
Marketing/Promotions - - - - - - - -
Communications 1,199 - - - - - - -
Rent - - - - - - - -
Other Charges 11,157 - - - - - 231,205 -
Office equipment 2,500 - - - - - - -
Subtotal Non-CPA Expenditures 189,940 - 4,851 14,273 296,372 - 231,205 2,976
Total Expenditures 254,971 60,319 31,101 44,651 366,453 42,781 231,205 49,020
Excess of Revenues Over (Under) Expenditures (187,440) - (4,851) (14,273) - - (231,205) (2,976)
OTHER FINANCING SOURCES
Transfers In for:
Program Contracted Services 187,440 - 4,851 14,273 - - 231,205 2,976
Other Financing Sources 187,440 - 4,851 14,273 - - 231,205 2,976
Net Increase in Fund Balances $ - $ - $ - $ - $ - $ - $ - $ -
Fund Balances, July 1
Fund Balances, June 30
168

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, 2022 (with Summarized Totals for Year Ended June 30, 2021)
(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
$ - $ 275,853 $ 340,884 $ 340,884 $ - $ - $ -
- 275,853 340,884 340,884 - - -
- - - - - - -
- 296,372 296,372 - - - -
- - - - - - -
2,300 2,300 2,300 - - - -
12,178 12,178 14,678 - - - -
14,478 310,850 313,350 - - - -
14,478 586,703 654,234 340,884 - - -
- - - - - - -
- 35,648 81,385 81,385 - - -
- 4,824 8,618 8,618 - - -
- 1,528 1,528 1,528 - - -
- - 15,500 15,500 - - -
- 2,382 2,382 2,382 - - -
- - - - - - -
- 36,970 36,970 36,970 - - -
- 12 12 12 - - -
- 2,742 2,742 2,742 - - -
- 46,427 46,427 46,427 - - -
- 1,536 1,536 1,536 - - -
- 1,162 1,162 1,162 - - -
- 3,393 3,393 3,393 - - -
- - - - - - -
- 199 199 199 - - -
- 1,458 1,458 1,458 - - -
- - - - - - -
- 1,760 1,760 1,760 - - -
- 10,800 10,800 10,800 - - -
- 1,399 1,399 1,399 - - -
- 123,613 123,613 123,613 - - -
- 275,853 340,884 340,884 - - -
- 296,372 296,372 - 296,372 - -
26,384 34,975 124,073 - 124,073 - -
2,066 5,232 52,628 - 52,628 - -
- - 10,000 - 10,000 - -
- - 2,917 - 2,917 - -
- - 500 - 500 - -
233 233 1,777 - 1,777 - -
- 10,343 21,878 - 21,878 - -
- - 1,408 1,408 -
- - - - - - -
- - 25 - 25 - -
- - 911 - 911 - -
- - 2,000 - 2,000 - -
- - 2,498 - 2,498 - -
- - 4,952 - 4,952 - -
- - 300 - 300 - -
1,870 1,870 1,870 - 1,870 - -
204 204 1,403 - 1,403 - -
- - - - - - -
- 231,205 242,362 - 242,362 - -
- - 2,500 - 2,500 - -
30,757 580,434 770,374 - 770,374 - -
30,757 856,287 1,111,258 340,884 770,374 - -
(16,279) (269,584) (457,024) - (770,374) - -
-
16,279 269,584 457,024 - - - -
16,279 269,584 457,024 - - - -
$ - $ - - - (770,374) - -
55,937 606,662 (5,612) 3,491 (25,474)
$ 55,937 $ 606,662 $ (775,986) $ 3,491 $ (25,474)
CONTINUED
169

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, 2022 (with Summarized Totals for Year Ended June 30, 2021)
(CONTINUED)
Total
Other Community Returned 2021
Non-CPA Partnerships Reinvestment 2022 Summarized
State Grants Other Operating Funds Fund Total Total
REVENUES
CPA
Intergovernmental
GOC $ - $ - $ 340,884 $ - $ 340,884 $ 307,423
Subtotal CPA - - 340,884 - 340,884 307,423
Non-CPA
Intergovernmental
Federal GOCCP Youth Strategies - - - - - 5,502
Other State Grant Funding 296,372 - 296,372 - 296,372 296,372
Investment Income - - - 286 286 41
Earned Reinvestment Donations - 2,300 2,300 - 2,300 -
Miscellaneous - 14,678 14,678 - 14,678 10,052
Subtotal Non-CPA 296,372 16,978 313,350 286 313,636 311,967
Total Revenues 296,372 16,978 654,234 286 654,520 619,390
EXPENDITURES
CPA
Program Contracted Services - - - - - 35,550
Other Expenditures
Salaries - - 81,385 - 81,385 104,754
Fringe Benefit Costs - - 8,618 - 8,618 10,297
Auditing - - 1,528 - 1,528 2,028
Consultants - - 15,500 - 15,500 -
Professional Groups - - 2,382 - 2,382 -
Equipment Rental - - - - - 375
Other Contracted Services - - 36,970 - 36,970 -
Postage - - 12 - 12 5
Office Supplies - - 2,742 - 2,742 2,531
Program Supplies - - 46,427 - 46,427 33,496
Food - - 1,536 - 1,536 -
Repairs and Equipment - - 1,162 - 1,162 2,115
Business Travel - - 3,393 - 3,393 1,040
Subscriptions and Dues - - - - - 197
Meetings & Conferences - - 199 - 199 4,542
Training - - 1,458 - 1,458 1,380
Advertising - - - - - 35
Communications - - 1,760 - 1,760 2,861
Rent - - 10,800 - 10,800 1,200
Equipment under $1000/$500 - - 1,399 - 1,399 -
Other Charges - - 123,613 - 123,613 105,017
Subtotal CPA Expenditures - - 340,884 - 340,884 307,423
Non-CPA
Program Contracted Services 296,372 (296,372) 296,372 - 296,372 298,515
Other Expenditures
Salaries - - 124,073 - 124,073 103,389
Fringe Benefit Costs - - 52,628 - 52,628 51,954
Consultants - - 10,000 - 10,000 11,750
Equipment Rental - - 2,917 - 2,917 2,135
Postage - - 500 - 500 459
Office Supplies - - 1,777 - 1,777 1,136
Program Supplies - - 21,878 - 21,878 12,027
Food - - 1,408 - 1,408 -
Equipment Operation - - - - - 48
Business Travel - - 25 - 25 -
Subscriptions and Dues - - 911 - 911 423
Meetings & Conferences - - 2,000 - 2,000 -
Training - - 2,498 - 2,498 1,235
Board's Expenditures - - 4,952 - 4,952 7,444
Advertising - - 300 - 300 500
Marketing/Promotions - - 1,870 - 1,870 1,274
Communications - - 1,403 - 1,403 752
Rent - - - - - 4,550
Other Charges - - 242,362 - 242,362 223,786
Office equipment - - 2,500 - 2,500 -
Subtotal Non-CPA Expenditures 296,372 (296,372) 770,374 - 770,374 721,377
Total Expenditures 296,372 (296,372) 1,111,258 - 1,111,258 1,028,800
Excess of Revenues Over (Under) Expenditures - 313,350 (457,024) 286 (456,738) (409,410)
OTHER FINANCING SOURCES
Transfers In for:
Program Contracted Services - 457,024 457,024 - 457,024 409,452
Other Financing Sources - 457,024 457,024 - 457,024 409,452
Net Increase in Fund Balances - 770,374 - 286 286 42
Fund Balances, July 1 - (523,131) 55,937 9,391 65,328 65,286
Fund Balances, June 30 $ - $ 247,243 $ 55,937 $ 9,677 $ 65,614 $ 65,328
170

