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ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
JUNE 30, 2022
COUNTY COUNCIL
Steven D, Murdaugh
Art Williams
Phillip M. Taylor, Sr.
Gene Whetsell
Joseph F. Flowers, MD
COUNTY ADMINISTRATOR
J. Kevin Griffin
FINANCE DIRECTOR
Jon Carpenter
Prepared by:
Finance Department
COLLETON COUNTY, SOUTH CAROLINA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
TABLE OF CONTENTS
Paqe
INTRODUCTORY SECTION
Tableof Contents...............................................................................................................................................i—iv
Letterof Transmittal .........................................................................................................................................v—xi
Certificate of Achievement for Excellence in Financial Reporting...................................................................xii
...
rganizational hart.............................................................................................................................................xiii
Listof Principal Officials......................................................................................................................................xiv
FINANCIAL SECTION
IndependentAuditor's Report..........................................................................................................................1 —4
Management's Discussion and Analysis ......................................................................................................5—21
Basic Financial Statements:
Government-wide Financial Statements:
Statementof Net Position........................................................................................................................22
Statementof Activities.............................................................................................................................23
Fund Financial Statements:
Balance Sheet—Governmental Funds.......................................................................................24 and 25
Reconciliation of the Governmental Funds Balance
Sheet to the Statement of Net Position ................................................................................................26
Statement of Revenues, Expenditures and Changes in Fund
Balances—Governmental Funds..............................................................................................27 and 28
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities............................................29
Statement of Fiduciary Net Position—Custodial Funds.......................................................................30
Statement of Changes in Fiduciary Net Position—Custodial Funds..................................................31
Notes to the Financial Statements.........................................................................................................32—81
Required Supplementary Information:
Schedule of Revenues, Expenditures and Changes in Fund Balances—
Budget(GAAP Basis) and Actual—General Fund.....................................................................................82
Schedule of Revenues, Expenditures and Changes in Fund Balances—
Budget(GAAP Basis) and Actual—Special Revenue Fund......................................................................83
Schedule of Proportionate Share of the Net Pension Liability:
South Carolina Retirement System—Primary Government...................................................................84
Police Officers' Retirement System —Primary Government...................................................................84
South Carolina Retirement System— Fire and Rescue Commission ....................................................85
Police Officers' Retirement System— Fire and Rescue Commission....................................................85
South Carolina Retirement System —Memorial Library..........................................................................86
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COLLETON COUNTY, SOUTH CAROLINA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
TABLE OF CONTENTS (CONTINUED)
Paqe
FINANCIAL SECTION (CONTINUED)
Required Supplementary Information (Continued):
Schedule of Contributions:
South Carolina Retirement System—Primary Government...................................................................87
Police Officers' Retirement System —Primary Government...................................................................87
South Carolina Retirement System— Fire and Rescue Commission ....................................................88
Police Officers' Retirement System— Fire and Rescue Commission....................................................88
South Carolina Retirement System —Memorial Library..........................................................................89
Retirement Plan Assumptions.......................................................................................................................90
OPEB Retirement Plan—Schedule of Changes in the Primary
Government's Total OPEB Liability and Related Ratios...........................................................................91
OPEB Retirement Plan—Schedule of Changes in the Fire and Rescue
Commission's Total OPEB Liability and Related Ratios...........................................................................92
OPEB Retirement Plan—Schedule of Changes in the Memorial
Library's Total OPEB Liability and Related Ratios....................................................................................93
Other Supplementary Information:
Combining Balance Sheet— Nonmajor Governmental Funds............................................................94—96
Combining Statement of Revenues, Expenditures and Changes
in Fund Balances—Nonmajor Governmental Funds.........................................................................97—99
Schedule of Revenues, Expenditures and Changes in Fund
Balance— Budget and Actual
Clerk of Court IV Incentives..............................................................................................................100
Clerk of Court IV Unit Costs..............................................................................................................101
VictimWitness Services....................................................................................................................102
Animal Care Control Donations........................................................................................................103
EmergencyTelephone.......................................................................................................................104
CountyHospitality Tax......................................................................................................................105
County Accommodations Tax..........................................................................................................106
DebtService........................................................................................................................................107
Capital Sales Tax Debt Service.........................................................................................................108
DebtService Non-GOB......................................................................................................................109
CapitalProjects Fund........................................................................................................................110
Custodial Funds:
Combining Statement of Fiduciary Net Position...................................................................111 and 112
Combining Statement of Changes in Fiduciary Net Position...............................................113 and 114
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COLLETON COUNTY, SOUTH CAROLINA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
TABLE OF CONTENTS (CONTINUED)
Paqe
FINANCIAL SECTION (CONTINUED)
Other Supplementary Information (Continued):
Major Component Units
Fire and Rescue Commission:
BalanceSheet......................................................................................................................................115
Reconciliation of the Governmental Funds Balance Sheet
to the Statement of Net Position......................................................................................................116
Statement of Revenues, Expenditures and Changes in Fund Balances.......................................117
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities.......................................118
Schedule of Revenues, Expenditures and Changes in
Fund Balances—Budget and Actual...............................................................................................119
Memorial Library:
BalanceSheet......................................................................................................................................120
Reconciliation of the Governmental Funds Balance Sheet
to the Statement of Net Position......................................................................................................121
Statement of Revenues, Expenditures and Changes in Fund Balances.......................................122
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities.......................................123
Schedule of Revenues, Expenditures and Changes in Fund Balances—
Budgetand Actual.............................................................................................................................124
Uniform Schedule of Court Fines, Assessments, and Surcharges (per ACT 96).....................125 and 126
STATISTICAL SECTION
Financial Trends:
NetPosition by Component.........................................................................................................................127
Changesin Net Position...............................................................................................................................128
Fund Balances—Governmental Funds.......................................................................................................129
Changes in Fund Balances—Governmental Funds..................................................................................130
Revenue Capacity:
Assessed Value and Estimated Actual Value of Taxable Property..........................................................131
Direct and Overlapping Property Tax Rates...............................................................................................132
PrincipalProperty Taxpayers.......................................................................................................................133
Property Tax Levies and Collections ..........................................................................................................134
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COLLETON COUNTY, SOUTH CAROLINA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
TABLE OF CONTENTS (CONTINUED)
Paqe
STATISTICAL SECTION (CONTINUED)
Debt Capacity
Ratios of Outstanding Debt by Type...........................................................................................................135
Ratios of General Bonded Debt Outstanding.............................................................................................136
Direct and Overlapping Governmental Activities Debt .............................................................................137
LegalDebt Margin Information.....................................................................................................................138
Pledged Revenue Coverage.........................................................................................................................139
Demographic and Economic Information:
DemographicStatistics.................................................................................................................................140
PrincipalEmployers......................................................................................................................................141
Operating Information:
Full-time Equivalent County Government Employers by Function..........................................................142
Operating Indicators by Function................................................................................................................143
Capital Asset Statistics by Function/Program ...........................................................................................144
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INTRODUCTORY SECTION
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COLL�TON C()IJN-TY
�Ol'�l�ll C.1l:UL1N_1
January 27, 2023
To The Honorable Chairman & Honorable Members of County Council and the Citizens of Colleton County,
South Carolina:
State law requires that all general purpose local governments publish, within six months of the close of each fiscal
year, a complete set of financial statements presented in conformity with generally accepted accounting principles
("GAAP")and audited in accordance with generally accepted accounting standards by a firm of licensed certified public
accountants. Pursuant to that requirement, we hereby issue the Annual Comprehensive Financial Report("ACFR")of
Colleton County, South Carolina (the "County")for the fiscal year ended June 30, 2022.
This report consists of management's representations concerning the finances of the County. Consequently,
management assumes full responsibility for the completeness and reliability of all the information presented in this
report. To provide a reasonable basis for making these representations, management of the County has established
a comprehensive internal control framework, which is designed both to protect the governmenYs assets from loss,
theft, or misuse and to compile enough reliable information for the preparation of the County's financial statements in
conformity with GAAP. Because the costs of internal controls should not outweigh their benefits, the County's
comprehensive framework of internal controls has been designed to provide reasonable rather than absolute
assurance that the financial statements will be free from material misstatement. As management, we assert that to
the best of our knowledge and belief, this financial report is complete and reliable in all material respects.
The County's financial statements have been audited by Mauldin & Jenkins LLC, a firm of licensed certified public
accountants. The goal of the independent audit was to provide reasonable assurance that the financial statements of
the County for the fiscal year ended June 30, 2022, are free of material misstatement. The independent audit involves
examining on a test basis, evidence supporting the amounts and disclosures in the financial statement presentation;
assessing the accounting principles used and significant estimates made by management and evaluating the overall
financial statement presentation. The independent auditor concluded, based upon the audit, that there was a
reasonable basis for rendering an unmodified opinion that the County's financial statements for the fiscal year ended
June 30, 2022, are fairly presented in conformity with GAAP. The independent auditor's report is presented as the
first component of the financial section of this report.
GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic
financial statements in the form of Management's Discussion and Analysis ("MD&A"). This letter of transmittal is
designed to complement the MD&A and should be read in conjunction with it. The County's MD&A can be found
immediately following the report of the independent auditors.
Profile of the Government
The County was founded in 1682 through a land grant to Sir John Colleton by King Charles II, of England and was
one of the original proprietary counties in the present-day Carolinas. It was officially formed in 1798 and is in the
southeastern part of South Carolina bordering on the Atlantic Ocean.The County is in the Lowcountry region of South
Carolina, and it is located midway between Charleston, South Carolina and Savanah, Georgia on the I-95 corridor.
The County occupies a large land area that is 1,056.48 square miles and has a population of roughly 38,600.
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The County is empowered to levy a property tax on both real and personal properties located within its boundaries.
The County operates under the Council-Administrator form of government. Policy-making and legislative authority are
vested in a governing Council consisting of five members. In addition to policy-making and legislative authority that
are vested with the Council, they also have the responsibility to pass ordinances, adopt the budget, appoint
committees, and hire both the County Administrator and County Attorney. The County Administrator is responsible for
the administration of all the departments of the County government which County Council has the authority to control.
The powers and duties of the County Administrator include: (1) executing policies, directives, and legislative actions
of County Council; (2) directing operational and administrative activities of the County; (3) preparing annual budgets;
(4)supervising the expenditure of funds; and (5)employing and discharging personnel.The five Council members are
each elected from residence districts or at-large for four-year staggered terms, with three Council members elected
every two years, and two elected every two years. County elections occur in the fall of even-numbered years.
The County provides a full range of services including:
(1) Public Safety (including law enforcement, County-wide emergency dispatch services and detention
facilities).
(2) Fire and Rescue (including emergency preparedness, emergency medical services and fire protection in
the unincorporated areas of the County through 34 fire stations).
(3) Animal and Environmental Control.
(4) Public Works (including street and drainage maintenance).
(5) Solid Waste Management(waste disposal and recycling at County landfill and 15 convenience sites).
(6) Judicial Administration (including prosecuting and public defender legal services, criminal, civil, probate and
family court administration).
(7) Tax Collection and Disbursal.
(8) Libraries.
(9) Recreation (Recreation Center, Community Centers, Dogwood Hills Golf Course and Restaurant, Colleton
County Museum and Commercial Kitchen, Colleton Civic Center and Colleton County Farmers Market).
(10) Planning and Zoning Administration.
(11) Veterans Assistance.
The annual budget serves as the foundation for the County's financial planning and control. All departments of the
County are required to submit requests for appropriations to administration during the spring of each year.The County
Administrator uses these requests as the starting point for developing a proposed budget. The County Administrator
then presents this proposed budget to the Council for review during May of each year. The Council is required to hold
a public hearing on the proposed budget and to adopt a final budget prior to June 30th, the close of the County's fiscal
year. The appropriated budget is prepared by fund and department. Budgetary control (that is the level at which
expenditures cannot legally exceed the appropriated amount) is maintained by the Administrator at the fund level and
may be amended as necessary during the fiscal year. Budget-to-actual comparisons are provided in the report for
each individual department by governmental fund for which an appropriated annual budget has been adopted. For the
general fund,this comparison is presented as part of the required supplementary information for governmental funds.
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is considered from the
broader perspective of the specific environment within which the County operates.
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Economic Factors
The County's fiscal year 2022 assessable property tax base is$205, 536, 66, which represented growth of 6.4%from
2021's assessable property tax base of$193,167,536. This growth in assessed values was driven by growth in real
property, which increased by 9.2%, as a result of the continued high volume of home sales (up 9.4% from the prior
year) and home refinancing activity due to mortgage rates remaining near historical lows. Home refinancing has led
residents to undertake existing home renovations as seen in the over 1,765 building permits issued that total valuation
of$61.8 million. Personal property assessed values remained flat from the prior year when we saw significant growth
based on previously announced business expansions as well as new businesses beginning operations in the County.
As reported by the U.S. Census Bureau, median household income for the County in 2022 was forecasted to increase
slightly from the prior year amount of$36,324 to $37,748. The County continues to be roughly 65% of the median
household income of the State of South Carolina that was reported at$58,234. The County's unemployment level has
returned to pre-pandemic levels with unemployment on June 30, 2022 at 3.6%. Unemployment in the County was
slightly higher than the rate for South Carolina of 3.2% and significantly lower than the U.S. rate of 7.0%. The County
continued to see strong growth in retail sales, as seen in the growth of sales tax which increased by over 8% for the
year and drove double digit increases in the collection of the 1% local option taxes and the 1% capital projects taxes.
In addition to the growth in retail sales, the County saw a strong rebound in tourism with both the County share of
State Accommodations Taxes and Local Accommodations Taxes growing by over 20°/o from the prior year. The U.S.
Census Bureau forecasted the population for the County to be 38,462 as compared to the April 2020 census of 38,604,
which represents less than a 0.5% decrease in population. County population continues to be primarily located within
the Walterboro City Census Division ("CCD") as well as near the other CCDs within the County, including the
Hendersonville CCD and Cottageville CCD. Given the stagnant population, the median age of the County dipped
slightly to 42.3 which is 6.5°/o higher than median age in South Carolina of 39.7 and in the United States of 38.5.
Housing in the County continues to be dominated with owner occupied units with over 75% as compared to the State
of South Carolina average of 70% based on the most recently available data. Median home values have increased to
$207,614, which is up 13% from the previously reported amount of$183,035 though it is still lower than the State of
South Carolina average of$372,800, which is up 18.4% from the prior year.
A large part of the County is served with easy access to Interstate 95 with five interchanges that include exits 42, 53,
57,62 and 68. In addition to this major interstate artery,the County has direct access to both Highway 17 and Highway
17A that provide connection to the cities and towns of Charleston, Beaufort, Savannah, and Summerville. The City of
Walterboro is situated between exits 53 and 57 off Interstate 95 and is currently finishing up the infrastructure work
related to the final phase of the I-95 business loop improvement project that is funded with a portion of the proceeds
from the Capital Project Sales Tax referendum that voters approved in November 2014. This project is geared to
improve the access of visitors into the downtown area from I-95 as well as from SC Highways 17A and 64 that connect
to SC Highway 17.
Economic Development Goals and Strategies
With international pandemic travel restrictions lifted and continued strong national consumer demand, prospect activity
has been strong through fiscal year 2021-2022. As noted above, given the low unemployment rate of the County at
June 30th of 3.6% that are persisting, and with a comparatively small labor force, we point to our population of"out-
commuters" who leave the County every morning to drive to (presumably better) jobs in Charleston, Berkeley,
Dorchester, Beaufort and other neighboring counties, most times commuting for over an hour. The out-commuter
number is presently over 10,000. Companies that are willing to pay well above average wages,with very good benefit
packages, should be able to capture some of those out-commuters under the premise that commute times could be
cut for similar or better wages and benefits. An important factor with being able to attract companies that are willing
to pay above average wages is having an attractive site, at a competitive per acre price for company decision makers
to consider, and that is what the County has been working on over the recent few years. Investments in financing the
purchase of the H&B Railroad (now known as the 42-mile long Salkehatchie Railroad), acquisition of the 870-acre
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Colleton Mega Site("CMS")and optioning an adjoining 600 acres, underwriting the cost of engineering and permitting
to construct the CMS sewer line, conducting due diligence and making site improvements to CMS, Colleton Venture
Park and Colleton County Commerce Center are hallmarks of the County's efforts to set the stage to attract game-
changer scale projects to the County. We expected companies investing in the hundreds of millions of dollars to
locate on these sites, and the first such company just announced their plans to locate on 90 acres at the Colleton
Industrial Campus. Pomega, a subsidiary of Kontrolmatic, announced on December 8, 2022 that they will invest$279
million and hire over 500 employees to build an electrical grid-scale battery plant. Their electrical storage batteries
are essential to support renewable electric generation and to stabilize the power grid. Pomega is expected to break
ground in the spring of 2023. It is these types of investments that we have been preparing our sites to attract, and as
Pomega and other large-scale manufacturers locate in the County, it can be expected that national home builders,
population growth, services and retail companies will follow.
In addition to the Pomega win, we landed two other new manufacturing companies and one distribution company.
Trison Wells, a contract blending and bottling company, focused on household cleaning products, announced that
they plan to invest$1.2 million and to create 35 jobs. A larger win came from Gehl Foods Southeast. Gehl acquired
the County's 100,000 square foot speculative building and plans to invest $46 million and create 106 new jobs to
manufacture shelf-stable dairy products. Lastly, Boise Cascade announced their plans to build a lumber distribution
center at the Stokes Tract. Their investment will top$9 million and will cause the creation of 30 jobs. However, even
more exciting is that this project will mark the first company that the County has recruited that will use the Salkehatchie
Railroad, boosting our return on investment in saving the railroad and helping to pay off the financing with each railcar
that comes to their site.
We will continue to improve our large sites and begin construction on a new speculative building in the new year.
Much of this work will hinge on our ability to secure grants and other resources that are essential to these efforts.
Recreation and Culture
The County continues to offer some of the best opportunities for residents and visitors to enjoy both indoor and outdoor
activities. The County's recreation center, known as the ACE Basin Sports Complex, continues to be a prime venue
in the area as it hosts numerous baseball and softball tournaments. During fiscal year 2022, the recreation center
hosted a busy spring youth sports season with over 425 children registered to play baseball and softball. The gym
and fitness center continue to be a popular recreation venue for residents with revenue up over 20% and monthly
check-ins averaging over 1,987. Planning is continuing on the development of a miracle league field (inclusive ball
field)at the recreation center that will be funded with funds allocated in the State budget.
The County-owned Dogwood Hills Golf Course and Restaurant did see a mixed year, with the golf course seeing a
drop in activity while the restaurant benefited from some events that had been postponed due to the pandemic. The
golf course underwent a number of course renovations which led to some periodic hole closures. Though these
renovations led to a drop in revenue by 12°/o, the renovations were necessary and should reduce the cost of course
maintenance in future years. All renovation work was completed in the spring of 2022, which should lead to a strong
fiscal year 2023 for the golf course. The restaurant did continue to see strong growth in both dine-in services and
event (catering) services. Dine-in service saw a 16°/o growth in sales, though part of this growth (10°/o) was due to
increasing prices in an attempt to keep pace with rising food costs. Catering services did not see the double digit
revenue growth that was seen in dine-in services,though we did see steady growth of over 3.5% in number of events.
Given the continued rising prices for food as well as difficultly in staffing, the County did make the decision to close
the restaurant for dine-in services in August 2022, though the venue is still available for catered functions.
viii
Colleton County Commercial Kitchen, Museum and Farmers Market all continue to grow in popularity with various
local vendors that utilize the commercial kitchen space in development of their products as well as the centrally located
museum and farmers' market retail venues that are continuing to see strong attendance. In addition to vendors, the
Commercial Kitchen is heavily utilized by the County's Summer Feeding and After-School Programs, which are
providing over 8,000 meals per day that are delivered via centralized sites. Planning is still ongoing for renovations of
a separate site that will support the feeding program so that the Commercial Kitchen will be able to offer additional
availability to local vendors. Museum staff is planning to offer more events and festivals during the upcoming year,
which will allow our food and other vendors retail opportunities. The Colleton Civic Center was renovated as one of
the projects under the voter-approved Capital Project Sales Tax and has been busy hosting a variety of community
events, including film festivals and local artist concerts.
Colleton County Memorial Library continues to be busy with over 51,000 in-person visits to all locations. In addition to
the main library in Walterboro, the library has branches in both Edisto Beach and Cottageville that are open three
days a week as well as continuing to operate the book mobile that provides service throughout the County. One of the
most popular services offered by the library is computer usage, as there were over 16,750 sessions during the past
fiscal year. In addition, the library provides wireless devices for checkout that were utilized over 5,000 times during
the past year. The previous two years had seen COVID-19 impacts to some of the library classes and programs. This
fiscal year,the library was able to resume a pre-pandemic schedule and held over 500 different classes and programs
that saw a combined attendance of over 13,000.
In addition to all the opportunities sponsored through County venues, the area boasts easy access to many of South
Carolina's best eco-tourism spots, including the ACE Basin, the Walterboro Wildlife Sanctuary, Edisto State Park,
Colleton State Park, and several other South Carolina Department of Natural Resources wildlife management areas.
Long-Term Financial Planning
The County closed fiscal year 2022 with a continued strong financial performance and continues to hold ratings of
Aa3 with Moody's Investor Services and AA-with Standard and Poor's Rating Services. Both Moody's and Standard
and Poor's ratings were reaffirmed in February 2022 as part of the general obligation bonds and fire protection service
general obligation bonds that were issued in March 2022. The ratings cited the County's below average resident
income indices offset by solid financial position that is supported by improved reserves and growth in major operating
revenues and an above average, yet manageable, debt and pension burden. Total fund balance as of June 30, 2022
in the General Fund was $10,780,672 of which $9,705,545 was unassigned which represents an $853,010 increase
in total fund balance when compared to total fund balance as of June 30, 2021 of$9,927,226, of which $9,131,378
was unassigned. These total fund balance figures represent 31% and 31% of total expenditures, respectively. The
County budget ordinance requires the total general fund balance to be a minimum of 20% of total expenditures. An
additional reference point to the strength of the County's general fund balance position, The Government Finance
Officers Association of the United States and Canada ("GFOA") recommends at a minimum that a general purpose
government maintain an unrestricted fund balance of no less than two months operating expenditures as outlined in
its September 2015 Appropriate Level of Unrestricted Fund Balance in the General Fund "Best Practice" bulletin and
currently the County has roughly 101 days in its General Fund unassigned fund balance.
Relevant Financial Policies
The County's financial processes are guided by formal and informal policies that have been designed to provide a
consistent and measurable framework for County decision makers.
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The County, as a political subdivision of the State of South Carolina, is required to prepare and maintain a balanced
budget. For the fiscal year ended June 30, 2022, the County's budget was balanced.
The County maintains an open budget process by providing for input from County administration, department
directors, elected officials, community agencies, County municipal governments and the public as budget priorities
and funding is determined for the upcoming year.
The County constantly updates the various forecasting models used in both revenue and expenditure forecasting to
reduce the risk of miscalculation. These models do utilize a number of factors that could contribute to a change in a
particular revenue or expenditure. For example, building permits would be forecasted based on any planned
developments, historical permit volume of existing home improvements and known economic commercial
development. In contrast, building repairs and maintenance would be forecasted based on age and condition rating
applied to a particular building and forecasted change in the consumer price index that would impact materials and
contract labor costs. In all cases, the starting point is to evaluate prior year actual and trends and to then apply any
positive or negative adjustment related to the appropriate forecast model. The overall goal of revenue forecasting is
to minimize the risk of overstating or understating revenues that could lead to overspending available resources or
arbitrarily restricting expenditures and thus limiting services to residents.
