News Release

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Hilton Head Island Town Council Adopts Fiscal Year 2024 Budget With No Property Tax Increase

June 6, 2023

Today, the Hilton Head Island Town Council voted 5 - 1 to approve the Town’s fiscal year (FY) 2024 consolidated budget on second and final reading, funding robust investment in the community without increasing property taxes. The fiscal year begins on July 1, 2023, and runs through June 30, 2024.

The $129.95 million budget builds on the Town Council's commitment to promote safe and healthy neighborhoods that foster a strong sense of community and facilitate a thriving business climate. It also reflects Town Council's desire to achieve operational excellence in Town government.

"Through careful planning and priority-based budgeting, we've positioned ourselves to invest funds into revitalizing our Island, energizing our economy, and enhancing our quality of life," said Town Manager Marc Orlando.

Over the last several months, Orlando and the Town Council have collaborated on and developed a balanced budget that funds the Town Council’s Strategic Action Plan initiatives. The budget was unveiled at the May 2 Town Council meeting for first reading and public hearing. Budget workshops were held on May 9 and 11 to further delve into the specific revenue sources and proposed expenditures within each of the budget’s six funds. During these public meetings, Orlando clearly identified the funding sources that made a $10 million increase in the consolidated budget possible without a property tax increase, delineated how these funds will be invested in the community, and showed how those investments tie directly to the Town Council’s Strategic Action Plan initiatives.

"I am delighted that we have successfully adopted a balanced budget. This signifies more than just fiscal discipline and responsibility. It is a testament to our commitment towards safeguarding our Town's future. Balancing our budget ensures that every cent we invest enhances our community's livelihood, supports our public services, and fosters economic growth," said Mayor Alan Perry. "We are committed to working together to ensure that our Town is as resilient as its people and thrives not just today but for generations to come."

The adopted consolidated budget is comprised of six funds:

Capital Projects Fund of $39.9 million funds work that will enhance the quality of life for the community. Priority projects in FY2024 are slated to:

Stormwater Utility Fund of $5.8 million - Provides resources to protect our Island from flooding, repair and maintain vital stormwater infrastructure, protect watersheds, and sustain our water quality.

Housing Fund of $3.3 million - Provides designated funding to implement the Town Council adopted Workforce Housing Framework, Finding Home, support the launch of the Northpoint Public Private Partnership (P3), fund land acquisition, and pay the Town’s dues in the Beaufort-Jasper Housing Trust. This new fund utilizes unspent FY2023 dollars transferred from Capital Projects, American Rescue Plan Act (ARPA) funds, and the General Fund to address the Island’s workforce housing needs.

Gullah Geechee Historic Neighborhoods Community Development Corporation (GGHNCDC) Fund of $5.3 million - Supports the new GGHNCDC startup and community investment through revitalization of economic opportunity and quality of life for our historic neighborhoods. This new fund is comprised of a $5 million budget appropriation by the South Carolina Department of Commerce, and $343,185 in American Rescue Plan Act (ARPA) funds from Beaufort County.

Debt Service Fund of $17.3 million - Accounts for accumulation of resources for the payment of interest and principal on general long-term debt obligations and special revenue debt obligations. The primary sources of revenue for this fund are property taxes, transfers in of beach preservation fees, hospitality taxes, natural disaster fund and tax increment financing fees.

General Fund of $57.9 million - Accounts for and reports the financial resources for the Town's primary operating fund. This fund enables the Town to match staffing levels with the performance required to deliver results consistent with our core values. The primary sources of revenue for this fund are property taxes, business licenses, local accommodations tax (ATAX) and permit fees.

FY2024 Consolidated Budget Highlights

The FY2024 consolidated budget, video recordings of the budget meetings and workshops, and presentation files from each meeting are available on the Town’s website at hiltonheadislandsc.gov/budget/FY2024/. The community is encouraged to follow the Town on Facebook, YouTube, and LinkedIn for updates on budgeted strategies.


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Nota: Para ver este comunicado de prensa en español u otros idiomas nativos, visite hiltonheadislandsc.gov y elija el idioma apropiado de nuestro menú desplegable en el lado superior derecho de la página de inicio del sitio web.

Contact
Carolyn Grant, Communications Director
843-341-4618
CarolynG@hiltonheadislandsc.gov