HomeMy WebLinkAboutTown of Bluffton - Public Financial ReportPOPULAR ANNUAL FINANCIAL
REPORT
For the Fiscal Year Ended June 30, 2021
www.TownofBluffton.sc.gov
Town of
BLUFFTON
South Carolina
Bluffton, the Heart of the Lowcountry, a Town that Appreciates the Past,
Focuses on Today and is Planning Together for a Greater Future.
We Take Care of our Citfzens, the Town and Each Other by Contfnuously
Making our Community and Organizatfon Better.
Town of Bluffton Vision and Mission
Population Statistics
Populatfon .............................................. 27,716(1)
% Male .................................................... 48.5%(1)
% Female ................................................. 51.5%(1)
% with Bachelor’s degree or higher ........ 46.3%(1)
Median age ...................................... 37.5 Years(1)
Per capita income ................................ $44,326(1)
Median family income ......................... $85,844(1)
Average travel tfme to work in minutes .... 24.9(1)
Median value of owner-occupied housing
Units……………………………………………$299,700(1)
Average household size…………..……………...2.71(1)
Sales tax rate…………………………………………..7%(3)
Unemployment Rate
County ....................................................... 3.7%(2)
State .......................................................... 4.5%(2)
Demographic and Economic Statistics
A Message from the Director ......... 3
Bluffton at a Glance ....................... 4
A Bluffton “State of Mind” ............. 5
Elected Officials .............................. 6
Organizatfonal Chart ..................... 7
Educatfon News ............................. 8
Bluffton Tourism ............................ 9
Bluffton Business News ................ 10
Don Ryan Center for Innovatfon .. 11
What’s Happening Around Town .12
2019 Financial Highlights ..............13
Where Our Money Comes From ...14
Where Our Money Goes ...............15
Assets and Liabilitfes .....................16
Outstanding Bonds .......................17
Revenues vs. Expenditures ...........18
2021 Budget Highlights .................19
In This Report
References
(1) U.S. Census Bureau,
2020 Census
(2) SC Department of Employment
and Workforce (06/2021)
(3) S.C. Department of Revenue
A Message from the
Assistant Town Manager
To the Citizens of the Town of Bluffton:
I am pleased to present to you the Town of Bluffton’s Popular Annual Financial Report for the fiscal
year ended June 30, 2021. This report is intended to increase awareness throughout the community
of the financial operatfons of the Town. As such, this report is written in a manner that will
summarize and communicate, in a user-friendly manner, the Town’s financial conditfon. I am
pleased to announce that for the tenth consecutfve year the Town of Bluffton received the Award of
Outstanding Achievement in Popular Annual Financial Reportfng from the Government Finance
Officers Associatfon (GFOA) for our Popular Annual Financial Report prepared for Fiscal Year ended
June 30, 2020.
In additfon to providing financial informatfon, it is important to demonstrate what makes Bluffton a
great place to live and work. Bluffton’s “Heart of the Lowcountry” uniqueness contributes to a
variety of community events and destfnatfons. It is important for us to demonstrate the role that
Town government is playing in supportfng these actfvitfes.
Financial informatfon within this report is derived in large part from the Town’s 2021 independently
audited set of financial statements that are prepared in accordance with generally accepted
accountfng principles. These audited statements are part of the Town’s 2021 Annual Comprehensive
Financial Report (ACFR). We are proud to say the Town’s ACFR has been awarded a Certfficate of
Achievement for Excellence in Financial Reportfng by the Government Finance Officers Associatfon
for each of the last twelve years.
I welcome any feedback, comments, or concerns regarding the informatfon included in this report.
Sincerely,
Christopher D. Forster
Assistant Town Manager
Page 3
Town of Bluffton Popular Annual Financial Report FY 2021
Established 1825
Bluffton at a Glance
Established in 1825 as a popular summer locatfon for wealthy Savannah merchants and plantatfon owners, Bluffton is
now considered one of the fastest-growing municipalitfes in the state, and was recognized by a New York Times
reporter as one of six up and coming spots for waterfront propertfes The town situated on a bluff along the May River
just twelve miles from Hilton Head Island, has grown over 1000% since 2000. Now designated a Natfonal Historic
District, Bluffton is part of the Hilton Head Urbanized Area, the Sun City-Hilton Head Urban Cluster and the Hilton
Head Island—Bluffton—Beaufort Metropolitan Statfstfcal Area.