Major Initiatives
The remaining projects as approved by voters under the Penny Capital Project Sales Tax are ongoing, including the
County Taxpayer Service Center, which will house the Auditor, Treasurer and Delinquent Tax offices. Construction
has been slowed due to delays in receiving materials, though construction was completed and the center began
serving residents in August 2022. In addition, work is ongoing on the second phase of the City of Walterboro's
Interstate 95 business loop. This project was undertaken to rehab and provide appeal to the Jefferies Blvd/Bells
Highway span between exits 53 and 57 on I-95 to attract more visitors and tourists to the historic downtown of
Walterboro.
On November 8,2022,voters approved the reissuance of the Penny Capital Project Sales Tax for the next eight years.
The tax is forecasted to generate over$40 million and will go towards the following projects:
1. Colleton County Animal Services Facility $3,330,550
2. Veterans Park 988,200
3. Town of Smoaks—Johnsville/Smoaks Community Center 937,000
4. Colleton County Emergency Operations Center 2,719,185
5. Colleton County Recreation Center Additions (Gym and Activity Rooms) 2,953,575
6. Colleton County Recreation Center Additions (Pool) 2,029,690
7. Town of Cottageville— Park Expansion 455,000
8. Town of Williams—Water Infrastructure Improvements 250,000
9. City of Walterboro— I-95 Business Loop Phase 3 6,802,045
10. Edisto Municipal Emergency Operations Center and Town Hall Complex 10,000,000
11. City of Walterboro— Ireland Creek Greenway Park and Stream Restoration 9,889,816
Total Amount of Sales and Use Tax Proceeds $40,355,061
The referendum did allow for the County to issue general obligation bonds in an amount not to exceed $40,355,061,
with the proceeds of such bonds applied to defray the costs of the above purposes. The County expects to issue the
bond during fiscal year 2023.
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In November 2021, the County closed on a $5.5 million lease purchase with South State Bank, N.A. after conducting
a request for proposal that saw eleven very competitive responses. The financing with South State is a five-year lease
purchase with an interest cost of 1.0%. The proceeds of the lease purchase will be used to purchase Fire/Rescue
ambulances (4) and fire trucks (4), Roads and Bridges motor graders (3) and dump trucks (2), Solid Waste landfill
compactor(1), backhoe (1), and roll-off trucks (2). The trucks and equipment have been ordered and will be received
during fiscal year 2023 and 2024, due to some delays in some manufacturing processes.
The County has continued to move from purchasing fleet vehicles, including Sheriff vehicles, to a leased vehicle. As
of June 30, 2022, roughly 100 of the 115 County fleet vehicles have been moved to a leased vehicle. Due to record
sales prices of used vehicles over the last two years, the County has been able to early cycle a number of its existing
leased vehicles for a new leased vehicle. This early cycle process leads to a sales price that can provide $10,000-
$20,000 in equity. The County uses this equity to reduce the lease price of the new vehicle to an amount that is below
the leased price of the older leased vehicle that was early cycled. This opportunity has allowed the County to reduce
our annual lease cost by over 10% while maintaining a safe and more fuel-efficient fleet.
Awards and Acknowledgments
GFOA awards a Certificate of Achievement in Financial Reporting. To be awarded a Certificate of Achievement, a
governmental unit must publish an easily readable and efficiently organized ACFR, the contents of which conform to
program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal
requirements. Since 2014, the County has been awarded a Certificate of Achievement for Excellence in Financial
Reporting award. A Certificate of Achievement is valid for a period of one year only. We believe our current report will
conform to certificate of achievement program requirements, and we are submitting it to the GFOA to determine its
eligibility for a certificate.
The preparation of the ACFR would not have been possible without the assistance of the Finance Department staff,
the Treasurer's office and several other County departments and staff. The arduous work and dedication of these
individuals significantly contributed to the completion of this document. Moreover, the support and leadership of the
County Council has been instrumental in the development of this project.
Sincerely,
:—�
, �� � '�� ►-�
J. Kevin Griffin Jon Carpenter
County Administrator Finance Director
xi
�
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Colleton County
South Carolina
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2021
C�i�r,�:o a�w.. P• 7J�e►u�-�-�
Executive Director/CEO
xii
COLLETON COUNTY VOTERS
COLLETON COUNTY GOVERNMENT
BOARD OF CONSTITUTIONAL& GENERAL LEGISLATIVE
EDUCATION ASSEMBLY CREATED OFFICES COLLETON COUNTY COUNCIL 1UDICIAL DELEGATION
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' COUNTY ADMINISTRATOR ' • ' " ' "
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Chief Financial Administrative Services
Q Director � . �
Officer � � �
Public Relations ` '
Accounts
Payable/Payroll Governmental Affairs
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Accounting/Audits Insurance Services
Debt Management Legal LlalSon
'• Fixed Assets/Reporting �
• •• Purchasing County En�ineer
•Vehicle Repair
•a options Project Management Maintenance
•Pickup and Capital Projects C'�C � •Vehicle
Protection
•Ordinance � � • Purchasing
Enforcement � '� •Project
•Building � � •Land Use/Tax Management
•Emergency � •� GENERAL COUNTY OPERATIONS
Maintenance � Determinations
•Custodial •Industrial •Re-Appraisal
Services parks •Transfer
•Landings •Project . • __ -- . , �� �, , Station � �
•Grounds Recruiting •Convenience �
Maintenance •Expansion � � � •Road Repair Centers
&Retention •Fire Response " • " Maintenance
•Paved Road 'C&D Landfill •Delin uent
Services •IS Plan q
•Workforce •Land Use
• O erations •Personnel
� Dev. •Ambulatory •IS Operations � p Plannin Repairs Property Tax
Services &Installations Community g� •Benefits Collection
�-'• •Partnerships •Rescue •LAN/WAN Activities Administration •Title Vl •Mobile Home
Services Maintenance
•Farmers •Flood Plain Decal
•Plats � ' � •Fire Prevention •IP Phone Market Administration
•Deeds - - •Emergency System •Commercial •Building
•Recording •Parks Management •GISSystem Kitchen Inspection �_
•Safety
•Fundraising •Nuisance
•Active Enforcement � , �
Recreation •Workers' ■ �
•Fitness Comp. ' ��'��'ID� '
•GolfCourse •i''��i ��'�'�����h' '
COLL�TON COUNTY
X���
COLLETON COUNTY, SOUTH CAROLINA
LIST OF PRINCIPAL OFFICIALS
JUNE 30, 2022
County Administrator..................................................................................................................... J. Kevin Griffin
Chairman..................................................................................................................................Steven D. Murdaugh
CouncilMember....................................................................................................................................Art Williams
CouncilMember........................................................................................................................Phillip M. Taylor Sr.
CouncilMember................................................................................................................................Gene Whetsell
Council Member..................................................................................................................Joseph F. Flowers, MD
Finance Director.................................................................................................................................Jon Carpenter
Auditor.....................................................................................................................................................Jeff Slocum
Clerkof Court...................................................................................................................................Rebecca H. Hill
Treasurer................................................................................................................................................Becky S. Hill
Sheriff........................................................................................................................................................Guerry Hill
Coroner........................................................................................................................................Richard M. Harvey
ProbateJudge..................................................................................................................................Arthur C. Utsey
ChiefMagistrate.............................................................................................................................Harriet A. Bonds
xiv
FINANCIAL SECTION
AULDIN
& ENKINS
CPAs & ADVISORS
INDEPENDENT AUDITOR'S REPORT
County Council of Colleton County
Colleton County, South Carolina
Walterboro, South Carolina
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the aggregate discretely
presented component units, each major fund, and the aggregate remaining fund information of Colleton County,
South Carolina (the "County"), as of and for the year ended June 30, 2022, and the related notes to the financial
statements, which collectively comprise the County's basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities, the aggregate discretely presented component units, each major
fund, and the aggregate remaining fund information of the County, as of June 30, 2022, and the respective changes
in financial position for the year then ended in accordance with accounting principles generally accepted in the
United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America
("GAAS") and the standards applicable to financial audits contained in Government Auditing Standards issued by
the Comptroller General of the United States ("Government Auditing Standards'�. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of
our report. We are required to be independent of the County and to meet our other ethical responsibilities, in
accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinions.
Change in Accounting Principle
As discussed in Notes 1, 6, and 7 to the financial statements, the County implemented Governmental Accounting
Standards Board ("GASB") Statement No. 87, Leases, as of July 1, 2021. Our opinions are not modified with
respect to this matter.
6001 CHATHAM CENTER DRiVE,SUITE 250•SAVANNAH,GEORGTA 31405•912-232-1622•www.mjcpa.com
MEMBERS OF THE AMERICANINSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
accounting principles generally accepted in the United States of America, and for the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free
from material misstatement, whether due to fraud or error. In preparing the financial statements, management is
required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial
doubt about the County's ability to continue as a going concern for twelve months beyond the financial statement
date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and, therefore, is not a guarantee
that an audit conducted in accordance with generally accepted auditing standards and Government Auditing
Standards will always detect a material misstatement when it exists. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a
reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing
Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the County's internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the County's ability to continue as a going concern for a reasonable period of time.
2
We are required to communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified
during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management's Discussion
and Analysis, the Budgetary Comparison Schedule of the General Fund, the Budgetary Comparison Schedule of the
Special Revenue Fund, the Schedules of the Proportionate Share of the Net Pension Liability, the Schedules of
Pension Contributions, and the Schedules of Change in Total OPEB Liability and Related Ratios as listed in the
table of contents be presented to supplement the basic financial statements. Such information is the responsibility of
management and, although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board who considers it to be an essential part of financial reporting for placing the basic financial
statements in an appropriate operational, economic, or historical context. We have applied certain limited
procedures to the required supplementary information in accordance with auditing standards generally accepted in
the United States of America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management's responses to our inquiries, the basic
financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not
express an opinion or provide any assurance on the information because the limited procedures do not provide us
with sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the County's basic financial statements. The combining and individual nonmajor fund financial statements and
schedules, combining statement of fiduciary net position and combining statement of changes in fiduciary net
position, the individual financial statements and schedules of the County's discretely presented component units,
and the Uniform Schedule of Court Fines, Assessments, and Surcharges (per Act 96), as required by the State of
South Carolina (collectively referred to as the "Other Supplementary Information" as listed in the table of contents)
are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such
information is the responsibility of management and was derived from and relates directly to the underlying
accounting and other records used to prepare the basic financial statements. The information has been subjected to
the auditing procedures applied in the audit of the basic financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other records used to
prepare the basic financial statements or to the basic financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of America. In our
opinion, the Other Supplementary Information is fairly stated, in all material respects, in relation to the basic financial
statements as a whole.
3
Other Information
Management is responsible for the other information included in the annual report. The other information comprises
the introductory and statistical sections, but does not include the basic financial statements and our auditor's report
thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express
an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and
consider whether a material inconsistency exists between the other information and the basic financial statements,
or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude
that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with GovernmentAuditing Standards, we have also issued our report dated January 27, 2023 on our
consideration of the County's internal control over financial reporting and on our tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is
solely to describe the scope of our testing of internal control over financial reporting and compliance and the results
of that testing, and not to provide an opinion on the effectiveness of the County's internal control over financial
reporting or on compliance. That report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the County's internal control over financial reporting and compliance.
���� � , ��.°c
Savannah, Georgia
January 27, 2023
4
COLLETON COUNTY, SOUTH CAROLINA
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2022
As management of Colleton County, South Carolina, (the "County") we offer readers of the County's financial
statements this narrative overview and analysis of the financial activities of the County for the fiscal year ended
June 30, 2022. Please read this information in conjunction with the detail statements and notes to the financial
statements to achieve a better understanding of the County's financial performance for the fiscal year.
Financial Highlights
• The assets plus deferred outflows of resources of the County exceed its liabilities plus deferred inflows of
resources at the close of the most recent fiscal year by$41,839,303 (net position). The County's net position
increased by $5,770,891 due to growth in general revenues (property taxes and other local taxes) of $2.8
million, charges for services (planning and development fees and recording fees) of $654 thousand and
operating grants (Local Fiscal Recovery Funds)of$1.7 million.
• At the close of the current fiscal year, the County's governmental funds reported combined ending fund
balances of $33,510,412, an increase of $2,319,795. This increase in fund balance was primarily due to an
increase in the General fund of $853 thousand and Capital Projects fund of $1.9 million offset by a $263
thousand reduction in nonomajor funds.
• Governmental funds reported a total combined revenues of $61.9 million which represents growth of $4.71
million and 8.2%from the prior year.The growth was driven by tax revenues which increased$1.46 million and
4.4% (assessed values growth and return of pre-pandemic travel and spending), Intergovernmental revenues
(Treasury fiscal recovery funds)which increased $2.84 million and 17.7% and Fees and Fines revenues which
increased $460 thousand and 6.5% (increase in planning and development fee structure).
• Governmental funds reported total combined expenditures of $68.3 million, which is an increase of $13.76
million and 25.2%from the prior year.The total increase in expenditures was made of a$3.16 million in general,
a$9.54 million in capital projects and a $3.64 million increase in nonmajor that were offset by a ($2.61 million)
decrease in special revenue. The details of these changes are included in the governmental funds expenses
section below.
Overview of the Financial Statements
This Management's Discussion and Analysis ("MD&A") is intended to serve as an introduction to the County's
basic financial statements,which are comprised of three components:
1. Government-wide financial statements
2. Fund financial statements
3. Notes to the financial statements
Government-wide Financial Statements—Government-wide financial statements are designed to provide readers
with a broad overview of the financial position of the County and are like financial statements issued in the private
sector. They include a statement of net position and a statement of activities. These statements appear on pages
22 and 23 of this report.
5
MANAGEMENT'S DISCUSSION AND ANALYSIS
Component units, which are other governmental units over which the County can exercise influence and/or may be
obligated to provide financial subsidy, are presented as a separate column in the government-wide statements and as
combining statements of activities in the fund financial statements.The focus of the statements is clearly on the primary
government and the presentation allows the reader to address the relative relationship with the component units to the
primary government. The nonmajor component units to the primary government are the Colleton County Memorial
Library, the Colleton County Fire and Rescue Commission, and Pillars4Hope.
The statement of net position shows the County's assets less its liabilities on June 30, 2022. The difference between
these assets and liabilities is reported as net position. Changes in net position over time may be helpful in indicating an
improving or deteriorating financial position.
The statement of activities follows the statement of net position and presents information showing how the net position
changed during the fiscal year. The statement presents all underlying events,which give rise to the change, regardless
of the timing of related cash flows. Some included items, such as accounts payable or earned but unused vacation
leave, will produce changes in cash in a future fiscal period. This report includes all major and nonmajor funds of the
County.
Both statements attempt to distinguish functions of the County that are principally supported by taxes and
intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a
significant portion of their costs through user fees and charges (business-type activities). The County has no business-
type activities. Governmental activities reported in the statements include general government, judicial, public safety,
roads and bridges, solid waste, recreation and culture, health and human services, economic development and
intergovernmental.
Fund Financial Statements—A fund is a grouping of related accounts that is used to maintain control over resources
that have been segregated for specific activities or objectives. Like other state and local governments, the County uses
fund accounting to ensure and demonstrate compliance with finance-related legal requirements.All funds of the County
can be divided into two categories: governmental and fiduciary.
Governmental Funds—Governmental funds, presented on pages 24—28, essentially account for the same functions
as those reported under the government-wide statement of net position and statement of activities. However, this set
of financial statements focuses on events that produce near-term inflows and outflows of available resources as well
as on the balance available at the end of the fiscal year and is a narrower focus than the government-wide financial
statements. Such information may be useful in evaluating the County's near-term financing requirements and available
resources.
By comparing functions between the two sets of statements for governmental funds and governmental activities,
readers may better understand the long-term impact of the governmenYs near-term financing decisions. Both the
governmental funds balance sheet and the governmental funds statement of revenues, expenditures and changes in
fund balances provide a reconciliation to facilitate this comparison.
6
MANAGEMENT'S DISCUSSION AND ANALYSIS
Governmental funds individually presented in the County's statements include five major funds: the General Fund, the
Special Revenue Fund, the Coronavirus Local Fiscal Recovery Fund, the Capital Projects Fund, and the Capital Sales
Tax Debt Service Fund. Data from the other funds are combined into a single, aggregated presentation. Individual fund
data for each of these nonmajor funds is provided in the form of combining statements elsewhere in this report.
Custodial Funds — Custodial funds are used to account for resources held for the benefit of parties outside the
government. Custodial funds are not reflected in the government-wide financial statement because the resources of
those funds are not available to support the County's own programs. The single aggregated presentation of custodial
fund financial statements can be found on page 30 and 31 of this report. Individual fund data for each of these nonmajor
funds is provided in the form of combining statements elsewhere in this report.
Notes to the Financial Statements—The notes provide additional information that is essential to a full understanding
of the data provided in both the government-wide and fund financial statements. Notes to the financial statements
are presented on pages 32—81 of this report.
Other Information—In addition to the basic financial statements and the accompanying notes,this report also presents
certain required supplementary information concerning the County's budget on pages 82 and 83. Historical pension
and OPEB information is located on pages 84—93 for the County and its component units.
The combining statements referred to earlier in connection with nonmajor governmental and custodial funds are
presented immediately following the required supplementary information and other budgetary schedules. Combining
and individual fund statements and schedules for nonmajor governmental funds can be found on pages 94 — 110 of
this report and combining fund statements for custodial funds can be found on pages 115— 123.
Component unit financial statements are presented for the Memorial Library and the Fire and Rescue Commission on
pages 96 to 106 of this report.
Government-wide Financial Analysis
As noted earlier, over time, net position may serve as a useful indicator of a government's financial position. The
government-wide statements encompass all the funds of the County, notjust the general operational fund.The County's
total assets plus deferred outflows of resources exceeded liabilities plus deferred inflows of resources by$41,839,303
on June 30, 2022, as compared to restated net total position of$36,068,412 on June 30, 2021.
7
MANAGEMENT'S DISCUSSION AND ANALYSIS
COLLETON COUNTY, SOUTH CAROLINA NET POSITION
Governmental Activities
2022 2021
Assets
Current and other assets $ 50,311,576 $ 41,214,246
Capital assets 60,042,383 57,568,095
Total assets 110,353,959 98,782,341
Deferred Outflows of Resources 7,678,032 7,783,917
Liabilities
Long-term liabilities 58,411,162 61,060,259
Other liabilities 12,128,203 8,627,050
Total liabilities 70,539,365 69,687,309
Deferred Inflows of Resources 5,653,323 810,357
Net Position
Net investment in capital assets 42,262,227 43,815,008
Fund balance
Restricted 10,118,153 10,571,627
Unrestricted (10,541,077) (18,318,223)
Change in Accounting Principle - -
Total net position, as restated $ 41,839,303 $ 36,068,412
Total assets did increase by $11,571,618 with most of this change coming from the increase in investments of
$8,074,436, $2,831,961 in lease assets, net of accumulated amortization and $2,474,288 in total capital assets, net
of depreciation that was offset by a decrease in cash and cash equivalents of ($3,206,326). The increase in
investments was due to the Treasurer investing $8 million of existing cash and cash equivalents into certificate of
deposits that have maturity schedules based forecasted cash flow needs. Moving these funds from cash and cash
equivalents did lead to a decrease in cash and cash equivalents that was offset by the receipt of the remaining $3.7
million in Treasury Local Fiscal Recovery funds. Lease assets, net of accumulated amortization of $2,831,961
represents the adoption of GASB 87 and the County's fleet vehicle lease program. The increase in capital assets was
due to the $6.67 million in asset additions for the year offset by $3.8 million in depreciation expense. More detail
information about the asset additions can be found below in the capital assets section. Total deferred outflows
decreased slightly by($105,885). Deferred outflows for pension did decrease by ($1,384,619)and was due to actual
earnings exceeding projected earnings on pension plan assets. OPEB deferred outflows did increase by$1,278,374
and were due to an increase in headcount, an increase in per capita claims along with a decrease in the discount rate.
Total liabilities did increase by$852,056 with most of the change due to the increase in other liabilities of$3,501,153
that was offset by a decrease in long-term liabilities of ($2,649,097). The increase in other liabilities was due to a
$549,876 increase in payroll liabilities based on timing of pay period end dates as well as pay adjustments effective
with the first pay date in the new fiscal year. In addition, unearned revenue increased by$2,768,970 based on unspent
state appropriations for specific County projects of $1,801,220 and unspent Treasury local recovery funds of
$4,307,567. The decrease in long-term debt was the result of a reduction in our net pension liability and other
scheduled bond payments that were offset by the issuance of a $5.5 million lease financing agreement. Deferred
inflows increased by $4,842,786 based on deferred outflows related to pension. The change in deferred outflows
related to pension was due to actual earnings exceeding projected earnings on pension plan assets.
8
MANAGEMENT'S DISCUSSION AND ANALYSIS
By far the largest portion of the County net position in the amount of$42,262,227(101°/o)represents its net investment
in capital assets (e.g., land, buildings, machinery, and equipment)for governmental activities plus net value of leased
assets, less any related debt used to acquire those assets that is still outstanding on June 30,2022 plus any remaining
bond proceeds on hand, as compared to$43,815,008 (121.5%)on June 30, 2021. The decrease of($1,552,781)was
primarily the result of a net increase of$2,474,287 in capital assets as the supply chain issues that had hampered
projects in the prior year improved and thus lead to a decrease of ($4,812,783) in the amount of unspent bond
proceeds in hand. Although the County's investment in capital assets is reported net of related debt, it should be
noted the resources needed to repay this debt must be provided from other sources, since the capital assets
themselves cannot be used to liquidate those liabilities. On June 30, 2022, the County had a net position restricted for
debt service in the amount of $7,035,132 (16.8°/o), which was a decrease of ($603,931) from June 30, 2021. This
decrease was due to transferring of$2,013,645 of excess capital projects sales tax collections to the capital projects
fund to fund final capital projects sales tax projects that are seeing price increases for materials and labor. Overall
debt service property tax collections increased 5.6°/o and the one cent capital project sales tax increased by 11.2%
which partially offset the transfer of excess collections.
The restricted portion of net position of $10,118,153 (24.2%) represents the balances of net position that have
restricted resources and are not available to fund other commitments.The restricted net position relates to solid waste
landfill post-closure, debt service, economic development, emergency and law enforcement services, and other
revenue sources that are earmarked for specific County functions. The decrease of($453,474)from June 30, 2021,
was a result of the decrease of($603,931)discussed above related to usage of excess prior year capital projects debt
service collections and decreases in court administration, law enforcement and local hospitality tax. The decrease in
court administration net position was based on increased operating expenses related to the court system operations
returning to a pre-COVID schedule. The decrease in law enforcement net position was due to additional expenses
related to hiring a second victim advocate in the Sheriff's office. The decrease in local hospitality tax net position
(other purposes)was the result of implementing a County-wide contract litter pick-up service to combat the growing
litter problem throughout the County. These decreases in net position were offset by increases in the 14th Circuit
Solicitor net position (other purposes) based on resuming pre-COVID court schedule and in Emergency Telephone
net position (emergency services) based on an increase in tariff collections.
The remaining net position represents a deficit balance of($10,541,077) (-25.2%) in unrestricted net position which is
an increase of $7,777,146 from June 30, 2021. This increase was the result of the overall net position increase
$5,770,891 and when combined with the decrease of ($1,552,781) in our net investment in capital assets and the
decrease in restricted net position of ($453,474). The increase in our unrestricted net position is the result of strong
growth in revenues as represented in the overall increase in cash, cash equivalents and investments that partially
offset an increase in liabilities, primarily unearned revenues.