171

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, 2022
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 $ 326,574 $ 346,596 $ 340,884 $ (5,712) $ - $ - $ - $ -
Other 296,372 296,372 296,372 - - - - -
Investment Income - - - - - - 286 286
Donations - - 2 ,300 2 ,300 - - - -
Miscellaneous 13,440 1 4,500 14,678 178 - - - -
Total Revenues 636,386 657,468 654,234 (3,234) - - 286 286
EXPENDITURES
Program Contracted Services 296,372 296,372 296,372 - - - - -
Other Expenditures
Salaries 207,317 196,135 205,458 (9,323) - - - -
Fringe Benefit Costs 61,782 5 9,235 6 1,246 (2,011) - - - -
Auditing 3 ,488 1 ,528 1 ,528 - - - - -
Consultants 1 0,000 2 7,571 2 5,500 2 ,071 - - - -
Professional Groups 2 ,856 2 ,856 2 ,382 474 - - - -
Equipment Rental 3 ,627 3 ,252 2 ,917 335 - - - -
Other Contracted Services 34,470 3 6,702 3 6,970 (268) - - - -
Postage 510 510 512 (2) - - - -
Office Supplies 5 ,422 4 ,398 4 ,519 (121) - - - -
Program Supplies 3 5,409 6 3,544 6 8,305 (4,761) - - - -
Food - 3 ,544 2 ,944 600 - - - -
Repairs and Equipment 2 ,355 1 ,324 1 ,162 162 - - - -
Equipment Operation - - - - - - - -
Business Travel 5 ,979 3 ,144 3 ,418 (274) - - - -
Subscriptions and Dues - 1 ,179 911 268 - - - -
Meetings & Conferences 9 ,215 2 ,550 2 ,199 351 - - - -
Training 7 ,601 2 ,750 3 ,956 (1,206) - - - -
Board's Expenditures 6 ,500 7 ,038 4 ,952 2 ,086 - - - -
Advertising 450 - 300 (300) - - - -
Marketing/Promotions 2 ,895 2 ,895 1 ,870 1 ,025 - - - -
Communications 4 ,957 5 ,774 3 ,163 2 ,611 - - - -
Rent 3 ,475 1 0,800 1 0,800 - - - - -
Equipment - 1 ,250 1 ,399 (149) - - - -
Other Charges 368,531 380,839 365,975 1 4,864 - - - -
Office equipment - 2 ,500 2 ,500 - - - - -
Total Expenditures 1,073,211 1,117,690 1,111,258 6 ,432 - - - -
Excess of Revenues Over (Under)
Expenditures (436,825) (460,222) (457,024) 3 ,198 - - 286 286
OTHER FINANCING SOURCES
Transfers In for:
Program Contracted Services 436,825 460,222 457,024 (3,198) - - - -
Other Financing Sources 436,825 460,222 457,024 (3,198) - - - -
Net Increase in Fund Balances $ - $ - - $ - $ - $ - 286 $ 2 86
Fund Balances, July 1 55,937 9 ,391
Fund Balances, June 30 $ 55,937 $ 9 ,677
172

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, 2022
(CONTINUED)
TOTAL
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 326,574 $ 346,596 $ 340,884 $ (5,712)
296,372 296,372 296,372 -
- - 286 286
- - 2 ,300 2 ,300
1 3,440 1 4,500 1 4,678 178
636,386 657,468 654,520 (2,948)
296,372 296,372 296,372 -
207,317 196,135 205,458 (9,323)
6 1,782 5 9,235 6 1,246 (2,011)
3 ,488 1 ,528 1 ,528 -
1 0,000 2 7,571 2 5,500 2 ,071
2 ,856 2 ,856 2 ,382 474
3 ,627 3 ,252 2 ,917 335
3 4,470 3 6,702 3 6,970 (268)
510 510 512 (2)
5 ,422 4 ,398 4 ,519 (121)
3 5,409 6 3,544 6 8,305 (4,761)
- 3 ,544 2 ,944 600
2 ,355 1 ,324 1 ,162 162
- - - -
5 ,979 3 ,144 3 ,418 (274)
- 1 ,179 911 268
9 ,215 2 ,550 2 ,199 351
7 ,601 2 ,750 3 ,956 (1,206)
6 ,500 7 ,038 4 ,952 2 ,086
450 - 300 (300)
2 ,895 2 ,895 1 ,870 1 ,025
4 ,957 5 ,774 3 ,163 2 ,611
3 ,475 1 0,800 1 0,800 -
- 1 ,250 1 ,399 (149)
368,531 380,839 365,975 1 4,864
- 2 ,500 2 ,500 -
1,073,211 1,117,690 1,111,258 6 ,432
(436,825) (460,222) (456,738) 3 ,484
436,825 460,222 457,024 (3,198)
436,825 460,222 457,024 (3,198)
$ - $ - 286 $ 2 86
6 5,328
$ 65,614
173

S S
TATISTICAL ECTION
174

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.
175

QUEEN ANNE'S COUNTY, MARYLAND
FINANCIAL TRENDS
NET POSITION BY COMPONENT - GOVERNMENT-WIDE
(GOVERNMENTAL AND BUSINESS-TYPE ACTIVITIES)
LAST TEN FISCAL YEARS
Table 1
2013 2014 2015 2016 2017
Governmental Activities:
Net Investment in Capital Assets $ 121,246,426 $ 127,369,959 $ 125,434,538 $ 123,466,319 $ 120,249,244
Restricted 15,691,080 17,616,132 20,464,486 21,063,295 13,094,534
Unrestricted (deficit) (1) (66,089,615) ( 71,169,310) (73,475,567) (78,567,505) (67,189,342)
Total Governmental Activities Net Position 70,847,891 (2) 73,816,781 (3) 72,423,457 65,962,109 66,154,436
Business-type Activities:
Net Investment in Capital Assets 78,693,078 79,783,160 80,787,152 80,909,015 86,163,078
Restricted 3,176,328 3,110,033 3,061,534 1,699,914 1,700,836
Unrestricted 11,031,281 8,721,212 8,486,063 10,240,161 4,116,300
Total Business-type Activities Net Position 92,900,687 91,614,405 (3) 92,334,749 92,849,090 91,980,214
Primary Government:
Net Investment in Capital Assets 199,939,504 207,153,119 2 06,221,690 204,375,334 206,412,322
Restricted 18,867,408 20,726,165 23,526,020 22,763,209 14,795,370
Unrestricted (deficit) (1) (55,058,334) ( 62,448,098) (64,989,504) (68,327,344) (63,073,042)
Total Primary Government Net Position $ 163,748,578 (2) $ 165,431,186 (3) $ 164,758,206 $ 158,811,199 $ 158,134,650
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 $ (55,058,334) $ (62,448,098) $ (64,989,504) $ (68,327,344) $ (63,073,042)
Debt issued for capital on behalf of others 63,283,726 67,651,486 66,219,608 63,271,304 59,207,136
County (deficit) net position absent the effect of this relationship $ 8,225,392 $ 5,203,388 $ 1,230,104 $ (5,056,040) $ (3,865,906)
(2) FY2013 Net Position of Governmental Activities was restated in fiscal year 2014.
(3) FY2014 Net Position of Governmental and Business-Type Activities was restated in fiscal year 2015.
176