Colleges and Universities
The following post-secondary schools provide
educatfonal advancement opportunitfes to the citfzens
of Bluffton:
The University of South Carolina at Beaufort (USCB)
The Technical College of the Lowcountry (TCL)
Savannah College of Art and Design (SCAD)
Although this report is largely derived from the Town’s 2021 Annual Comprehensive Financial Report (ACFR), this report is not
prepared in accordance with generally accepted accountfng principles (GAAP). Informatfon on governmental funds is presented
using the current financial resources measurement focus and the modified accrual basis of accountfng. The report is presented in
a summarized manner and certain financial statements, discretely presented component units and note disclosures required by
GAAP are omitted. A copy of the Town’s audited 2021 ACFR, which is prepared in accordance with GAAP and contains more
detailed informatfon, is located at https://www.townobfluffton.sc.gov/finance-administratfon-department/financial-reports, then
under the ACFR tftle, 2021 ACFR.
About this Report
Transportation
Bluffton is located:
15 miles from Interstate Highway 95
26 miles from the Savannah/Hilton Head
Internatfonal Airport
93 miles from the Charleston Internatfonal airport
12 miles from the Hilton Head Island Airport
The Palmetto Breeze offers public transit service via
eleven routes through Bluffton daily.
The Town joined the Lowcountry Area Transportatfon
Study (LATS), a Metropolitan Planning Organizatfon for
regional organizatfon, which is federally mandated to
plan for transportatfon improvements.
Town of Bluffton, South Carolina
Established 1825
Page 4
USCB Beaufort—South Campus
Town of Bluffton Popular Annual Financial Report FY 2021
Bluffton “Heart of the Lowcountry”
Parks & Leisure Trails
DuBois Park
Oyster Factory Park
Oscar Frazier Park
Wright Family Park
Buckwalter Regional Park
Tom Herbkersman Com-
mons
Pritchard Pocket Park
Buckwalter Place Park
MC Riley Sports Complex
Bluffton Dog Park
Martfn Family Park
Lowcountry Artists
Four Corners Art Gallery
Jacob Preston Studio
Society of Bluffton Artfsts
Pluff Mud Art
Palmetto Bluff Gallery
Maye River Gallery
Cedarstacker
The Red Piano Art Gallery
La Petfte Gallery
Signore Coastal Art
The Town helps to coordinate more than 350 special
events during most years, below is a list of just a few:
Bluffton Farmers Market
Historic Bluffton Arts and Seafood Festfval
May River Clean-up
Virtual Neighborhood Clean-up
Lutze 43 5k
BBQ & Blues Festfval
Bluffton Boiled Peanut Festfval
Historic Bluffton Turkey Chase 5k
Natfonal Night Out
Annual Bluffton Christmas Tree Lightfng and
Light Up the Night Events
Bluffton Christmas Parade
Mayfest
Annual Festivals and Events
Bluffton as the “Heart of the Lowcountry,” embodies a unique variety of community events and destfnatfons. The
Town hosts festfvals throughout the year that celebrate the May River, Gullah Heritage, seafood harvests and other
local art and cultural interests. Bluffton supports its actfve community by providing for areas to engage in river sports,
nature pathways and parks. Local art, festfvals and actfvitfes foster community spirit among neighbors and provide a
means for town expression and entertainment. Bluffton is the heart of the Lowcountry.
Page 5
Town of Bluffton Popular Annual Financial Report FY 2021
Town of Bluffton, South Carolina
Established 1825
Elected Officials
FY 2021 Fact Figure
Town Property
Tax Rate: $36.8/$1,000 TAV
Town Bonded
Debt Tax Rate: $1.7/$1,000 TAV
Total County–
Wide Property
$286.3/$1,000
TAV
Town Share of
Total: 13.45%
Total Annual
Budget: $34,223,867
Employees: 151 FTEs
Outstanding
Debt: $14,521,190
The Town of Bluffton was incorporated in 1852. The Town operates under a Council–Manager form of government.
Town Council is composed of a Mayor and four council members. Mayor and council members serve staggered four-
year terms. The at-large electfons are non-partfsan and as of November 2021 there were 21,531 registered voters on
the rolls.
Town Council is responsible for setting millage rates during the annual
budget process prior to the start of each fiscal year. The property tax
rate was 49 mills in the year 2000 but has decreased to 38.5 mills in
2021 due in large part to the Town’s increased populatfon and
property development. One mill is equal to 1/1000 of a dollar per $1
of assessed property value.
