Financial Management & Reporting
Diana Farrell, Director
Lori Frishmuth, Assistant Director
The Department of Financial Management and Reporting administers the city’s financial operations. The department is divided into several groups, including Accounting and Information Services. To contact this department, call 843-918-1099. The city's weekly check registers are available on the Check Registers & Disbursements webpage.
The Financial Management & Reporting team responsibilities include, but are not limited to:
- coordinating and monitoring the city's budget;
- overseeing debt planning and compliance;
- managing and reporting finances;
- providing general accounting services;
- and, providing and supervising technology systems and services.
Accounting... The department provides general accounting services, including accounts payable and payroll, and maintains the general ledger. Other associated tasks include management of banking services.
Capital Planning and Reporting... The staff coordinates with city departments to develop, oversee and implement the approved five-year Capital Improvement Plan, or CIP. The group monitors the allocation of restricted revenues each year to be sure they are appropriately utilized.
Compliance and Control... Staff members assist in the effective administration and reporting of debt instruments, fringe benefit taxation and cash handling. Internal control and budget ordinance implementation are in accordance with federal, state and local laws, regulations, policies and procedures.
Debt Management... Team provides assistance with the issuance, management, payment and ongoing reporting of the city's debt program and obligations. This includes preparation of bond documents, including preliminary and final official statements.
Financial Planning... Department members work with the Chief Finance Officer to formulate and prepare the annual budget for City Council's approval. Additional duties include enterprise fund budgeting; economic forecasting; and estimation of the anticipated expenditures needed for the delivery of all municipal services.
Financial Reporting... Staff directs policy for all of the city's accounting operations. The department compiles and reviews the city's financial information for monthly and annual reporting in accordance with Generally Accepted Accounting Principles (GAAP) and industry best practices. Team members coordinate the organization's annual external audit.
Grant Reporting... Team members monitor and report grant revenues and programs in accordance with requirements and with Generally Accepted Accounting Principles (GAAP). Staff manages the city's grant process for outside agencies.
Technology Services... Department provides hardware, software, infrastructure, telecommunications and cybersecurity services for the city's data systems and all users. Financial Management and Reporting staff members create and manage the Geographic Information System (GIS) function that includes informational maps for analytical purposes.
- FY 2023 Report
- FY 2022 Report
- FY 2021 Report
- FY 2020 Report
- FY 2019 Report
- FY 2018 Report
- FY 2017 Report
- FY 2016 Report
- FY 2015 Report
- FY 2014 Report
- FY 2013 Report
- FY 2012 Report
- FY 2011 Report
- FY 2010 Report
- FY 2009 Report
- FY 2008 Report
- FY 2007 Report
- FY 2006 Report
PREVIOUS FISCAL YEARS' PAFRs
- What is a Popular Annual Financial Report (PAFR)?(PDF)
- FY 2019 Popular Annual Financial Report (PDF)
- FY 2018 Popular Annual Financial Report (PDF)
- FY 2017 Popular Annual Financial Report (PDF)
ANNUAL BUDGET INFORMATION
The Myrtle Beach City Council has approved a $358.2 million budget for next fiscal year, which starts July 1. It does not call for a tax increase. Myrtle Beach’s property tax rate remains flat at 88.9 mills, and owner-occupied homes will continue to receive a credit of 67.45 percent. That’s $600 per year in savings on a home valued at $250,000, thanks to the Tourism Development Fee (TDF).
The new spending plan also does not call for any increase in solid waste, recreation or business license fees. All remain unchanged from last year. The budget does have minor increases in water and sewer rates, as well as an increase in the stormwater utility fee.
The water and sewer rate increases are four and five percent, respectively, for a blended average of 4.6 percent. That’s an additional $2.68 per month for a typical family of four using 7,500 gallons of water. Less, if you use less, of course. Much of the increase is simply a pass-through of higher wholesale rates charged by Grand Strand Water and Sewer Authority, the city’s supplier. The rest is for system upgrades and maintenance.
The stormwater fee increase continues rate adjustments discussed last year to generate enough income to maintain the stormwater system and make improvements. This year’s stormwater fee increase is 22 percent. That sounds high, but translates to an extra $2.05 per month for a residential homeowner.
