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Financial Management & Reporting

(843) 918-1152

Michelle Shumpert, 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 843-918-1152.

FY 2017 Comprehensive Annual Financial Report (PDF)
FY 2017 Popular Annual Financial Report (PDF)
What is a Popular Annual Financial Report (PAFR)? (PDF)

PREVIOUS FISCAL YEARS' CAFRs

FY 2016 Comprehensive Annual Financial Report (PDF)
FY 2015 Comprehensive Annual Financial Report (PDF)
FY 2014 Comprehensive Annual Financial Report (PDF)
FY 2013 Comprehensive Annual Financial Report (PDF)
FY 2012 Comprehensive Annual Financial Report (PDF)
FY 2011 Comprehensive Annual Financial Report (PDF)
FY 2010 Comprehensive Annual Financial Report (PDF)
FY 2009 Comprehensive Annual Financial Report (PDF)
FY 2008 Comprehensive Annual Financial Report (PDF)
FY 2007 Comprehensive Annual Financial Report (PDF)
FY 2006 Comprehensive Annual Financial Report (PDF)

ANNUAL BUDGET INFORMATION

2017-18 BUDGET

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.


2016-17 BUDGET

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. Here are the budget documents:


2015-16 BUDGET

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. Here are the budget documents:


2014-15 BUDGET

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. Here are the budget documents:


2013-14 BUDGET

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. Here are the budget documents:


2012-13 BUDGET

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.


2011-12 BUDGET

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.


2010-11 BUDGET

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.