Town County School District Fire Dist.
13% 23% 55% 9%
TAV—Taxable Assessed Value
FTEs—Full-tfme Equivalents
Town of Bluffton, South Carolina
Established 1825
Mayor
Lisa Sulka
Councilman
Dan Woods
Mayor Pro Tempore
Fred Hamilton
Councilman
Larry Toomer
Councilwoman
Bridgette Frazier
Page 6
Town of Bluffton Popular Annual Financial Report FY 2021
Organizational Chart
Page 7
Accommodatfons Tax Advisory Committee
Affordable Housing Committee
Americans with Disabilitfes Act Grievance
Committee
Beaufort & Jasper County Lowcountry Area
Transportatfon Study Policy Board
Bluffton-County Traffic Advisory Group
Beautfficatfon Committee
Board of Zoning Appeals
Constructfon Board of Adjustments and
Appeals
Development Review Committee
Don Ryan Center for Innovatfon Board of
Directors
Historic Preservatfon Commission
Historic Preservatfon Review Committee
Law Enforcement Citfzens Advisory Com-
mittee
Lowcountry Council of Governments Board
of Directors
May River Watershed Actfon Plan Advisory
Committee
Municipal Electfons Commission
Negotfatfng Committee
Planning Commission
Public Safety Citfzens Committee
Southern Beaufort County Corridor Beautffi-
catfon Board
Southern Beaufort County Plan Implemen-
tatfon Committee
Southern Lowcountry Regional Board
Stormwater Management Utflity Board
Wall of Honor Committee
Water Quality Technical Advisory Com-
mittee
Town of Bluffton Popular Annual Financial Report FY 2021
Town of Bluffton, South Carolina
Established 1825
Education News
Town of Bluffton, South Carolina
Established 1825
Students at Bluffton High can earn college credits at the
University of South Carolina Beaufort through a new
partnership between the two schools. Bluffton High also
partfcipates in the AP Capstone program, which lets
students earn a special diploma signifying their mastery of
skills valued by colleges and employers.
2021 Highlights for the Beaufort County School Districts
reported in their Community Report Card:
College scholarship totals of $32.4 million.
68% of high school students taking Advanced
Placement courses scored high enough to qualify for
college credit.
Won the Champion for Children Award from the
Instftute of Child Success for its efforts to improve early
childhood educatfon. There are 983 full-day
prekindergarten slots in the district.
68% of high school students taking Advanced
Placement courses scored high enough to qualify for
college credits, an improvement from 55% five years
ago.
Additfons to May River High School and River Ridge
Academy were completed as a result of the district’s
$344 bond referendum. Across the district there was a
12% increase in the number of total students over the
last 10 years. ESOL students increased by 10% in the
same tfme period.
Page 8
Sixteen years ago, the town of Bluffton had one
elementary school. Today we are proud to claim
two early childhood centers, four elementary, one
PreK-Grade 8, two middle and two high schools.
Beaufort County’s on-tfme high school graduatfon
rate has improved for eight consecutfve years, with
May River High School’s rate exceeding 90%.
All of Beaufort County's public schools are now
schools of choice, giving students and parents the
flexibility to apply for academic programs offered in
schools outside their zoned attendance areas.
All district students now have personal mobile
computfng devices through the Connect2Learn
Program that they can use to enhance their
learning, not only at school but also at home.
May River High School opened in Bluffton in August
2016. Nearly 1,000 students attend college-prep
and advanced technical classes at May River High.
Its Advanced Technical Center offers four areas of
study – automotfve, engineering, health sciences,
mechatronics and welding – which has attracted
students from other attendance zones who applied
for admission through the district’s expanded
school choice program. The high school recently
added Cambridge programming which is another
advanced placement opportunity for students,
along with the existfng Capstone Program.
Town of Bluffton Popular Annual Financial Report FY 2021
Bluffton Tourism
Atlantic Ocean
As depicted in the map to
the left, the Town of Bluffton
is located in Beaufort
County, a southern coastal
county in South Carolina.
Bluffton is located just 12
miles west of Hilton Head
Island, SC approximately 20
miles northeast of Savannah,
GA, 25 miles southwest of
Parris Island and 90 miles
southwest of Charleston, SC.
Hilton Head Island is home to one of golf's greatest
traditfons, South Carolina's only PGA Tour
event, the RBC Heritage is sponsored by the
Royal Bank of Canada and presented by
Boeing typically the week following the
Masters in April.