The budget includes a five percent salary increase for city staff members, to help the city remain competitive in the marketplace. As with the rest of the country, the city needs to hire and keep employees, particularly police officers and other public safety positions. Without adequate staffing, the city cannot provide the level of service that residents, businesses and visitors expect.
Included in the 2023-24 budget are Capital Improvement Projects totaling $102 million. The list of CIP projects features a downtown theater, a new parking lot for the Myrtle Beach Train Depot, a new solid waste scale house, renovation of the City Services building, roof repairs and replacements for fire stations and recreation centers, new picnic shelters and public restrooms, vehicle replacements, street paving and repairs, visitor locker rooms at Doug Shaw Memorial Stadium, a deepwater ocean outfall at 24th Avenue North, Convention Center repairs and improvements and water-and-sewer line projects, to name just a few.
Myrtle Beach’s property taxes are among the lowest in the state, with or without the TDF credit. By the way, licenses and permits provide 31.3 percent of the city’s General Fund revenues. Property taxes account for only 25.1 percent of the General Fund.
The Myrtle Beach City Council approved a $292.2 million budget for Fiscal Year 2022-23. It includes a 10 mill property tax increase to help pay for 25 new police officers and 22 other new positions. The additional staff will increase services to residents, businesses and visitors. Even with the 10 mill tax increase, Myrtle Beach’s property taxes are among the lowest in South Carolina.
A recent class and compensation study found that many city workers, including police officers, were underpaid when compared to counterparts in peer communities. Thanks to the study, the starting salary for certified police officers jumps from $45,760 to $50,139, making Myrtle Beach officers the highest paid in the state. That will help the city recruit new police officers and retain current ones. Bringing city positions up to market rates will cost $4.6 million, plus another $1.2 million in benefits. With the adjustment, the city’s lowest fulltime salary rises to $15.75 per hour, or $32,760 per year, an increase of $3.04 per hour.
The 2022-23 budget freezes the tourism development fee (TDF) credit for residential properties. Owner-occupied homes still will receive a 67.45 percent credit on their city property taxes, thanks to the TDF. The 10 mill ad valorem increase means an owner-occupied home valued at $250,000 will pay an extra $100 per year in city property taxes. Compare that yearly cost to a typical monthly cellphone or cable TV bill. A commercial property valued at $1,000,000 will pay an extra $600 per year with the 10 mill increase.
The 2022-23 budget also authorizes $62.5 million in new capital improvement projects during the year. Capital projects include continued work in the Arts & Innovation District, maintenance at recreation centers and fire stations, more road resurfacing and new sidewalks, and the new performing arts center on Main Street.
The budget includes minor fee increases for water and sewer charges (4.0 and 5.0 percent, respectively), largely due to wholesale cost hikes passed on from Grand Strand Water and Sewer Authority. The monthly stormwater fee will increase by $1.67 per month, per ERU (equivalent residential unit). Combined, those two fee increases will cost the typical family an extra $4.25 per month on their utility bill in the new fiscal year.
The budget does not call for any increase in business license fees, recreation fees or solid waste fees. By the way, property taxes account for only 28 percent of the city’s total budget. Tourism-related revenues (hospitality fees, etc.) provide 27 percent, business license fees provide 24 percent, and other revenues round out the total at 21 percent.
The Myrtle Beach City Council approved a $292 million budget for the 2021-22 fiscal year. The property tax rate remains unchanged at 78.9 mills, and owner-occupied homes continue to receive a 76 percent credit, thanks to the Tourism Development Fee. In addition to 10 new police officers, other new positions in the budget include a chief innovation officer, a chief diversity officer and a sewer superintendent. Non-police city staff will receive a three-percent salary adjustment in January 2022, while Police Department staff will receive a four-percent salary adjustment in January 2022. The budget also includes salary increases for paramedics and other high-demand Fire Department personnel, to keep those positions competitive in the marketplace.
Fees for solid waste service and recreation programs remain unchanged for FY 2021-22. However, water and sewer rates will increase slightly, due to higher wholesale costs and needed system improvements. The average family using 6,000 gallons of water per month will pay an extra $1.96 monthly for water and sewer service, beginning with August 2021 utility bills. Stormwater utility fees will increase $1.38 a month, per ERU, to pay for additional projects and system maintenance. The new monthly stormwater fee for a single-family home will be $7.63. Here are highlights of the 2021-22 plan:
- No increase in property taxes.
