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Town of Hilton Head Island Financial Statement FY2014-December

Town of Hilton Head Island Financial Statement FY2014-December

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From the statement: "The attached financial statements represent the activity through December, the sixth month of the fiscal year. The financial recovery continues to improve and the Town’s revenues reflect this positive trend.
Real-estate related revenues, namely Permitting and Real Estate Transfer fees, continue to increase as the economy improves."
From the statement: "The attached financial statements represent the activity through December, the sixth month of the fiscal year. The financial recovery continues to improve and the Town’s revenues reflect this positive trend.
Real-estate related revenues, namely Permitting and Real Estate Transfer fees, continue to increase as the economy improves."

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Published by: Island Packet and Beaufort Gazette on Feb 19, 2014
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02/19/2014

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1
MEMORANDUM
 To: Steve Riley, Town Manager From: Susan Simmons, Director of Finance Date: January 24, 2014
RE: FY 2014 Financial Statements Through December (6th period) General Overview
The attached financial statements represent the activity through December, the sixth month of the fiscal year. The financial recovery continues to improve and the Town’s revenues reflect this positive trend. Real-estate related revenues, namely Permitting and Real Estate Transfer fees, continue to increase as the economy improves.
Received$ Change% ChangeReceived$ Change% ChangeReceived$ Change% ChangeFY 20131,088,749638,7821,727,531 FY 20141,330,517 241,76822%608,325 (30,457)-5%1,938,842 211,31112% RETFPermitsTotal
 The negative change in permit revenue is due to the mall demolition and construction permits issued in November and December of fiscal year 2013. Per the Island Packet on January 19, 2014:
“According to the South Carolina Realtors Association….Home prices surged with the rising sales. The median price of Hilton Head area homes and condominiums rose more than 12 percent in 2013, finishing at $254,000. Beaufort area dwellings saw a 3 percent median-price increase last year, coming in at $180,620, the report says”
Revenues derived from tourism such as local accommodations taxes, beach preservation fees, and hospitality taxes are improving as well. Overall, revenues from these sources are 7% higher than the previous fiscal year.
Received$ Change% ChangeReceived$ Change% ChangeReceived$ Change% ChangeFY 20133,366,2441,917,1885,283,432 FY 20143,627,825 261,5818%2,048,104 130,9167%5,675,929 392,4977% Local ATAX/Beach Preservation FeesHospitality TaxTotal
 
 
2
General Fund
Through December, the General Fund has received $10.6 million or 31% of budgeted revenues and transfers in. The majority of property tax revenue will be received over the next few months and business license revenue will not be received until the end of the fiscal year. At December 31, total revenues and transfers in received to date are $1,037,153 more than last fiscal year. General Fund expenditures are $1,167,222 and 9% higher than last year in terms of actual dollars and percent of budget expended. Variances are reasonable (including timing) and are explained on the actual vs. budget statement. The Town paid some operating expenses earlier this year than last which will even out over the upcoming months. The General Fund’s capital expenditures are as planned in the fiscal year budget. Dashboards The General Fund dashboards have been expanded to include revenues and expenditures by month for fiscal year 2012, fiscal year 2013, and balances to-date for fiscal year 2014. This expanded format allows for better comparison of results over an extended period of time.
Debt Service Fund
 
The Debt Service Fund has receipted $7.8 million in revenues and transfers in and paid $8.3 million in debt service costs. Expenditures exceeded revenues by $485,728. This is primarily due to the timing of property tax revenues received and the varying due dates associated with the debt service payments.
 
3
Capital Projects Fund
Summary balances for the Capital Project Fund are as follows:
FY 2014Actual
Revenues420,520$ Capital Outlays(3,688,521) Transfers In/Out1,310,502 Net Change in Fund Balance(1,957,499)$
A decrease in fund balance is as anticipated due to the Town’s planned draw of proceeds on bonds issued in prior years for projects continuing into this fiscal year. Major projects/expenditures that occurred during the fiscal year are as follows:
 
Island-wide beach renourishment $504,460
 
Sewer service in Spanish Wells Road $496,820
 
Fire Station #6 replacement $939,249
 
Pathway rehabilitation $183,184
 
Beach management and monitoring $99,847
 
Honey Horn access improvements $203,565
 
Recreation Center enhancements $223,381
 
Coligny / Pope Avenue Area Improvements $97,136
Other Revenues
 The chart below reflects the Town’s other governmental funds and the revenue received this fiscal year in comparison to last fiscal year:
FY 2013 ActualFY 2014 Actual$ Variance% VarianceState accommodations tax1,748,948 2,286,725 537,777 31%B Local accommodations tax1,123,415 1,209,275 85,860 8%A Tax increment financing884,959 865,615 (19,344) -2%C Real estate transfer fees1,088,749 1,330,517 241,768 22%A Beach preservation fees2,242,829 2,418,550 175,721 8%A Electric franchise fees1,398,201 1,436,404 38,203 3% A Previously addressed in this cover letter.B Includes recurring and nonrecurring revenues due to improving economy, increased collection efforts and correction of allocations by SC Department of Revenue.C Timing of County's collections and distributions during slow tax collection season.
 

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