The St. Patrick's Day celebratfon in Savannah, Georgia is
the city's largest annual celebratfon and the
second largest St. Patrick's Day gathering in the
United States. Attractfng roughly 400,000 Irish,
honorary Irish visitors and local celebrators each
year, Savannah's St. Patrick's Day traditfons are steeped
in the area's rich Irish heritage.
Parris Island, where all Marine recruits are trained east
of the Mississippi River, is one of the most
visited military facilitfes in the world. This
translates into a significant economic impact
for surrounding communitfes. Most visitors
come to attend the recruit Graduatfon Ceremony.
Visitors to these and other area events can find lodging,
dining, tours and attractfons in nearby Bluffton.
The Town of Bluffton is home to the award winning Inn at Palmetto Bluff.
The Inn was developed by Charlotte-based Crescent Communitfes and is
managed by Montage Hotels & Resorts. It is in the planned community of
Palmetto Bluff in Bluffton and features a combinatfon of 200 Inn and cottage-
style guest suites, a Jack Nicklaus Signature golf course, day spa and
amenitfes such as horseback riding, kayaking and nature preserves. Current
awards include:
Conde Nast Traveler Gold List “The Best Hotels and Resorts in the U.S.
and Canada (2020)
U.S. News and World Report “Best Hotels in the USA” (2018, 2020, 2021)
AAA Five Diamond Award “Most Luxurious Accommodatfons North America” (2015, 2016, 2017, 2021).
Travel + Leisure World’s Best Awards “The Best New Hotels in the World” (2017, 2019)
Travel + Leisure World’s Best Awards “Top 10 South Carolina Resort Hotels” (2017, 2020, 2021)
Page 9
Beaufort County School District (Bluffton sites)
The Inn at Palmetto Bluff & Palmetto Bluff Clubs
Kroger
EviCore Natfonal, LLC
Publix Supermarkets
Right at Home
NHC Healthcare/The Palmettos
Hargray
Resort Services, Inc.
Bluffton Township Fire Department
Town of Bluffton
Bluffton serves as a critfcal hub in the Beaufort County
region, and with steady populatfon growth throughout the
last 22 years, the future development of the region has
come into focus. Through several public sessions, the
Growth Framework Map was created to define where
growth should occur. It is a planning tool that organizes the
future growth patterns of the Town and identffies centers
for development and surrounding edges with varying
degrees of residentfal and non-residentfal intensity.
The vision of the plan prepares for a more compact and
sustainable future, where new development is at higher
density and focused away from key natural resources. It
envisions the next century of Bluffton as a period during
which Bluffton matures into a connected, complete
southern town that effectfvely and efficiently provides
services and attracts development.
Where you do business says as much as how you do
business. It’s why more and more companies are moving to
the heart of the Lowcountry—Bluffton, SC. Dedicated to
entrepreneurship, innovatfon and attractfng high-tech
industries, Bluffton provides an atmosphere that inspires
new ideas and encourages business growth.
Please visit the Town’s website or the Don Ryan Center for
Innovatfon’s website at www.donryancenter.com for more
informatfon.
Major Employers Located in the Town
Town of Bluffton Popular Annual Financial Report FY 2021
Town of Bluffton, South Carolina
Established 1825
Bluffton Business News
Town of Bluffton, South Carolina
Established 1825
Page 10
Burnt Church Distillery
Watterson Brands, parent company of the Burnt
Church Distfllery has constructed one of the most
beautfful buildings in downtown Bluffton. In additfon,
this new facility brought over 35 jobs to the area,
adding to the 20 new jobs for the Waterson Brand
corporate headquarters, which is now in Bluffton.
Town leadership and the Don Ryan Center for
Innovatfon was instrumental in bringing this industry to
our Town.
Town of Bluffton Popular Annual Financial Report FY 2021
Don Ryan Center for Innovation
The Don Ryan Center for Innovation (DRCI) was established in 2012 as a 501 (C)(3).
The DRCI’s vision is to create a vibrant entrepreneurial business climate within the
region through economic development emphasizing organic, sustainable growth,
and enhance the economic vitality, diversity, and dynamism of the region.
Page 11
THE HUB
About the Don Ryan Center for Innovation
The Don Ryan Center for Innovatfon focuses on creatfng a vibrant business climate within the Bluffton area through
economic development emphasizing entrepreneurism and sustainable growth.
