Where Does the Money Come From?

The Town revenue sources are provided from taxes on real, personal, and vehicle property; business licenses; permits; fees; charges for services; and other miscellaneous revenue collections. Major categories of revenue are described below (including the amount projected for 2008-2009).

Taxes which are ad valorem property taxes collected this fiscal year on real estate, personal, and vehicles. This revenue is 22% of the Consolidated Budget at $16.0 million.

Licenses, Franchise Fees & Permits which are business licenses, building and development permits, and cable and beach franchise fees raise $9.6 million for the General Fund and represent 13% of the Consolidated Budget.

Accommodations Taxes (ATAX) which are funds derived from taxes on short-term rental, hotels, and motel accommodations. The State mandates 2% tax, and the Town has a 2% Beach Fee and 1% Public Safety Fee. These fees are $3.7 million and represent 5% of the total budget.

HTAX/SWU Bonds and Fees: HTAX (Hospitality Tax) are proceeds from HTAX Bond and fees collected from a 2% tax imposed on the gross sales price of prepared meals and beverages; SWU Bond and Fees are proceeds from storm water utility bond and a fee charged by the County for management of the storm water system within the Town. These fees are $14.8 million and represent 20% of the total budget.

Other revenue includes impact fees, real estate transfer fees, tax increment financing (TIF) fees, and miscellaneous revenue (contributions, municipal fines and fees, intergovernmental funds, parking fees, miscellaneous funds from prior years, and interest income). Total revenue from these sources is $28.8 million or 40% of the total budget.

Where the Money Comes From
Consolidated Budget