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)
2018 2019 2020 2021 2022
$ 114,794,226 $ 115,143,089 $ 114,252,313 $ 116,220,059 $ 118,666,142
13,275,244 18,962,289 19,844,181 20,883,128 24,012,709
(58,025,753) (61,637,321) (48,809,467) (20,071,163) 11,879,310
70,043,717 72,468,057 85,287,027 117,032,024 154,558,161
84,386,291 85,916,730 86,939,502 88,635,207 93,562,741
1,060,134 2,234,440 2,037,318 6,322,353 5,310,698
7,458,996 10,087,649 16,587,060 19,018,596 28,570,664
92,905,421 98,238,819 105,563,880 113,976,156 127,444,103
199,180,517 201,059,819 201,191,815 204,855,266 212,228,883
14,335,378 21,196,729 21,881,499 27,205,481 29,323,407
(50,566,757) (51,549,672) (32,222,407) (1,052,567) 40,449,974
$ 162,949,138 $ 170,706,876 $ 190,850,907 $ 231,008,180 $ 282,002,264
$ (50,566,757) $ (51,549,672) $ (32,222,407) $ (1,052,567) $ 40,449,974
58,625,356 58,007,072 55,846,036 56,855,185 53,155,458
$ 8,058,599 $ 6,457,400 $ 23,623,629 $ 55,802,618 $ 93,605,432
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
2013 2014 2015 2016 2017
Expenses
Governmental Activities:
General Government $ 13,639,728 $ 14,133,149 $ 10,849,277 $ 13,936,312 $ 13,177,254
Public Safety 2 6,174,144 2 6,666,211 25,297,450 27,525,712 27,997,262
Public Works 1 1,891,013 1 2,365,647 14,363,603 19,522,534 20,753,117
Parks & Recreation (3) - - - - -
Health & Social Services 7,373,116 7 ,123,340 6,631,598 7,333,528 7,424,371
Education & Library 5 0,763,859 5 6,218,528 67,091,679 62,374,873 60,922,185
Conservation of Natural Resources 838,775 2 ,395,762 587,147 1,799,234 616,237
Economic/Community Development 1,108,912 1 ,528,035 1,763,024 3,391,547 1,860,222
Interest and Fiscal Charges 4,042,236 3 ,987,943 4,039,622 4,345,527 4,150,101
Total Governmental Activities Expenses 115,831,783 124,418,615 130,623,400 140,229,267 136,900,749
Business-type Activities:
Water and Sewer 1 1,783,515 1 1,059,306 10,412,432 10,615,466 11,818,087
Golf Course (4) 538,420 515,325 496,065 505,085 540,504
Public Landings and Marinas (5) 535,837 544,945 537,823 529,943 572,360
Airport 913,845 807,226 1,014,491 966,896 1,053,899
Total Business-type Activities Expenses 1 3,771,617 1 2,926,802 12,460,811 12,617,390 13,984,850
Total Primary Government Expenses 129,603,400 137,345,417 143,084,211 152,846,657 150,885,599
Program Revenues
Governmental Activities:
General Government
Charges for Services 1 ,272,807 1 ,500,273 1,505,857 1,565,170 1,552,164
Operating Grants and Contributions 697,712 606,649 644,297 582,571 563,016
Capital Grants and Contributions 135,032 589,988 9 6,684 (30,000) -
Total Revenue 2,105,551 2 ,696,910 2,246,838 2,117,741 2,115,180
Public Safety
Charges for Services 1 ,387,591 1 ,286,945 1,244,752 1,354,350 1,350,626
Operating Grants and Contributions 1,328,493 1 ,081,577 1,052,666 1,088,597 1,037,879
Capital Grants and Contributions 249,594 282,139 119,118 175,653 5,406
Total Revenue 2,965,678 2 ,650,661 2,416,536 2,618,600 2,393,911
Public Works
Charges for Services 1 ,636,604 1 ,425,012 1,275,538 1,337,358 1,472,664
Operating Grants and Contributions 624,653 712,550 527,538 1,029,019 980,075
Capital Grants and Contributions 1,687,783 2 ,221,299 8 0,000 108,880 161,084
Total Revenue 3,949,040 4 ,358,861 1,883,076 2,475,257 2,613,823
Parks & Recreation (3)
Charges for Services - - - - -
Operating Grants and Contributions - - - - -
Capital Grants and Contributions - - - - -
Total Revenue - - - - -
Health & Social Services
Charges for Services 71,973 65,537 6 8,187 7 6,404 7 3,066
Operating Grants and Contributions 2,613,905 2 ,026,675 2,056,111 1,834,000 1,893,648
Capital Grants and Contributions 51,023 67,392 4 0,527 140,400 5 8,500
Total Revenue 2,736,901 2 ,159,604 2,164,825 2,050,804 2,025,214
Education & Library
Charges for Services 1 ,052,691 1 ,721,379 1,249,332 1,230,994 1,319,433
Operating Grants and Contributions - - - - -
Capital Grants and Contributions - - - - -
Total Revenue 1,052,691 1 ,721,379 1,249,332 1,230,994 1,319,433
Conservation of Natural Resources
Charges for Services 63,105 73,279 7 2,688 7 0,708 6 0,826
Operating Grants and Contributions 400,193 103,892 9 6,195 6 8,152 186,333
Capital Grants and Contributions - 75,820 3,637 573,003 -
Total Revenue 463,298 252,991 172,520 711,863 247,159
Economic/Community Development
Charges for Services 234,100 508,000 8 0,558 311,000 620,000
Operating Grants and Contributions 176,216 255,100 285,344 156,804 231,360
Capital Grants and Contributions 575,440 (69,569) - - -
Total Revenue 985,756 693,531 365,902 467,804 851,360
Interest and Fiscal Charges
Charges for Services - - - - -
Operating Grants and Contributions - - - - -
Capital Grants and Contributions - - - - -
Total Revenue - - - - -
Total Governmental Activities Program Revenues 1 4,258,915 1 4,533,937 10,499,029 11,673,063 11,566,080
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)
2018 2019 2020 2021 2022
$ 15,833,152 $ 16,493,064 $ 17,299,695 $ 21,447,303 $ 20,975,854
27,130,890 31,231,182 31,445,313 33,376,832 32,937,936
17,665,141 19,118,090 15,045,105 13,898,271 15,486,633
- - 7,780,241 6,051,585 6,445,776
7,149,348 7,669,431 7,116,694 6,969,134 6,631,472
64,082,500 64,438,616 68,764,861 68,632,733 68,957,650
2,567,600 2,696,971 1,423,080 3,621,749 2,402,429
2,477,129 1,808,000 2,281,480 5,262,207 3,012,720
4,294,929 4,712,864 4,391,332 4,330,706 4,415,584
141,200,689 148,168,218 155,547,801 163,590,520 161,266,054
12,297,109 11,232,955 11,602,537 12,157,175 12,384,820
509,150 584,718 541,335 523,435 609,737
534,966 1,342,308 683,738 1,104,170 548,928
1,077,168 1,434,031 968,205 940,188 1,017,606
14,418,393 14,594,012 13,795,815 14,724,968 14,561,091
155,619,082 162,762,230 169,343,616 178,315,488 175,827,145
1,669,311 1,769,520 1,509,985 2,027,823 2,400,962
660,790 716,683 428,812 2,686,609 2,920,183
1,080,084 480,500 520,277 1,056,963 1,219,155
3,410,185 2,966,703 2,459,074 5,771,395 6,540,300
1,505,267 1,415,187 1,379,621 1,772,824 2,782,299
1,294,733 1,161,505 1,697,018 3,603,339 2,300,947
166,001 176,970 112,845 1,379,718 908,036
2,966,001 2,753,662 3,189,484 6,755,881 5,991,282
1,779,206 1,784,040 817,088 1,083,030 1,134,409
822,659 1,155,251 1,233,626 1,494,842 8,500
282,028 1,353,948 4 5,640 - -
2,883,893 4,293,239 2,096,354 2,577,872 1,142,909
- - 822,605 1,058,579 1,149,578
- - 3 7,060 216,861 3 2,494
- - 2,237,549 343,301 1,964,345
- - 3,097,214 1,618,741 3,146,417
7 1,131 9 1,183 7 2,840 3 7,025 9 1,756
2,018,289 2,120,065 2,273,959 2,381,707 2,595,327
5 8,500 175,960 362,900 157,905 207,862
2,147,920 2,387,208 2,709,699 2,576,637 2,894,945
1,272,301 1,318,609 1,593,200 3,383,580 2,438,720
- - - - -
- 4 3,059 105,575 973,747 1,850,863
1,272,301 1,361,668 1,698,775 4,357,327 4,289,583
110,655 126,940 136,458 163,971 4 6,491
131,321 9 4,814 117,820 111,443 -
1,439,284 2,118,200 831,901 1,612,662 1,095,760
1,681,260 2,339,954 1,086,179 1,888,076 1,142,251
316,500 - 205,000 864,667 397,823
810,319 205,300 757,258 3,978,848 1,523,758
- - - - -
1,126,819 205,300 962,258 4,843,515 1,921,581
- - - - 4 8,506
- - - - -
- - - - -
- - - - 4 8,506
15,488,379 16,307,734 17,299,037 30,389,444 27,117,774
179