Governmental Activities
The County's total net position increased $5,770,891 in 2022 compared to an increase of$2,950,916 in 2021.
9
MANAGEMENT'S DISCUSSION AND ANALYSIS
COLLETON COUNTY, SOUTH CAROLINA CHANGES IN NET POSITION
2022 2021
Revenues
Program Revenues
Charges for services $ 8,809,303 $ 8,155,558
Operating grants and contributions 15,847,272 14,117,874
Capital grants and contributions 1,284,059 940,550
General Revenues
Property taxes 30,826,620 28,560,290
Other taxes 4,079,010 3,592,375
Grants and contributions not
restricted to specific programs 1,683,290 1,701,639
Miscellaneous income 48,519 327,711
Total Revenues 62,578,073 57,395,997
Expenses
Governmental Activities:
General government 11,224,373 10,882,562
Judical 6,773,058 7,005,856
Public safety 15,965,105 15,683,920
Roads and bridges 2,988,544 6,192,937
Solid waste 6,717,388 4,403,242
Recreation and culture 4,925,318 4,684,331
Health and human services 3,034,859 3,738,071
Economic development 4,653,832 1,194,174
Interest and fiscal charges 524,705 659,988
Total Expenses 56,807,182 54,445,081
Change in Net Position 5,770,891 2,950,916
Net Position, beginning of year, as restated 36,068,412 33,117,496
Net Position, end of year 41,839,303 36,068,412
Net position at the end of the fiscal year was $41,839,303, increasing by $5,770,891 and 16%. This increase in net
position was driven by growth in total revenues of$5,182,076 that was offset by growth in expenses of$2,362,101.
The increase in revenues was due to the $2,266,330 growth in property taxes, the $1,729,398 growth in operating
grants and contributions and the $653,745 growth in charges for services. Additional details on these revenue
changes can be found under the Revenue by Source — Governmental Activities chart on the following page. The
growth in expenses was due to the$341,811 increase in General Government,the$281,185 increase in Public Safety,
the $2,314,146 increase in Solid Waste and $3,459,658 in Economic Development offset by a decrease of
($3,204,393). Additional details on these expense changes can be found under the Expenses — Governmental
Activities chart on the following pages.
10
MANAGEMENT'S DISCUSSION AND ANALYSIS
Revenue by Source-Governmental Activities
o Miscellaneous income
0.1%
■ Grants and O Othertaxes
contributions not 6.5%
restricted to specific O Charges for services
programs 14.1%
2.7%
0 Operating grants and
contributions
25.3%
o Property taxes
49.3%
� Capital grants and
contributions
2.1%
oCharges for services
■Operating grants and contributions
OCapital grants and contributions
❑Property taxes
❑Other taxes
■Grants and contributions not restricted to specific programs
0 Miscellaneous income
• Property Taxes continue to be the largest source of revenue for the County at 49.3°/o though with the County
seeing growth in other revenue lines,the overall impact of property taxes has remained below 50°/o. Property
taxes did increase by$2.27 million and 7.9% due to the continued strong growth of 6.4% in assessed values,
as Council did not approve any millage increase. This growth continues to be based on the robust real estate
market that has been increasing sales and growing sales values. This is evidenced in our real property
assessed values increasing.
11
MANAGEMENT'S DISCUSSION AND ANALYSIS
• Operating Grants and Contributions did increase slightly to 25.3%from roughly 24.6% in the prior fiscal year.
The growth in operating grants and contributions is primarily focused in general government, roads and
bridges and economic development. General government increased $2.77 million and was due primarily to
the use of $3 million in Treasury local fiscal recovery funds to provide funding for personnel. Roads and
bridges increased $449 thousand and was due in part to the additional $1.075 million received from the state
in road maintenance funds. Economic Development increased by$379 thousand and was due to grant funds
received to continue work on water/wastewater services in rural parts of the County.
• Charges for services did dip slightly to 14.1%from 14.2%though revenue did increase by$654 thousand and
8%. General government increased by $625 thousand and was concentrated in the areas of planning and
development building permits and register deeds document recording fees. Both of these fees have seen
significant growth over this fiscal year and last fiscal year based on the low mortgage rates that made
refinancing and buying and selling homes a popular choice for many County residents.
Expenses-Governmental Activities
$16,000,000
$14,000,000 �General government
$12,000,000 ■Judical
0 Public safety
$10,000,000
�Roads and bridges
$8,000,000
■Solid waste
$6,000,000 oRecreation and culture
$4,000,000 ■Health and human services
0 Economic development
$2,000,000
■Interest and fiscal charges
$0
Expenses by Function
12
MANAGEMENT'S DISCUSSION AND ANALYSIS
• Expenses for General Government increased by $341,809 and was primarily due to increases provided to
personnel as part of the 2022 approved budget. Staff were provided a 5%adjustment and when coupled with
the 1% mandated increase in employer retirement matching, personnel increased by 18%from the prior year.
The increase related to the pay adjustment was offset by higher vacancy rate than the average historical rate.
In addition to the budget personnel adjustments, an increase of over 10% in facility utility fees were incurred
which was due in part to the age of some of the facilities still in use.
• Public Safety expenses increased by$281,185 and was due to the 5-20% pay adjustments that were included
in the 2022 budget. The pay adjustments were needed to maintain adequate staffing in the Sheriff's office,
the Detention Center, and 911 Dispatch. In addition, the appropriation provided to the County Fire Rescue
Commission did increase by 20% to provide additional funds to cover pay adjustments to Firefighter/EMTs
and Firefighter/Paramedics.
• Expenses for Roads and Bridges did decrease by ($3,204,392) and was due to a number of road projects
completed in fiscal year 2021 and new road improvements project did not begin until the last quarter of fiscal
year 2022.
• Expenses for Solid Waste increased by $2,314,146 and was due to one-time expenses related to the
replacement of some aging landfill equipment. During the fiscal year, investment of over$2.2 million was used
to purchase various replacement pieces of heavy equipment at the landfill. This did include the purchase of
a $1 million compactor for better compaction at the landfill and extend the remaining life.
• Economic Development expenses did increase by$3,459,658 and was related to improving water/wastewater
to rural parts of the County as well as to potential industrial sites that are within the County. More details on
these sites are found in the Transmittal Letter under the Economic Development Goals and Strategies. These
improvements were funded in part with funds from the U.S. Economic Development Agency and the SC Rural
Infrastructure Authority.
Financial Analysis of the Government's Funds
As noted earlier, the County uses fund accounting to ensure and demonstrate compliance with finance-related legal
requirements.
Governmental Funds
The focus of the County's governmental funds is to provide information on near-term inflows, outflows, and balances
of spendable resources. Such information is useful in assessing the County's financing requirements. Unassigned
fund balance may serve as a useful measure of the County's net resources available for discretionary use as they
represent the portion of fund balance which has not yet been limited to use for a particular purpose by either an external
party, the County itself, or a group or individual that has been delegated authority to assign resources for use for
purposes by the County Council.
13
MANAGEMENT'S DISCUSSION AND ANALYSIS
On June 30, 2022, the County's governmental funds reported combined fund balances of$33,510,412, an increase
of $2,319,795 in comparison with the prior year. Approximately 28.96% of this amount, or $9,705,545, constitutes
unassigned fund balance, which is available for spending at the County's discretion. The remainder of the fund
balance is either nonspendable, restricted, assigned, or committed, to indicate that it is: 1) not in spendable form
($751,932), 2) restricted for purposes ($9,728,951), 3) assigned for purposes ($1,430,926), or 4) committed for
purposes ($11,893,058).
The general fund is the chief operating fund of the County. On June 30,2022, unassigned fund balance of the general
fund was$9,705,545. As a measure of the general fund's liquidity, it may be useful to compare both unassigned fund
balance and total fund balance to total general fund expenditures. Unassigned fund balance represents
approximately 27.6%of total general expenditures,while total fund balance represents approximately 30.6%. County
ordinance requires that total fund balance be maintained at 20%of total general fund expenditures. During the current
fiscal year, the fund balance of the County's general fund increased by $853,010. This represents an increase of
8.6% in fund balance that was based on revenues increasing by 4.5%while expenditures grew significantly by 9.9%.
This higher growth in expenditures as compared to revenues was offset by a $1,535,871 increase in other financing
sources that that was due to transfers in from other funds, primarily from the local fiscal recovery fund.
• Tax revenues did increase by 2.5%that was due solely to growth in assessed values of 6.4%that were offset
by a dip in levy collections. The growth in assessed values are based on mortgage rates remaining at
historical lows for most of fiscal year 2022,which continue to drive robust home sales and refinancing activity.
County Council did not approve any operating millage increase for fiscal 2022.
• Intergovernmental revenues did increase 16.3% based on new state revenues. Included in the fiscal year
2022 state budget, rural stabilization funds ($322,581)were created to aid the majority of counties that saw a
small or no population change from the 2010 to 2020 census and, therefore, would receive less state aid to
local government funds beginning in fiscal year 2022. In addition, the state funded the 25°/o cost share
($49,087) associated previously with declared federal disasters.
• Fines and fees did increase by 7.3°/o from the prior year based on continuing to see increased volume/value
of building permits and recording document fees related to mortgage liens. A building permit fee change was
put into place with the fiscal year 2021 budget and no additional fee increase was budgeted in fiscal year
2022. In addition, County recreational venues did see a busier fiscal year 2022 as compared to 2021 that
was up 18%and was driven by residents returning to pre-COVID activities(youth sports,gym visits, restaurant
dining and large gathering events).
Total expenditures grew at 9.9°/o, or$3,156,600, with every function showing growth from the prior year. The largest
increases were seen in general government of $606,491 (6.4%), judicial of $149,710 (11.3%), public safety of
$1,012,155 (12.0%) and intergovernmental of$449,901 (8.6%).
• Governmental expenditures increased based on a 5% pay adjustment provided in the fiscal year as well as a
mandated 1% increase in employer retirement matching. These two led to an increase of roughly $440,672
in expenditures. In addition to personnel, utilities and supplies saw significant increases in fiscal year 2022.
Overall facility operating costs increased by 8% due to rate and usage increases and supply expenditures
were impacted by the significant jump in fuel prices during the last quarter of the fiscal year which did lead to
a $76,377 increase in fuel expense for the fiscal year.
14
MANAGEMENT'S DISCUSSION AND ANALYSIS
• The increase seen in judicial was primarily due to increase in wages, associated employer benefits and jury
expenses. Court staff were provided a minimum 5% salary adjustment in fiscal year 2022 as well as the
mandated 1% increase in employer retirement matching which led to $140,335 in additional expenditures.
With courts resuming their pre-COVID schedule,jury fees and associated expenditures did increase by 75%,
or$30,191.
• In order to maintain necessary public safety staffing in the Sheriff's office, the Detention Center and 911, pay
adjustments of 5-20% were provided in fiscal year 2022. These pay adjustments factored with the 1%
mandated employer retirement matching, increased expenditures by $720,882. Other than personnel
expenditures, supply expense experienced 31% growth. The rapid rise in fuel prices during the last quarter
of the fiscal year lead to a 50%, or additional $130,922, in fuel expenditures for the year.
• The increase in intergovernmental expenditures was caused by an increase of$409,542 in funding to Colleton
County Fire Rescue.This additional funding support was provided to cover additional personnel expenditures,
medical/drug/blood supplies and fuel expenses.
The fund balance of the County's special revenue fund did decrease by ($155,290) and (12.7%)from the prior year.
During fiscal year 2020 and 2021, the Department of Agriculture's summer feeding program for children was
expanded year-round so that children attending school virtually would have access to nutritious meals while at home.
During this time, the County did receive per meal reimbursements that exceeded the meal cost and these additional
prior year reimbursements were used during fiscal year 2022 to upgrade program related equipment as well as cover
the increasing cost for food.
During the current fiscal year, the fund balance of the County's capital projects fund increased by$1,943,231 million
and 19.2%. Revenues increased by $2,077,424 from the prior year and included $1,075,108 in additional state
appropriated road improvement funds, $769,539 in federal economic development grant funds and $500,000 in
South Carolina rural infrastructure grant funds. Expenditures increased to $13,364,110 from $3,819,447 in the prior
year. Major expenditures included $971,870 for a vacant retail building that will be renovated for use as the voter
registration office, $2,309,063 for the ongoing construction of the taxpayer service center building (Capital Projects
Sales Tax ("CPST")funded), $2,196,818 for six pieces of heavy equipment, including a solid waste compactor($5.5
million lease purchase financing), $904,616 in fleet vehicle lease expenses, $3,499,200 for road improvements
(CPST and state gas tax)and$1,863,271 in water/sewer improvements(U.S. Economic Development Administration
grant and South Carolina Rural Infrastructure Authority grant). Included in other financing sources is $5.500,000
from the November 2021 lease purchase financing.
Capital Projects Sales Tax Debt Service did report a slight decrease of ($69,328) in fund balance. Total tax
collections were $6,034,800 while debt service was $4,095,400. As part of the fiscal year 2022 budget, The County
Council approved the use of($2,013,645)in excess collections to cover cost increases on remaining CPST approved
projects.
15
MANAGEMENT'S DISCUSSION AND ANALYSIS
Budgetary Highlights
The County's general fund actual amounts reported for revenues of $35,008,499 were $1,414,325 higher than the
final budget amount of$33,594,174.
• Tax revenue was higher than final budget by$519,893 and 2.1% due to assessed values growth of 6.4% as
compared to a budgeted historical average of slightly more than 2%. Property taxes did see lower collections
at 93% compared to 96%, which did lessen the positive impact of the assessed values growth rate.
• Intergovernmental revenues were higher than final budget by $388,283 and 16.8% due to collection cost
reimbursements of previously declared disasters from both Federal Emergency Management Agency
("FEMA") and the State of South Carolina (25% funding). These reimbursements totaled $180,861 and had
not been included in the final budget. In addition, the County received June primary reimbursements of
$49,586 that were not included in the final budget.
• Fines and fees revenues were higher than final budget by $670,132 and 10.6°/o. The increase was due to
higher volumes and values related to building permits as well as document fees related to mortgage filings.
Building permits were $163,199 over final budget and recording document fees were $194,084 over budget.
With mortgages rising during the last part of fiscal year 2022 and continuing in fiscal year 2023, revenues are
forecasted to return to more historical amounts. In addition to these two fees, County recreational venues
saw volumes and revenues that mirrored or exceeded pre-COVID years. Between the ACE Basin Recreation
Complex, Dogwood Hills Golf Course and Restaurant, and the Museum, revenues exceeded final budget by
$201,587.
Total actual expenditures of $35,208,708 were ($473,696) and (1.3°/o) under final budget of $35,682,404. The
expenditure savings were seen in general government of$904,049 that was offset by over budget expenditures, in
public safety of$202,484, recreation and culture of$64,996 and intergovernmental of$159,101.
General government expenditures were under budget by$904,049 and 8.3% and were due to the following:
• Vacant clerical positions of 8.5 FTEs that equated to salaries and retirement match and FICA match savings
of$484,540.
• Health Insurance (employer matching) budgeted with 4°/o increase which did not occur and led to savings of
$226,128.
• Workers' compensation premium is based on budgeted salaries and due to vacant positions, savings that
were offset by higher overtime usage (see Public Safety), actual premium savings of$81,113 was seen.
• Additional fuel contingency added to final budget based on fourth quarter price increases. Only a partial
amount of contingency was needed—savings$95,226
Public safety expenditures were over budget by$202,484 and 2.2°/o and were due to the following:
• Overtime for Sheriff, Detention Center and 911 Dispatch is budgeted at a total of 10.5 ftes (historical average)
though actual overtime usage was 13.1 ftes. The 2.6 ftes of additional overtime equated to additional salaries,
retirement match and FICA match of$136,472. This was partially offset by vacant position savings of$82,732.
• Average census budgeted at the Detention Center is 90 per day, actual average census per day was 98. This
created additional expense related to contract medical and food service at the Detention Center. This
additional expense totaled $60,433.
16
MANAGEMENT'S DISCUSSION AND ANALYSIS
• The County has moved roughly 70% of its fleet of vehicles (including Sheriff) from County-owned to lease
vehicles. This has brought the average age of a County vehicle from over eight years to four years. This was
especially important in the Sheriff's department since their vehicles are heavily utilized. With the slowdown in
vehicle manufacturing over the last two years, we have not been able to replace vehicles as planned,
especially in the Sheriff's office. This has caused the Sheriff to keep older vehicles in service and created
additional vehicle repair expense. This additional expense totaled $17,947.61.
Recreation expenditures were over budget by$64,996 and 3.7°/o and were due to the following:
• Based on the higher usage volumes at Ace Basin and Dogwood Hills Restaurant, food costs associated with
the concession stand operation and restaurant was over budget by$20,026.11.
• Museum retail sales are partially made from goods on consignment from local merchants. With museum
sales being over budget by 22%, payments to consignors was over budget by 18% and $21,866.
• Unbudgeted repairs and maintenance were required at the golf course (down tree removal and dam repairs)
which totaled $11,703.
Intergovernmental expenditures were over budget by $159,101 and 2.9% and were due to additional appropriation
provided to the Fire and Rescue Commission to cover higher than budgeted personnel costs that were due to
providing additional pay adjustments to retain essential personnel.
Total actual other financing sources (uses)were less than final budget by($1,357,414)and (56.3%)due to additional
transfers out of $1,343,927 and 46.8%. Final actual transfers out included an additional amount of $1,343,927 to
the capital projects to provide additional funding related to planned capital projects as well as funding for vehicle
lease expense.
Capital Assets
The County's investment in capital assets for its governmental activities as of June 30, 2022, amounts to
$60,042,383 (net of accumulated depreciation) as compared to $57,568,095 on June 30, 2021. Capital additions,
including construction in progress totaled $6.67 million,which were offset by disposals in the amount of$615 thousand.
Major capital asset additions during the fiscal year 2022 include the following:
• Taxpayer Service Center construction (CPST funded)- $2.1 million
• Gadsden Loop Infrastructure (CDBG funded—partially)-$265 thousand
• Benson/Klein Street Parking Lot- $241 thousand
• Chehaw Public Landing Improvements (U.S. Fish and Wildlife funded)- $167 thousand
• Purchase of vacant retail site- Elections/Voter Registration Office-$972 thousand
• Kenworth Dump Truck-$186 thousand
• John Deere Motor Graders (3)-$893 thousand
• Sun Machinery Landfill Compactor-$1 million
• Building Improvement-215 Lemacks Street-$124 thousand
17
MANAGEMENT'S DISCUSSION AND ANALYSIS
Construction in Progress completed and placed in service during fiscal year 2022 include the following:
• Land - Demo of damaged building - $282 thousand
• Chehaw Public Landing Improvements (U.S. Fish and Wildlife funded)- $167 thousand
• Recreation Center- Generator and Transfer Switch -$364 thousand
Disposals of assets acquired in prior years include the following:
• $364 thousand in vacant land
• $251 thousand in County fleet vehicles (moving to vehicle lease program)
Additional information on the County's capital assets can be found in note 5 on page 46 in the notes to the financial
statements.
COLLETON COUNTY, SOUTH CAROLINA CAPITAL ASSETS, NET OF DEPRECIATION
Governtal Activities
2022 2021
Land and land infrastructure $ 7,956,667 $ 8,073,207
Construction in progress 3,501,789 1,446,850
Buildings and improvements 29,449,233 29,753,153
Improvements other than buildings 4,888,039 5,074,071
Equipment and vericles 8,574,654 7,342,227
I nfrastructu re 5,672,001 5,878,587
Total $ 60,042,383 $ 57,568,095
Debt Administration
On June 30, 2022, the County had long-term obligations of$58,411,162 compared to outstanding debt on June 30,
2021, totaling $63,676,105. During fiscal year 2022, the County did complete two general obligation bond issues.
The first issue closed in October 2021 and was a short-term bond in the amount of$578 thousand that has a maturity
of August 2022. The second issue closed in March 2022 and was a 10-year refunding bond in the amount $1.985
million. The bonds refunded the outstanding principle on the Series 2012 General Obligation Bonds and provided
debt service savings of$125 thousand. In addition to the two general obligation bond issues, the County issued a
new five-year lease purchase financing agreement in the amount $5.5 million that will allow the County to address
heavy trucks and equipment replacements. All scheduled debt service payments for fiscal year 2022 were made
when due.
18
MANAGEMENT'S DISCUSSION AND ANALYSIS
COLLETON COUNTY, SOUTH CAROLINA LONG-TERM OBLIGATIONS
Governmental Activities
2022 2021
General Obligation Bonds $ 14,682,077 $ 19,111,299
Special Revenue Bonds - -
Financed Purchaes 4,962,221 833,292
Leases 2,346,540 2,615,846
Net OPEB Obligation 6,228,852 4,360,196
Note Payable - -
Landfill Closure and Post-Closure Cost 606,560 583,878
Compensated Absences 997,844 852,547
Net Pension Liability 28,587,068 35,319,047
Total $ 58,411,162 $ 63,676,105
Additional information on the County's long-term obligations can be found in note 7 on page 49 in the notes to the
financial statements.
In accordance with State Law, the amount of General Obligation Bonds ("GOB") a government entity may issue
(without referendum) is equal to 8% of its total assessed value. The current General Obligation Bond debt limitation
for the County based on information received from the County Auditor related to the 2022 tax assessment value of
$205,536,665 is $16,442,933 for fiscal year ended June 30, 2022. As of June 30, 2022, the County has net debt
applicable to the limit of$6,510,127, which equals a 39.59% total net debt applicable to the limit percentage.
Debt Rating — As part of the refunding bond issuance discussed above, both Moody's Investor Services and
Standard and Poor's reaffirmed their ratings previously issued to the County. The County continued to receive a
rating of Aa3 from Moody's and a rating of AA- from Standard and Poor's. In each of their analysis, the following
positive attributes of the County and its management were noted:
� Solid financial position that is supported by improved reserves and growth in major revenue lines;
� Manageable debt burden with limited pension pressure;
� Standard management and strong institutional framework score with a steady financial profile supported
by conservative budgeting practices;
� Below average resident income indices, though local economy is evolving beyond agriculture.
19
MANAGEMENT'S DISCUSSION AND ANALYSIS
Economic Factors and Next Year's Budget
The County passed budget ordinance No. 22-0-06 to provide for the levy of taxes in Colleton County, South Carolina
with the third and final reading on June 2, 2022, to be effective July 1, 2022, through June 30, 2023. The highlights of
the budget are provided below:
• Operating millage at 116.31 mills and debt service millage at 10.24 mills—unchanged from fiscal year 2022.
• Property tax revenues were budgeted at a growth rate of 4.6% based on a corresponding growth in assessed
values and fiscal year 2022 actual growth.
• Fees and fines were budgeted flat from forecasted fiscal year 2022 collections for the areas of planning and
development, the courts and recording documents. The budget for planning and development and recording
documents is based on the continued increase in interest rates which will further slow existing home sales,
new home construction and home refinances. In the previous fiscal year, the courts had to address case
backlog and though some backlog continues to exist, case volumes are forecasted to remain constant.
• Intergovernmental revenues were primarily budgeted flat, though adjustments were included related to
additional school resource officer funding from the South Carolina Department of Public Safety and
continuation of the rural stabilization fund that was funded again in fiscal year 2023. The rural stabilization
fund was enacted in fiscal year 2022 to help with funding losses that rural counties saw in their share of local
government funds based on the 2020 census.