DRCI fosters and promotes economic development in five core areas:
Entrepreneurism: Business Incubatfon, Co-working offerings (The HUB), and Business Startup/Concierge Services
Business Attractfon, Expansion and Retentfon
Real Estate and Infrastructure
Workforce Development & Talent Retentfon and Attractfon
Marketfng, Educatfon, and Outreach
This locatfon houses the DRCI’s headquarters and is the
region’s premier co-working office. The space allows for
collaboratfon and sharing in a high-tech, open environ-
ment.
At The HUB, small business owners, entrepreneurs,
and freelancers work in proximity to each other
where they can collaborate, create, and be a part of
the entrepreneurial community.
The HUB is located in Buckwalter Place Commerce Park and opened in Spring of 2020.
Town of Bluffton Popular Annual Financial Report FY 2021
Town of Bluffton, South Carolina
Established 1825
What’s Happening Around Town
Town of Bluffton, South Carolina
Established 1825
Page 12
Alarms.org reported that the Natfonal Council for Home
Safety and Security ranked Bluffton as the second safest
city in South Carolina. The Guide is based on FBI
Uniform Crime Report statfstfcs.
Bluffton attributes this high ranking to Town Council’s
investment in the department’s training and tools. The
Bluffton Police Department has established its own K-9
team, implemented more traffic safety check points,
and held community events such as Natfonal Night Out
and free child car seat inspectfons.
The Farmers Market of Bluffton is an open air,
community non-profit farmers market that features
local produce, honey, various types of handcrafted
dairy, grass-fed meats, baked goods, fresh pastas,
live music, kids actfvitfes, and delicious much more.
The market is held Thursday afternoons in historic
downtown Bluffton, along Calhoun and Lawrence
Streets. It is a favorite of both locals and tourists.
Trip Advisor lists The Farmer’s Market of Bluffton #3
in the 15 Best Things to do in Bluffton.
In early 2020, Wright Family Park was under construc-
tion and opened to the public in December 2020. This
open space provides access to the May River and green
space for gathering. It has been named in honor of the
Wright Family, who have graciously provided their for-
mer property for the park.
Located in Buckwalter Place, Bluffton Veterans Memo-
rial was completed and dedicated on Veterans Day
2020. The memorial honors all veterans who have
served in the US Military.
Town of Bluffton Popular Annual Financial Report FY 2021
2021 Financial Highlights
The previous sectfons of this
document provided informatfon on
what is happening in our Town. The
remainder of this document will
provide readers with the Town’s
financial informatfon for the fiscal
year ended June 30, 2021.
A Successful Year
The General Fund (the chief operatfng fund of the
Town) had revenues in excess of expenditures of
$3,803,233 for the fiscal year. The Town transferred a
portfon of the general fund balance for its various
capital improvement projects, including over $1
million in sewer improvements. Transfers into the
general fund and capital leases combined with the
transfer out result in a net increase of $5,132,946 in
the general fund balance.
At the end of the fiscal year the General Fund had an
unassigned* or unrestricted fund balance of
$17,234,780 or 96% of the year’s total General Fund
expenditures ($17,918,198). This indicates a strong
financial positfon for the Town.
The Town expended $662,131 in Federal Grant
Awards for the fiscal year ended 2021. These grants
supported capital improvements and public safety
initfatfves including stormwater management, historic
preservatfons and traffic safety.
Fund Balance Reserves—The Town strives to maintain
service levels and adequate fund balance reserves
through the adoptfon of financial policies. Financial
policy standards were all met in FY 2021.
Infrastructure Maintenance—Appropriately funding
public assets and infrastructure as to not accumulate
deferred maintenance costs. The Town contfnues to
fund an Equipment Replacement Reserve to help
alleviate the costs of future vehicle replacements.
Economic Development—Attractfng and retaining
businesses and adoptfng additfonal economic
development strategies will contfnue to be a top
priority in FY 2022, while maintaining our pristfne
lowcountry town.
The Challenges Ahead
* Unassigned fund balance represents fund balance that is not
designated as nonspendable, restricted, committed or assigned
for other intended purposes by external partfes from the
government, government elected officials or assigned staff.
Page 13
Old Town Bluffton Inn
Town of Bluffton Popular Annual Financial Report FY 2021
Town of Bluffton, South Carolina
Established 1825
Where Our Money Comes From
The Town pays for the services it provides to its citfzens and businesses from various sources, referred to as revenue.
These include various taxes, grants and charges for services.
