Balanced Budget Supports Strategies for the Town of Hilton Head Island
An annual, balanced budget is critical to Hilton Head Island’s livelihood. Last month, the Town Council approved the town’s fiscal year (FY) 2024 consolidated budget of $129.95 million, funding robust investment in the community without increasing property taxes. The fiscal year starts July 1, 2023, and runs through June 30, 2024.
The budget builds on our 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. It is also 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. The adopted consolidated budget is comprised of six funds. Here’s a snapshot of what’s included:
Capital Projects Fund of $39.9 million. Funds work that will enhance the quality of life for the community. Priority projects in FY2024 are:
• Pathway Program, $4,810,000, and Roadway Program, $6,204,465, to improve the safety and function of our corridors through roadway, pathway, and intersection enhancements and beautification.
• Beach Program, $4,556,000, to further improve the beach experience through enhanced access to the beach, preparation for renourishment in FY2025, and improved parking facilities and controls.
• Park Program, $9,129,500, to revitalize town parks through investment in sport facilities, leisure amenities and parking. Fields for soccer and baseball, courts for tennis, pickleball and basketball, and improved skating facilities will enhance recreation opportunities for people of all ages. Thoughtful upgrades to playgrounds and picnic areas will provide space for families and friends to gather and enjoy our beautiful island environment, while parking improvements will improve access to and enjoyment of our parks.
• Facility & Equipment Program, $6,563,969, and Fleet Program, $8,329,420, to provide the fleet, facility, and equipment resources needed to serve the community’s needs including replacement of fire apparatus and other public safety equipment.
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, which addresses the island’s workforce housing needs; supports the launch of the Northpoint Public Private Partnership, funds land acquisition and pays the town’s dues in the Beaufort-Jasper Housing Trust.
Gullah Geechee Historic Neighborhoods Community Development Corporation Fund of $5.3 million. Supports the startup of this new community development corporation 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 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 funds, 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.
There’s more to our FY2024 consolidated budget than what I have shared in this article. I encourage you to visit our website at www.hitonheadisland.gov to learn more about the budget and follow the town on Facebook, YouTube, and LinkedIn for updates on budget strategies.