• Local option sales tax and capital project sales taxes are budgeted to grow at 5-7% in fiscal year 2023. Capital
project sales tax was budgeted through April 2023,which is the current expiration of the tax,since it is unknown
if voters will approve another eight years of tax.
• Local accommodations and hospitality taxes are projected to grow at 5% based on prior actual growth and
expectation that travel will remain robust in fiscal year 2023.
• Recreation was budgeted to grow slightly except for the golf course, which was budgeted to grow at 25°/o
(back to their fiscal year 2021 amounts) based on course renovations which were completed late in fiscal year
2022. The restaurant was budgeted to cease operations during the first quarter of fiscal year 2023.
• Minimum of 5°/o cost of living salary adjustment was provided to all employees and all full-time were moved to
a minimum hourly rate of$15 per hour.
• A years of service pay plan was put into place for fire/rescue first responders. This pay plan provides an
annual wage increase for each year of continuous service.
• Four new positions were included in the budget, one in planning and development, one in the
museum/commercial kitchen and two firefighter/paramedics.
• Mandated employer retirement contribution increase of 1% for all participating employees effective July 1,
2022.
• Mandated employer health insurance premiums increase effective January 1, 2023 (exact not known, factor
of 8%was used).
• Continuation of funding 50% of the cost of individual health/dental insurance for eligible retirees.
• Staffing of two armed security officers at the Magistrate Court building.
• Continuation of direct assistance funding to 20 County agencies providing various essential services and
programs for residents.
20
MANAGEMENT'S DISCUSSION AND ANALYSIS
The following budgets and millage rates are currently in effect based on Budget Ordinance 22-0-06:
COLLETON COUNTY, SOUTH CAROLINA 2021-2022 ORIGINAL FUND BUDGET
Amount Millage
General Fund $ 33,655,166 116.31
Debt Service Fund 2,059,700 10.24
Fire and Rescue Commission 13,371,849 37.56
Fire and Rescue Commission Debt Service 2,562,300 22.66
Capital Projects Sales Tax Debt Service 4,111,950 -
Capital Fund 1,453,300 -
Special Revenue Fund (various grants) 1,339,090 -
State Aid to Library 150,000 -
Memorial Library Fund 814,573 -
IV-D Sheriff Unit Costs 14,900 -
IV-D Clerk of Court Unit Costs 175,000 -
Accomodations Tax Tourism Infrastructure 41,000 -
Victim Witness Services 110,494 -
Animal Care and Control 15,000 -
Non-GOB Related Debt Service 1,130,476 -
Emergency Telephone Fund 559,182 -
Infrastructure/Industrial Development Fund 222,500 -
CC 2015$5.4M GOB Proceeds 172,782 -
Coronavirus Local Recovery Fund 3,898,828 -
County Hospitality Tax Fund 645,800 -
County Accomodations Tax Fund 755,975 -
Recreation Fund 1,732,409 -
Road and Bridges Fund 2,298,284 -
School District - 116.42
Solid Waste Fund 3,454,314 -
Total $ 74,744,872 303.19
Requests for Information
This financial report is designed to provide a general overview of the County's finances and to demonstrate the
County's accountability for the money it receives. Any questions about this report or request for information may be
addressed to Colleton County, Director of Finance, P.O. Box 157,Walterboro, South Carolina 29488.
21
COLLETON COUNTY, SOUTH CAROLINA
STATEMENT OF NET POSITION
JUNE 30, 2022
Component Units
Governmental Memorial Fire and Rescue
Activities Library Commission Pillars4Hope
ASSETS
Cash and cash equivalents $ 29,599,387 $ 215,356 $ 5,518,007 $ 388,096
Investments 8,076,613 - - 105,371
Receivables,net of allowances 9,051,683 4,601 1,902,528 38,781
Due from state agency - - - 69,703
Prepaids and deposits 751,932 14,920 158,018 -
Lease assets,net of accumulated amortization 2,831,961 - - -
Capital assets:
Nondepreciable 11,837,304 - 1,804,842 -
Depreciable,net 48,205,079 287,832 9,561,800 41,156
Total assets 110,353,959 522,709 18,945,195 643,107
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows for pension 5,778,924 140,187 2,624,236 -
Deferred outflows for other post-employment benefits 1,899,108 230,343 346,646 -
Total deferred outflows of resources 7,678,032 370,530 2,970,882 -
LIABILITIES
Current liabilities:
Accounts payable 2,593,343 15,830 409,263 14,947
Payrollliabilities 1,219,845 19,615 335,762 28,206
Accrued liabilities 155,026 - 103,090 -
Unearned revenues 8,159,989 8,309 - -
Non-current liabilities:
Due within one year 7,023,106 2,071 1,450,938 17,013
Due in more than one year 51,388,056 1,520,464 23,290,250 149,900
Totalliabilities 70,539,365 1,566,289 25,589,303 210,066
DEFERRED INFLOWS OF RESOURCES
Deferred inflows for pension 5,348,653 129,283 2,445,144 -
Deferred inflows for other post-employment benefits 304,670 36,953 55,612 -
Total deferred inflows of resources 5,653,323 166,236 2,500,756 -
NET POSITION
Net investment in capital assets 42,262,227 287,832 4,022,633 41,156
Restricted:
Emergency services 529,506 - - -
Court administration 93,834 - - -
Law enforcement 218,641 - - -
Solid waste 345,850 - - -
Non-expendable 751,932 - - -
Debt service 7,035,132 - 5,127,108 -
Otherpurposes 1,143,258 - - -
Unrestricted(deficit) (10,541,077) (1,127,118) (15,323,723) 391,885
Total net position 41,839,303 (839,286) (6,173,982) 433,041
The accompanying notes are an integral part of these financial statements.
22
COLLETON COUNTY, SOUTH CAROLINA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Changes in Net Position
Primary
Program Revenues Government Component Units
Operating Capital
Charges for Grants and Grants and Governmental Memorial Fire and Rescue
Functions/Programs Expenses Services Contributions Contributions Activities Library Commission Pillars4Hope
Primary government
Governmental activities:
General government $ 11,224,373 $ 2,075,308 $ 3,222,243 $ - $ (5,926,822) $ - $ - $ -
Judicial 6,773,058 758,945 4,729,046 - (1,285,067) - - -
Public safety 16,225,863 1,778,525 1,351,638 - (13,095,700) - - -
Roads and bridges 2,727,786 1,060,879 3,732,088 1,284,059 3,349,240 - - -
Solid waste 6,717,388 2,184,009 65,610 - (4,467,769) - - -
Recreation and culture 4,925,318 951,637 331,389 - (3,642,292) - - -
Health and human services 3,034,859 - 1,976,293 - (1,058,566) - - -
Economic development 4,653,832 - 438,965 - (4,214,867) - - -
Interest and fiscal charges 524,705 - - - (524,705) - - -
Total governmental activities 56,807,182 $ 8,809,303 15,847,272 1,284,059 (30,866,548) - - -
Component Units
Memorial Library $ 958,193 $ 25,458 $ 839,849 $ - - (92,886) - -
Fire and Rescue Commission 13,607,239 1,861,972 4,851,447 - - - (6,893,820) -
Pillars4Hope 1,310,263 169,170 1,172,625 1,510 - - - 33,042
Total component units $ 15,875,695 2,056,600 6,863,921 1,510 - (92,886) (6,893,820) 33,042
General revenues:
Property taxes 30,826,620 - 6,697,310 -
Alcohol excise tax - - - 52,998
Local options sales tax 2,535,440 - - -
Local accommodations tax 802,523 - - -
Hospitality tax 614,120 - - -
Franchise fees 126,927 - - -
Grants and contributions not
restricted to specific programs 1,683,290 - - -
Miscellaneous 48,519 33,939 39,146 -
Total general revenues 36,637,439 33,939 6,736,456 52,998
Change in net position 5,770,891 (58,947) (157,364) 86,040
Net position,beginning of year 36,068,412 (780,339) (6,016,618) 347,001
Net position,end ofyear $ 41,839,303 $ (839,2861 $ (6,173,982) $ 433,041
The accompanying notes are an integral part of these financial statements.
23
COLLETON COUNTY, SOUTH CAROLINA
BALANCE SHEET
GOVERNMENTALFUNDS
J U N E 30, 2022
Coronavirus
Special Local Fiscal
General Revenue Recovery
ASSETS
Cash and cash equivalents $ 2,635,590 $ 2,849,480 $ 4,320,075
Investments 8,076,613 - -
Receivables,net 4,292,636 461,877 -
Prepaid expenditures 729,277 - -
Total assets $ 15,734,116 $ 3,311,357 $ 4,320,075
LIABILITIES,DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
LIABILITIES
Accounts payable $ 879,617 $ 166,788 $ -
Accrued payroll and benefits 1,137,343 - -
Accrued liabilities 1,337 - -
Unearned revenue 1,053,169 2,073,091 4,307,567
Totalliabilities 3,071,466 2,239,879 4,307,567
DEFERRED INFLOWS
OFRESOURCES
Unavailable revenue-fees 6,703 - -
Unavailable revenue-property taxes 1,554,213 - -
Unavailable revenue-spec assessments 321,062 - -
Total deferred inflows of resources 1,881,978 - -
FUND BALANCES
Non-spendable:
Prepaid expenditures 729,277 - -
Restricted for:
Public safety - - -
Recreation and culture - - -
Judicial services - - -
Solid waste reserve 345,850 - -
Economic development - - -
Debt service - - -
Otherpurposes - 1,071,478 -
Assigned:
Judicial services - - -
Committed:
Recreation and culture - - -
Capital projects - - 12,508
Unassigned 9,705,545 - -
Total fund balances 10,780,672 1,071,478 12,508
Total liabilities,deferred inflows of
resources and fund balances $ 15,734,116 $ 3,311,357 $ 4,320,075
The accompanying notes are an integral part of these financial statements.
24
Capital Nonmajor Total
Capital Sales Tax Governmental Governmental
Projects Debt Service Funds Funds
$ 12,373,466 $ 5,228,150 $ 2,192,626 $ 29,599,387
- - - 8,076,613
1,915,822 1,571,855 809,493 9,051,683
- - 22,655 751,932
$ 14,289,288 $ 6,800,005 $ 3,024,774 $ 47,479,615
$ 1,491,985 $ - $ 54,953 $ 2,593,343
- - 82,502 1,219,845
- - - 1,337
726,162 - - 8,159,989
2,218,147 - 137,455 11,974,514
- - - 6,703
- - 112,711 1,666,924
- - - 321,062
- - 112,711 1,994,689
- - 22,655 751,932
- - 748,147 748,147
- - 71,780 71,780
- - 93,834 93,834
- - - 345,850
362,730 - - 362,730
- 6,800,005 235,127 7,035,132
- - - 1,071,478
- - 1,430,926 1,430,926
- - 172,139 172,139
11,708,411 - - 11,720,919
- - - 9,705,545
12,071,141 6,800,005 2,774,608 33,510,412
$ 14,289,288 $ 6,800,005 $ 3,024,774 $ 47,479,615
25
COLLETON COUNTY, SOUTH CAROLINA
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION
JUNE 30, 2022
Total governmental fund balances: $ 33,510,412
Amounts reported for governmental activities in the statement of net position are different
because of the following:
Capital assets used in governmental activities are not financial resources and,therefore,
are not reported in the government funds. 60,042,383
Lease assets used in governmental activities are not financial resources and, therefore,
are not reported in the government funds.
Lease assets $ 3,455,143
Accumulated amortization (623,182) 2,831,961
Other long-term assets are not available to pay for current period expenditures and,
therefore,are deferred in the funds.
Property taxes and other special assessments $ 1,987,986
Solid waste receivables 6,703 1,994,689
Deferred outflows of resources are not due and payable in the current period and,
therefore,are not reported in the funds.These deferred outflows of resources consist of
pension related experience differences,assumption changes and differences between
projected and actual earnings on Plan investments.
Deferred outflows related to pensions $ 5,778,924
Deferred outflows related to other post-employment benefits 1,899,108 7,678,032
Long-term liabilities are not due and payable in the current period and,therefore,are not
reported in the funds.
General obligation bonds $ (14,273,398)
Bond premiums (408,679)
Capital leases (4,962,221)
Lease liabilities (2,346,540)
Compensated absences (997,844)
Landfill closure and post-closure cost (606,560)
Accrued interest (153,689)
Net pension liability (28,587,068)
Total other post-employment benefits liability (6,228,852) (58,564,851)
Deferred inflows of resources are not available to pay for current period expenditures
and,therefore,are not reported in the funds.These deferred inflows of resources consist
of pension related differences between projected and actual earnings on Plan
investments.
Deferred inflows related to pensions $ (5,348,653)
Deferred inflows related to other post-employment benefits (304,670) (5,653,323)
Net position of governmental activities $ 41,839,303
The accompanying notes are an integral part of these financial statements.
26
COLLETON COUNTY, SOUTH CAROLINA
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Coronavirus
Special Local Fiscal
General Revenue Recovery
REVENUES
Taxes $ 24,936,740 $ - $ -
Intergovernmental 2,698,043 3,583,694 3,010,749
Fines and fees 7,022,524 - -
Other income 351,192 2,812 11,591
Total revenues 35,008,499 3,586,506 3,022,340
EXPENDITURES
Current:
General government 10,036,349 3,000 -
Judicial 1,477,138 509,379 -
Public safety 9,423,341 439,918 -
Roads and bridges 2,107,645 12,896 -
Solid waste 3,286,186 - -
Recreation and culture 1,829,931 27,755 -
Health and human services 957,257 1,992,210 -
Economic development 300,040 94,293 -
Intergovernmental 5,655,281 169,560 -
Capital outlay: -
General government 85,650 - -
Judicial - 23,780 -
Public safety - 58,123 16,553
Roads and bridges - 870,520 -
Solid waste 38,068 - -
Recreation and culture 11,822 182,449 -
Health and human services - - -
Economic development - 78,183 -
Debt service:
Principal - - -
Interest - - -
Total expenditures 35,208,708 4,462,066 16,553
Excess(deficiency)of revenues
over(under)expenditures (200,209) (875,560) 3,005,787
OTHER FINANCING
SOURCES(USES)
Sale of capital assets 1,597 - -
Issuance of debt - - -
Insurancerecoveries 190,014 - -
Transfers in 5,076,786 720,270 -
Transfers out (4,215,178) - (2,994,196)
Total other financing sources
(uses) 1,053,219 720,270 (2,994,196)
Net change in fund balances 853,010 (155,290) 11,591
Fund balances,beginning of year 9,927,662 1,226,768 917
Fund balances,end of year $ 10,780,672 $ 1,071,478 $ 12,508
The accompanying notes are an integral part of these financial statements.
27
Capital Nonmajor Total
Capital Sales Tax Governmental Governmental
Projects Debt Service Funds Funds
$ - $ 6,034,800 $ 3,526,093 $ 34,497,633
4,769,631 - 4,847,000 18,909,117
- - 510,738 7,533,262
497,633 4,917 43,018 911,163
5,267,264 6,039,717 8,926,849 61,851,175
918,736 - 57,211 11,015,296
- - 4,601,034 6,587,551
83,331 - 507,704 10,454,294
- - 5,856 2,126,397
1,981,174 - - 5,267,360
526,210 - 602,507 2,986,403
708 - - 2,950,175
601,983 - 124,152 1,120,468
3,381,297 - 31,702 9,237,840
3,333,625 - - 3,419,275
- - 29,464 53,244
17,604 - 33,420 125,700
- - - 870,520
2,196,822 - 19,049 2,253,939
198,328 - - 392,599
124,292 - - 124,292
- - - 78,183
- 3,875,000 4,677,164 8,552,164
- 220,400 423,587 643,987
13,364,110 4,095,400 11,112,850 68,259,687
(8,096,846) 1,944,317 (2,186,001) (6,408,512)
- - 73,080 74,677
6,078,398 - 2,249,475 8,327,873
133,615 - 2,128 325,757
4,178,064 - 1,508,555 11,483,675
(350,000) (2,013,645) (1,910,656) (11,483,675)
10,040,077 (2,013,645) 1,922,582 8,728,307
1,943,231 (69,328) (263,419) 2,319,795
10,127,910 6,869,333 3,038,027 31,190,617
$ 12,071,141 $ 6,800,005 $ 2,774,608 $ 33,510,412
28
COLLETON COUNTY, SOUTH CAROLINA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Net change in fund balances-total governmental funds $ 2,319,795
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However,in the statement
of activities,the cost of those assets is allocated over their estimated useful lives and
reported as depreciation expense.
Capital outlay $ 6,674,181
Depreciation expense (3,831,921) 2,842,260
Governmental funds report lease assets as expenditures. However,in the statement of
activities,the cost of all lease asset additions are allocated over their estimated useful
lives and reported as amortization expense. This is the amount by which lease asset
additions exceeded amortization expense in the current period.
Lease asset additions $ 1,154,398
Amortization expense (623,182) 531,216
The net effect of various miscellaneous transactions involving capital assets and lease
assets(i.e.,sales,trade-ins,and donations)is to decrease net position. (683,073)
Revenues in the statement of activities that do not provide current financial resources
are not reported as revenues in the funds.
Property taxes and other special assessments $ 407,997
Solid waste receivables (6,856) 401,141
The issuance of long-term debt provides current financial resources to governmental
funds,while the repayment of the principal of long-term debt consumes the current
financial resources of governmental funds. Neither transaction,however, has any effect
on net position. Governmental funds report the effect of premiums,discounts,and
similar items when debt is first issued,whereas these amounts are deferred and
amortized in the statement of activities. The effects of these items are as follows.
Leases $ (1,154,398)
Repayment of the principal of long-term debt 8,552,164
Repayment of the principal of lease liability 1,423,704
Issuance of long-term debt (8,063,398)
Premium on bond issuance (264,475)
Amortization of premium on long-term debt 76,002 569,599
Some expenses reported in the statement of activities do not require the use of current
financial resources and,therefore,are not reported as expenditures in governmental
funds. In addition, interest on long-term debt is not recognized under the modified
accrual basis of accounting until due,rather than as it accrues. The following amounts
represent the net liability changes using the full accrual method of accounting.
Pension liability $ 443,336
Landfill closure and post-closure liability (22,682)
Compensated absences (145,297)
Accrued interest on long-term debt 43,280
Other post-employment benefits liability (528,684) (210,047)
$ 5,770,891
The accompanying notes are an integral part of these financial statements.
29
COLLETON COUNTY, SOUTH CAROLINA
STATEMENT OF FIDUCIARY NET POSITION
CUSTODIAL FUNDS
JUNE 30, 2022
ASSETS
Cash and cash equivalents $ 13,741,995
Other receivable 4,627
Total assets $ 13,746,622
LIABILITIES
Due to others $ 8,788,808
Totalliabilities $ 8,788,808
NET POSITION
Restricted for individuals,organizations and other governments $ 4,957,814
$ 4,957,814
The accompanying notes are an integral part of these financial statements.
30
COLLETON COUNTY, SOUTH CAROLINA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
CUSTODIAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
ADDITIONS
Taxes $ 21,242,703
Fines and fees 4,901,940
Miscellaneous 71,076,097
Total additions 97,220,740
DEDUCTIONS
Taxes and fees paid to other governments 81,073,277
Other custodial disbursements 14,112,639
Total deductions 95,185,916
Change in fiduciary net position 2,034,824
Net position,beginning of year 2,922,990
Net position,end of year $ 4,957,814
The accompanying notes are an integral part of these financial statements.
31
COLLETON COUNTY, SOUTH CAROLINA
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2022
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Government-wide Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of
activities) report information on all of the non-fiduciary activities of the primary government and its
component units. All fiduciary activities are reported only in the fund financial statements. For the
most part, the effect of interfund activity has been removed from these statements. The primary
government is reported separately from certain legally separate component units for which the
primary government is financially accountable.
Reporting Entity
Colleton County, South Carolina (the "County"), is governed by a five-member County Council (the
"Council") under the Council-Administrator form of government, pursuant to the South Carolina
Home Rule Act. Members of the Council are elected from resident districts. The Council acts as
the governing body of the County with power to pass ordinances and adopt resolutions. The
accompanying financial statements present the government and its component units, entities for
which the government is considered to be financially accountable. Blended component units are, in
substance, part of the primary governmenYs operations, even though they are legally separate
entities. Each discretely presented component unit is reported in a separate column in the
government-wide financial statements to emphasize that it is legally separate from the government.
The County does not have any blended component units as of June 30, 2022.
Discretely Presented Component Units
The nine members of the Colleton County Memorial Library's (the "Memorial Library")
governing board are appointed by the Council. The Memorial Library is fiscally dependent upon the
government because the Council approves the Memorial Library's budgets, and can significantly
influence the decisions of the Memorial Library. The Memorial Library does not issue separate
financial statements.
The five members of the Colleton County Fire and Rescue Commission (the "Fire and Rescue
Commission") are selected by the Council from ten members presented by the Fire Control Board,
an advisory board comprised of a member from each of the participating fire departments. The Fire
and Rescue Commission is fiscally dependent upon the government because the Council approves
the Fire and Rescue Commission's budgets, levies taxes and must approve any debt issuances.
The Fire and Rescue Commission does not issue separate financial statements.
32
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Reporting Entity (Continued)
Discretely Presented Component Units (Continued)
The nine members of Pillars4Hope, previously known as the Colleton County Commission on
Alcohol and Drug Abuse (the "Organization") governing board are appointed by the Council.
The Organization is fiscally dependent upon the County because the Council approves the
Organization's budgets and can significantly influence the decisions of the Organization. Separately
issued financial statements may be obtained at 1439 Thunderbolt Drive, Walterboro, South
Carolina, 29488.
Basis of Presentation—Government-wide Financial Statements
While separate government-wide and fund financial statements are presented, they are interrelated.
Separate financial statements are provided for governmental funds and fiduciary funds, even though
the latter are excluded from the government-wide financial statements.
As discussed earlier, the government has three discretely presented component units. While the
Alcohol and Drug Commission is not considered to be a major component unit, it is nevertheless
shown in a separate column in the government-wide financial statements.
In the process of aggregating data for the statement of net position and the statement of activities,
some amounts reported as interfund activity and balances in the funds are eliminated or reclassified
in the government-wide financial statements. Eliminations have been made in the statement of
activities to remove the "doubling-up" effect of internal service fund activity. Interfund services
provided and used are not eliminated in the process of consolidation. Also, the County allocates
indirect cost to each of its funds. The indirect costs are eliminated in the government-wide financial
statements.
Basis of Presentation—Fund Financial Statements
The fund financial statements provide information about the County's funds, including its fiduciary
funds. Separate statements for each fund category — governmental and fiduciary — are presented.
The emphasis of fund financial statements is on major governmental funds, each displayed in a
separate column. All remaining governmental funds are aggregated and reported as nonmajor
funds. Major individual governmental funds are reported as separate columns in the fund financial
statements. Fiduciary funds are reported by type.
33
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Reporting Entity (Continued)
Basis of Presentation— Fund Financial Statements (Continued)
The County reports the following major governmental funds:
The General Fund is the County's primary operating fund. It accounts for all financial resources
of the general government, except those required to be accounted for in another fund.
The Special Revenue Fund accounts for all grants and contributions awarded to the County.
The Coronavirus Local Fiscal Recovery Fund accounts for grant funds awarded to the County
from the U.S. Department of Treasury as part of the State and Local Fiscal Recovery Fund under
the American Rescue Plan Act.
The Capital Projects Fund accounts for the transactions of the acquisition of capital assets and
construction of major capital projects.
The Capital Sa/es Tax Debt Service Fund is used to collect local option special purpose
taxes and disburse debt paymentsfortheCapitalPennySalesTaxBond thatwas passed by
voter referendum.
