Special Revenue Funds The Towns Special Revenue Funds budgeted - - PowerPoint PPT Presentation
Special Revenue Funds The Towns Special Revenue Funds budgeted FY2018 are comprised of the following restricted funds : HOSPITALITY BEVERAGE TAX REVENUE- PERMITS -1% 15% STATE ACCOMMODATI ON TAX-47% LOCAL ATAX REVENUE-26% COUNTY ATAX
STATE ACCOMMODATI ON TAX-47% COUNTY ATAX REVENUE-11% LOCAL ATAX REVENUE-26% BEVERAGE PERMITS -1% HOSPITALITY TAX REVENUE- 15%
SC Code of Laws restricts use of special fund revenues to the following purposes: (1) tourism-related buildings including, but not limited to, civic centers, coliseums, and aquariums; (2) tourism-related cultural, recreational, or historic facilities; (3) beach access, renourishment, or other tourism-related lands and water access; (4) highways, roads, streets, and bridges providing access to tourist destinations; (5) advertisements and promotions related to tourism development; or (6) water and sewer infrastructure to serve tourism-related demand. (1) In a county in which at least nine hundred thousand dollars in accommodations taxes is collected annually pursuant to Section 12-36-920, the revenues of the local accommodations tax authorized in this article may also be used for the operation and maintenance of those items provided in (A)(1) through (6) including police, fire protection, emergency medical services, and emergency-preparedness operations directly attendant to those facilities.
1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 F Y2013 F Y2014 F Y2015 F Y2016 F Y2017 F Y2018 Budg e te d SAT AX CAT AX L AT AX Ho spita lity T a x Be ve ra g e T a x Ca pita l Pro je c ts
State Accommodation Tax- An accommodation tax is a tax
accommodations furnished to transients. South Carolina state law allows the State to impose 2% accommodation tax. The state distributes about 85% of the amount it collects to the municipalities. Revenues from this tax must be spent on advertising and promotion of tourism and tourism related activities except for the first $25K plus 5% of the remaining total revenues which is allocated to GF and is not restricted. This revenue has also a time restriction and needs to be spent within 2 years of receipt.
County Ac c ommoda tion T
a x Re ve nue- Charleston
Co unty le vie s 2% a c c o mmo da tio n ta x, o f whic h po rtio n is la te r disb urse d to the munic ipa litie s whe re the y we re e a rne d . T he T
re c e iving 20% o f the fe e s c o lle c te d , c o nting e nt
se rvic e s tha t will pro mo te to urism in Cha rle sto n Co unty. T he T
b e a c h mo nito ring a nd re pa irs, b e a c h pa tro l a nd e nviro nme nta l pro je c ts.
Local Accommodation Tax- As allowed by
Hospitality Tax- Hospitality tax is paid by the
Beverage T
ax- Sta te la w a llo ws the sta te to