The General Fund
Licenses and Permits
License and permit collectfons remain the
leading source of revenue at 50%, and
increased $1.2 million from fiscal year 2020
to fiscal year 2021 (14%). The revenue
increase resulted from a return to business
as usual after a year of COVID-19, and an
increase in building permits. Major sources
of revenues from licensing and permitting
are as follows:
Franchise Fees—Revenues resultfng
from any utflity franchise fees paid to
the Town including gas, electric and
cable.
Business Licenses—Revenues collected
for all businesses licensed in the Town.
Municipal Associatfon of South Carolina
(MASC) Telecommunicatfons and
Insurance Tax—Revenues collected by
MASC for the Town pursuant to the
Telecommunicatfons Act of 1999 and
insurance and broker’s tax.
Building Safety Permits—Revenues from
building permitting and inspectfon fees
collected for residentfal and commercial
development.
Town of Bluffton, South Carolina
Established 1825
Page 14
When assessing the financial results of the Town, the Town’s General Fund is the primary focus. The General Fund is
the general operatfng fund of the Town and supports the regular day-to-day operatfons. It is used to account for all
revenues and expenditures of the Town, except for those required to be accounted for in another fund such as Capital
Improvement Projects or Stormwater actfvity. The Town’s General Fund Revenues totaled $21,721,431 for FY 2021.
Below are the details of where the Town’s General Fund revenues come from:
Licenses & Permits (In Thousands)
2021 2020 2019
Franchise Fees $2,642 $2,604 $2,592
Business Licenses 2,925 2,474 2,471
MASC Insurance Tax Collectfons 2,418 2,443 2,301
MASC Telecommunicatfons 61 66 73
Building Permits 2,651 1,909 2,159
Administratfve Fees 44 44 44
Applicatfon Fees 70 64 85
Total $10,811 $9,604 $9,725
Town of Bluffton Popular Annual Financial Report FY 2021
Where Our Money Goes
Once the Town receives taxes and other revenues, the monies
must be efficiently spent to provide services to the citfzens and
businesses of the Town. As detailed in this sectfon, the Town
provides a variety of services to its residents and businesses.
Most service expenditures are recorded within the Town’s
General Fund since this fund finances the Town’s daily
operatfons.
During the year ended 2021 , the Town expended its funds as
shown below. The per capita amounts represent the amount
that the Town expended on each type of service per resident
while the aggregate represents the total amount spent. The per
capita amounts are based on estfmated populatfons of 27,716
for 2021, 25,557 for 2020, and 23,097 for 2019, which resulted
in total expense per capita of $646, $680, and $718 2021, 2020,
and 2019, respectfvely.
The Town experienced increases in the Administratfve, Judicial,
Planning, and Public Works functfons over the prior year. The majority of increased costs were attributable to
staffing expenditures, with additfonal full tfme employees in Human Resources, Informatfon Technology, and
Executfve which all flow into Administratfve. The expenditures are classified by the type of service provided.
Administrative includes the costs of all elected officials and the departments of Executfve, Human Resources,
Finance, Informatfon Technology Departments and other Town-wide costs.
Judicial includes the costs of Municipal Court and Judges.
Planning includes the costs of Growth Management and the Planning & Community Development Departments.
Public Works includes the costs of the Facilitfes and Asset Management Department.
The remaining functfons represent actual individual departments within the Town.
Page 15
Expenditures Per Capita
2021 Per Capita 2020 Per Capita 2019 Per Capita
Administratfve $6,174,410 $223 $5,770,318 $226 $5,786,239 $251
Judicial 406,149 15 410,893 16 384,219 17
Planning 1,369,423 49 1,215,163 48 1,378,998 60
Building Safety 591,485 21 651,005 25 633,186 27
Police Department 6,378,174 230 6,677,882 261 5,732,617 248
Public Works 1,829,154 66 1,481,690 58 1,482,283 64
Project Mgmt. 844,992 30 829,930 32 300,996 39
Debt Service 324,411 12 349,740 14 288,327 12
Total $17,918,198 $646 $17,386,621 $680 $16,586,865 $718
Town of Bluffton Popular Annual Financial Report FY 2021
Town of Bluffton, South Carolina
Established 1825
Assets and Liabilities
In additfon to where the
Town’s money comes from
and where it goes, it is also
important to understand the
flow of the Town’s financial
positfon. When we look at
the overall financial conditfon
of the Town, it is better to
use the full accrual basis of
accountfng, which is similar to
the basis of accountfng used
in the private sector. This
allows us to consider all
assets, liabilitfes, revenues
and expenses of the Town.