In addition, the County reports the following nonmajor fund types:
The Special Revenue Funds account for revenue sources that are legally restricted to
expenditures for specific purposes (not including expendable trusts or major capital projects)
such as grants, fire and other special purpose fees, and economic development.
The Debt Service Funds account for the accumulation of resources for, and payment of, long-
term debt principal and interest. The County's Debt Service Fund was established and is
maintained in accordance with acts passed by the General Assembly of South Carolina
authorizing the sale of general obligation bonds of the County. The Non-GOB Debt Service
Fund accounts for the accumulation of funds and payment of various capital leases and notes
payable.
Additionally, the County reports the following fund types:
The Custodial Funds are used to account for monies held on behalf of school districts, special
districts and other agencies that use the County as a depository, or property taxes that are
collected on behalf of the other governments.
34
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Reporting Entity (Continued)
Basis of Presentation— Fund Financial Statements (Continued)
During the course of operations, the government has activity between funds for various purposes.
Any residual balances outstanding at year-end are reported as due from/to other funds. While these
balances are reported in fund financial statements, certain eliminations are made in the presentation
of the government-wide financial statements.
Further, certain activity occurs during the year involving transfers of resources between funds. In the
fund financial statements, these amounts are reported at gross amounts as transfers in/out. While
reported in fund financial statements, certain eliminations are made in the preparation of the
government-wide financial statements. Transfers between the funds included in the governmental
activities are eliminated so that only the net amount is included as transfers in the governmental
activities column.
Measurement Focus and Basis of Accounting
The accounting and financial reporting treatment is determined by the applicable measurement
focus and basis of accounting. Measurement focus indicates the type of resources being measured
such as current financial resources or economic resources. The basis of accounting indicates the
timing of transactions or events for recognition in the financial statements.
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the fiduciary fund financial
statements. Revenues are recorded when earned and expenses are recorded when a liability is
incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues
in the year for which they are levied. Grants and similar items are recognized as revenues as soon
as all eligibility requirements imposed by the provider have been met.
The governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as
soon as they are measurable and available. Revenues are considered to be available when they
are collectible within the current period or soon enough thereafter to pay liabilities of the current
period. For this purpose, the County considers revenues to be available if they are collected within
the first 60 days of the end of the current fiscal period, except for grant reimbursements for which
the availability period is 120 days. Expenditures generally are recorded when a liability is incurred
as under accrual accounting. However, debt service expenditures, as well as expenditures related
to compensated absences and claims and judgments, are recorded only when payment is due.
General capital asset acquisitions are reported as expenditures in governmental funds. Issuances
of long-term debt and acquisitions under capital leases are reported as other financing sources.
35
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Measurement Focus and Basis of Accounting (Continued)
Property taxes, sales taxes, franchise taxes, licenses, and interest associated with the current fiscal
period are all considered to be susceptible to accrual and, therefore, have been recognized as
revenues of the current fiscal period. Entitlements are recorded as revenues when all eligibility
requirements are met, including any time requirements, and the amount is received during the
period or within the availability period for this revenue source (within 60 days of year-end).
Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been
incurred and all other eligibility requirements have been met, and the amount is received during the
period or within the availability period for this revenue source (within 120 days of year-end). All other
revenue items are considered to be measurable and available only when cash is received by the
government.
Budgetary Basis of Accounting
Annual budgets are adopted on a basis consistent with generally accepted accounting principles
("GAAP") for the General Fund, the Fire and Rescue Commission, and the Memorial Library. All
other special revenue funds and debt service funds (excludes the GO Bond Fund, State
Accommodations Fund, Sheriff's Discretionary Fund and the 14t" Circuit Court Solicitor Fund) that
have appropriated budgets, also conform to GAAP but tend to follow the revenue source generated
by those funds (i.e., grant awards and projects funds). All annual appropriations lapse at fiscal year-
end. Due to the late receipt of funding for the Coronavirus Local Fiscal Recovery Fund, a formal
budget was not adopted during the fiscal year. However, the County has established a project-
length budget for this fund.
The appropriated budget is prepared by fund, function, and department. The governmenYs
departmental heads may make transfers of appropriations within a department. Transfers of
appropriations between departments require the approval of the County Administrator. The legal
level of budgetary control (i.e., the level at which expenditures may not legally exceed
appropriations) is the fund level. The Council may make supplemental budgetary appropriations
throughout the year.
Appropriations in all budgeted funds lapse at the end of the fiscal year even if they have related
encumbrances. Encumbrances are commitments related to unperformed (executor) contracts for
goods and services (i.e., purchase order, contracts, and commitments). Encumbrance accounting
is utilized to the extent necessary to assure effective budgetary control and accountability and to
facilitate effective cash planning and control. While all appropriations and encumbrances lapse at
year-end, valid outstanding encumbrances (those for which performance under executor contract is
expected in the next year) are re-appropriated and become part of the subsequent year's budget
pursuant to state regulations.
36
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net
Position/Fund Balance
Cash and Cash Equivalents and Deposits
The "deposits" classification is used only in the notes, not on the face of the statement of net
position. Deposits include cash on hand, pooled money market funds and certificates of deposit.
The County considers cash and cash equivalents for cash flow purposes to be currency on hand,
demand deposits with banks, amounts included in pooled cash and investment accounts, and liquid
investments with an original maturity of three months or less when purchased.
Investments
In accordance with Governmental Accounting Standards Board ("GASB") Statement No. 31,
Accounting and Financial Reporting for Certain Investments and for External Investment Pools,
investments are carried at fair value determined annually based upon quoted market prices. The
total fair value of the pool is apportioned to the entities with funds invested on an equal basis for
each share owned, which are acquired at a cost of$1.
The County and its component units have a number of financial instruments, none of which are held
for trading purposes. Except for non-participating investment contracts, investments are reported at
fair value, which is based on quoted market prices. Debt securities are reported at cost or
amortized cost.
Prepaid Items
Certain payments to vendors for services that will benefit periods beyond June 30, 2022, are
recorded as prepaid items using the consumption method by recording the asset for the prepaid
amount and reflecting the expenditure/expense in the year which the services are consumed.
Prepaid items of governmental funds in the fund financial statements are offset by an equal amount
with a reserve of fund balance to indicate that they are not available for general appropriation.
37
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net
Position/Fund Balance (Continued)
Capital Assets and Right to Use Lease Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads,
bridges, sidewalks, and similar items) and right to use lease assets are reported in the
governmental activities in the government-wide financial statements. Capital assets other than
infrastructure are defined by the government as assets with an initial, individual cost of more than
$5,000 and an estimated useful life in excess of one year. The capitalization threshold for
infrastructure assets is $50,000 for individual items and networks. Such assets are recorded at
historical cost or estimated historical cost if purchased or constructed. Donated capital assets are
recorded at acquisition value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially
extend an asseYs life are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed.
Interest incurred during construction of governmental-type activities is not capitalized.
All reported capital assets except land and certain infrastructure assets are depreciated. Useful lives
for infrastructure are estimated based on the County's historical records of necessary
improvements and replacements. Depreciation and amortization is provided using the straight-line
method over the following estimated useful lives:
Component Units
Memorial Fire and Rescue
Asset Class County Library Commission Pillars4Hope
Buildings and impro�ments
Buildings 45 45 45 N/A
Building improvements 10 10 10 N/A
Impro�ments other than buildings
Impro�ements other than buildings 10 10 10 N/A
Radio and fire towers 10 10 10 N/A
Library materials N/A 5 5 N/A
Machinery and equipment
Furniture and office equipment 5 5 5 3-20
Fire and medical equipment 5 5 5 N/A
Heavy vehicles and equipment 10 10 10 N/A
Vehicles
Airplanes 6 N/A N/A N/A
Law enforcement�hicles 3 N/A N/A N/A
Leased vehicles 5 N/A N/A N/A
Other�hicles 5 5 5 3-20
Infrastructure 20 N/A N/A N/A
38
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net
Position/Fund Balance (Continued)
Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position will sometimes report a separate section for
deferred outflows of resources. This separate financial statement element represents a
consumption of net assets that applies to a future period(s) and, therefore, will not be recognized as
an outflow of resources (expense/expenditure) until then. The County reports deferred outflows
related to its net pension liability and total other post-employment benefits liability in the statement
of net position. These amounts are deferred and recognized as an outflow of resources in the period
in which the amounts become available.
In addition to liabilities, the statement of net position and the governmental funds balance sheet will
sometimes report a separate section for deferred inflows of resources. This separate financial
statement element represents an acquisition of net assets that applies to a future period(s) and,
therefore, will not be recognized as an inflow of resources (revenue) until that time. The County has
unavailable revenues from property taxes and special assessments, fees, and intergovernmental
revenue that arise under the modified accrual basis of accounting that qualifies for reporting in this
category and is reported in the governmental funds balance sheet. The statement of net position
reports deferred inflows related to its net pension liability, and total other post-employment benefits
liability. These amounts are deferred and recognized as an inflow of resources in the period in
which the amounts become available.
Leases
Colleton County is a lessee for noncancellable leases of buildings and equipment. The County
recognizes a lease liability and an intangible right-to-use lease asset in the government-wide
financial statements. The County recognizes lease liabilities with an initial, individual value of
$25,000 or more.
At the commencement of a lease, the County initially measures the lease liability at the present
value of payments expected to be made during the lease term. Subsequently, the lease liability is
reduced by the principal portion of lease payments made. The lease asset is initially measured as
the initial amount of the lease liability, adjusted for lease payments made at or before the lease
commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on
a straight-line basis over its useful life.
39
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net
Position/Fund Balance (Continued)
Leases (Continued)
Key estimates and judgments related to leases include how the County determines: 1)the discount
rate it uses to discount the expected lease payments to present value, 2) lease term, and 3) lease
payments.
• The County uses the interest rate charged by the lessor as the discount rate. When the
interest rate charged by the lessor is not provided, the County generally uses its estimated
incremental borrowing rate as the discount rate for leases.
• The lease term includes the noncancellable period of the lease. Lease payments included
in the measurement of the lease liability are composed of fixed payments and purchase
option prices that the County is reasonably certain to exercise.
The County monitors changes in circumstances that would require a remeasurement of its lease
and will remeasure the lease asset and liability if certain changes occur that are expected to
significantly affect the amount of the lease liability.
Net Position Flow Assumptions
Sometimes the County will fund outlays for a particular purpose from both restricted (e.g., restricted
bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as
restricted net position and unrestricted net position in the government-wide and proprietary fund
financial statements, a flow assumption must be made about the order in which the resources are
considered to be applied. It is the County's policy to consider restricted net position to have been
depleted before unrestricted net position is applied.
Fund Balance Flow Assumptions
Sometimes the County will fund outlays for a particular purpose from both restricted and
unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to
calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in
the governmental fund financial statements, a flow assumption must be made about the order in
which the resources are considered to be applied. It is the County's policy to consider restricted
fund balance to have been depleted before using any of the components of unrestricted fund
balance. Further, when the components of unrestricted fund balance can be used for the same
purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned
fund balance is applied last.
40
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net
Position/Fund Balance (Continued)
Fund Balance Policies
Fund balance of governmental funds is reported in various categories based on the nature of any
limitations requiring the use of resources for specific purposes. The County itself can establish
limitations on the use of resources through either a commitment (committed fund balance) or an
assignment (assigned fund balance).
The committed fund balance classification includes amounts that can be used only for the specific
purposes determined by a formal action of the County's highest level of decision-making authority.
The governing Council is the highest level of decision-making authority for the County that can, by
adoption of an ordinance prior to the end of the fiscal year, commit fund balance. Once adopted, the
limitation imposed by the ordinance remains in place until a similar action is taken (the adoption of
another ordinance)to remove or revise the limitation.
Amounts in the assigned fund balance classification are intended to be used by the County for
specific purposes but do not meet the criteria to be classified as committed. The governing Council
has, by resolution, authorized the administrator to assign fund balance. The Council may also
assign fund balance as it does when appropriating fund balance to cover a gap between estimated
revenue and appropriations in the subsequent year's appropriated budget. Unlike commitments,
assignments generally only exist temporarily. In other words, an additional action does not normally
have to be taken for the removal of an assignment. Conversely, as discussed above, an additional
action is essential to either remove or revise a commitment.
Revenues and Expenditures/Expenses
Program Revenues
Amounts reported as program revenues include: 1) charges to customers or applicants who
purchase, use, or directly benefit from goods, services, or privileges provided by a given function or
segment, and 2) grants and contributions (including special assessments) that are restricted to
meeting the operational or capital requirements of a particular function or segment. All taxes,
including those dedicated for specific purposes, and other internally dedicated resources are
reported as general revenues rather than as program revenues.
41
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Revenues and Expenditures/Expenses (Continued)
Property Taxes
The County ordinance provides for the taxation of all real and personal property located within the
County limits on the first day of January. Motor vehicle taxes are billed and collected by the County
Treasurer on a monthly basis. Other personal and real property taxes are levied by the County after
September of each year and become due and payable immediately upon receipt by the taxpayer.
Real property taxes are delinquent after January 15th. Assessed property is subject to lien one
year from the levy date if taxes remain unpaid.
Compensated Absences
Vacation — The County's policy permits employees to accumulate earned but unused vacation
benefits, which are eligible for payment upon separation from County service. The liability for such
leave is reported as incurred in the government-wide financial statements. A liability for those
amounts is recorded in the governmental funds only if the liability has matured as a result of
employee resignation or retirement. The liability for compensated absences includes salary-related
benefits, where applicable, and is paid from the general fund for the most part with a small portion
related to other nonmajor governmental funds.
Sick Leave—Accumulated sick leave lapses when employees leave the employment of the County
and, upon separation from service, no monetary obligation exists.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make
estimates and assumptions. These estimates affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements and
revenues and expenditures/expenses during the reporting period. Actual results could differ from
those estimates.
NOTE 2. DEPOSITS AND INVESTMENTS
Interest Rate Risk
Interest rate risk is the risk that changes in interest rates that will adversely affect the fair value of an
investment. Investments held for longer periods are subject to increased risk of adverse interest rate
changes. The County does not have a formal investment policy that limits investment maturities as
a means of managing its exposure to fair value losses arising from increasing interest rates.
42
NOTES TO THE FINANCIAL STATEMENTS
NOTE 2. DEPOSITS AND INVESTMENTS (CONTINUED)
Credit Risk
Credit risk is the risk that an issuer to an investment will not fulfill its obligations. In accordance with
South Carolina state statutes, the County's investment decisions are at the discretion of the elected
County Treasurer, subject to the statutes that authorize the County and its component units to
invest in the following:
1. Obligations of the United States and agencies thereof;
2. Obligations issued by the Federal Financing Bank, Federal Farm Credit Bank, the Bank of
Cooperatives, the Federal Intermediate Credit Bank, the Federal Land Banks, the Federal
Home Loan Banks, the Federal Home Loan Mortgage Corporation, the Federal National
Mortgage Association, the Government National Mortgage Association, the Federal
Housing Administration, if, at the time of investment, the obligor has a long-term,
unenhanced, unsecured debt rating in one of the top two ratings categories, without regard
to a refinement or gradation of rating category by numerical modifier or otherwise, issued by
at least two nationally recognized credit rating agencies;
3. General obligations of the State of South Carolina or any of its political units;
4. Savings and loan association deposits to the extent insured by the Federal Deposit
Insurance Corporation;
5. Certificates of Deposit and repurchase agreements collateralized by securities of the type
described in 1. and 2. above, held by a third-party as escrow agent or custodian, of a fair
value not less than the amount of certificates of deposit and repurchase agreements so
secured, including interest; and
6. No-load open and closed-end management type investment companies or investment trusts
registered under the Investment Company Act of 1940, as amended, where the investment
is made by a bank or trust company, savings and loan association, or other financial
institution when acting as trustee or agent for a bond or other debt issue of that local
government unit.
In addition, South Carolina state statues authorize the County to invest in the South Carolina Local
Government Investment Pool ("SCLGIP"). The SCLGIP is an investment mechanism authorized by
the Legislature and signed into law on May 13, 1983, to provide local governments an opportunity to
acquire maximum returns on investments by pooling available funds with funds from other political
subdivisions. The SCLGIP is permitted under South Carolina 1976 Code of Laws Section 6-6-10,
Section 12-45-220 and Section 11-1-60 to purchase obligations of the United States government
treasuries, United States government agencies, repurchase agreements fully collateralized by
United States government treasuries or agencies, corporate securities and commercial paper that
bear an investment grade rating of at least two nationally recognized rating services.
43
NOTES TO THE FINANCIAL STATEMENTS
NOTE 2. DEPOSITS AND INVESTMENTS (CONTINUED)
Concentration of Credit Risk
Concentration of credit risk is the risk of loss attributed to the magnitude of the County's investment
in a single issuer. The County places no limit on the amount that may be invested in any one issuer.
See below for additional information regarding the County's deposits. All funds of the Fire and
Rescue Commission and the Library are included in the funds administered by the County
Treasurer. The only exception to this is that the funds of the Pillars4Hope are not included in the
funds administered by the County Treasurer.
Percentage
Fair Value of Portfolio
Repurchase agreements $ 31,969,310 56%
Certificates of deposit 8,078,795 14%
Savings accounts 98,208 0%
Checking accounts 17,001,374 30%
Cash on hand 3,671 0%
Deposits held by County Treasurer $ 57,151,358 100%
Custodial Credit Risk — Deposits
In the case of deposits, custodial credit risk is the risk that in the event of a bank failure, the
County's deposits may not be returned to it. Deposits of the County are subject to South Carolina
state statutes for custodial credit risk. The statutes provide that banks accepting deposits of funds
from local government units must furnish an indemnity bond or pledge as collateral obligations of
the United States, South Carolina, political subdivisions of South Carolina, the Federal National
Mortgage Association, the Federal Home Loan Bank, the Federal Farm Credit Bank, or the Federal
Home Loan Mortgage Corporation. Driven by the aforementioned statute, the County's informal
policy requires deposits to be secured by collateral valued at fair or par, whichever is lower, less the
amount of the Federal Deposit Insurance Corporation ("FDIC") insurance. Deposited funds may be
invested in demand or time deposits, continuously and fully secured with direct obligations of or
obligations guaranteed by the United States of America having a fair value not less than the amount
of such monies. Custodial credit risk for deposits is not formally addressed by bond indentures.
Indentures require that restricted deposits be maintained by the trustee bank, as custodian,
specified in the indenture.
As of June 30, 2022, the County's bank balance of$57,274,460 was fully collateralized by pledging
financial institutions trust departments in the County's name.
44
NOTES TO THE FINANCIAL STATEMENTS
NOTE 2. DEPOSITS AND INVESTMENTS (CONTINUED)
Custodial Credit Risk— Investments
In the case of investments, custodial credit risk is the risk that, in the event of the failure of the
counterparty, the County will not be able to recover the value of its investments or collateral
securities that are in possession of an outside party. The County does not have a formal investment
policy regarding custodial credit risk.
NOTE 3. RECEIVABLES
Receivables as of year-end for the County's individual major funds, nonmajor funds in the aggregate
and component units, including the applicable allowances for uncollectible accounts, are as follows:
Primary Government
Ca pita I Tota I
Special Capital SalesTax Nonmajor Primary
General Revenue Projects Debt Service Governmental Government
Taxes receivable $ 7,675,980 $ - $ - $ - $ 491,798 $ 8,167,778
Accounts receivable 287,339 - - - - 287,339
Other receivables 2,071,061 461,877 1,915,822 1,571,855 680,278 6,700,893
Less:allowance (5,741,744) - - - (362,583) (6,104,327)
Net receivables $ 4,292,636 $ 461,877 $ 1,915,822 $ 1,571,855 $ 809,493 $ 9,051,683
Component Units
Fire and Fire and Total
Memorial Rescue Component
Library Commission Pillars4Hope Units
Taxes receivable $ - $ 2,110,053 $ - $ 2,110,053
Accounts receivable - 16,701,637 46,072 16,747,709
Other receivables 4,601 30,153 69,703 104,457
Less:allowance - (16,939,315) (7,291) (16,946,606)
Net receivables $ 4,601 $ 1,902,528 $ 108,484 $ 2,015,613
45
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4. INTERFUND TRANSFERS
Interfund transfers for the year ended June 30, 2022, consisted of the following:
Major Go�rnmental Funds Transfers In Transfers Out
General Fund $ 5,076,786 $ 4,215,178
Special Revenue Fund 720,270 -
Coronavirus Local Fiscal Recovery Fund - 2,994,196
Capital Projects Fund 4,178,064 350,000
Capital Sales Tax Debt Service Fund - 2,013,645
Nonmajor Governmental Funds 1,508,555 1,910,656
Component Unit 817,508 817,508
Total interfund balances $ 12,301,183 $ 12,301,183
Transfers are used: 1)to move revenues from the fund with collection authorization to the fund with
expenditure authorization, and 2) to use unrestricted revenues collected in the general fund to
finance various programs accounted for in other funds in accordance with budgetary authorizations,
including amounts provided as matching funds for various grant programs.
NOTE 5. CAPITAL ASSETS
Capital asset activity for the year ended June 30, 2022 was as follows:
Balance Balance
Governmental activities June 30,2021 Additions Deletions Transfers June 30,2022
Capital assets not being depreciated:
Land $ 3,477,276 $ 343,821 $ (363,930) $ 282,416 $ 3,739,583
Land-infrastructure 4,595,932 - - - 4,595,932
Construction in progress 1,446,849 2,937,692 - (882,752) 3,501,789
Total capital assets
notbeingdepreciated 9,520,057 3,281,513 (363,930) (600,336) 11,837,304
Capital assets being depreciated:
Buildings and improvements 46,469,973 825,396 - - 47,295,369
Improvements otherthan buildings 12,268,437 198,960 - 167,207 12,634,604
Equipmentand vehicles 26,201,472 2,368,312 (251,374) 433,129 28,751,539
Infrastructure 14,436,202 - - - 14,436,202
Total capital assets
being depreciated 99,376,084 3,392,668 (251,374) 600,336 103,117,714
Less accumulated depreciation:
Buildings and improvements (16,716,821) (1,129,315) - - (17,846,136)
Improvements otherthan buildings (7,194,365) (552,200) - - (7,746,565)
Equipmentand vehicles (18,859,245) (1,564,972) 247,332 - (20,176,885)
Infrastructure (8,557,615) (585,434) - - (9,143,049)
Total accumulated depreciation (51,328,046) (3,831,921) 247,332 - (54,912,635)
Total capital assets being
depreciated,net 48,048,038 (439,253) (4,042) 600,336 48,205,079
Governmental activities
capital assets,net $ 57,568,095 $ 2,842,260 $ (367,972) $ - $ 60,042,383
46
NOTES TO THE FINANCIAL STATEMENTS
NOTE 5. CAPITAL ASSETS (CONTINUED)
Depreciation expense was charged to functions of the primary government as follows:
Governmental Activities
General government $ 226,235
Judicial 70,376
Roads and bridges 1,202,635
Public safety 941,877
Solid waste 355,921
Recreation and culture 932,218
Health and human services 102,659
Total Governmental Activities Depreciation Expense $ 3,831,921
Discretely Presented Component Units
Fire and Rescue Commission activity for the year ended June 30, 2022 is as follows:
Balance Balance
Fire and Rescue Commission June 30,2021 Additions Deletions Transfers June 30,2022
Capital assets not being depreciated:
Land $ 542,365 $ - $ - $ - $ 542,365
Construction in progress 935,473 327,004 - - 1,262,477
Total capital assets
not being depreciated 1,477,838 327,004 - - 1,804,842
Capital assets being depreciated:
Buildings and improvements 7,353,862 - - - 7,353,862
Improvements other than buildings 147,532 - - - 147,532
Equipment and vehicles 21,081,940 384,504 - - 21,466,444
Total capital assets
being depreciated 28,583,334 384,504 - - 28,967,838
Less accumulated depreciation:
Buildings and improvements (2,496,670) (184,412) - - (2,681,082)
Improvements other than buildings (135,864) (2,466) - - (138,330)
Equipment and vehicles (15,712,138) (874,488) - - (16,586,626)
Total accumulated depreciation (18,344,672) (1,061,366) - - (19,406,038)
Total capital assets being
depreciated, net 10,238,662 (676,862) - - 9,561,800
Fire and rescue commission
capital assets, net $ 11,716,500 $ (349,858) $ - $ - $ 11,366,642
Depreciation expense incurred by the Fire and Rescue Commission for the fiscal year ended
June 30, 2022 was$1,061,366.