- TDF credit remains at 76 percent of city taxes.
- No increase in business license rates.
- No increase in fees for Recreation, Sports Tourism or Convention Center.
- No increase in Solid Waste service fees.
- The monthly Stormwater Utility fee will increase $1.38 per ERU, for a new monthly rate of $7.63 per single-family home.
- Water and Sewer rates will increase four to five percent.
- The Water and Sewer connection fee (impact fee) for new construction will increase 67.3%.
An $84 million Capital Improvement Plan for next fiscal year includes the following construction items: revitalization of the Boardwalk, decorative pedestrian railings on Ocean Boulevard, the performing arts center on Main Street, court replacement and renovations at Midway Park, new sidewalks and street repaving, improvements to the Grand Park Athletic Complex and a number of water, sewer and stormwater utility projects, city-wide. Some of these construction projects are subject to final funding approval by City Council.
Finally, the price of a burial plot at Ocean Woods Cemetery increases from $1,500 to $1,800, bringing that charge more in line with market rates at other cemeteries in the area. Other fees at Ocean Woods also will increase slightly, although still will be less than comparable cemeteries in the area.
The Myrtle Beach City Council approved a tight $193.7 million budget for Fiscal Year 2020-21, down $7.8 million from the previous fiscal year. The spending plan calls for no property tax increase and no rate increases for water, sewer, stormwater or recreation fees. The property tax rate remains unchanged at 78.9 mills.
Thanks to a $1.5 million federal grant for Community Oriented Police Services, the budget does include money for 10 new police officers. The grant will pay 75 percent of the officers' salaries for the next three years. The city will fund the remaining 25 percent, plus two new police cars, equipment and training. No other new positions are funded this year.
The budget for FY 2020-21 is smaller than the previous year's, thanks to the effects of COVID-19. It features limited capital outlays, no new general capital projects, a suspension of fleet replacements, a delay in filling staff vacancies, a continued limit on the use of part-time and temporary staff, suspension of merit and/or market pay adjustments for staff, management of overtime expenses and a suspension of the holiday bonus.
The budget seeks to sustain existing services to the community and visitors during a tight economic environment. Public Safety accounts for 57 percent of the General Fund, or $48.3 million for Police and Fire. The General Fund provides core city services through property taxes, business license fees and other general revenues. Enterprise funds are fee-based city services, including the water and sewer systems and solid waste collection.
Myrtle Beach's budget for Fiscal Year 2019-20 totals $202 million and includes a three mill property tax increase, primarily to pay for 10 new police officers. The budget continues the emphasis on public safety which City Council began two years ago. For an owner-occupied home valued at $200,000, the three mill increase will cost an additional $24 per year. A commercial property or second home valued at $200,000 will pay an extra $36 per year.
The 2019-20 spending plan also includes rate increases for solid waste collection and water and sewer services. Residential solid waste fees will climb by $4.75 per month. Most of that is to provide for six new staff members and four new collection trucks to meet increased demand from residential growth. The monthly cost for solid waste services will rise to $30.80 for weekly garbage, recycling, bulky junk and yard waste collection. The additional staff and equipment will improve service citywide.
Beginning in August 2019, water rates will increase seven percent, while sewer rates will increase five percent. Both of these increases are to keep up with the wholesale cost from Grand Strand Water and Sewer Authority and provide ongoing system maintenance. For the average family that uses 7,500 gallons of water per month, the combined increase will mean an additional $2.90 per month.
Other highlights of the new budget include continuation of the police recruitment and retention plan, preliminary engineering for a future municipal complex, maintenance and renovation of recreation facilities and continued planning for downtown redevelopment.
Horry County completed a real property reassessment in 2019, as required by state law every five years. State law mandates that governments adjust their operational millage rates to receive no more than one percent of what they would have collected before reassessment. As a result, the new property tax rate will be 78.9 mills, down from a proposed 83.5 mills. The new total includes an adjusted rollback millage rate of 69.9 mills for operations, six mills for debt service and the three mill tax increase . The rollback rate is a decrease of 4.6 mills, or 6.2 percent over last year’s millage rate for operations.