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)
2013 2014 2015 2016 2017
Business-type Activities:
Water and Sewer
Charges for Services $ 8 ,181,434 $ 8 ,341,848 $ 8,840,213 $ 8,956,360 $ 8,222,317
Operating Grants and Contributions 161,600 90,000 9 0,000 8 5,099 9 0,000
Capital Grants and Contributions 2,048,768 665,268 1,862,257 1,958,051 2,222,796
Total Revenue 1 0,391,802 9 ,097,116 10,792,470 10,999,510 10,535,113
Golf Course (4)
Charges for Services 313,364 297,293 295,955 305,528 318,599
Operating Grants and Contributions - - - - -
Capital Grants and Contributions - - - - -
Total Revenue 313,364 297,293 295,955 305,528 318,599
Public Landings and Marinas (5)
Charges for Services 440,270 423,478 423,723 423,427 443,176
Operating Grants and Contributions 42,914 36,439 4 3,304 3 6,781 3 3,542
Capital Grants and Contributions 18,692 - - - -
Total Revenue 501,876 459,917 467,027 460,208 476,718
Airport
Charges for Services 48,072 49,061 5 3,200 4 5,916 3 3,256
Operating Grants and Contributions 2,621 2,420 7 3,311 5 2,837 245,738
Capital Grants and Contributions 2,472,782 7,457 - - -
Total Revenue 2,523,475 58,938 126,511 9 8,753 278,994
Total Business-type Activities Program Revenues 1 3,730,517 9 ,913,264 11,681,963 11,863,999 11,609,424
Total Primary Government Program Revenues 2 7,989,432 2 4,447,201 22,180,992 23,537,062 23,175,504
Net (Expense) Revenue (1)
Governmental activities (101,572,868) (109,884,678) (120,124,371) (128,556,204) (125,334,669)
Business-type activities (41,100) (3,013,538) (778,848) (753,391) (2,375,426)
Total Primary Government Net Expense $ (101,613,968) $ (112,898,216) $ (120,903,219) $ (129,309,595) $ (127,710,095)
General Revenues and Other Changes in Net Position
Governmental Activities:
Taxes (2) $ 107,978,036 $ 112,123,625 $ 116,821,607 $ 121,011,135 $ 123,299,031
Investment income 107,095 95,286 9 4,092 174,691 444,063
Gain on Sale of Capital Assets 163,426 346,765 1,098,632 161,106 5 3,936
Miscellaneous 1,051,760 877,629 1,076,893 949,046 2,065,465
Transfers In (Out) (337,843) (589,737) (360,177) (201,122) (335,499)
Total Governmental Activities 108,962,474 112,853,568 118,731,047 122,094,856 125,526,996
Business-type Activities:
Investment income 356,374 343,568 323,585 320,443 361,840
Gain on Sale of Capital Assets - - - - -
Miscellaneous 855,504 793,951 815,430 746,167 809,211
Transfers In (Out) 359,277 589,737 360,177 201,122 335,499
Total Business-type Activities 1,571,155 1 ,727,256 1,499,192 1,267,732 1,506,550
Total Primary Government 110,533,629 114,580,824 120,230,239 123,362,588 127,033,546
Change in Net Position
Governmental activities 7,389,606 2 ,968,890 (1,393,324) (6,461,348) 192,327
Business-type activities 1,530,055 (1,286,282) 720,344 514,341 (868,876)
Total Primary Government $ 8 ,919,661 $ 1 ,682,608 $ (672,980) $ (5,947,007) $ (676,549)
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 FY12 through FY19, Parks & Recreation governmental activities are included in public works (parks) and social services (recreation).
(4) Prior to FY13, this section included data for the Golf Course, Recreation Programs, Public Landings,
and Property Management Funds. Beginning in FY13, this section only includes Golf Course Fund data.
(5) Prior to FY13, this section only included data for the Public Marinas Funds. Beginning in FY13, this section includes
data for both Public Marinas and Public Landings, as these funds were combined to form one fund.
180

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)
2018 2019 2020 2021 2022
$ 9,214,383 $ 10,524,474 $ 13,873,082 $ 12,174,150 $ 18,135,534
9 0,000 520,000 2,541,550 4,600,000 487,761
4,198,378 3,626,906 1,974,341 2,668,488 3,034,541
13,502,761 14,671,380 18,388,973 19,442,638 21,657,836
340,123 373,014 399,603 593,022 594,180
- - - - -
- - - - -
340,123 373,014 399,603 593,022 594,180
451,524 454,071 538,760 540,240 475,309
104,829 888,592 1 0,447 178,208 640,752
- - - - -
556,353 1,342,663 549,207 718,448 1,116,061
2 5,857 2 4,710 2 4,130 2 4,920 2 3,774
6 0,858 725,109 9 5,052 2 0,180 516,774
- - - - -
8 6,715 749,819 119,182 4 5,100 540,548
14,485,952 17,136,876 19,456,965 20,799,208 23,908,625
29,974,331 33,444,610 36,756,002 51,188,652 51,026,399
(125,712,310) (131,860,484) (138,246,764) (133,201,076) (134,148,280)
6 7,559 2,542,864 5,661,150 6,074,240 9,347,534
$ (125,644,751) $ (129,317,620) $ (132,585,614) $ (127,126,836) $ (124,800,746)
$ 131,444,679 $ 137,285,550 $ 148,876,477 $ 163,687,534 $ 171,755,675
978,955 1,772,464 1,393,017 239,908 462,588
8 7,734 2 5,823 4 4,343 9 5,687 (1,157,005)
630,895 979,201 900,976 1,073,180 1,801,868
(183,026) (1,341,011) (149,079) (150,236) (1,188,709)
132,959,237 138,722,027 151,065,734 164,946,073 171,674,417
439,716 550,691 589,126 424,983 414,822
- 3 3,100 1 7,876 573,500 5,265
865,879 865,732 907,830 1,189,317 2,511,617
183,026 1,341,011 149,079 150,236 1,188,709
1,488,621 2,790,534 1,663,911 2,338,036 4,120,413
134,447,858 141,512,561 152,729,645 167,284,109 175,794,830
7,246,927 6,861,543 12,818,970 31,744,997 37,526,137
1,556,180 5,333,398 7,325,061 8,412,276 13,467,947
$ 8,803,107 $ 12,194,941 $ 20,144,031 $ 40,157,273 $ 50,994,084
181

QUEEN ANNE'S COUNTY, MARYLAND
FINANCIAL TRENDS
GENERAL TAX REVENUES - GOVERNMENTAL ACTIVITIES
LAST TEN FISCAL YEARS
Table 2-b
2013 2014 2015 2016 2017
Local Property Taxes $ 65,591,225 $ 64,712,683 $ 64,672,721 $ 65,185,546 $ 66,487,004
Local Income Tax 35,769,303 40,899,804 44,643,870 47,928,725 48,624,679
Other Local Taxes 6,617,508 6,511,138 7,505,016 7,896,864 8,187,348
Total Taxes - Governmental Activities $ 107,978,036 $ 112,123,625 $ 116,821,607 $ 121,011,135 $ 123,299,031
2018 2019 2020 2021 2022
Local Property Taxes $ 67,736,404 $ 70,670,569 $ 71,874,566 $ 74,474,109 $ 76,017,204
Local Income Tax 55,211,695 57,728,293 67,698,447 73,458,519 78,881,170
Other Local Taxes 8,496,580 8,886,688 9,303,464 15,754,906 15,164,554
Total Taxes - Governmental Activities $ 131,444,679 $ 137,285,550 $ 148,876,477 $ 163,687,534 $ 170,062,928
NOTES:
* Government-wide general tax revenue information is reported on the accrual basis of accounting.
* Source: Statement of Activities.
182

