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Budget in Brief

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.

Taxes which are ad valorem property taxes collected this fiscal year on real estate, personal, and vehicles. This revenue is 30% of the Consolidated Budget at $17.9 million.

Licenses, Franchise Fees & Permits which are business licenses, building and development permits, and cable, beach and recycling franchise fees raise $9.1 million for the General Fund and will provide 16% of the Consolidated Budget.

Accommodations Taxes (ATAX)/Beach Preservation Fees 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 will provide $7.8 million and represent 13% of the total budget.

Tax Increment Financing (TIF) in which funds derive from increased value above the baseline assessment when the TIF District was established. These taxes will provide $7.7 million and represent 13% of the consolidated budget.

HTAX Bonds/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. These fees will provide $6.6 million and represent 11% of the total budget.

Where the Money Comes From Consolidated Budget

Funds, Resources, & Uses  ~  2011/2012 Budget Plan  ~  How Is the Money Spent?  ~  Stormwater Fund