With the new rate, a $250,000 owner-occupied home that went up in value by 7.5 percent to $268,750 will pay $171 in city property taxes, after the Tourism Development Fee credit. That’s $9 more than last year. A $250,000 commercial or second-home property that increased in value to $268,750 will pay $1,272 in city property taxes this year. That’s $64 more than last year.
Properties that remained stable and did not increase in value will pay less in property taxes than during 2018-19. An unchanged $250,000 owner-occupied home will pay $3 less than last year, while a $250,000 commercial or second-home property that did not increase in value will pay $24 less than last year.
Myrtle Beach's budget for fiscal year 2018-19 totals $199.7 million and includes a three mill property tax increase to fund 10 additional Police Department positions. The new budget took effect July 1 with an ad valorem tax rate of 80.5 mills. For owner-occupied homes, most of the three mill increase will be offset by the Tourism Development Fee credit. A commercial property assessed at $200,000 will pay an additional $36 per year in city property taxes.
The new budget includes two utility increases, but no other fee or rate hikes. Water and sewer rates increase slightly, mainly as a pass through of higher wholesale costs from Grand Strand Water and Sewer Authority. (3.9 percent). For a typical family using 7,500 gallons of water a month, the 3.9 percent increase will result in an extra $1.89 per month.
City Council approved a 50 cent per month increase in the stormwater utility fee per ERU, or equivalent residential unit. One ERU is 5,000 square feet of driveway, parking area or roof surface. Residential properties are assessed at one ERU, so the new rate will be $6.25 per month. Commercial properties pay a stormwater fee that’s based on the actual amount of impervious surface, as measured in ERUs.
The spending plan also includes a two percent general salary adjustment for all staff in January 2019 and continues the 0-to-5 percent merit compensation increase for all but sworn police officers, who will receive a four percent step increase as part of the recruitment and retention plan. The merit and step adjustments also will be effective in January 2019.
As approved, the budget features $12.4 million in new capital improvement projects during the year. These include repairs or improvements to various city buildings, recreation facilities, stormwater systems, the Convention Center, Futrell Park, the baseball stadium and other structures.
- 2018-19 Budget Ordinance (PDF)
- 2018-19 Budget Overview (PDF)
- 2018-19 Annual Budget and Financial Plans (PDF)
Myrtle Beach's budget for fiscal year 2017-18 totals $190.6 million, including $22.5 million in new capital improvement projects. The budget does not require a property tax increase. The ad valorem tax rate remains flat at 77.5 mills. Owner-occupied homes continue to receive a credit from the Tourism Development Fee for the operational portion of the budget. As a result, the effective millage rate for owner-occupied residential properties is 14 mills.
Fourteen new fulltime positions are included in the 2017-18 budget, including five new police officers. Other positions included are two code enforcement officers, two real-time crime analysts, a commercial building inspector, a building maintenance trades worker, an information technology technician, an administrative assistant in Risk Management and a cashier in Revenue Billing. Increased beach services by both the Police and Fire Department were covered through existing revenues.
The budget includes two fee increases, one for solid waste and one for water and sewer service. The residential solid waste fee increases by $1.15 per month in the new budget year. This increase is simply a pass-through of higher tipping fees that the Horry County Solid Waste Authority is charging.
Utility customers will see a blended water and sewer rate increase of 2.5 to 2.8 percent, depending on volume used. A typical four-person home using 7,500 gallons of water a month will pay $1.23 more. This also is a pass-through of higher rates charged by Grand Strand Water and Sewer Authority.
Myrtle Beach's budget for fiscal year 2016-17 totals $188.5 million, including $20 million in new capital improvement projects. To keep pace with the demands of growth and provide enhanced services, the budget includes a three mill property tax increase. Ten new fulltime positions are included.
With the three mill increase, the ad valorem tax rate for 2016-17 is 77.5 mills. However, owner-occupied homes will not feel the additional millage, as the budget includes an increase in the Tourism Development Fee credit specifically to offset the higher rate. As a result, the effective millage rate for owner-occupied residential properties is approximately 13.5 mills.
The budget includes a 4.1 to 4.7 percent blended increase in water and sewer fees. The increase is needed to cover higher wholesale costs from Grand Strand Water and Sewer Authority, electricity price increases and future system maintenance and construction needs. Stormwater management fees are unchanged in the FY 2016-17 budget.