QUEEN ANNE'S COUNTY, MARYLAND
FINANCIAL TRENDS
FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
Table 3
2013 2014 2015 2016 2017
General Fund:
Nonspendable $ 626,122 $ 480,385 $ 687,777 $ 586,481 $ 754,921
Restricted 8,111,614 8,375,368 8,681,112 9,002,389 10,626,394
Committed - 1,157,360 2,000,000 3,000,000 4,000,000
Assigned 1,284,657 1,284,875 2,034,875 1,926,782 1,998,415
Unassigned 5,965,003 7,123,519 7,793,085 8,468,591 8,830,530
Total General Fund 15,987,396 18,421,507 21,196,849 22,984,243 26,210,260
All Other Governmental Funds:
Nonspendable 5,406,512 5,470,608 5,919,048 6,146,072 7,552,462
Restricted 12,724,859 21,824,970 17,794,372 21,316,088 8,900,465
Committed 3,480,382 4,097,033 4,209,177 3,425,701 13,447,283
Assigned 24,665,235 25,939,319 23,093,224 18,029,073 16,045,167
Unassigned (135,515) (115,800) (108,185) (115,129) (53,665)
Total All Other Governmental Funds 46,141,473 57,216,130 50,907,636 48,801,805 45,891,712
Total All Governmental Funds $ 62,128,869 $ 75,637,637 $ 72,104,485 $ 71,786,048 $ 72,101,972
2018 2019 2020 2021 2022
General Fund:
Nonspendable $ 1,001,610 $ 1,616,447 $ 2,400,664 $ 5,751,694 $ 47,789
Restricted 10,999,800 14,361,899 14,711,547 16,182,014 17,838,136
Committed 5,027,897 6,000,000 6,998,256 7,621,618 8,399,587
Assigned 1,483,827 1,224,503 1,099,170 1,525,829 1,500,000
Unassigned 11,142,331 11,856,474 15,874,992 19,340,107 32,142,920
Total General Fund 29,655,465 35,059,323 41,084,629 50,421,262 59,928,432
All Other Governmental Funds:
Nonspendable 7,583,553 - - - 1,327,375
Restricted 6,815,341 12,598,139 15,121,784 17,919,423 22,270,920
Committed 15,202,215 18,514,079 21,296,829 25,457,920 27,010,544
Assigned 19,618,643 23,573,581 23,721,935 36,026,980 44,073,399
Unassigned (48,758) (28,164) (24,133) (19,649) -
Total All Other Governmental Funds 49,170,994 54,657,635 60,116,415 79,384,674 94,682,238
Total All Governmental Funds $ 78,826,459 $ 89,716,958 $ 101,201,044 $ 129,805,936 $ 154,610,670
NOTES:
* Fund balance information for governmental funds is reported on the modified accrual basis of accounting.
* Source: Balance Sheet, Governmental Funds.
183

QUEEN ANNE'S COUNTY, MARYLAND
FINANCIAL TRENDS
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
Table 4
2013 2014 2015 2016 2017
Revenues
Taxes
Local Property Taxes $ 6 5,554,079 $ 6 4,701,622 $ 64,672,292 $ 64,946,443 $ 66,501,901
Local Income Taxes 39,438,906 40,326,921 42,889,715 46,424,552 48,578,044
Other Local Taxes 6,617,508 6,511,137 7 ,505,016 7 ,896,865 8 ,187,348
State Shared Taxes 510,726 749,366 5 57,834 6 23,256 7 08,566
Licenses and Permits 1,004,774 1,080,891 1 ,062,917 1 ,078,144 1 ,123,072
Intergovernmental 7,588,691 5,588,984 4 ,030,576 4 ,696,561 3 ,987,308
Bond Interest Reimbursement - Build America Bond 406,337 383,777 3 75,323 3 64,799 3 50,254
Charges for Current Services 4,594,240 5,357,919 4 ,251,835 4 ,617,730 5 ,114,605
Fines and Forfeitures 119,857 141,615 1 82,160 2 50,110 2 11,102
Capital Contributions - Developer - 102,316 - - -
Investment Income 107,095 95,286 94,092 1 74,691 4 44,063
Donations 36,332 39,055 41,391 45,773 60,217
Miscellaneous 1,051,760 877,629 1 ,076,893 9 49,045 2 ,065,465
Total Revenues 1 27,030,305 1 25,956,518 126,740,044 132,067,969 137,331,945
Expenditures
Current
General Government (1) 9,282,310 10,649,489 8 ,833,255 9 ,817,062 10,382,078
Public Safety 21,275,229 22,266,458 23,133,608 23,523,103 23,866,030
Public Works 9,615,805 9,967,363 12,041,969 15,080,454 15,506,684
Parks and Recreation - - - - -
Health & Social Services 5,863,143 5,505,626 5 ,425,002 5 ,827,938 5 ,981,620
Education & Library 49,696,335 61,063,194 67,116,408 62,405,143 60,950,845
Conservation of Natural Resources 890,480 2,363,254 5 65,289 1 ,744,260 5 65,938
Economic/Community Development 898,129 1,306,516 1 ,616,784 3 ,188,928 1 ,710,899
Miscellaneous 4,862,189 3,202,417 3 ,535,585 4 ,766,722 4 ,185,652
Capital Outlay 3,370,909 8,669,375 8 ,733,509 11,050,384 14,591,632
Debt Service
Principal 7,069,406 7,210,561 7 ,444,611 7 ,667,316 8 ,074,013
Debt Issuance Costs (94) 196,870 4 03,572 2 18,799 1 96,150
Interest and Fiscal Charges 3,675,628 3,501,230 3 ,846,823 3 ,696,719 4 ,104,254
Total Expenditures 1 16,499,469 1 35,902,353 142,696,415 148,986,828 150,115,795
Excess (Deficiency) of Revenues over (under) Expenditures 10,530,836 (9,945,835) (15,956,371) (16,918,859) (12,783,850)
Other Financing Sources (Uses)
Issuance of Debt 564,068 22,405,542 25,384,493 15,484,639 12,775,926
Other Financing Use - Proceeds of Refunding Bonds - - - 8 ,042,773 -
Bond Premiums (101) 1,118,097 1 ,901,240 1 ,650,448 6 18,681
Payments to Bond Refunding Agent - - (14,881,834) - -
Other Financing Use - Debt Service - Principal - - - (8,446,336) -
Proceeds of Capital Asset Disposals 308,856 458,759 1 ,331,608 18,100 55,189
Insurance Proceeds 20,070 61,942 57,916 1 53,534 12,241
Transfers In 10,851,904 5,861,261 5 ,079,641 9 ,941,051 6 ,331,482
Transfers Out (11,228,409) (6,450,998) (6,449,845) (10,243,787) (6,693,745)
Total Other Financing Sources (Uses) 516,388 23,454,603 12,423,219 16,600,422 13,099,774
Net Increase (Decrease) in Fund Balances $ 1 1,047,224 $ 1 3,508,768 $ (3,533,152) $ (318,437) $ 3 15,924
Debt service as a percentage of non-capital expenditures (2, 3) 9.54% 8.44% 8.43% 8.16% 8.99%
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 "Miscellaneous," "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.
184

QUEEN ANNE'S COUNTY, MARYLAND
FINANCIAL TRENDS
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
Table 4
(CONTINUED)
2018 2019 2020 2021 2022
$ 67,944,730 $ 70,615,293 $ 71,682,389 $ 74,769,217 $ 75,943,263
51,834,189 55,282,162 61,547,651 67,985,531 71,002,615
8 ,496,580 8 ,886,688 9 ,303,464 15,754,906 15,164,554
8 36,677 1 ,171,668 1 ,192,293 1,286,374 1 ,692,747
1 ,167,444 1 ,224,381 1 ,083,317 1,461,286 1 ,656,112
7 ,539,052 8 ,284,699 9 ,506,419 18,705,791 16,927,224
3 34,858 3 19,362 - - -
5 ,298,701 5 ,088,123 5 ,320,465 8,789,033 8 ,213,431
2 58,226 1 92,975 1 33,015 1 41,180 2 55,955
- - - - -
9 78,955 1 ,772,464 1 ,393,017 2 39,908 4 62,588
57,635 31,084 1 43,375 5,780 65,052
6 30,895 9 79,201 9 00,976 1,073,180 1 ,801,868
145,377,942 153,848,100 162,206,381 190,212,186 193,185,409
10,640,065 10,542,151 10,610,554 13,487,519 13,368,832
25,049,431 26,804,113 27,648,023 29,314,405 32,933,956
15,235,104 16,163,026 12,749,864 12,223,767 14,291,677
- - 6,995,840 5 ,257,527 5 ,578,791
6 ,100,594 6 ,209,377 6 ,660,677 6 ,731,938 6 ,389,428
64,117,236 64,473,922 68,796,024 68,621,741 68,947,327
2 ,577,735 2 ,717,738 1,475,572 3 ,672,847 2 ,411,769
2 ,433,171 1 ,638,265 2 ,107,676 5 ,233,618 2 ,997,250
5 ,348,568 5 ,729,955 5 ,308,680 6 ,834,217 6 ,981,356
12,311,551 9 ,323,882 4 ,963,004 12,790,600 9 ,877,764
7 ,149,537 7 ,855,820 8 ,624,604 7 ,343,425 7 ,775,190
2 29,894 2 11,447 3 16,027 2 49,479 4 39,157
4 ,280,553 4 ,586,387 4 ,676,955 4 ,492,461 4 ,415,584
155,473,439 156,256,083 160,933,500 176,253,544 176,408,081
(10,095,497) (2,407,983) 1 ,272,881 13,958,642 16,777,328
16,000,000 11,000,000 9 ,000,000 13,000,000 7 ,800,000
- - 14,682,184 10,835,995 -
9 08,973 1 ,011,998 3 ,654,843 3 ,814,696 4 92,106
- - - - -
- - (17,043,453) (12,970,537) -
54,097 2 31,588 30,949 41,099 63,850
39,940 3,114 35,761 1 02,429 35,208
8 ,220,201 12,588,897 9 ,690,474 20,469,607 23,952,703
(8,403,227) (13,929,908) (9,839,553) (20,647,039) (24,316,461)
16,819,984 10,905,689 10,211,205 14,646,250 8 ,027,406
$ 6,724,487 $ 8,497,706 $ 11,484,086 $ 28,604,892 $ 24,804,734
8.00% 8.47% 8.53% 7.26% 7.38%
185

