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County reports revenues exceed budget targets as expenditures trail expectations
Summary
Finance staff reported May 31 year-to-date revenues of $402.5 million across all funds and general fund revenues at $279.7 million (about 103% of budget); general fund expenditures were $209.0 million (79.2% of budget).
Miss Norman presented Horry County's financial results for the month ending May 31, the 11th month of the fiscal year, and walked the committee through revenues and expenditures across funds.
“Today, we are looking at financials for month ending May 31,” Miss Norman said, reporting total revenues across all funds at $402,500,000 and total expenditures just under $292,000,000. She said general fund revenues are $279,700,000 (about 103% of the budget) while general fund expenditures stand at $209,000,000 (79.2% of budget), noting these figures are below the annualized 92% mark used for comparison at this point in the year.
Norman also reviewed special revenue funds: a net change in the fire fund balance of $8.7 million, $5.5 million in the road maintenance fund, $2.2 million in the beach renourishment fund (limited expenditures so far), $5.6 million in the stormwater fund (105% of budget revenue collected), and $7.4 million in the waste management and recycling fund.
Council did not amend budget policy in the meeting but accepted the update and moved on to audit and other agenda items.