A new $2 per month solid waste fee will give residential customers the option of choosing between two sizes of solid waste roll-out carts and two sizes of recycling roll-out carts. Previously, customers purchased the carts at a cost of up to $70 each. Those who bought one of the carts in the past two years will have their purchase price refunded. Under the new plan, the green recycling cart will come in a 48 or 64 gallon size, while the blue solid waste cart will come in a 64 or 96 gallon size. Residential customers may have up to two for the $2 monthly fee.
Youth Sports fees remain unchanged at $15 for in-city residents, but drop to $50 (from $75) for out-of-city residents. Hours of operation at the Base Recreation Center and Chapin Memorial Library will be extended. The Base Recreation Center will be open Monday through Friday.
Myrtle Beach's budget for fiscal year 2015-16 totals $175.9 million, with no property tax increase. A modest 2.5 to 2.8 percent blended increase in water and sewer fees is included, but the spending plan has no increase in solid waste or stormwater fees. Parking at the Myrtle Beach Convention Center will increase to $5.00 per car, per day, beginning July 1, 2015. Vehicles with residential parking decals, along with those that have valid handicapped tags, may still park free at the Convention Center.
The new budget includes 22 new positions in various funds. The general fund has 19 new positions, although nine of those are new firefighters and will be subject to the city receiving a matching federal grant. The remaining positions are in Construction Services, Planning, Police, Convention Center and Sports Tourism.
The budget provides $24.3 million in capital improvement projects, including $4.8 million for the next phase of the Ocean Boulevard streetscape conversion between Second and Ninth Avenues North. Other capital projects include $3.5 million in sidewalk, paving, maintenance and repair projects for various city properties, and $4.7 million for water and sewer improvement. The budget has $9.8 million for construction of a performing arts center, although City Council still must determine the location and vote to issue bonds.
The ad valorem tax rate for 2015-16 remains unchanged at 74.5 mills, but owner-occupied homes continue to receive a credit for a portion of the operational millage, thanks to the one percent tourism development fee. The effective millage rate for owner-occupied residential properties is just 13.1 mills.
Myrtle Beach's budget for fiscal year 2014-15 totals $156.9 million and initially included a three mill net property tax increase, prior to receiving final reassessment valuations, raising the provisional tax rate to 69.1 mills. The extra three mills will fund 10 additional police officer positions, including necessary equipment, along with one crew supervisor for sports tourism. Three vacant positions also were converted in the new budget to police communications officers. The city's 859 fulltime employees received a two percent salary adjustment beginning with the first full pay period in July.
Per state law, the property tax rate is adjusted in a reassessment year so that local governments receive no more or less tax revenue than before reassessment (from properties that were taxed in the previous year). When final reassessment numbers were provided by Horry County, property values in Myrtle Beach had declined slightly, resulting in a revised "rollback" tax rate of 72.5 mills. However, in setting the final millage, City Council approved an additional two mill increase to ensure that funding is available for the traffic and safety plans for the Atlantic Beach Memorial Day Bikefest. The final property tax rate for 2014-15 is 74.5 mills.
As approved, the 2014-15 budget includes a $2.40 per month increase in residential solid waste fees to fund a new three-person collection crew and a new solid waste truck. The staffing boost is needed to handle growth in the city's residential population. With the rate hike, residents will now pay $22.90 per month for weekly pick-up of their solid waste, recycling, yard waste and bulky junk. The budget also includes a 1.5 percent water rate increase and a 3.5 percent sewer rate increase, for a blended total of 2.8 percent.
The budget provides $8.8 million in capital improvement projects, including phase one construction of the Ocean Boulevard streetscape conversion between Second and Ninth Avenues North. Other capital projects include baseball stadium repairs and renovations, pool renovations at Pepper Geddings Recreation Center, an 800 MHz digital radio upgrade and $200,000 to update plans for the proposed performing arts center.
Owner-occupied homes continue to receive a credit for a portion of the operational millage, thanks to the one percent tourism development fee, but the aggregate credit amount is frozen at the 2013-14 level, which was $3.1 million.