47
NOTES TO THE FINANCIAL STATEMENTS
NOTE 5. CAPITAL ASSETS (CONTINUED)
Discretely Presented Component Units (Continued)
Memorial Library activity for the year ended June 30, 2022 is as follows:
Balance Balance
Memorial Library June 30,2021 Additions Deletions Transfers June 30,2022
Capital assets being depreciated:
Buildings and improvements $ 119,026 $ - $ - $ - $ 119,026
Librarymaterials 2,154,624 83,309 (34,789) - 2,203,144
Equipmentand vehicles 361,423 - - - 361,423
Total capital assets
being depreciated 2,635,073 83,309 (34,789) - 2,683,593
Less accumulated depreciation:
Buildings and improvements (119,026) - - - (119,026)
Library materials (1,936,097) (87,006) 34,789 - (1,988,314)
Equipmentand vehicles (271,174) (17,247) - - (288,421)
Total accumulated depreciation (2,326,297) (104,253) 34,789 - (2,395,761)
Total capital assets being
depreciated,net 308,776 (20,944) - - 287,832
Memorial library
capital assets,net $ 308,776 $ (20,944) $ - $ - $ 287,832
Depreciation expense incurred by the Memorial Library for the fiscal year ended June 30, 2022 was
$104,253.
48
NOTES TO THE FINANCIAL STATEMENTS
NOTE 6. LEASES
Lessee — Lease Assets
A schedule of lease asset activity for the County for the year ended for June 30, 2022 is as follows:
Beginning Ending
Balance Additions Remeasurements Deductions Balance
Governmental activities:
Lease assets:
Equipment $ 3,183,316 $ 1,154,398 $ - $ (468,220) $ 3,869,494
Total 3,183,316 1,154,398 - (468,220) 3,869,494
Less accumulated amortization for:
Equipment (567,470) (623,182) - 153,119 (1,037,533)
Total accumulated amortization (567,470) (623,182) - 153,119 (1,037,533)
Total lease assets, net $ 2,615,846 $ 531,216 $ - $ (315,101) $ 2,831,961
NOTE 7. LONG-TERM OBLIGATIONS
Long-term obligations for the year ended June 30, 2022 is as follows:
Balance Balance Due Within
June 30,2021 Additions Reductions June 30,2022 One Year
Primary Government
Governmental activities:
Bonds:
General obligation $ 18,891,093 $ 2,563,398 $ 7,181,093 $ 14,273,398 $ 5,028,398
Bond premiums 220,206 264,475 76,002 408,679 -
Financed purchases 833,292 5,500,000 1,371,071 4,962,221 1,083,556
Leases 2,615,846 1,154,398 1,423,704 2,346,540 761,475
Net pension liability 35,319,047 3,602,831 10,334,810 28,587,068 -
Total OPEB liabiliry 4,360,196 1,898,327 29,671 6,228,852 -
Compensated absences 852,547 354,301 209,004 997,844 149,677
Landfill closure and
post-closure costs 583,878 22,682 - 606,560 -
Governmental activity
long-term liabilities $ 63,676,105 $ 15,360,412 $ 20,625,355 $ 58,411,162 $ 7,023,106
Landfill post-closure costs, net pension liability, compensated absences, and total OPEB liability are
generally liquidated by the General Fund.
The County implemented the provisions of GASB Statement No. 87 Leases, as of July 1, 2021.
Beginning balances were restated as a result of this implementation. As the lease liability and
leased assets were the same, there was no effect on net position.
49
NOTES TO THE FINANCIAL STATEMENTS
NOTE 7. LONG-TERM OBLIGATIONS (CONTINUED)
Balance Balance Due Within
Component Units June 30,2021 Additions Reductions June 30,2022 One Year
Fire and rescue commission
Bonds:
General obligation $ 7,415,000 $ 7,000,000 $ 3,035,000 $ 11,380,000 $ 1,060,000
Bond premiums 63,652 198,728 13,672 248,708 -
Financed purchases 985,331 - 320,980 664,351 328,366
Net pension liability 13,983,150 2,048,184 5,137,308 10,894,026 -
Total OPEB liability 795,869 346,504 5,416 1,136,957 -
Compensated absences 346,396 219,284 148,534 417,146 62,572
Governmental activity
long-term liabilities $ 23,589,398 $ 9,812,700 $ 8,660,910 $ 24,741,188 $ 1,450,938
Memorial library
Net pension liability $ 915,621 $ 75,601 $ 237,989 $ 753,233 $ -
Total OPEB liability 528,849 230,248 3,598 755,499 -
Compensated absences 18,430 19,372 23,999 13,803 2,071
Governmental activity
long-term liabilities $ 1,462,900 $ 325,221 $ 265,586 $ 1,522,535 $ 2,071
Primary Government
Bonds Payable
There are a number of limitations and restrictions contained in the various bond indentures.
Management believes the County is in compliance with all significant limitations and restrictions.
The South Carolina constitution permits the County to incur general obligation (general purpose)
bonded indebtedness not to exceed 8°/o of the assessed value of taxable property in the County. At
June 30, 2022, the County was in compliance with this requirement.
50
NOTES TO THE FINANCIAL STATEMENTS
NOTE 7. LONG-TERM OBLIGATIONS (CONTINUED)
Primary Government (Continued)
Bonds Payable (Continued)
The following is a summary of each long-term bond obligation of the governmental activities of the
County at June 30, 2022:
General Obligation Bonds Amount
$5,395,000 General Obligation Bond, Series 2015, with interest of 3.498%,
annual principal and interest payments beginning in 2017, matures 2032, for
the purpose of refunding the special source revenue bond and for economic
dev�elopment purposes. $ 3,650,000
$29,000,000 General Obligation Bond, Series 2015, 1.82% annual interest,
annual principal and interest payments beginning in 2016, matures 2024, for
the purpose of County-wide projects by wters. 8,060,000
$578,398 General Obligation Bond, Series 2021, 1.27% annual interest,
annual principal and interest payments beginning in 2021, matures 2022, for
the purpose of funding shortfalls in revenues to pay debt service. 578,398
$1,985,000 General Obligation Bond, Series 2022, 4.00% annual interest,
annual principal and interest payments beginning in 2023, matures 2027, for
the purpose of refunding outstanding General Obligation Bonds, Series 2012
for debt service savings. 1,985,000
$ 14,273,398
The annual requirements to amortize the bonds are as follows:
Year Ending General Obligation Bonds
June 30, Principal Interest Total
2023 $ 5,028,398 $ 351,105 $ 5,379,503
2024 4,580,000 243,943 4,823,943
2025 510,000 176,468 686,468
2026 525,000 158,748 683,748
2027 550,000 139,818 689,818
2028-2032 3,080,000 369,810 3,449,810
$ 14,273,398 $ 1,439,892 $ 15,713,290
51
NOTES TO THE FINANCIAL STATEMENTS
NOTE 7. LONG-TERM OBLIGATIONS (CONTINUED)
Primary Government (Continued)
Refunding
During the current year, the County issued $1.985 million General Obligation Bond Series 2022 that
fully refunded the $4 million General Obligation Bonds Series 2012. The refunding resulted in the
County saving $435,000 in debt service required from 2023 through 2032 to service the Series 2012
Bonds versus servicing the new debt Series 2022 General Obligation Bonds including the costs
associated with completing the refunding.
Financed Purchase Agreements
The County has entered into a financed purchase agreement for financing the acquisition of certain
equipment. The agreements qualify as financed purchases for accounting purposes (titles transfer
at the end of the agreement). Interest rates are 1.00%, payments are made monthly, and the terms
extend through 2027.
The following is a schedule of debt service to maturity as of June 30, 2022:
Year Ending Financed Purchases
June 30, Principal Interest Total
2023 $ 1,083,556 $ 24,811 $ 1,108,367
2024 1,094,418 36,058 1,130,476
2025 1,105,390 25,086 1,130,476
2026 1,116,472 14,005 1,130,477
2027 562,385 2,812 565,197
$ 4,962,221 $ 102,772 $ 5,064,993
Lessee—Lease Liabilities
The County entered into numerous lease agreements as lessee for the use of equipment ranging
from four to five years. An initial lease liability was recorded in the amount of $2,615,846. As of
June 30, 2022, the value of the lease liability was $2,346,540. The County is required to make
monthly principal and interest payments ranging from $322 to $913. The leases have an interest
rate of 2.5%. The right to use assets have a useful life from five to ten years. The value of the right-
to-use assets as of the end of the current fiscal year were $2,831,961 and had accumulated
amortization of$1,037,533.
52
NOTES TO THE FINANCIAL STATEMENTS
NOTE 7. LONG-TERM OBLIGATIONS (CONTINUED)
Primary Government (Continued)
Lessee—Lease Liabilities (Continued)
The future minimum lease obligations and the net present value of these minimum lease payments
as of June 30, 2022 are as follows:
Fiscal Year Principal Interest Total
2023 $ 761,475 $ 96,975 $ 858,450
2024 731,399 93,964 825,363
2025 481,408 68,468 549,876
2026 262,216 42,829 305,045
2027 110,042 21,816 131,858
Total $ 2,346,540 $ 324,052 $ 2,670,592
Landfill Closure and Post-Closure Care Costs
State and federal laws and regulations require the County to place a final cover on its landfill sites
when each site stops accepting waste and to perform certain maintenance and monitoring functions
at the sites for 20 years after closure. Although closure and post-closure care costs will be paid only
near or after the date that the landfill stops accepting waste, the County reports a portion of these
closure and post-closure care costs as an operating expense in each period based on landfill
capacity used as of each balance sheet date.
The $606,560 reported as an accrual for landfill closure and post-closure care costs at June 30,
2022, includes the cumulative amount reported less amounts paid to date for the open site based
on the following information.
Estimated Total Costs
Estimated Percentage
Remaining Balance of Remaining
Landfill Capacity to be
Life Used Closure Post-closure Total Recognized
9 years 73% $ 680,520 $ 116,568 $ 797,088 $ 190,528
These amounts are based on what it would cost to perform all closure and post-closure care in
fiscal year 2022. Actual cost may be higher due to inflation, changes in technology, or changes in
regulations. The Council has restricted cash of $606,560 for payment of closure and post-closure
care costs.
53
NOTES TO THE FINANCIAL STATEMENTS
NOTE 7. LONG-TERM OBLIGATIONS (CONTINUED)
Primary Government (Continued)
Discretely Presented Component Units
Fire and rescue general obligation bonds payable at June 30, 2022, consist of the following:
General Obligation Bonds Amount
$6,000,000 Fire Protection Service General Obligation Bonds, Series 2018,
3.0% annual interest, annual principal and interest payments beginning in 2020,
matures 2029. $ 4,380,000
$7,000,000 Fire Protection Service General Obligation Bonds, Series 2022,
variable interest rate of 2.0% - 3.0%, annual principal and interest payments
beginning in 2023, matures 2036. 7,000,000
$ 11,380,000
Future debt service requirements for fire and rescue general obligation bonds outstanding at
June 30, 2022 are as follows:
Year Ending General Obligation Bonds
June 30, Principal Interest Total
2023 $ 1,060,000 $ 280,944 $ 1,340,944
2024 1,085,000 264,250 1,349,250
2025 1,105,000 236,650 1,341,650
2026 1,140,000 208,500 1,348,500
2027 645,000 179,450 824,450
2028-2032 3,390,000 612,500 4,002,500
2033-2036 2,955,000 183,175 3,138,175
$ 11,380,000 $ 1,965,469 $ 13,345,469
Financed Purchase Agreements
The Fire and Rescue Commission has entered into a financed purchase agreement for financing
the acquisition of certain equipment. The agreements qualify as financed purchases for accounting
purposes (titles transfer at the end of the agreement). Interest rates are 2.32°/o, payments are made
monthly, and the terms extend through 2024. Principal payments for the fiscal year ended June
2023 and 2024 are $328,366 and $335,985, respectively. Interest payments for the fiscal year
ended June 30, 2023 and 2024 are $15,413 and $7,724, respectively.
54
NOTES TO THE FINANCIAL STATEMENTS
NOTE 8. POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS
Plan Administration and Benefits
The County, as authorized by the County Commission, administers a single-employer defined
benefit healthcare plan (the "Retiree Health Plan"). The Retiree Health Plan provides lifetime
healthcare insurance for eligible retirees and their spouses through the County's group health
insurance plan, which covers both active and retired members. Benefit provisions are established
by the County Council. Retiree medical coverage levels for retirees and their families are the same
as coverage provided to active County employees in accordance with the terms and conditions of
the current State Health Insurance Plan. The cost assistance provided by the County is calculated
based on 50% of the cost of the single plan under which the employee is covered for healthcare
added to 50% of the cost of the single plan for dental coverage. The employees pay the remaining
50% plus any additional coverage for spouse or children and a $3.00 administrative charge.
Retirees not meeting the condition stated above must pay 100% of the total premium plus the $3.00
administrative charge.
Even the provided benefits shown above are only "promised" on an annual basis and are not
guaranteed beyond the annual appropriation and sufficiency of the annual appropriation to cover
50% of the cost. There are no "opt-ouY' benefits paid under any conditions nor are employees
grated and sick-leave "pay-ouY' credit toward health insurance costs.
An employee who retires with 20 years of full-time employment, but is not age 62 at retirement may
continue under the County's benefit program paying 100% of the plan costs until reaching the age
of 62 at which time, he or she will be eligible for the 50% cost assistance for the employee.
No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement
No. 75 and a separate report was not issued for the PHCB Plan.
Plan Membership
Membership of the Retiree Health Plan consisted of the following at June 30, 2021, the date of the
latest actuarial valuation:
Active participants 410
Retirees and beneficiaries currently receiving benefits 50
Total plan members 460
55
NOTES TO THE FINANCIAL STATEMENTS
NOTE 8. POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED)
Contributions
Contribution requirements are established annually by the County Council. The required
contribution is based on projected "pay as you go" financing requirements. For the year ended
June 30, 2022, the County contributed $38,681 for the pay as you go benefits for the Retiree Health
Plan.
Total OPEB Liability of the County
Effective July 1, 2017, the County implemented the provisions of GASB Statement No. 75,
Accounting and Financial Reporting for Post-employment Benefits Other Than Pensions, which
significantly changed the County's accounting for OPEB amounts. The information disclosed below
is presented in accordance with this new standard.
The County's total OPEB liability was measured as of June 30, 2021 and was determined by an
actuarial valuation as of June 30, 2021.
Actuarial assumptions. The total OPEB liability in the June 30, 2021 actuarial valuation was
determined using the following actuarial assumptions, applied to all periods included in the
measurement:
Discount rate: 2.16% as of June 30, 2021.
Healthcare cost trend rate: Initial rate of 6.40% declining to an ultimate rate of 4.00% after
15 years.
Ultimate trend rate includes a 0.15% adjustment for the excise tax.
Inflation rate: 2.25%
Salary increase: 3.50% to 10.50% for PORS and 3.00% to 9.50% for SCRS, including
inflation.
Participation rate: 70% if retiree has at least 20 years of service and is at least
60 years old at retirement.
35% if retiree has at least 20 years of service and younger than
60 years old at retirement.
20% for retirees that ha�e fewer than 20 years of service.
Mortality rates were based on the 2020 Public Retirees of South Carolina Mortality Table for males
or females, as appropriate, with adjustments for mortality improvements based on Scale UMP.
The actuarial assumptions used in the June 30, 2021 valuation was based on the results of an
actuarial experience study for 2020..
56
NOTES TO THE FINANCIAL STATEMENTS
NOTE 8. POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED)
Discount rate
The discount rate used to measure the total OPEB liability was 2.16%. This rate was determined
using an index rate of 20-year, tax-exempt general obligation municipal bonds with an average
rating of AA/Aa or higher. The discount rate changed from 2.45% as of June 30, 2020 to 2.16% as
of June 30, 2021.
Changes in the Total OPEB Liability of the County
The changes in the total OPEB liability of the County, and respective component units, for the year
ended June 30, 2022, were as follows:
Total OPEB Liability
Primary Fire 8�Rescue Memorial
Government Commission Library
Beginning Balance $ 4,360,196 $ 795,869 $ 528,849
Changes for the year:
Senrice cost 281,668 51,413 34,153
Interest 106,464 19,433 12,909
Difference between expected
and actual experience 1,069,692 195,250 129,702
Effect of assumption changes 440,503 80,408 53,484
Benefit payments (29,671) (5,416) (3,598)
Net changes 1,868,656 341,088 226,650
Ending Balance $ 6,228,852 $ 1,136,957 $ 755,499
The required schedule of changes in the County's total OPEB liability and related ratios immediately
following the notes to the financial statements presents multi-year trend information about the total
OPEB liability.
57
NOTES TO THE FINANCIAL STATEMENTS
NOTE 8. POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED)
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate
The following presents the total OPEB liability of the County, and the respective component units,
as well as what the County's, and respective component uniYs total OPEB liability would be if it
were calculated using a discount rate that is 1-percentage-point lower (1.16%) or 1-percentage-
point higher(3.16%)than the current discount rate:
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate
Current
1%Decrease Discount Rate 1%Increase
(1.16%) (2.16%) (3.16%)
Primary Government $ 7,637,243 $ 6,228,852 $ 5,134,027
Component Units
Fire and Rescue Commission 1,394,021 1,136,957 937,111
Memorial Library 926,028 755,499 622,509
Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost
Trend Rates
The following presents the total OPEB liability of the County, and respective component units, as
well as what the County's and component uniYs total OPEB liability would be if it were calculated
using healthcare cost trend rates that are 1-percentage-point lower or 1-percentage-point higher
than the current healthcare cost trend rates:
Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates
Current
Healthcare Cost
Trend
1%Decrease Assumption Rate 1%Increase
Primary Government $ 4,933,951 $ 6,228,852 $ 7,984,001
Component Units
Fire and Rescue Commission 900,591 1,136,957 1,457,314
Memorial Library 598,250 755,499 968,073
58
NOTES TO THE FINANCIAL STATEMENTS
NOTE 8. POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED)
Deferred Outflows of Resources and Deferred Inflows of Resources Related
to OPEB
At June 30, 2022, the County reported deferred outflows of resources and deferred inflows of
resources related to OPEB from the following sources:
Deferred Deferred
OutFlows Inflows
of Resources of Resources
Difference between expected and actual experience $ 947,862 $ 131,392
Assumption changes 909,065 173,278
Employer contributions subsequent to the measurement date 42,181 -
Total $ 1,899,108 $ 304,670
County contributions subsequent to the measurement date of $42,181, for the Retiree Health Plan
are deferred outflows of resources and will be recognized as a reduction of the total OPEB liability in
the year ending June 30, 2023.
Amounts reported as deferred outflows of resources and deferred inflows of resources for the
County related to OPEB will be recognized in OPEB expense as follows:
Year ending June 30,
2023 $ 187,927
2024 187,927
2025 187,927
2026 187,927
2027 215,953
Thereafter 584,596
Total $ 1,552,257
59
NOTES TO THE FINANCIAL STATEMENTS
NOTE 8. POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED)
Deferred Outflows of Resources and Deferred Inflows of Resources Related
to OPEB (Continued)
At June 30, 2022, the Fire and Rescue Commission reported deferred outflows of resources and
deferred inflows of resources related to OPEB from the following sources:
Deferred Deferred
Outflows Inflows
of Resources of Resources
Difference between expected and actual experience $ 173,013 $ 23,983
Assumption changes 165,934 31,629
Employer contributions subsequent to the measurement date 7,699 -
Total $ 346,646 $ 55,612
Fire and Rescue Commission contributions subsequent to the measurement date of$7,699, for the
Retiree Health Plan are deferred outflows of resources and will be recognized as a reduction of the
total OPEB liability in the year ending June 30, 2023.
Amounts reported as deferred outflows of resources and deferred inflows of resources for the Fire
and Rescue Commission related to OPEB will be recognized in OPEB expense as follows:
Year ending June 30,
2023 $ 34,302
2024 34,302
2025 34,302
2026 34,302
2027 39,418
Thereafter 106,709
Total $ 283,335
60
NOTES TO THE FINANCIAL STATEMENTS
NOTE 8. POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED)
Deferred Outflows of Resources and Deferred Inflows of Resources Related
to OPEB (Continued)
At June 30, 2022, the Memorial Library reported deferred outflows of resources and deferred inflows
of resources related to OPEB from the following sources:
Deferred Deferred
Outflows Inflows
of Resources of Resources
Difference between expected and actual experience $ 114,930 $ 15,931
Assumption changes 110,298 21,022
Employer contributions subsequent to the measurement date 5,115 -
Total $ 230,343 $ 36,953
Memorial Library contributions subsequent to the measurement date of $5,115, for the Retiree
Health Plan are deferred outflows of resources and will be recognized as a reduction of the total
OPEB liability in the year ending June 30, 2023.
Amounts reported as deferred outflows of resources and deferred inflows of resources for the
Memorial Library related to OPEB will be recognized in OPEB expense as follows:
Year ending June 30,
2023 $ 22,786
2024 22,786
2025 22,786
2026 22,786
2027 26,185
Thereafter 70,946
Total $ 188,275
61
NOTES TO THE FINANCIAL STATEMENTS
NOTE 8. POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (CONTINUED)
OPEB Expense
For the year ended June 30, 2022, the County, Fire and Rescue Commission, and the Memorial
Library recognized OPEB expense of$576,058; $105,148; and $69,848, respectively.
OPEB expense for the Retiree Health Plan is calculated as follows:
Primary Fire 8� Rescue Memorial
Description Government Commission Library
Service cost $ 281,668 $ 51,413 $ 34,153
Interest on the total OPEB liability 106,464 19,433 12,909
Recognition of deferred outflows/inflows of resources
due to liabilities 14,333 2,616 1,738
Amortization of prior year deferred outflows/inflows
of resources due to liabilities 173,593 31,686 21,048
Total employer OPEB expense $ 576,058 $ 105,148 $ 69,848
NOTE 9. RETIREMENT PLAN
Description of the Entity
The South Carolina Public Employee Benefit Authority ("PEBA"), created July 1, 2012, is the state
agency responsible for the administration and management of the various retirement systems and
retirement programs of the state of South Carolina, including the State Optional Retirement
Program and the S.C. Deferred Compensation Program, as well as the state's employee insurance
programs. As such, PEBA is responsible for administering the South Carolina Retirement Systems'
("Systems") five defined benefit pension plans. PEBA has an 11-member Board of Directors,
appointed by the Governor and General Assembly leadership, which serves as custodian, co-
trustee and co-fiduciary of the Systems and the assets of the retirement trust funds. The Retirement
System Investment Commission (Commission as the governing body, RSIC as the agency), created
by the General Assembly in 2005, has exclusive authority to invest and manage the retirement trust
funds' assets. The Commission, an eight-member board, serves as co-trustee and co-fiduciary for
the assets of the retirement trust funds. By law, the State Fiscal Accountability Authority ("SFAA"),
which consists of five elected officials, also reviews certain PEBA Board decisions regarding the
actuary of the Systems.
