The Town's revenue sources are provided from taxes on real, personal, and vehicle property; business licenses; permits; fees; charges for services; and other miscellaneous revenue. To support the $102,626,393 governmental fund spending, major categories of revenue are described below.
Ad Valorem Taxes are ad valorem property taxes collected this fiscal year on real estate, personal, and vehicles. This revenue is 19% of the consolidated budget at $19.0 million.
Licenses, Franchise Fees & Permits are business licenses, building and development permits, and cable and beach franchise fees which raise $11.3 million for the General Fund and provide 11% of the consolidated budget.
Accommodations Taxes (ATAX)/Beach Preservation Fees are funds derived from taxes on short-term rental, hotel and motel accommodations. The State mandates 2% tax, and the Town has a 2% Beach Fee and 1% Local Accommodations tax as well as from Beach Preservation Bonds. These fees provide $9.7 million representing 9% of the consolidated budget.
HTAX Bonds/Fees: HTAX (Hospitality Tax) are proceeds from HTAX Bond and fees collected from a 2% tax imposed on the gross sales price of prepared meals and beverages. These fees provide $5.4 million and represent 5% of the total budget.
Tax Increment Financing (TIF) funds derive from increased value above the baseline assessment when the TIF District was established as well as proceeds from TIF Bonds. TIF taxes and bonds provide $6.5 million and $30.2 million respectively and represent 7% and 29.5% of the consolidated budget.