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Beaufort County CFO reports midyear finances, announces $68.6 million bond issuance
Summary
Beaufort County’s CFO told the finance committee that ad valorem collections and overall revenue are tracking ahead at midyear and announced a $68.6 million bond sale with a 3.9% true interest cost and a Feb. 6 closing date.
Beaufort County’s interim finance committee heard a midyear fiscal update on Jan. 27 during which Chief Financial Officer Harriet said core revenues and spending are generally on target and the county is moving forward with a planned bond sale. "We're at 66% for collections," Harriet said of ad valorem (property tax) receipts, and she reported total general fund revenue at about 61% to date and general fund expenditures at about 49%.
Harriet told the committee the county will issue $68,600,000 in bonds for previously approved capital needs, with a $3,200,000 premium and an expected true interest cost of 3.9% — roughly 0.25 percentage points lower than the prior estimate of 4.16%. "Our official closing date for the bond issuance will be February 6," she said, adding that no bond proceeds would be available until closing.
The CFO’s presentation also summarized enterprise funds. Solid waste and stormwater were both tracking near planned levels; Beaufort Executive Airport showed lower receipts than other enterprise funds (Harriet said some fund transfers and capital expenditures affect its current balance), while Hilton Head Airport was near the midyear expectation. Harriet described a number of miscellaneous revenue line items — from FOIA payments to map sales and voter‑registration reimbursements — and noted that Munis, the county’s ERP, records some revenues with negative signs for internal accounting reasons.
Committee members asked for deeper, department‑level drilldowns, and Harriet offered to provide them. No formal action was required on the financial report; the committee moved to later agenda items after the presentation.
The county will close the bond transaction Feb. 6; committee members and staff said they will receive follow‑up materials and department‑level data if requested.