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
2013 $ 1,567,115,297 $ 5,990,170,828 $ 7 ,557,286,125 $ 0 .8471 $ 63,194,130 $ 7,620,480,255 $ 7 32,300,804 $ 8 ,352,781,059
2014 1,540,562,905 5,935,284,963 7 ,475,847,868 0 .8471 64,411,900 7,540,259,768 6 96,880,673 8 ,237,140,441
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
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.
186

187

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)
2013 $ 0 .8471
2014 0 .8471
2015 0 .8471
2016 0 .8471
2017 0 .8471
2018 0 .8471
2019 0 .8471
2020 0 .8471
2021 0 .8471
2022 0 .8471
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.
188

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
2013 $ 0 .0600
2014 0 .0600
2015 0 .0600
2016 0 .0600
2017 0 .0600
2018 0 .0600
2019 0 .0600
2020 0 .0600
2021 0 .0600
2022 0 .0600
NOTES:
* Tax rates are per $100 of assessed value.
* The personal property tax rate for Queen Anne's County is zero.
189

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
2013 $ 0 .3800 $ 0 .2000 $ 0 .3400 $ 0 .2800 $ 0 .1800
2014 0 .3800 0 .2000 0 .3400 0 .2800 0 .1800
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
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.
190

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 .1890 $ 0 .1670 $ 0 .3600
0 .1890 0 .1670 0 .3600
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
191

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, 2022
Ratio:
Taxpayer
Base to Total
Assessable Base Assessable Base
Second Horizon Group Limited Partnership $ 55,700,000 0.62 %
KRM - Chesapeake LLC 22,596,900 0.25
Bay Bridge Holding Company LLC 15,064,867 0.17
Chesapeake Bay Beach Club LLC 14,567,200 0.16
Maryland General Land Co LLC 13,150,400 0.15
Anne Arundel Real Estate Holding Co 12,558,033 0.14
SHM Narrows Point LLC 11,000,000 0.12
Shore Health System INC 10,247,600 0.11
Kent Narrows Marine LLC 10,147,500 0.11
Kent Towne Market LLC 10,126,367 0.11
Total $ 175,158,867 1.94 %
Total Assessable Base $ 8,921,620,470 100.00 %
For the Fiscal Year Ended June 30, 2013
Ratio:
Taxpayer
Base to Total
Assessable Base Assessable Base
Second Horizon Group Limited Partnership $ 54,272,000 0.71 %
KRM Development Corporation 34,678,700 0.45
The Aspen Institute 24,220,600 0.32
White's Heritage LLC 16,771,688 0.22
Great American Life Insurance Company 15,721,000 0.20
Beach Harbor Campers Cooperative Inc 13,653,800 0.18
Queenstown Bank 12,294,487 0.16
K Hovnanian at Kent Island LLC 11,500,000 0.15
Kent Towne Market LLC 10,943,734 0.14
Mears Point Association 10,832,300 0.14
Total $ 204,888,309 2.67 %
Total Assessable Base $ 7,685,372,199 1 00.00 %
Source: State of Maryland Department of Assessments and Taxation
192

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
2013 $ 63,904,147 $ 63,596,067 99.52% $ 55,677 $ 63,651,744 99.61%
2014 63,184,321 62,834,349 99.45% 90,914 62,925,263 99.59%
2015 63,338,629 63,231,601 99.83% 69,696 63,301,297 99.94%
2016 63,799,184 63,647,404 99.76% 80,299 63,727,703 99.89%
2017 65,217,648 65,107,115 99.83% 110,343 65,217,458 99.99%
2018 66,768,776 66,721,619 99.93% 46,976 66,768,595 99.99%
2019 68,887,556 68,778,389 99.84% 70,916 68,849,305 99.94%
2020 70,825,936 70,375,695 99.36% 301,100 70,676,795 99.79%
2021 72,635,124 72,627,467 99.99% 34,147 72,661,614 99.99%
2022 74,882,965 74,789,167 99.87% - 74,789,167 99.87%
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.
193

QUEEN ANNE'S COUNTY, MARYLAND
DEBT CAPACITY
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Table 9
Governmental Activities
General Total
Fiscal Obligation Notes Capital Governmental
Year Bonds Payable Leases Activities
2013 $ 90,092,100 $ 1,146,755 $ - $ 9 1,238,855
2014 107,883,563 958,156 - 1 08,841,719
2015 112,060,053 784,785 - 1 12,844,838
2016 118,977,909 1,913,199 - 1 20,891,108
2017 123,519,157 1,698,425 - 1 25,217,582
2018 132,567,304 1,417,461 - 1 33,984,765
2019 135,985,079 1,098,323 - 1 37,083,402
2020 136,513,411 775,589 - 1 37,289,000
2021 142,970,963 703,773 - 1 43,674,736
2022 142,140,969 655,957 - 1 42,796,926
Business-type Activities Ratios
Debt to
General Total Total Total Outstanding
Fiscal Obligation Notes Capital Business-type Primary Personal Debt per
Year Bonds Payable Leases Activities Government Income (1) Capita (1)
2013 $ 2,490,475 $ 13,767,769 $ - $ 1 6,258,244 $ 107,497,099 6.12% $ 2,210
2014 2,053,736 12,584,475 - 1 4,638,211 123,479,930 6.97% 2,538
2015 3,540,295 11,388,918 - 1 4,929,213 127,774,051 6.89% 2,618
2016 3,520,859 10,471,639 - 1 3,992,498 134,883,606 7.24% 2,780
2017 3,217,479 16,296,744 - 1 9,514,223 144,731,805 7.64% 2,960
2018 2,976,195 25,484,821 - 2 8,461,016 162,445,781 8.39% 3,322
2019 2,725,011 29,419,756 - 3 2,144,767 169,228,169 8.22% 3,335
2020 2,475,881 31,932,369 - 3 4,408,250 171,697,250 7.29% 3,264
2021 2,337,041 34,432,935 - 3 6,769,976 180,444,712 7.73% 3,458
2022 2,362,308 33,291,256 - 3 5,653,564 178,450,490 7.64% 3,420
NOTES:
(1) See Table 14 for personal income and population data, which are used in calculating these ratios.
194

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)
2013 $ 92,582,575 1.21% $ 1,903
2014 109,937,299 1.46% 2,260
2015 115,600,348 1.53% 2,369
2016 122,498,768 1.61% 2,525
2017 126,736,636 1.63% 2,592
2018 135,543,499 1.70% 2,772
2019 138,710,090 1.68% 2,733
2020 138,989,292 1.64% 2,643
2021 145,308,004 1.67% 2,785
2022 144,503,277 1.62% 2,769
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.
195

