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Committee approves new fund agreement with Coast RTA; county to shift funding mechanism
Summary
Horry County's Administration Committee approved a resolution converting prior road-use fees to a new funding agreement with Coast RTA that staff said represents about a $4 million increase in local funding and requires larger operating reserves and quarterly transfers.
The Administration Committee voted to approve a funding agreement with Coast RTA that converts prior road-use fee arrangements into a sales-tax-based allocation. A Coast RTA representative, introduced by the chair as Mr. Jordan, told the committee the change "represents about a $4,000,000 increase in local funds for us to integrate into our capital and operating program." He said the agreement will include annual reporting to show local tax dollars were used within Horry County and that the agency is working toward an operating maintenance reserve of roughly 16.7% rather than the current about 5%.
County staff explained the new formula will transfer a specified percentage (discussed in the meeting as 5.45% of sales tax receipts) to Coast RTA as sales tax is received and that transfers will be quarterly, not monthly. Committee members asked about cash-flow management, whether the change replaces the prior road-use fees (staff said it does), and whether the amount will grow over time (inflation and revenue changes were expected to increase the allocation). The committee approved the resolution by voice vote.
