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The Fiscal Year 2011 budget adopted by Town Council is $74.3 million. This is an increase of $1.4 million over the previous fiscal year revised budget of $72.9 million. The General Fund budget was reduced by $105,638, the Debt Service Fund budget increased by $699,680 and the Capital Projects Fund budget increased by $811,737.
The development of the budget this year was challenging due to the continued slowdown in the real estate market and overall sluggish economy, both of which resulted in less revenue to fund operations. The budget adopted by Town Council reflects its commitment to provide the highest quality services and ensure the safety of the town’s residents and visitors.
While the town has found it necessary to use some reserve funds to cover the cost of these services, its overall reserves remain healthy, reflecting the strength of the town’s financial position. Our public safety agencies are appropriately funded, and you will not see diminished service. Expenditures in the General Fund are programmed at $32.3 million, a decrease of approximately $105,638 over last fiscal year.
The approved budget essentially maintains the existing levels of service. Additional funds have been appropriated this fiscal year to increase tax and business license collection efforts associated with rental properties that advertise online. It is anticipated that hospitality revenues will be slightly more than last fiscal year. The following information reflects the General Fund revenues as a percentage of total anticipated revenue for FY 2011:
- Property taxes: $11,066,860 (34.30%)
- Business licenses/franchise fees: $8,101,500 (25.11%)
- Accommodations taxes: $3,281,760 (10.17%)
- Hospitality taxes: $3,128,630 (9.70%)
- Other: $1,841,110 (5.71%)
- Beach preservation fees: $1,478,080 (4.58%)
- Public safety: $1,390,000 (4.31%)
- Permit fees: $878,810 (2.72%)
- Intergovernmental: $788,580 (2.44%)
- Funds from prior years: $310,770 (0.96%)
- Total: $32,266,100 (100%)
Debt Service Fund expenditures are programmed at $18.1 million, an increase of $699,680 over last fiscal year. This fund is used to account for the accumulation of resources for, and the repayment of, general long-term debt principal and interest payments.
Expenditures in the Capital Projects fund are programmed at $23.9 million, an increase of $811,737 over last fiscal year. The following information reflects the programmed expenditures by category as a percentage of total anticipated expenditures for FY 2011:
- Beach maintenance: $12,925,000 (54.00%)
- Existing facilities: $4,122,000 (17.22%)
- Roadway improvements: $3,240,000 (13.53%)
- Drainage improvements: $1,670,000 (6.98%)
- New facilities: $989,000 (4.13%)
- Pathway improvements: $580,000 (2.42%)
- Park development: $412,000 (1.72%)
- Total: $23,938,000 (100%) Major projects to be undertaken in FY 2011 are as follows:
- Port Royal fill project: $12.5 million
- Replacement of Fire Station 1: $2.7 million
- Drainage system rehabilitation: $933,000
- Apparatus and vehicle replacement: $555,000
- Sewer projects: $439,000