QUEEN ANNE'S COUNTY, MARYLAND
DEBT CAPACITY
COMPUTATION OF NET DIRECT AND OVERLAPPING DEBT
AS OF JUNE 30, 2022
Table 11
Name of Jurisdiction Gross Debt
Queen Anne's County:
County Government
Total Net Direct Debt (1) $ 142,796,926
Towns: (2)
Centreville (100%) 14,213,810
Queenstown (100%) 5,011,364
Sudlersville (100%) (3) 4,712,418
Millington (100%) 1,085,000
Total Net Overlapping Debt 25,022,592
Total Net Direct and Overlapping Debt $ 1 67,819,518
NOTES:
(1) Net direct debt of the County includes Governmental Activities general obligation bonds, notes payable, and capital leases. 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.
(3) FY22 gross debt could not be obtained. The amount being reported is the amount confirmed from FY21.
196

197

QUEEN ANNE'S COUNTY, MARYLAND
DEBT CAPACITY
COMPUTATION OF LEGAL DEBT MARGIN
LAST TEN FISCAL YEARS
Table 12-a
2013 2014 2015 2016 2017
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) 2,160,475 2 ,053,736 3 ,540,295 3 ,520,859 3 ,217,479
General Obligation Debt (4) 90,092,100 1 07,883,563 1 12,060,053 1 18,977,909 1 23,519,157
Subtotal 92,252,575 1 09,937,299 1 15,600,348 1 22,498,768 1 26,736,636
Total authorized debt under Title 5 and specific public laws 100,252,575 1 17,937,299 1 23,600,348 1 30,498,768 1 34,736,636
LESS Outstanding bonds, notes payable, and capital leases (5) 107,497,099 1 23,479,930 1 27,774,051 1 34,883,606 1 44,731,805
Less: Sanitary District debt (4) 14,097,769 1 2,584,475 1 1,388,918 1 0,471,639 1 6,296,744
Subtotal 93,399,330 1 10,895,455 1 16,385,133 1 24,411,967 1 28,435,061
Legal Debt Margin - Other than the Sanitary District $ 6,853,245 $ 7 ,041,844 $ 7 ,215,215 $ 6 ,086,801 $ 6 ,301,575
Debt related to the Sanitary District Proprietary Fund:
Total taxable assessed value (3) $ 7,620,480,255 $ 7 ,540,259,768 $ 7 ,568,705,234 $ 7 ,626,510,532 $ 7 ,792,264,218
Plus exempt property (3) 732,300,804 6 96,880,673 7 08,231,797 7 13,843,531 7 71,576,578
Total assessed value $ 8,352,781,059 $ 8 ,237,140,441 $ 8 ,276,937,031 $ 8 ,340,354,063 $ 8 ,563,840,796
Debt Limit - 6% of total assessed value (2) $ 501,166,864 $ 4 94,228,426 $ 4 96,616,222 $ 5 00,421,244 $ 5 13,830,448
LESS Sanitary District 14,097,769 1 2,584,475 1 1,388,918 1 0,471,639 1 6,296,744
Less: Restricted Cash and Investments in the
Debt Service Fund available for payment of principal 2,840,468 2 ,763,304 2 ,695,383 1 ,120,775 9 47,445
1 1,257,301 9 ,821,171 8 ,693,535 9 ,350,864 1 5,349,299
Legal Debt Margin - Sanitary District $ 489,909,563 $ 4 84,407,255 $ 4 87,922,687 $ 4 91,070,380 $ 4 98,481,149
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.
198

QUEEN ANNE'S COUNTY, MARYLAND
DEBT CAPACITY
COMPUTATION OF LEGAL DEBT MARGIN
LAST TEN FISCAL YEARS
Table 12-a
(CONTINUED)
2018 2019 2020 2021 2022
$ 8 ,000,000 $ 8 ,000,000 $ 8 ,000,000 $ 8,000,000 $ 8,000,000
2 ,976,195 2 ,725,011 2 ,475,881 2,337,041 2,362,308
1 32,567,304 1 35,985,079 1 36,513,411 142,970,963 142,140,969
1 35,543,499 1 38,710,090 1 38,989,292 145,308,004 144,503,277
1 43,543,499 1 46,710,090 1 46,989,292 153,308,004 152,503,277
1 62,445,781 1 69,228,169 1 71,697,250 180,444,712 178,450,490
2 5,484,821 2 9,419,756 3 1,932,369 34,432,935 33,291,256
1 36,960,960 1 39,808,413 1 39,764,881 146,011,777 145,159,234
$ 6 ,582,539 $ 6 ,901,677 $ 7 ,224,411 $ 7,296,227 $ 7,344,043
$ 7 ,974,395,138 $ 8 ,264,514,461 $ 8 ,486,858,638 $ 8,714,892,522 $ 8,921,620,470
7 84,345,727 8 10,049,666 8 39,013,301 860,398,332 879,391,068
$ 8 ,758,740,865 $ 9 ,074,564,127 $ 9 ,325,871,939 $ 9,575,290,854 $ 9,801,011,538
$ 5 25,524,452 $ 5 44,473,848 $ 5 59,552,316 $ 574,517,451 $ 588,060,692
2 5,484,821 2 9,419,756 3 1,932,369 34,432,935 33,291,256
1 ,060,045 1 ,259,440 2 ,031,867 2,684,988 1,913,102
2 4,424,776 2 8,160,316 2 9,900,502 31,747,947 31,378,154
$ 5 01,099,676 $ 5 16,313,532 $ 5 29,651,814 $ 542,769,504 $ 556,682,538
199

QUEEN ANNE'S COUNTY, MARYLAND
DEBT CAPACITY
COMPUTATION OF LOCAL DEBT LIMIT
LAST TEN FISCAL YEARS
Table 12-b
2013 2014 2015 2016 2017
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) $ 7,620,480,255 $ 7,540,259,768 $ 7,568,705,234 $ 7,626,510,532 $ 7,792,264,218
2.5% 2.5% 2.5% 2.5% 2.5%
2.5% of Total Taxable Assessed Base $ 190,512,006 $ 188,506,494 $ 189,217,631 $ 190,662,763 $ 194,806,605
LESS Outstanding and New General Obligation Debt applicable to limit (2) (3)
Enterprise Funds' Debt - Bonds $ 2,490,475 $ 2,053,736 $ 3,540,295 $ 3,520,859 $ 3,217,479
General Obligation Debt - Bonds and Notes 91,238,855 108,841,719 1 12,844,838 120,891,108 125,217,582
Total Outstanding and New General Obligation Debt $ 93,729,330 $ 110,895,455 $ 116,385,133 $ 124,411,967 $ 128,435,061
2.5% of Total Taxable Assessed Base in Excess of
Total Outstanding and New General Obligation Debt $ 96,782,676 $ 77,611,039 $ 7 2,832,498 $ 66,250,796 $ 66,371,544
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) 48,650 48,650 48,804 48,517 48,904
$3,000 Per Capita $ 3,000 $ 3,000 $ 3,000 $ 3,000 $ 3,000
$ 145,950,000 $ 145,950,000 $ 146,412,000 $ 145,551,000 $ 146,712,000
LESS Outstanding and New General Obligation Debt (1) $ 93,729,330 $ 110,895,455 $ 116,385,133 $ 124,411,967 $ 128,435,061
$3,000 Per Capita in Excess of
Total Outstanding and New General Obligation Debt $ 52,220,670 $ 35,054,545 $ 3 0,026,867 $ 21,139,033 $ 18,276,939
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.
200