- 2014-15 Budget Overview (PDF)
- 2014-15 Budget Ordinance Original (PDF)
- 2014-15 Budget Ordinance Amended (PDF)
Myrtle Beach's budget for fiscal year 2013-14 totals $158.5 million and keeps the property tax rate unchanged at 66.1 mills. Owner-occupied homes will continue to receive an 88.5 percent tax credit, thanks to the one percent tourism development fee. The credit covers the operations rate of 58.5 mills, leaving just the debt service rate of 7.6 mills. Without the credit, city property taxes on a $200,000 home would be $528.80. With the $468 credit, city taxes on a $200,000 home drop to just $60.80.
While the FY 2013-14 budget doesn't raise taxes, it does include a few fee increases. Sewer rates will rise 7.5 percent, resulting in a blended water-and-sewer rate increase of 4.0 to 4.5 percent, depending on your meter size and consumption. For example, a home using 4,000 gallons of water per month will pay an extra $1.10 monthly.
The budget also includes a 75 cent per month increase in the stormwater utility fee. This additional revenue will be used to pay for a 1.9 percent State Revolving Fund loan to build a deepwater ocean outfall at Fourth Avenue North. Construction on the outfall will begin in October. It involves placing twin 84-inch pipes under the beach and ocean to carry rainwater more than 1,000 feet offshore. The $8.1 million outfall project will tie into a $3.6 million linear rainwater connector system already installed under the southern portion of the oceanfront boardwalk. When complete in fall 2014, the new deepwater ocean outfall will allow removal of nine stormwater pipes from the beach.
The budget also creates a new fire safety inspection fee for commercial properties and increases the EMS ambulance fees to what Horry County currently charges. City Council unanimously approved the budget at the May 28 meeting.
Myrtle Beach's budget for fiscal year 2012-13 totals $152.8 million and keeps the property tax rate unchanged at 66.1 mills. Owner-occupied homes continue to receive an 88.5 percent tax credit, thanks to the one percent tourism development fee. The credit covers the operations rate of 58.5 mills, leaving just the debt service rate of 7.6 mills. Without the credit, city property taxes on a $200,000 home would be $528.80. With the $468 credit, city taxes on a $200,000 home drop to just $60.80.
The FY 2012-13 budget includes a 7.5 percent increase in sewer rates, resulting in a blended water-and-sewer rate increase of 3.8 to 4.5 percent, depending on meter size and consumption. For example, a home using 4,000 gallons of water per month will pay an extra $1.05 monthly. The budget does not call for any other fee increases. Below are helpful links to the budget, which was approved June 12, 2012.
Myrtle Beach's budget for fiscal year 2011-12 totals $152.9 million. The budget has no tax increase, but does include a 4.5 percent blended increase in water and sewer rates. A home using 3,000 gallons of water per month will pay an extra 92 cents monthly. Below are helpful links to the proposed budget, which was approved May 24, 2011.
Thanks to the one percent tourism development fee, owner-occupied homes again will receive an 88.5 percent property tax credit. The credit covers the city's operations rate of 58.5 mills, leaving just the debt service rate of 7.6 mills. The city's full ad valorem tax rate is 66.1 mills. Without the credit, city property taxes on a home valued at $200,000 would be $528.80. With the $468 credit, city taxes on a $200,000 home drop to $60.80.
- 2011-12 Complete Budget Document (PDF)
- 2011-12 Budget Overview (PDF)
- 2011-12 Summary Budget Schedules (PDF)
The Myrtle Beach City Council approved a budget totaling $136.8 million for fiscal year 2010-11. The spending plan does not include a tax increase. Instead, it includes an 88.5 percent tax credit for owner-occupied homes, thanks to the one percent Tourism Development Fee. That's a savings of $468 for a home valued at $200,000, leaving a city tax bill of just $60.80.
This was a reassessment year, and the assessed value of property within the City of Myrtle Beach fell from $430.6 million to $368.7 million. Once these numbers became available, City Council met in special session September 21 and approved an operational rate of 58.5 mills and a debt service rate of 7.6 mills, for a total of 66.1 mills, based on the reassessed values. As mentioned above, owner-occupied homes will receive a credit for the operational millage.
The stormwater utility fee rises 75 cents to $5.00 per equivalent residential unit (ERU), while the solid waste fee increases $1 to $20.50 per month for weekly garbage, recycling, yard waste and bulky junk pickup. A budget summary is available below, along with the budget ordinance.