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Town manager previews $174.7M FY26 budget; council reviews five funds
Summary
Town staff summarized a FY26 consolidated budget of about $174.7 million and walked council through five of six funds, highlighting a proposed millage reduction, transfers from special funds and monitoring of key revenue assumptions such as beach parking and business license changes.
Mark Orlando, the presenter, opened a budget workshop by saying the FY26 consolidated budget proposed at first reading totals about $174,711,000 and that staff would review five funds today while the capital improvement program would be covered tomorrow. "What we're covering today are 5 of the 6 funds," Orlando said as he began the presentation.
Orlando said the presentation largely mirrors the first reading with only minor slide updates and stressed staff will continue to track key revenue assumptions monthly. He told council that the general fund relies on property taxes, local accommodations tax, business license and transfers in and that staff had plugged a $650,000 parking revenue projection into the schedule but would monitor results and adjust assumptions as needed. "From a revenue standpoint, we have plugged into the schedule of revenue, $650,000, which we anticipate the revenues to be. We're tracking those monthly," Orlando said.
The presentation highlighted a modest reduction in millage—presenters cited a drop from roughly 15.9 to 14.3 mills shown at first reading—and explained how increased property values affect the mill value even as council reduces the rate. Staff also described transfers under GASB/accounting rules (for example, beach preservation transfers to general operating when appropriate) and said a rate study and other changes tied to South Carolina Act 176 will be presented later as state guidance becomes available. Council members praised staff for conservative budgeting and asked for continued public communication about how diversified revenue sources support services.
The workshop covered the high-level fund totals and scheduled follow-up briefings and workshops on stormwater, CIP and housing to give council more detail before second reading.