62
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. RETIREMENT PLAN (CONTINUED)
Description of the Entity (Continued)
For purposes of ineasuring the net pension liability, deferred outflows and inflows of resources
related to pensions, and pension expense, information about the fiduciary net position of the
Systems and additions to/deductions from the Systems fiduciary net position have been determined
on the accrual basis of accounting as they are reported by the Systems in accordance with GAAP.
For this purpose, revenues are recognized when earned and expenses are recognized when
incurred. Benefit and refund expenses are recognized when due and payable in accordance with
the terms of the plan. Investments are reported at fair value.
PEBA — Insurance Benefits issues audited financial statements and required supplementary
information for the OPEB Trust Funds. This information is publicly available through the PEBA —
Insurance Benefits' link on PEBA's website at www.peba.sc.gov or a copy may be obtained by
submitting a request to PEBA — Insurance Benefits, 202 Arbor Lake Drive, Columbia, SC 29223.
PEBA is considered a division of the primary government of the state of South Carolina and,
therefore, OPEB Trust fund financial information is also included in the Annual Comprehensive
Financial Report("ACFR")of the state.
Plan Description
The County contributes to the South Carolina Retirement System ("SCRS"), a cost-sharing multiple-
employer defined benefit pension plan that was established effective July 1, 1945, pursuant to the
provisions of Section 9-1-20 of the South Carolina Code of Laws for the purpose of providing
retirement allowances and other benefits for employees of the state, its public school districts and
political subdivisions.
In addition to the SCRS pension plan, the County also contributes to the PORS, a cost-sharing
multiple-employer defined benefit pension plan that was established effective July 1, 1962, pursuant
to the provisions of Section 9-11-20 of the South Carolina Code of Laws for the purpose of providing
retirement allowances and other benefits for police officers and firemen of the state and its political
subdivisions.
63
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. RETIREMENT PLAN (CONTINUED)
Membership
Membership requirements are prescribed in Title 9 of the South Carolina Code of Laws. A brief
summary of the requirements under each System is described below.
South Carolina Retirement System ("SCRS") — Generally, all employees of covered employers
are required to participate in and contribute to the SCRS as a condition of employment. This plan
covers general employees, teachers and individuals newly elected to the South Carolina General
Assembly beginning with the November 2012 general election. An employee member of the SCRS
with an effective date of inembership prior to July 1, 2012, is a Class Two member. An employee
member of the SCRS with an effective date of inembership on or after July 1, 2012, is a Class
Three member.
South Carolina Police Officers' Retirement System ("PORS") — To be eligible for PORS
membership, an employee must be required by the terms of his/her employment, by election or
appointment, to preserve public order, protect life and property, and detect crimes in the state; to
prevent and control property destruction by fire; or to serve as a peace officer employed by the
Department of Corrections, the Department of Juvenile Justice, or the Department of Mental Health.
Probate judges and coroners may elect membership in PORS. Magistrates are required to
participate in PORS for service as a magistrate. PORS members, other than magistrates and
probate judges, must also earn at least$2,000 per year and devote at least 1,600 hours per year to
this work, unless exempted by statute. An employee member of the System with an effective date of
membership prior to July 1, 2012, is a Class Two member. An employee member of the System
with an effective date of inembership on or after July 1, 2012, is a Class Three member.
Benefits
Benefit terms are prescribed in Title 9 of the South Carolina Code of Laws. PEBA does not have
the authority to establish or amend benefit terms without a legislative change in the code of laws.
Key elements of the benefit calculation include the benefit multiplier, years of service, and average
final compensation. A brief summary of benefit terms for each System is presented below.
South Carolina Retirement System ("SCRS") — A Class Two member who has separated from
service with at least five or more years of earned service is eligible for a monthly pension at age 65
or with 28 years credited service regardless of age. A member may elect early retirement with
reduced pension benefits payable at age 55 with 25 years of service credit. A Class Three member
who has separated from service with at least eight or more years of earned service is eligible for a
monthly pension upon satisfying the Rule of 90 requirement that the total of the member's age and
the member's creditable service equals at least 90 years. Both Class Two and Class Three
members are eligible to receive a reduced deferred annuity at age 60 if they satisfy the five- or
eight-year earned service requirement, respectively. An incidental death benefit is also available to
beneficiaries of active and retired members of employers who participate in the death benefit
program.
64
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. RETIREMENT PLAN (CONTINUED)
Benefits (Continued)
South Carolina Retirement System ("SCRS") (Continued)
The annual retirement allowance of eligible retirees or their surviving annuitants is increased by the
lesser of 1% or $500 every July 1. Only those annuitants in receipt of a benefit on July 1 of the
preceding year are eligible to receive the increase. Members who retire under the early retirement
provisions at age 55 with 25 years of service are not eligible for the benefit adjustment until the
second July 1 after reaching age 60 or the second July 1 after the date they would have had 28
years of service credit had they not retired.
South Carolina Police Officers' Retirement System ("PORS") —A Class Two member who has
separated from service with at least five or more years of earned service is eligible for a monthly
pension at age 55 or with 25 years of service regardless of age. A Class Three member who has
separated from service with at least eight or more years of earned service is eligible for a monthly
pension at age 55 or with 27 years of service regardless of age. Both Class Two and Class Three
members are eligible to receive a deferred annuity at age 55 with five or eight years of earned
service, respectively. An incidental death benefit is also available to beneficiaries of active and
retired members of employers who participate in the death benefit program. Accidental death
benefits are also provided upon the death of an active member working for a covered employer
whose death was a natural and proximate result of an injury incurred while in the performance of
duty.
The retirement allowance of eligible retirees or their surviving annuitants is increased by the lesser
of 1% or $500 every July 1. Only those annuitants in receipt of a benefit on July 1 of the preceding
year are eligible to receive the increase.
65
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. RETIREMENT PLAN (CONTINUED)
Contributions
Actuarial valuations are performed annually by an external consulting actuary to ensure applicable
contribution rates satisfy the funding parameters specified in Title 9 of the South Carolina Code of
Laws. Under these provisions, SCRS and PORS contribution requirements must be sufficient to
maintain an amortization period for the financing of the unfunded actuarial accrued liability ("UAAL")
over a period that does not exceed the number of years scheduled in state statute. Legislation in
2017 increased, but also established a ceiling for SCRS and PORS employee contribution rates.
Effective July 1, 2017, employee rates were increased to a capped rate of 9.00% for SCRS and
9.75% for PORS. The legislation also increased employer contribution rates beginning July 1, 2017
for both SCRS and PORS by two percentage points and further scheduled employer contribution
rates to increase by a minimum of one percentage point each year through July 1, 2022. If the
scheduled contributions are not sufficient to meet the funding periods set in state statute, the board
shall increase the employer contribution rates as necessary to meet the funding periods set for the
applicable year. The maximum funding period of SCRS and PORS is scheduled to be reduced over
a ten-year schedule from 30 years beginning fiscal year 2018 to 20 years by fiscal year 2028.
Additionally, the Board is prohibited from decreasing the SCRS and PORS contribution rates until
the funded ratio is at least 85%. If the most recent annual actuarial valuation of the Systems for
funding purposes shows a ratio of the actuarial value of system assets to the actuarial accrued
liability of the System (the funded ratio) that is equal to or greater than 85%, then the Board,
effective on the following July 1St, may decrease the then current contribution rates upon making a
finding that the decrease will not result in a funded ratio of less than 85%.
If contribution rates are decreased pursuant to this provision, and the most recent annual actuarial
valuation of the System shows a funded ratio of less than 85%, then effective on the following July
15�, and annually thereafter as necessary, the Board shall increase the then current contribution
rates until a subsequent annual actuarial valuation of the System shows a funded ratio that is equal
to or greater than 85%.
Required employee contribution rates for the year ended June 30, 2022 are as follows:
South Carolina Retirement System
Employee Class Two 9.00% of earnable compensation
Employee Class Three 9.00% of earnable compensation
South Carolina Police Officers' Retirement System
Employee Class Two 9.75% of earnable compensation
Employee Class Three 9.75% of earnable compensation
66
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. RETIREMENT PLAN (CONTINUED)
Contributions (Continued)
Required employer contribution rates for the year ended June 30, 2022 are as follows:
South Carolina Retirement System
Employee Class Two 16.41% of earnable compensation
Employee Class Three 16.41% of earnable compensation
Employer incidental death benefit 0.15% of earnable compensation
South Carolina Police Officers' Retirement System
Employee Class Two 18.84% of earnable compensation
Employee Class Three 18.84% of earnable compensation
Employer incidental death benefit 0.20% of earnable compensation
Employer accidental death program 0.20% of earnable compensation
Net Pension Liability
The June 30, 2021 total pension liability ("TPL"), net pension liability ("NPL"), and sensitivity
information shown in this report were determined by our consulting actuary, Gabriel, Roeder, Smith
and Company ("GRS") and are based on an actuarial valuation performed as of July 1, 2020. The
total pension liability was rolled-forward from the valuation date to the plans' fiscal year-end,
June 30, 2021, using generally accepted actuarial principles. Information included in the following
schedules is based on the certification provided by GRS.
The net pension liability is calculated separately for each System and represents that particular
System's total pension liability determined in accordance with GASB No. 67, less that System's
fiduciary net position. As of June 30, 2022 (measurement date of June 30, 2021), the net pension
liability amounts for the County's proportionate share of the collective net pension liabilities
associated with the SCRS and PORS plans are as follows:
As of June 30, 2022, the County's net pension liability amounts for SCRS and PORS are as follows:
Plan Fiduciary
Total Plan Employer's Net Position as County's Proportionate
Pension Fiduciary Net Net Pension a percentage of the Share of the Collective
System Liability Position Liability Total Pension Liability Net Pension Liability
SCRS $ 52,598,755 $ 31,951,813 $ 20,646,942 60.7% 0.095406°/a
PORS 26,801,024 18,860,898 7,940,126 70.4% 0.308604%
67
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. RETIREMENT PLAN (CONTINUED)
Net Pension Liability (Continued)
As of June 30, 2022, the Fire and Rescue Commission's net pension liability amounts for SCRS and
PORS are as follows:
Plan Fiduciary Fire and Rescue
Total Plan Employer's Net Position as Commission's Proportionate
Pension Fiduciary Net Net Pension a percentage of the Share of the Collective
System Liability Position Liability Total Pension Liability Net Pension Liability
SCRS $ 1,426,578 $ 866,594 $ 559,984 60.7% 0.002588%
PORS 34,881,425 24,547,383 10,334,042 70.4% 0.401648%
As of June 30, 2022, the Memorial Library's net pension liability amount for SCRS is as follows:
Plan Fiduciary Memorial
Total Plan Employer's Net Position as Library's Proportionate
Pension Fiduciary Net Net Pension a percentage of the Share of the Collective
System Liability Position Liability Total Pension Liability Net Pension Liability
SCRS $ 1,918,887 $ 1,165,654 $ 753,233 60.7% 0.003481%
Actuarial Assumptions and Methods
Actuarial valuations of the plan involve estimates of the reported amounts and assumptions about
the probability of occurrence of events far into the future. Examples include assumptions about
future employment, mortality, and future salary increases. Amounts determined regarding the net
pension liability are subject to continual revision as actual results are compared with past
expectations and new estimates are made about the future. South Carolina state statute requires
that an actuarial experience study be completed at least once in each five-year period. An
experience report on the Systems was most recently issued for the period ended June 30, 2019
for first use in the July 1, 2021 actuarial valuation.
The June 30, 2021 total pension liability, net pension liability, and sensitivity information shown in
this report were determined by our consulting actuary, Gabriel, Roeder, Smith and Company
("GRS") and are based on an actuarial valuation performed as of July 1, 2020. The total pension
liability was rolled-forward from the valuation date to the plans' fiscal year-end, June 30, 2021,
using generally accepted actuarial principles.
68
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. RETIREMENT PLAN (CONTINUED)
Actuarial Assumptions and Methods (Continued)
The following provides a summary of the actuarial assumptions and methods used in the July 1,
2020 valuations for SCRS and PORS.
SCRS PORS
Actuarial cost method Entry Age Entry Age
Actuarial assumptions:
Investment rate of return 7.00% 7.00%
Projected salary increases 3.0% to 11.0% (varies by service) 3.0% to 10.5°/o (varies by service)
Inflation rate 2.25% 2.25%
Benefit adjustments lesser of 1°/o or$500 annually lesser of 1% or$500 annually
The post-retiree mortality assumption is dependent upon the member's job category and gender.
The base mortality assumption, the 2020 Public Retirees of South Carolina Mortality table (the
"2020 PRSC"), was developed using the Systems' mortality experience. These base rates are
adjusted for future improvement in mortality using published Scale AA projected from the year 2020.
Former Job Class Males Females
General Employees and Members 2020 PRSC Males multiplied 2020 PRSC Females
of the General Assembly by 97% multiplied by 107%
Public Safety and Firefighters 2020 PRSC Males multiplied 2020 PRSC Females
by 127% multiplied by 107%
The long-term expected rate of return on pension plan investments is based upon 20-year capital
market assumptions. The long-term expected rates of return represent assumptions developed
using an arithmetic building block approach primarily based on consensus expectations and
market-based inputs. Expected returns are net of investment fees.
The expected returns, along with the expected inflation rate, form the basis for the target asset
allocation adopted at the beginning of the 2020 fiscal year. The long-term expected rate of return
is produced by weighting the expected future real rates of return by the target allocation
percentage and adding expected inflation and is summarized in the table on the next page. For
actuarial purposes, the 7.00% assumed annual investment rate of return used in the calculation of
the TPL includes a 4.75% real rate of return and a 2.25% inflation component.
69
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. RETIREMENT PLAN (CONTINUED)
Actuarial Assumptions and Methods (Continued)
Expected Long-Term
Target Asset Arithmetic Real Expected PortFolio
Asset Class Allocation Rate of Return Real Rate of Return
Public Equity 46.0% 6.87% 3.16%
Bonds 26.0% 0.27% 0.07%
Private Equity 9.0°/a 9.68% 0.87%
Private Debt 7.0°/a 5.47% 0.39%
Real Assets 12.0%
Real Estate 9.0% 6.01% 0.54%
Infrastructure 3.0% 5.08% 0.15%
100.0%
Total expected real return 5.18%
Inflation for actuarial purposes 2.25%
Total expected nominal return 7.43%
Discount Rate
The discount rate used to measure the total pension liability was 7.00%. The projection of cash
flows used to determine the discount rate assumed that contributions from participating
employers in SCRS and PORS will be made based on the actuarially determined rates based on
provisions in the South Carolina State Code of Laws. Based on those assumptions, the County's
fiduciary net position was projected to be available to make all projected future benefit payments of
current plan members. Therefore, the long-term expected rate of return on pension plan
investments was applied to all periods of projected benefit payments to determine the total pension
liability.
70
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. RETIREMENT PLAN (CONTINUED)
Discount Rate (Continued)
The following table presents the sensitivity of the net pension liability to changes in the discount rate
for the County and the respective component units.
Sensitivity of the Net Position Liability to Changes in the Discount Rate
Cu rre nt
1°/a Decrease Discount Rate 1%Increase
(6.00%) (7.00%) (8.00%)
Primary Government
SCRS $ 27,045,054 $ 20,646,942 $ 15,328,970
PORS 11,520,112 7,940,126 5,007,576
Component Units
Fire and Rescue Commission
S CRS 733,513 559,984 415,751
PORS 14,993,380 10,334,042 6,517,340
Memorial Library
SCRS 986,647 753,233 559,225
71
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. RETIREMENT PLAN (CONTINUED)
Pension Expense
For the year ended June 30, 2022, pension expense was recognized as follows:
Primary Government SCRS PORS
Proportionate share of aggregate plan $ 1,507,667 $ 868,652
pension expense
Deferred amounts from changes in
proportion and differences between
employer contributions and proportionate
share on plan contributions (98,449) 147,116
Employer pension expense $ 1,409,218 $ 1,015,768
Fire and Rescue Commission SCRS PORS
Proportionate share of aggregate plan $ 40,891 $ 1,130,546
pension expense
Deferred amounts from changes in
proportion and differences between
employer contributions and proportionate
share on plan contributions (2,670) 191,472
Employer pension expense $ 38,221 $ 1,322,018
Memorial Library SCRS
Proportionate share of aggregate plan $ 55,002
pension expense
Deferred amounts from changes in
proportion and differences between
employer contributions and proportionate
share on plan contributions (3,592)
Employer pension expense $ 51,410
72
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. RETIREMENT PLAN (CONTINUED)
Deferred Outflows of Resources and Deferred Inflows of Resources Related
to Pensions
At June 30, 2022, the County reported deferred outflows of resources and deferred inflows of
resources related to the SCRS and PORS pension plans, respectively, from the following sources:
Deferred Deferred
Outflows Inflows
SCRS of Resources of Resources
Differences between expected and actual experience $ 351,697 $ 27,866
Net difference between projected and actual
earnings on pension plan inv�estments - 2,999,241
Assumption changes 1,130,146 -
Changes in proportion and differences between
employer contributions and proportionate share of
contributions 474,273 516,678
Employer contributions subsequent to the measurement
date 1,886,565 -
Total $ 3,842,681 $ 3,543,785
Deferred Deferred
Outflows Inflows
PORS of Resources of Resources
Differences between expected and actual experience $ 270,116 $ 24,728
Net difference between projected and actual
earnings on pension plan inv�estments - 1,780,140
Assumption changes 566,327 -
Changes in proportion and differences between
employer contributions and proportionate share of
contributions 118,045 -
Employer contributions subsequent to the measurement
date 981,755 -
Total $ 1,936,243 $ 1,804,868
73
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. RETIREMENT PLAN (CONTINUED)
Deferred Outflows of Resources and Deferred Inflows of Resources Related
to Pensions (Continued)
County contributions subsequent to the measurement date of $1,886,565 and $981,755, for the
SCRS plan and the PORS plan, respectively, and changes in proportion and differences between
employer contributions and proportionate share of contributions are deferred outflows/inflows of
resources and will be recognized as a reduction of the net pension liability in the year ending
June 30, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of
resources related to pensions will be recognized in pension expense as follows:
Year ending June 30, SCRS PORS
2023 $ 28,532 $ (9,857)
2024 (79,819) (59,821)
2025 (414,105) (151,233)
2026 (1,122,277) (629,469)
Total $ (1,587,669) $ (850,380)
At June 30, 2022, the Fire and Rescue Commission reported deferred outflows of resources and
deferred inflows of resources related to the SCRS and PORS pension plans, respectively, from the
following sources:
Deferred Deferred
OutFlows Inflows
SCRS of Resources of Resources
Differences between expected and actual experience $ 9,539 $ 756
Net difference between projected and actual
earnings on pension plan investments - 81,345
Assumption changes 30,652 -
Changes in proportion and differences between
employer contributions and proportionate share of
contributions 12,863 14,013
Employer contributions subsequent to the measurement
date 51,167 -
Total $ 104,221 $ 96,114
74
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. RETIREMENT PLAN (CONTINUED)
Deferred Outflows of Resources and Deferred Inflows of Resources Related
to Pensions (Continued)
Deferred Deferred
OutFlows Inflows
PORS of Resources of Resources
Differences between expected and actual experience $ 351,556 $ 32,184
Net difference between projected and actual
earnings on pension plan investments - 2,316,846
Assumption changes 737,073 -
Changes in proportion and differences between
employer contributions and proportionate share of
contributions 153,636 -
Employer contributions subsequent to the measurement
date 1,277,750 -
Total $ 2,520,015 $ 2,349,030
The Fire and Rescue Commission contributions subsequent to the measurement date of $51,167
and $1,277,750, for the SCRS plan and the PORS plan, respectively, and changes in proportion
and differences between employer contributions and proportionate share of contributions are
deferred outflows/inflows of resources and will be recognized as a reduction of the net pension
liability in the year ending June 30, 2023. Other amounts reported as deferred outflows of resources
and deferred inflows of resources related to pensions will be recognized in pension expense as
follows:
Year ending June 30, SCRS PORS
2023 $ 774 $ (12,828)
2024 (2,165) (77,856)
2025 (11,231) (196,829)
2026 (30,438) (819,252)
Total $ (43,060) $ (1,106,765)
75
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. RETIREMENT PLAN (CONTINUED)
Deferred Outflows of Resources and Deferred Inflows of Resources Related
to Pensions (Continued)
At June 30, 2022, the Memorial Library reported deferred outflows of resources and deferred inflows
of resources related to the SCRS pension plan from the following sources:
Deferred Deferred
Outflows Inflows
SCRS of Resources of Resources
Differences between expected and actual experience $ 12,830 $ 1,017
Net difference between projected and actual
earnings on pension plan investments - 109,417
Assumption changes 41,230 -
Changes in proportion and differences between
employer contributions and proportionate share of
contributions 17,302 18,849
Employer contributions subsequent to the measurement
date 68,825 -
Total $ 140,187 $ 129,283
The Memorial Library contributions subsequent to the measurement date of $68,825 for the SCRS
plan and changes in proportion and differences between employer contributions and proportionate
share of contributions are deferred outflows/inflows of resources and will be recognized as a
reduction of the net pension liability in the year ending June 30, 2023. Other amounts reported as
deferred outflows of resources and deferred inflows of resources related to pensions will be
recognized in pension expense as follows:
Year ending June 30, SCRS
2023 $ 1,041
2024 (2,912)
2025 (15,107)
2026 (40,943)
Total $ (57,921)
76
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. RETIREMENT PLAN (CONTINUED)
Pension Plan Fiduciary Net Position
Detailed information regarding the fiduciary net position of the plans administered by PEBA is
available in the separately issued ACFR containing financial statements and required
supplementary information for SCRS and PORS. The ACFR of the Pension Trust Funds is publicly
available on PEBA's Retirement Benefits' website at www.retirement.sc.gov, or a copy may be
obtained by submitting a request to PEBA, PO Box 11960, Columbia, South Carolina 29211-1960.
NOTE 10. OTHER INFORMATION
Deferred Compensation Plans
Internal Revenue Code Section 457 Plan
The County offers its employees a deferred compensation plan, offered through the State of South
Carolina, created in accordance with Internal Revenue Code Section 457. The plan, available to all
regular full-time employees, permits participants to defer a portion of their salaries until future years.
The deferred compensation is not available to the employee or his/her beneficiaries until
termination, retirement, death, disability, or an approved hardship.
All amounts of compensation deferred under the plan are held in trust for the contributing employee
and are not subject to claims of the County's general creditors. The plan is administered by the
State of South Carolina.
Internal Revenue Code Section 401(k) Plan
The County also offers its participation in a deferred compensation plan, offered through the State
of South Carolina, created in accordance with internal Revenue Code Section 401(k). The 401(k)
plan has the same eligibility requirements as the 457 plan, although the withdrawal provisions are
more lenient under the 401(k) plan. All amounts of compensation deferred under the plan are held
in trust for the contributing employee and are not subject to claims of the County's general creditors.
The funds are administered by the State of South Carolina.