The schedule left is intended
to show the difference
(defined as net positfon)
between the Town’s total
assets and the Town’s total liabilitfes as of June 30, 2021 as compared to June 30, 2020. The Statement of Net
Positfon reflects a $9.9 million increase in the Town’s financial positfon over last year.
Statement of Net Position
Our Assets-What We Have 2020 2021 Change
Unrestricted current assets $ 23,466,691 $ 38,564,202 $ 15,097,511
Restricted 12,418,943 11,852,060 (566,883)
Capital assets 35,372,078 36,179,737 807,659
Total Assets $ 71,257,712 $ 86,595,999 $ 15,338,287
Deferred Outilows $ 2,750,400 $ 3,811,596 1,061,196
Our Liabilities-What We Owe
Current liabilitfes $ 6,153,189 $ 6,369,045 $ 215,856
Long-term liabilitfes 1,350,504 39,299 (1,311,205)
Bonds payable 9,045,677 13,987,185 4,941,508
Net Pension Liability 16,412,481 19,079,147 2,666,666
Total Liabilitfes $ 32,961,851 $ 39,474,676 $ 6,512,825
Deferred Inflows $ 676,883 $ 644,001 $ (32,882)
Net Positfon $ 40,369,378 $ 50,288,918 $ 9,919,540
The assets of the Town exceeded its liabilitfes at the close of the fiscal year by $50,28,918 (net positfon). Of this
amount, $6,783,599 (unrestricted net positfon) may be used to meet the Town’s ongoing obligatfons to its citfzens
and creditors. Portfons of the restricted net positfon
amount are designated for future capital
improvements, tourism projects and related support,
debt service and other designated purposes. Capital
assets currently compose approximately 42% of the
Town’s assets. While these assets are used to provide
services to our citfzens, they are not available for
future spending.
The chart (right) displays the Town’s net positfon over
the last five years and reflects a healthy and
improving financial positfon.
Town of Bluffton, South Carolina
Established 1825
Page 16
Town of Bluffton Popular Annual Financial Report FY 2021
A major liability of the Town is the amount of outstanding general obligatfon and revenue bonds. General obligatfon
bonds are debt instruments issued by the Town to raise funds for public projects (i.e. Law Enforcement Center).
What makes general obligatfon bonds (or GO bonds for short) unique is that they are backed by the full faith and
credit of the issuing municipality. The Town’s total bond issuances outstanding as of June 30, 2021 equal
approximately $14 million. The Town of Bluffton’s bond ratfng at June 30, 2021 was Aa1 from Moody’s and an AA+
from Standard & Poor’s. Ratfng agencies assess the credit quality of municipal bond issues and assign a credit ratfng
based on their analysis. Both agencies stated the high ratfngs reflect the growth in the Town’s tax base in recent
years and a healthy financial positfon supported by fiscal policies, professional management and modest debt as
shown in the bonds per capita results above. The estfmated populatfon as of June 2021 of 27,716 was used for the
Outstanding Bonds per Capita calculatfon. In November 2020, the Town issued General Obligatfon Refunding Bonds,
Series 2020, for the purpose of reducing the interest on the Town’s outstanding General Obligatfon Bonds, Taxable
Series 2010A (Build America Bonds), which resulted in a net increase at June 2021 of $4.7 million.
Page 17
Streetscape at the Calhoun Street Promenade
Bonds
2019 2020 2021
General Obligatfon Bonds
Beginning balance $ 5,415,000 $ 5,175,000 $ 4,930,000
Debt issued during the year - - 10,970,063
Principal repaid during the year (240,000) (245,000) (6,286,555)
Ending Balance $ 5,175,000 $ 4,930,000 $ 9,616,508
TIF Revenue Bonds
Beginning balance $ 6,734,888 $ 5,967,060 $ 5,179,165
Debt issued during the year - - -
Principal repaid during the year (767,826) (787,895) (808,488)
Ending Balance $ 5,967,076 $ 5,179,165 $ 4,370,677
Total Outstanding Bonds $ 11,142,062 $ 10,109,165 $ 13,987,185
Outstanding Bonds per Capita $ 864.19 $ 784.88 $ 504.66
Outstanding Bonds
Major Bond Supported Projects
• Bluffton Parkway
• Buckwalter Parkway Widening
• May River/Bruin Street Streetscape
• Water & Sewer Drainage Projects
• Law Enforcement Center
Town of Bluffton Popular Annual Financial Report FY 2021
Town of Bluffton, South Carolina
Established 1825
The General Fund
Revenues of the Town including other financing sources* $ 23,089,839
Expenditures of the Town to provide services (17,593,787)
Excess Revenues $ 5,496,052
Debt Service Expenditures (332,411)
Capital Outlay Expenditures including other financing uses* (38,695)
Excess Revenues $ 1,329,713
The table below summarizes the revenue and expenditure
actfvity of the Town’s General Fund. Capital expenditures were
19% of total revenues in fiscal year 2021.
