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Budget in Brief

Millage Rate

For fiscal year 2018, 16.38 mils will be allocated to the General Fund (57% of levy), .84 mils to the Capital Projects Fund (3% of levy), 5 mils will be used to restore disaster reserves utilized for Hurricane Matthew recovery (18% of levy), and 6.14 mils (22 % of levy) will be used for the retirement of debt. The total Town millage rate is 28.36.

The General Fund millage rate will be adjusted by the allowable CPI increase for the past three years plus the current year. Over the past three years the Town chose not to adjust the millage rate by the CPI. This is a 1.18 (7.8%) mil increase over last year’s millage rate of 15.20. The increase is necessary in order to rebalance the General Fund revenues with the expenditures, avoiding the use of turn-back funds from prior years.

The temporary 5 mil override will fund $18.0 million in General Obligation Bonds that will be used to replenish reserves. The 5 mils are planned to last 5 years, however, if additional funds are made available through the state or federal governments the override may be sunsetted early.

Millage Rate by Fund
FY 2017
FY2018
General Fund
15.20
16.38
Disaster Recovery*
-
5.00
Debt Service Fund
6.14
6.14
Capital Projects Fund
.84
.84
 
22.18
28.36
     
Vaule of Home
$350,000
$350,000
Taxable Value (4% Primary Residence)
$14,000
$14,000

Taxes Paid
FY 2017
FY2018
General Fund
212.80
229.32
Disaster Recovery
-
70.00
Debt Service Fund
85.96
85.96
Capital Projects Fund
11.76
11.76
Total
310.52
397.04

The increase translates to $7.21 per month or $86.52 annually.

* A temporary millage rate increase is being imposed in accordance with Section 6-1-320(B)(2) of the South Carolina Code of Laws. The 5 mil increase will be used to replenish Town reserves used as part of the recovery funding associated with Hurricane Matthew. The millage rate increase will be imposed for a five (5) years period and is expected to generate approximately $21.2 million dollars.

Governmental Funds  ~  General Fund  ~  Debt Service Fund
Capital Improvement Plan  ~  Budget Summary-Proprietary Fund  ~  Summary