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Isle of Palms forecasts better-than-expected year; beach preservation fund timing pushed to next fiscal year
Summary
City finance staff told the Ways and Means committee the city projects to finish the year with revenue roughly $2 million above budget, noted a $21 million beach preservation fund balance (including an $8 million Wild Dunes escrow), and said beach re‑nourishment billing is expected in July rather than June.
City finance staff presented May financials to the Ways and Means committee showing the municipal budget tracking ahead of earlier forecasts. The presenter said the city had $25 million in cash against a $32 million budget figure for the reporting line and that staff now forecast the year to end with approximately $2 million more revenue than budgeted.
Staff highlighted several fund‑level details: general fund revenue and expenditures are tracking close to budget with an anticipated year‑end positive position; the capital projects fund faces higher expenditures largely tied to a two‑phase waterway project; and the beach preservation fund figure changed because planned grant revenue and construction costs moved into the next fiscal year.
On beach re‑nourishment timing staff said the project contractor will mobilize in late June/early July but that the city does not expect to receive its first invoice or first sand delivery before the end of June. "They do not expect that we would have our first bill which would come with the first bit of sand before the end of June," staff said, meaning costs and corresponding grant revenue will likely post in the next fiscal year.
The finance presentation also noted the beach preservation fund balance was recorded at about $21 million (compared with $11 million last year), including approximately $8 million held in escrow for Wild Dunes that the city records because it holds the funds. Staff said they will continue to report monthly and provide further detail at the council meeting.
