The proposed FY22 budget was presented to City Council on April 28, 2021 where it was unanimously approved through First Reading of Budget Ordinance 2021-05.
The City will hold a Public Hearing at 5:45 p.m. on Tuesday, May 25, 2021 prior to final approval through a Second Reading of the Budget Ordinance.
Budget Highlights:
- The City’s General Fund Revenues are $11,798,779 which represents an 11% increase from the FY21 budget. General Fund expenditures are $12,466,296, which is 10% ahead of the FY21 Budget.
- The proposed budget does not contemplate a tax increase. The total millage rate for Isle of Palms is 0.0233, which generates approximately $4,806,000 in property tax revenue to the City.
- Total personnel costs represent 71% of General Fund expenditures and 41% of total city-wide expenditures.
- The proposed budget includes $396,000 in new revenues related to the new Wild Dunes hotel.
- The proposed FY22 budget includes $5,783,125 in Tourism Funds (Hospitality, State Accommodations and Municipal Accommodations, and Beach Preservation Funds).
Budget Initiatives and Capital Projects:
- $525,000 for the replacement of a pumper truck for Fire Department
- $2,462,000 in capital expenditures for the construction of the Phase 3 drainage outfall project
- $250,000 for a comprehensive drainage master plan to steer policy and funding decisions for the foreseeable future
- $150,000 for a public dock and greenspace at the IOP Marina
- $195,000 for undergrounding of electrical lines over 3 years
- $131,000 to address potential recommendations from the wage and compensation study
- $250,000 to maintain, renovate or construct beach accesses paths
- $92,000 in new revenues related to the opening of the new marina restaurant
- $25,000 for grant writing services to address potential opportunities in Federal and State funding programs
The proposed FY22 budget is available here.