The Capital Improvements Program Fund
Beginning Fund Balance $ 4,798,234
Grants and Other Revenues 2,004,690
Capital Expenditures by Project:
Multf-County Commerce Park (401,269)
Buck Island Sewer—Phase V (969,024)
Calhoun Street Dock (319,927)
Historic District Sewer—Phase 1 (368,443)
Jason-Able Sewer (106,415)
Land Acquisitfon (489,067)
Wright Family Park (312,038)
Law Enforcement Center (562,675)
Riverside Park/Barn Site (102,921)
Other Projects (638,170)
Funding transfers from other Funds 3,017,447
Ending Fund Balance $ 5,550,422
The Town maintains a separate Capital Improvements Program
(CIP) Fund to account for the financial transactfons and
resources used by the Town for the acquisitfon or constructfon
of major capital projects. The table below lists the CIP projects
and related expenditures that the Town incurred during fiscal
year 2021.
* Other Financing Sources (uses) are increases
(decreases) to Fund Balance from Transfers In and
(Transfers Out) from and (to) other funds, and
capital leases.
Established 1825
Town of Bluffton, South Carolina
Revenues vs. Expenditures
Page 18
The Church at Palmetto Bluff
The Stormwater Fund is used to account for
stormwater utflity fees collected on property tax
bills and restricted for use in the Town’s
Stormwater Management Program. Related grants
are also recorded in this fund. The table below lists
the routfne operatfng and capital expenditures that
the Town incurred during fiscal year 2021.
The Stormwater Fund
Beginning Fund Balance $ 1,962,130
Stormwater Fund Revenue 2,230,862
Personnel & Operating Expenditures
-935,940
Capital Outlay -29,550
Funding transfers to other Funds -1,444,144
Ending Fund Balance $ 1,783,358
Town of Bluffton Popular Annual Financial Report FY 2021
Page 19
The fiscal year 2022 financial plan supports our
Bluffton Town Vision that states, “Bluffton, the heart
of the lowcountry, a town that appreciates the past,
focuses on today and is planning together for a
greater future.” This financial plan provides the
resources and staff for all of our commitments to
making Bluffton a better place.
The fiscal year 2022 consolidated budget
concentrates on the Town of Bluffton Strategic Plan
priority Focus Areas noted middle right of this page.
The Town adopted a consolidated budget of
$40,132,070 which consists of four funds, the General
Fund budget of $22,445,764, the Stormwater Utflity
Fund budget of $2,259,570, the Capital
Improvements Program (CIP) Fund budget of
$11,595,468, and the Debt Service Fund budget of
$3,831,268.
The fiscal year 2022 consolidated budget reflects
growth over the prior year of 17.26%, as the effects
of the COVID-19 pandemic are eased. The budget
keeps the tax millage rate the same at 38.50, which
reflects General Fund mills of 36.80 and Debt Service
Fund mills of 1.70 for the GO bond for the Law
Enforcement Center facility.
The fiscal year 2022 revenues include an increase in
property taxes for antfcipated growth on assessed values,
as the real estate market has seen exceptfonal increases
in value. An increase of 9.9% is expected for licenses and
permits, which is a conservatfve outlook on business
licensing and building permits. Federal and state
government grants are scheduled to be 30% higher than
FY2020.
FY2022 Focus Areas
May River and Surrounding Rivers and Watersheds
Town Organizatfon
Economic Growth
Fiscal Sustainability
Community Quality of Life
Infrastructure
Affordable and/or Workforce Housing
2022 Budget Highlights
Additfonal copies of this report may be obtained by contactfng:
The Town of Bluffton
Attn: Finance Department
20 Bridge Street
Bluffton, SC 29910
(843)706-4545
In additfon, this report is available at:
www.townofbluffton.sc.gov/finance-administration-department/financial-reports
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Town of Bluffton Popular Annual Financial Report FY 2021
Sunset on The May River