F I S C A L & E C O N O M I C U P D A T E

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1 W A S H I N G T O N C O U N T Y, M A R Y L A N D S E P T E M B E R F I S C A L & E C O N O M I C U P D A T E M A J O R E C O N O M I C T R E N D S Inside this Report: Employment Data 1 The following economic and community data trendlines display changes in data over time. Specifically, they show whether a particular set of data has increased or decreased over a certain period. Trendlines offer a simple way to identify or confirm changes in indicators, usually based on one, three, or five year periods of observation. This section offers trendline summaries which offer a snapshot of information and measure its recent economic and community performance on important metrics. Information presented in this section is based on the most recent data available at report date. E M P L O Y M E N T D A T A Earnings Data 2 Spending Data 3 Housing Data Average Employment by Industry (thousands) Revenue Trends 5 Summary of Major Expenditure Trends Projected Outstanding Debt June 3, Statement of Purpose Govt Constr, Mfg, Mining Professional & Financial Education, Health, Other Q3 Source: Maryland Department of Licensing and Regulation.6 Transp, Utilities,Trade Source: Maryland Department of Licensing and Regulation Number of Unemployed (thousands).1

2 F I S C A L & E C O N O M I C U P D A T E Page 2 E M P L O Y M E N T D A T A ( C O N T I N U E D ) 7% County Unemployment Rate 6% 5% 6.% 5.% % Source: Department of Licensing and Regulation 7% State Unemployment Rate 6% 5% 5.6% 5.1% % Source: Department of Licensing and Regulation 7% National Unemployment Rate 6% 5% 5.9% 5.1% % Source: Department of Licensing and Regulation S P E N D I N G D A T A 2% 2% 1% 1% % -1% 1.6% Source: U.S. Census Bureau Consumer Price Index.%

3 S E P T E M B E R Page 3 National Construction Spending 1,86 1, , Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Source: U.S. Census Bureau Source: MD Comptroller of the Treasury Consumer Spending Patterns - Washington County Sales & Use Tax Collections Gross Lodging Revenues Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug P E R M I T D A T A Sq Ft 6, 5,, 3, 2, 1, Non-Residential New Permit Activity

4 F I S C A L & E C O N O M I C U P D A T E Page H O U S I N G D A T A 8 New Housing Permits (County & City) Average Price of Home Sold in Washington County 195, 19, 185, 18, 175, 17, 165, 16, 155, 178,36 169,369 Homes Sold in Washington County Housing Inventory in Washington County 1,2 1,

5 S E P T E M B E R Page 5 R E V E N U E T R E N D S Real Estate Revenue Actual Budget Income Tax Revenue Actual Budget Recordation Revenue Actual Budget Tipping Fees Actual Budget

6 F I S C A L & E C O N O M I C U P D A T E Page 6 S U M M A R Y O F M A J O R E X P E N D I T U R E T R E N D S Operating Activity by Major Fund (in millions) Fund Budget Spent Encumbered Unexpended % Expended General % Highway % Solid Waste % Water % Sewer % Transit % Airport % Golf Course % The table to the left compares major yearto-date expenditure activity to budgeted funding. It incorporates the variance by dollar and percentage along with total expenditure activity. Funds expended and encumbered should average around 25%, if not subject to seasonal or recurring charges. Total % Fuel Purchased and Weighted Average Price Per Gallon Gasoline Diesel $5 Gasoline Prices Area Gallons Gallons Average Cost Average Cost Purchased Purchased Airport Golf Course 2, , Highway 3, , $ $3 $2 $ Retail Bid Bulk Source: retail price from eia.gov Parks, , Solid Waste , Transit 21, Public Safety 31, Water Quality 8, , Weighted Average $5 $ $3 $2 $1 Diesel Prices Retail Bid Bulk Budgeted Unit Price Source: retail price from eia.gov

7 S E P T E M B E R Page 7 P R O J E C T E D O U T S T A N D I N G D E B T J U N E General, $139.6, 7% Projected Outstanding Debt FY All Funds - $188.8 M Airport, $.7, 1% Solid Waste, $17.9, 9% Water & Sewer, $3.6, 16% The charts to the left represent current outstanding debt and anticipated borrowing for the current fiscal year ended 216. Final determination of new bond issue amounts are typically made in the th quarter of the fiscal year barring any change in issuance patterns. Projected Outstanding Debt FY General Fund - $139.6 M Infrastructure, $8.9, 6% Public Safety, $9., 6% Roads, $6.5, 33% Other, $19., 1% Education, $56.2, 1% Bond Ratings Rating Agency Fiscal Year 215 Rating Outlook Standard & Poor s AA+ Stable Moody s Aa1 Stable Fitch AA+ Stable

8 W A S H I N G T O N C O U N T Y, M A R Y L A N D Terry L. Baker County Commissioner, President tbaker@washco-md.net Jeff Cline County Commissioner, Vice President jcline@washco-md.net John F. Barr County Commissioner jbarr@washco-md.net LeRoy E. Myers County Commissioner lmyers@washco-md.net 1 West Washington Street Hagerstown, Md 217 www. washco-md.net Vincent G. Spong County Commissioner vspong@washco-md.net Gregory Murray County Administrator gmurray@washco-md.net S T A T E M E N T O F P U R P O S E This report is designed to communicate the County s major financial trends for the indicated period since the issuance of the prior audited financial statements. This report is interim in nature and abbreviated in that it does not include details for all the various funds maintained by the county. Additionally, this report omits many of the required note disclosures typically found in a fiscal year-end financial statement report. The information contained here is intended to allow management to make limited assessments of near-term trends that may have an impact on operations and financial results. Management views this interim period as an integral part of the annual period. The report includes information regarding some of the more notable recent developments that may impact County finances, along with summarized information relating to various operations within the county and the economic trends. This report is general in nature. The reader is cautioned that it does not provide the level of detail nor the comprehensive scope found in a fiscal yearend financial statement. Those desir- ing or needing such information should contact The Office of Budget and Finance. We hope that you find this report informative and meaningful. If you have any questions regarding this report, please contact The Office of Budget and Finance at This report is provided for general information use only. The information contained in the document speaks only as of its report date.