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In fiscal year 2007-08, Town Council adopted a $93 million budget. In fiscal year 2008-09, we adopted a reduced budget of $72 million. This year, we adopted a further reduced budget of $59.8 million.
To a person, your Town Council members have adopted a budget approach that takes into account the drop in various revenues and balances that — with recognition that some costs, like maintenance of our parks, pathways, roads and amenities — do increase and must be budgeted for.
While council has substantially reduced the budget the last two years, we have not ignored our commitment to offering first-class beach, park, road and pathway amenities. We have also not reduced personnel in law enforcement or fire and rescue. In fact, this year council increased overtime funding for the Beaufort County Sherif’s Office to patrol the nighttime bar scene on the island. We take seriously the safety of our residents and are targeting money to address any problems we see.
Here is a breakdown of the General Fund, the Capital Improvements Fund and the Debt Service Fund.
The following information refects the General Fund’s revenue sources as a percentage of total anticipated revenue for Fiscal Year 2010:
- Property taxes: $11,098,760 (34.63 percent)
- Business/license, franchise fees: $7,847,630 (24.48 percent)
- Accommodations taxes: $2,967,220 (9.26 percent)
- Hospitality tax: $2,854,630 (8.90 percent)
- Other: $1,741,050 (5.43 percent)
- Permit fees: $795,500 (2.48 percent)
- Public safety: $1,517,910 (4.73 percent)
- Funds from prior years: $877,640 (2.74 percent)
- Intergovernmental: $895,590 (2.79 percent)
- Beach preservation fee: $1,461,940 (4.56 percent)
- Total: $32,057,870 (100 percent) The Capital Projects Fund budget for Fiscal Year 2010 is $10,423,000. Funding for capital projects will come from property taxes, special revenues, stormwater fees, hospitality taxes, grants and funds from prior years. Existing facilities/infrastructure is funded at $3.2 million.
The following information reflects the programmed expenditures by category as a percentage of total anticipated expenditures for Fiscal Year 2010:
- Existing facilities/infrastructure: $3,252,000 (31.20 percent)
- Road improvements: $2,305,000 (22.11 percent)
- Drainage improvements: $1,538,000 (14.76 percent)
- New facilities/infrastructure: $1,040,000 (9.98 percent)
- Beach maintenance: $850,000 (8.16 percent)
- Pathways: $763,000 (7.32 percent)
- Park development: $675,000 (6.47 percent) Total: $10,423,000 (100 percent) Total Debt Service expenditures for Fiscal Year 2010 are programmed at $17,395,940. The Debt Service Fund is established to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest payments.
