Beaufort County CFO reports midyear revenues steady; $68.6M bond closing set for Feb. 6

Chief Financial Officer Harriet Ariat reported to the Beaufort County Finance, Administration and Economic Development Committee on Jan. 27 that general fund revenues and expenditures are tracking near midyear expectations and that a $68,600,000 bond issuance will close on Feb. 6.

Ariat said general fund revenues were at about 61% of budget as of mid-January, with ad valorem collections at roughly 66% and licenses and permits lower, which she attributed to timing around fiscal-year due dates. She said general fund expenditures by function total about 49% of budget midyear, with public safety at about 52% and general government at 47%.

The CFO reviewed enterprise funds and noted solid waste and stormwater revenues and expenditures were roughly in expected ranges; Beaufort Executive Airport showed lower revenue and expenditure percentages (about 17% revenue, 21% expenditures) while Hilton Head Airport was near 50% revenue and 41% expenditures. Ariat said some transfers and capital spending had not yet posted for Beaufort Executive Airport.

Ariat provided details on miscellaneous revenue categories and how the county records certain items in its ERP, noting separation of items such as insurance reserves, voter-registration reimbursements, mapping revenue, and garage and fleet receipts. She said these items are recorded as miscellaneous in the system’s accounting conventions.

On the county’s 2025 bond issuance, Ariat said the total par is $68,600,000 with $3,200,000 in premium and an official true interest cost of 3.9%, about 0.25 percentage points lower than prior projections. "Our official closing date for the bond issuance will be February 6th. No money in the bank until the 6th," Ariat said. She confirmed the issuance was previously approved by council and noted funds will not be available until closing.

Committee members asked for clarification about enterprise fund balances and about the miscellaneous revenue breakout; Ariat said department-level detail can be provided on request. She also said the county uses Munis and Bank of America systems for certain electronic payments and that records sometimes show negative numbers because of how the ERP posts receipts.

Ariat told the committee she will continue to provide budget-transfer detail and that the finance office can drill down into department-level lines when requested.

The committee did not take a formal vote on the CFO report; the presentation was received and followed by questions and clarifications.