QUEEN ANNE'S COUNTY, MARYLAND
DEBT CAPACITY
COMPUTATION OF LOCAL DEBT LIMIT
LAST TEN FISCAL YEARS
Table 12-b
(CONTINUED)
2018 2019 2020 2021 2022
$ 7 ,974,395,138 $ 8 ,264,514,461 $ 8 ,486,858,638 $ 8,714,892,522 $ 8,921,620,470
2.5% 2.5% 2.5% 2.5% 2.5%
$ 199,359,878 $ 2 06,612,862 $ 2 12,171,466 $ 217,872,313 $ 223,040,512
$ 2,976,195 $ 2,725,011 $ 2,475,881 $ 2,337,041 $ 2,362,308
133,984,765 137,083,402 137,289,000 143,674,736 142,796,926
$ 136,960,960 $ 1 39,808,413 $ 1 39,764,881 $ 146,011,777 $ 145,159,234
$ 62,398,918 $ 66,804,449 $ 72,406,585 $ 71,860,536 $ 77,881,278
48,904 50,750 52,597 52,177 52,177
$ 3,000 $ 3,000 $ 3,000 $ 3,000 $ 3,000
$ 146,712,000 $ 152,250,000 $ 157,791,000 $ 156,531,000 $ 156,531,000
$ 136,960,960 $ 139,808,413 $ 139,764,881 $ 146,011,777 $ 145,159,234
$ 9,751,040 $ 12,441,587 $ 18,026,119 $ 10,519,223 $ 11,371,766
201

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, 2022
Percentage of
Total County
Employer Employees Rank Employment
Queen Anne's County Board of Education 1 ,018 1 7.05%
Queen Anne's County Government 5 04 2 3.49%
Chesapeake College 4 69 3 3.25%
Paul Reed Smith Guitars 4 27 4 2.96%
REEB Millwork 3 03 5 2.10%
S.E.W. Friel 2 60 6 1.80%
Food Lion 2 03 7 1.41%
The Chesapeake Bay Beach Club 1 50 8 1.04%
AZZ Enclosures 1 30 9 0.90%
Harris Seafood Company 1 25 10 0.87%
Total 3 ,589 24.87%
For the Fiscal Year Ended June 30, 2013
Percentage of
Total County
Employer Employees Rank Employment
Queen Anne's County Board of Education 9 26 1 8.20%
Chesapeake College 4 85 2 4.30%
Queen Anne's County Government 4 27 3 3.78%
S.E.W. Friel 2 75 4 2.44%
Paul Reed Smith Guitars 2 50 5 2.21%
Reeb Millwork 1 80 6 1.59%
Cracker Barrel Old Country Store 1 70 7 1.51%
Safeway 1 50 8 1.33%
Fisherman's Inn 1 35 9 1.20%
Genesis Healthcare 1 34 10 1.19%
Total 3,132 27.75%
Source: Queen Anne's County Economic Development Office; Table 15.
202

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)
2013 48,650 $ 1,757,238,000 $ 3 6,120 6.40% 7 ,717
2014 48,650 1,771,687,050 3 6,417 5.10% 7 ,720
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
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.
203

QUEEN ANNE'S COUNTY, MARYLAND
OPERATING INFORMATION
COUNTY GOVERNMENT EMPLOYEES - FULL-TIME EQUIVALENTS
LAST TEN FISCAL YEARS
Table 15
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Number of Exempt Employees 28 29 30 32 35 34 32 33 37 40
Number of Full Time Employees 391 393 416 431 439 450 479 484 496 462
Number of Part Time Employees (FTE) 8 7 3 3 4 3 3 2 2 2
Total County Government Employees 427 429 449 466 478 487 514 519 535 504
NOTES:
Source: Queen Anne's County Office of Budget and Finance
204

QUEEN ANNE'S COUNTY, MARYLAND
OPERATING INFORMATION
COUNTY GOVERNMENT EMPLOYEES - FULL-TIME ONLY BY FUNCTION
LAST TEN FISCAL YEARS
Table 16
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Governmental Activities:
General Government 82 77 81 83 87 76 75 78 79 83
Public Safety:
Police 56 58 58 59 61 62 69 71 70 65
Fire - Emergency Management Services 64 67 71 72 73 75 82 83 83 84
Detention Center 41 41 41 41 45 41 42 43 45 42
Animal Services 6 3 3 2 2 2 2 2 13 7
Public Works 51 54 58 61 59 75 80 77 75 68
Health 1 1 1 1 1 1 1 1 1 1
Social Services 32 36 38 42 41 39 39 39 41 41
Parks 27 29 39 42 44 43 46 52 51 43
Conservation of Natural Resources 4 4 3 4 4 4 4 4 4 3
Economic/Community Development 6 2 3 6 5 10 11 9 10 10
Total Governmental Activities 370 372 396 413 422 428 451 459 472 447
Business-Type Activities:
Sanitary District 45 46 46 46 48 51 55 53 56 50
Bay Bridge Airport 1 1 1 1 1 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 49 50 50 50 52 56 60 58 61 55
Total Full-Time County Employees 419 422 446 463 474 484 511 517 533 502
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
205

QUEEN ANNE'S COUNTY, MARYLAND
OPERATING INFORMATION
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
Table 17
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Governmental Activities:
General Government:
Planning & Zoning:
Number of commercial permits issued 75 51 52 50 47 55 30 49 91 63
Number of residential permits issued:
Single Family Permits 161 133 123 84 124 145 155 173 275 136
Multi Family Permits 21 12 - 1 29 - 37 41 62 32
Renovations and Additions Permits 312 327 270 303 323 339 359 317 343 203
Total residential permits issued 494 472 393 388 476 484 551 531 680 371
Public Safety:
Fire and Rescue:
Number of volunteer members 689 689 683 500 400 500 450 542 558 550
Police:
Uniformed Police Officers 61 61 64 64 64 68 69 71 71 73
Number of law violations:
Physical arrests 1,144 1,239 1,055 903 914 1,097 930 854 1,080 812
Traffic violations 5,915 6,514 6,030 8,002 7,183 12,384 10,474 9,705 11,142 7,447
Detention Center:
Detention Center Officers 40 41 41 39 38 42 41 41 42 41
Average yearly prison population 128 138 123 115 133 115 105 106 158 154
Public Works:
Wastewater Treated - Daily (mgd) 2.0 2.0 2.1 2.0 2.0 2.2 2.2 2.1 2.3 2.7
Education:
Number of Personnel
Teachers 546 550 575 575 572 569 572 584 603 609
Administrators 39 41 40 40 38 37 37 37 36 38
Support 294 344 295 296 304 300 301 281 336 364
Other 47 37 34 34 34 34 32 7 7 7
Number of Students 7,717 7,720 7,752 7,738 7,799 7,768 7,767 7,705 7,351 7,418
Number of High School Graduates 537 605 589 532 550 552 521 590 561 535
NOTES:
Source: Various County departments.
206

QUEEN ANNE'S COUNTY, MARYLAND
OPERATING INFORMATION
CAPITAL ASSET STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
Table 18
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Governmental Activities:
Public Safety:
Fire and Rescue:
Number of volunteer stations 9 9 9 9 9 9 9 9 9 9
Equipment:
Engines 18 17 16 16 16 16 15 15 15 15
Tankers 9 8 8 8 8 8 7 9 9 9
Aerial Units 5 4 4 5 5 4 5 5 5 5
Rescue Units 8 6 7 6 6 5 5 7 7 7
Brush Units 8 7 7 7 7 7 7 8 8 8
Boats 5 6 6 6 6 3 4 4 4 4
Ambulance/Medic Units 17 13 14 12 13 13 11 13 12 13
Cars/Other 22 25 25 25 16 14 28 33 33 33
Police:
Number of Stations 1 1 1 1 1 1 1 1 1 1
Number of Vehicles
Patrol 62 68 68 71 70 70 71 81 66 43
Other 3 12 15 10 9 14 14 12 29 67
Detention Center
Capacity 148 148 148 148 148 148 148 148 148 148
Public Works:
County Maintained Roads and Streets
Paved (miles) 541 543 543 540 549 549 549 550 550 549
Unpaved (miles) 12 12 12 12 12 12 12 12 12 12
County Owned Water and
Wastewater Facilities
Water
Miles of Mains 61 62 62 64 65 67 68 69 70 71
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 120 121 122 128 136 151 153 154 160 162
Wastewater Treatment Plants 1 1 1 1 1 1 1 1 1 1
Wastewater Collection, Lift,
and Pumping Stations 31 31 31 31 32 32 32 32 32 32
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 33 33 32 32 32 32 32 32 32
Park Acreage 2,915 2,915 2,915 2,915 2,915 3,085 3,085 3,085 3,085 3,085
Public Landings 19 20 20 19 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.
207