77
NOTES TO THE FINANCIAL STATEMENTS
NOTE 10. OTHER INFORMATION (CONTINUED)
Risk Management
The County and its component units are exposed to various risks of loss related to torts; theft of,
damage to, and destruction of assets; errors and omissions; and natural disasters, for which the
County carries commercial insurance, and policies with the South Carolina Insurance Reserve
Fund, a public entity risk pool currently operating as a common risk management and insurance
program for local governments. The County and its component units are covered under the same
risk management umbrella and pay a pro-rata share of an annual premium for general insurance
coverage. The County pays annual premiums to the State Insurance Reserve Fund for certain
general insurance coverage. The State Insurance Reserve Fund is self-sustaining through member
premiums and reinsures through commercial companies for certain claims.
Contingent Liabilities
Grants
Amounts received or receivable from grantor agencies in previous years are subject to audit and
adjustment by grantor agencies. Any disallowed claims, including amounts already collected, could
become a liability of the general fund or other applicable funds. The amount, if any, of expenditures
that may be disallowed by the grantor cannot be determined at this time, although the government
expects such amounts, if any, to be immaterial.
Litigation
The County is party to various legal proceedings which normally occur in governmental operations.
These lawsuits involve environmental issues, alleged failure to appropriate proper budgets,
employment matters, and certain claims under contractual agreements. In the opinion of County
management, based on the advice of legal counsel with respect to litigation, the ultimate disposition
of these lawsuits and claims will not have a material adverse effect on the County's financial
position. Additionally, the County would be allowed to appropriate any required funds in a
subsequent year.
78
NOTES TO THE FINANCIAL STATEMENTS
NOTE 10. OTHER INFORMATION (CONTINUED)
Commitments
Construction Commitments
On June 30, 2022, the County has commitments under contracts for various architectural and
engineering services and construction projects not completed of approximately $4,723,787 that
relate to the Capital Penny Sales Tax Project approved by voter referendum.
As discussed earlier in Note 1, budgetary basis of accounting, the encumbrances and related
appropriation lapse at the end of the year, but are re-appropriated and become part of the
subsequent year's budget because performance under the executory contract is expected in the
next year.
Encumbrances
As discussed in Note 1, budgetary basis of accounting, encumbrance accounting is utilized to the
extent necessary to assure effective budgetary control and accountability and to facilitate effective
cash planning and control. At year-end, the amount of encumbrances expected to be honored upon
performance by the vendor in the next year were as follows:
Governmental Fund Amount
Capital Projects Funds $ 546,351
Special Revenue Funds 74,225
Total $ 620,576
79
NOTES TO THE FINANCIAL STATEMENTS
NOTE 11. NET INVESTMENT IN CAPITAL ASSETS
The following summarizes the amounts included in the calculation for the net investment in capital
assets. The County received the bond proceeds of $30,272,627 in May 2015 and has unspent
funds on hand of $1,378,721. The list of projects includes asset acquisitions as well as assistance
to other entities within the County. The Fire and Rescue Commission received proceeds of
$6,100,337 in November 2018 and $5,000,000 in March 2022 and has unspent funds on hand of
$124,165 and $4,824,885, respectively. The list of projects include asset acquisitions as well as
improvements to fire stations. The net investment in capital assets is summarized below:
County Component Units
Governmental Fire & Rescue Memorial
Activities Commission Library
Capital assets, net $ 60,042,383 $ 11,366,642 $ 287,832
Lease assets, net 2,831,961 - -
Long-term obligations (21,990,838) (12,293,059) -
Bond proceeds on hand 1,378,721 4,949,050 -
Net Investment in capital assets $ 42,262,227 $ 4,022,633 $ 287,832
NOTE 12. TAX ABATEMENTS
The County negotiates property tax abatement agreements on an individual basis. The County has
tax abatement agreements with the following as of June 30, 2022:
Percentage Amount of
of Taxes County Taxes
Abated during Abated during Term of
Purpose the Fiscal Year the Fiscal Year Agreement
Manufacturing facility locates in the
area and provides employment 43% $ 29,966 25 Years
opportunities for citizens
Manufacturing facility locates in the
area and provides employment 43% $ 41,459 25 Years
opportunities for citizens
Provide healthcare to citizens in the
area 48% $ 19,062 25 Years
Manufacturing facility locates in the
area and provides employment 48% $ 14,143 25 Years
opportunities for citizens
80
NOTES TO THE FINANCIAL STATEMENTS
NOTE 12. TAX ABATEMENTS (CONTINUED)
Industries that invest at least $2.5 million within a five to six-year investment period in South
Carolina may negotiate for a fee-in-lieu of property taxes under the authority of South Carolina Code
of Laws Title 12 Chapter 44, Title 4 Chapter 29 and Chapter 12. This can result in a savings of
about 40°/o on property taxes otherwise due for a project. Certain large investments may be able to
further reduce their liability by negotiating the assessment ratio from 10.5% down to 6%. For large
investments, the assessment ratio can be reduced to 4% and the investment period is extended to
an eight-year investment period. The County and the industry may agree to either set the millage
rate for the entire agreement period or have the millage change every five years in step with the
average millage rate for the area where the project is located. Any personal property subject to the
fee in lieu of property taxes depreciates in accordance with South Carolina law, while the real
property is either set at cost for the life of the agreement or can be appraised every five years.
If the project would incur costs of designing, acquiring, constructing, improving, or expanding
improved or unimproved real estate or personal property to be used in the operation of a
manufacturing or commercial enterprise, infrastructure servicing the project or certain aircraft, the
industries may negotiate a Special Source Revenue Credit under the authority of South Carolina
Code of Laws Section 4-29-68, 4-1-170 and 12-44-70. This can result in additional savings of 15%
on property taxes otherwise due for a project and is applied manually as credit to the applicable tax
bill.
In each of the agreements disclosed above, the County has provided no additional commitments
other than the abatement of taxes which would continue in effect for the term of the agreement as
long as the industry complies with investment and job creation that are outlined in each agreement
within the investment period of not to exceed five years.
81
REQUIRED SUPPLEMENTARY INFORMATION
COLLETON COUNTY, SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET(GAAP BASIS)AND ACTUAL
GENERALFUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Variance
Budgeted Amounts with Final
Original Final Actual Budget
REVENUES
Taxes $ 23,912,900 $ 24,416,847 $ 24,936,740 $ 519,893
Intergovernmental 2,259,304 2,309,760 2,698,043 388,283
Fines and fees 6,105,725 6,352,392 7,022,524 670,132
Other income 331,200 515,175 351,192 (163,983)
Total revenues 32,609,129 33,594,174 35,008,499 1,414,325
EXPENDITURES
Current:
General government 10,270,148 10,940,398 10,036,349 904,049
Judicial 1,509,929 1,522,433 1,477,138 45,295
Public safety 8,946,952 9,220,857 9,423,341 (202,484)
Roads and bridges 2,221,284 2,186,599 2,107,645 78,954
Solid waste 3,024,925 3,212,910 3,286,186 (73,276)
Recreation and culture 1,757,351 1,764,935 1,829,931 (64,996)
Health and human services 930,211 936,662 957,257 (20,595)
Economic development 315,443 299,801 300,040 (239)
Intergovernmental 3,850,673 5,496,180 5,655,281 (159,101)
Capital outlay:
General government 29,650 101,129 85,650 15,479
Solid waste 500 500 38,068 (37,568)
Recreation and culture - - 11,822 (11,822)
Total expenditures 32,857,066 35,682,404 35,208,708 473,696
Excess(deficiency)of revenues over(under)
expenditures (247,937) (2,088,230) (200,209) 1,888,021
OTHER FINANCING SOURCES(USES)
Proceeds from the sale of capital assets - - 1,597 1,597
Insurancerecoveries - 12,998 190,014 177,016
Transfers in 3,566,834 5,268,886 5,076,786 (192,100)
Transfersout (2,873,621) (2,871,251) (4,215,178) (1,343,927)
Total otherfinancing sources,net 693,213 2,410,633 1,053,219 (1,357,414)
Net change in fund balances 445,276 322,403 853,010 530,607
Fund balances,beginning of year 9,927,662 9,927,662 9,927,662 -
Fund balances,end of year $ 10,372,938 $ 10,250,065 $ 10,780,672 $ 530,607
82
COLLETON COUNTY, SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET(GAAP BASIS)AND ACTUAL
SPECIAL REVENUE FUND
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Variance
Budgeted Amounts with Final
Original Final Actual Budget
REVENUES
Intergovernmental $ 1,104,220 $ 11,152,164 $ 3,583,694 $ (7,568,470)
Otherrevenues - 4,064 2,812 (1,252)
Total revenues 1,104,220 11,156,228 3,586,506 (7,569,722)
EXPENDITURES
General government - 169,960 3,000 166,960
Judicial services - 1,392,704 509,379 883,325
Public safety 401,389 465,862 439,918 25,944
Roads and bridges - 64,940 12,896 52,044
Recreation and culture - 861,825 27,755 834,070
Health and human services 702,831 2,270,221 1,992,210 278,011
Economic development - 2,083,267 94,293 1,988,974
Intergovernmental - 204,535 169,560 34,975
Capital outlay
General government - 350,000 - 350,000
Judicial - 1,000,000 23,780 976,220
Public safety - 81,274 58,123 23,151
Roads and bridges - 1,642,183 870,520 771,663
Recreation and culture - 988,422 182,449 805,973
Health and human services - 169,200 - 169,200
Economic development - 149,093 78,183 70,910
Total expenditures 1,104,220 11,893,486 4,462,066 7,431,420
Deficiency of revenues
under expenditures - (737,258) (875,560) (138,302)
OTHER FINANCING SOURCES
Insurance proceeds - 29,150 - (29,150)
Transfers in - 701,179 720,270 19,091
Total other financing sources - 730,329 720,270 (10,059)
Net change in fund balance - (6,929) (155,290) (148,361)
FUND BALANCES,beginning of year 1,226,768 1,226,768 1,226,768 -
FUND BALANCES,end ofyear $ 1,226,768 $ 1,219,839 $ 1,071,478 $ (148,361)
83
COLLETON COUNTY, SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION
FOR THE FISCAL YEAR ENDED JUNE 30,
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
SOUTH CAROLINA RETIREMENT SYSTEM — PRIMARY GOVERNMENT
County's County's share of Plan fiduciary net
proportion of County's the net pension position as a
Plan Year the net proportionate liability as a percentage of the
Ended pension share of the net County's percentage of its total pension
June 30, liability pension liability covered payroll covered payroll liability
2021 0.095406% $ 20,646,942 $ 10,784,699 191% 60.75%
2020 0.098225% 25,098,134 10,717,988 234% 53.34%
2019 0.095718% 21,856,367 10,105,559 216% 53.34%
2018 0.092094% 20,635,403 9,569,920 216% 53.34%
2017 0.097985% 22,085,045 10,023,134 220% 53.34%
2016 0.092799% 19,526,510 8,800,266 222% 52.90%
2015 0.092174% 17,480,579 8,710,229 201% 57.00%
2014 0.094651% 16,295,759 8,614,344 189% 59.90%
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
POLICE OFFICERS' RETIREMENT SYSTEM — PRIMARY GOVERNMENT
County's County's share of Plan fiduciary net
proportion of County's the net pension position as a
Plan Year the net proportionate liability as a percentage of the
Ended pension share of the net County's percentage of its total pension
June 30, liability pension liability covered payroll covered payroll liability
2021 0.308604% $ 7,940,126 $ 4,640,451 171% 70.37%
2020 0.308210% 10,220,913 4,655,962 220% 58.79%
2019 0.305935% 8,767,915 4,437,460 198% 62.69%
2018 0.296210% 8,393,222 4,461,857 188% 60.94%
2017 0.316857% 8,680,534 4,547,825 191% 60.94%
2016 0.318141% 7,795,862 3,956,317 197% 60.40%
2015 0.330253% 7,197,930 3,964,012 182% 64.60%
2014 0.314595% 6,022,663 3,641,573 165% 67.50%
Notes to the Schedules:
The schedules will present 10 years of information once it is accumulated.
84
COLLETON COUNTY, SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION
FOR THE FISCAL YEAR ENDED JUNE 30,
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
SOUTH CAROLINA RETIREMENT SYSTEM — FIRE AND RESCUE COMMISSION
Commission's Commission's share Plan fiduciary net
proportion of Commission's of the net pension position as a
Plan Year the net proportionate liability as a percentage of the
Ended pension share of the net Commission's percentage of its total pension
June 30, liability pension liability covered payroll covered payroll liability
2021 0.002588% $ 559,984 $ 292,501 191% 60.75%
2020 0.002664% 680,710 290,692 234% 50.71%
2019 0.002596% 592,786 274,082 216% 54.40%
2018 0.002498% 559,670 231,432 242°/a 54.10°/a
2017 0.002370% 533,436 128,815 414% 53.34°/a
2016 0.001193% 525,824 297,612 177% 52.90%
2015 0.003117% 591,963 243,862 243% 57.00%
2014 0.002650% 456,236 189,312 241% 59.90°/a
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
POLICE OFFICERS' RETIREMENT SYSTEM — FIRE AND RESCUE COMMISSION
Commission's Commission's share Plan fiduciary net
proportion of Commission's of the net pension position as a
Plan Year the net proportionate liability as a percentage of the
Ended pension share of the net Commission's percentage of its total pension
June 30, liability pension liability covered payroll covered payroll liability
2021 0.401648% $ 10,334,042 $ 6,039,529 171% 70.37%
2020 0.401133% 13,302,440 6,059,715 220% 58.79%
2019 0.398173% 11,411,400 5,775,336 198% 62.69%
2018 0.385515% 10,923,745 4,973,240 220% 61.73%
2017 0.353173% 9,675,427 4,473,174 216% 60.94%
2016 0.312920% 8,210,866 4,078,445 201% 60.40%
2015 0.340447% 7,420,061 4,404,638 168% 64.60%
2014 0.349565% 6,692,122 4,343,910 154% 67.50%
Notes to the Schedules:
The schedules will present 10 years of information once it is accumulated.
85
COLLETON COUNTY, SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION
FOR THE FISCAL YEAR ENDED JUNE 30,
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
SOUTH CAROLINA RETIREMENT SYSTEM — MEMORIAL LIBRARY
Memorial
Library's Memorial Library's Plan fiduciary net
proportion of Memorial Library's share of the net position as a
Plan Year the net proportionate Memorial pension liability as percentage of the
Ended pension share of the net Library's a percentage of its total pension
June 30, liability pension liability covered payroll covered payroll liability
2021 0.003481% $ 753,233 $ 393,443 191% 60.75%
2020 0.003583% 915,621 391,009 234% 50.71°/a
2019 0.003492% 797,355 368,667 216% 54.10%
2018 0.003360% 752,812 349,178 216% 54.10°/a
2017 0.003575% 804,833 335,043 240% 53.34%
2016 0.003102% 686,800 320,215 214% 52.90%
2015 0.003354% 635,958 322,367 197% 57.00°/a
2014 0.003503% 603,114 350,642 172% 59.90%
Notes to the Schedules:
The schedules will present 10 years of information once it is accumulated.
86
COLLETON COUNTY, SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION
FOR THE FISCAL YEAR ENDED JUNE 30,
SCHEDULE OF CONTRIBUTIONS
SOUTH CAROLINA RETIREMENT SYSTEM - PRIMARY GOVERNMENT
Fiscal Year Statutorily Contributions Contribution Contributions as
Ended required relative to deficiency County's covered a percentage of
June 30, contribution statutorily required (excess) payroll covered payroll
2022 $ 1,886,565 $ 1,886,565 $ - $ 11,392,298 16.56%
2021 1,678,099 1,678,099 - 10,784,699 15.56%
2020 1,667,718 1,667,718 - 10,717,988 15.56%
2019 1,511,797 1,511,797 - 10,105,559 14.96%
2018 1,297,681 1,297,681 - 9,569,920 13.56%
2017 1,158,674 1,158,674 - 10,023,134 11.56%
2016 973,309 973,309 - 8,800,266 11.06%
2015 949,415 949,415 - 8,710,229 10.90%
SCHEDULE OF CONTRIBUTIONS
POLICE OFFICERS' RETIREMENT SYSTEM - PRIMARY GOVERNMENT
Contributions
Fiscal Year Statutorily relative to Contribution Contributions as
Ended required statutorily required deficiency County's covered a percentage of
June 30, contribution contribution (excess) payroll covered payroll
2022 $ 981,755 $ 981,755 $ - $ 5,156,276 19.04%
2021 846,418 846,418 - 4,640,451 18.24%
2020 849,246 849,246 - 4,655,962 18.24%
2019 765,018 765,018 - 4,437,460 17.24%
2018 724,610 724,610 - 4,461,857 16.24%
2017 647,610 647,610 - 4,547,825 14.24%
2016 543,598 543,598 - 3,956,317 13.74%
2015 531,574 531,574 - 3,964,012 13.41%
Notes to the Schedules:
The schedules will present 10 years of information once it is accumulated.
87
COLLETON COUNTY, SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION
FOR THE FISCAL YEAR ENDED JUNE 30,
SCHEDULE OF CONTRIBUTIONS
SOUTH CAROLINA RETIREMENT SYSTEM - FIRE AND RESCUE COMMISSION
Contri butions
Fiscal Year Statutorily relative to Contribution Contributions as
Ended required statutorily required deficiency Commission's a percentage of
June 30, contribution contribution (excess) covered payroll covered payroll
2022 $ 51,167 $ 51,167 $ - $ 308,981 16.56%
2021 45,513 45,513 - 292,501 15.56%
2020 45,232 45,232 - 290,692 15.56%
2019 41,003 41,003 - 274,082 14.96°/a
2018 31,380 31,380 - 231,432 13.56°/a
2017 14,891 14,891 - 128,815 11.56%
2016 32,916 32,916 - 297,612 11.06%
2015 26,581 26,581 - 243,862 10.90%
SCHEDULE OF CONTRIBUTIONS
POLICE OFFICERS' RETIREMENT SYSTEM - FIRE AND RESCUE COMMISSION
Contributions
Fiscal Year Statutorily relative to Contribution Contributions as
Ended required statutorily required deficiency Commission's a percentage of
June 30, contribution contribution (excess) covered payroll covered payroll
2022 $ 1,277,750 $ 1,277,750 $ - $ 6,710,872 19.04%
2021 1,101,610 1,101,610 - 6,039,529 18.24%
2020 1,105,291 1,105,291 - 6,059,715 18.24°/a
2019 995,668 995,668 - 5,775,336 17.24%
2018 807,740 807,740 - 4,973,240 16.24%
2017 636,980 636,980 - 4,473,174 14.24%
2016 560,378 560,378 - 4,078,445 13.74%
2015 590,662 590,662 - 4,404,638 13.41%
Notes to the Schedules:
The schedules will present 10 years of information once it is accumulated.
88
COLLETON COUNTY, SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION
FOR THE FISCAL YEAR ENDED JUNE 30,
SCHEDULE OF CONTRIBUTIONS
SOUTH CAROLINA RETIREMENT SYSTEM — MEMORIAL LIBRARY
Contributions
Fiscal Year Statutorily relative to Contribution Memorial Contributions as
Ended required statutorily required deficiency Library's covered a percentage of
June 30, contribution contribution (excess) payroll covered payroll
2022 $ 68,825 $ 68,825 $ - $ 415,609 16.56%
2021 61,219 61,219 - 393,443 15.56%
2020 60,841 60,841 - 391,009 15.56%
2019 55,153 55,153 - 368,667 14.96%
2018 47,349 47,349 - 349,178 13.56%
2017 38,731 38,731 - 335,043 11.56%
2016 35,416 35,416 - 320,215 11.06%
2015 35,138 35,138 - 322,367 10.90%
Notes to the Schedules:
The schedules will present 10 years of information once it is accumulated.
89
COLLETON COUNTY, SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION
RETIREMENT PLAN ASSUMPTIONS
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
The following represents the assumptions used for the County, Fire and Rescue Commission and the Memorial
Library.
System SC RS PORS
Calculation date July 1, 2019 July 1, 2019
Actuarial cost method Entry Age Normal Entry Age Normal
Asset valuation method Five-year smoothed Five-year smoothed
Amortization method Level °/o of pay Level % of pay
Amortization period 28 year maximum, closed 28 year maximum, closed
Investment return 7.25% 7.25%
Inflation 2.25% 2.25%
Salary increases 3.00% plus step-rate increases for members 3.50°/o plus step-rate increases for members
with less than 21 years of service. with less than 21 years of service.
Mortality The 2016 Public Retirees of South Carolina The 2016 Public Retirees of South Carolina
Mortality Tables for males and females, both Mortality Tables for males and females, both
projected at Scale AA from the year 2016. projected at Scale AA from the year 2016.
Males rates multiplied by 100%for Males rates are multiplied by 125%and
noneducators and 92%for educators. female rates are multipled by 111%.
Female rates multipled by 111%for
noneducators and 98%for educators.
90
COLLETON COUNTY, SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION
OPEB RETIREMENT PLAN-SCHEDULE OF CHANGES IN THE PRIMARY
GOVERNMENT'S TOTAL OPEB LIABILITY AND RELATED RATIOS
FOR THE FISCAL YEAR ENDED JUNE 30,
2022 2021 2020 2019 2018
Total OPEB liability
Service cost $ 281,668 $ 273,464 $ 220,060 $ 224,176 $ 260,008
Interest on total OPEB liability 106,464 114,920 119,093 107,751 89,458
Difference between expected and
actual experience 1,069,692 1,434 (191,897) (3,268) -
Effect of assumption changes 440,503 454,267 241,956 (32,142) (338,163)
Benefit payments (29,671) (37,269) (31,099) (31,555) (29,153)
Net change in total OPEB liability 1,868,656 806,816 358,113 264,962 (17,850)
Total OPEB liability-beginning 4,360,196 3,553,380 3,195,267 2,930,305 2,948,155
Total OPEB liability-ending $ 6,228,852 $ 4,360,196 $ 3,553,380 $ 3,195,267 $ 2,930,305
Covered employee payroll $ 13,349,149 $ 14,712,492 $ 13,976,210 $ 13,463,416 $ 12,826,065
Total OPEB liability as a percentage of
covered employee payroll 46.7% 29.6% 25.4% 23.7% 22.8%
Notes to the Schedule:
The schedule will present 10 years of information once it is accumulated.
The discount rate changed from 2.45%as of June 30,2021 to 2.16%as of June 30,2022.
The County is not accumulating assets in a trust fund that meets the criteria in paragraph 4 of
GASB Statement No.75 for payment of future OPEB benefits.
91
COLLETON COUNTY, SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION
OPEB RETIREMENT PLAN-SCHEDULE OF CHANGES IN THE FIRE AND RESCUE
COMMISSION'S TOTAL OPEB LIABILITY AND RELATED RATIOS
FOR THE FISCAL YEAR ENDED JUNE 30,
2022 2021 2020 2019 2018
Total OPEB liability
Service cost $ 51,413 $ 49,915 $ 40,169 $ 40,920 $ 47,459
Interest on total OPEB liability 19,433 20,976 21,738 19,668 16,329
Difference between expected and
actual experience 195,250 262 (35,027) (597) -
Effect of assumption changes 80,408 82,916 44,164 (5,867) (61,725)
Benefit payments (5,416) (6,803) (5,676) (5,760) (5,321)
Net change in total OPEB liability 341,088 147,266 65,368 48,364 (3,258)
Total OPEB liability-beginning 795,869 648,603 583,235 534,871 538,129
Total OPEB liability-ending $ 1,136,957 $ 795,869 $ 648,603 $ 583,235 $ 534,871
Covered employee payroll $ 2,436,611 $ 2,685,461 $ 2,551,068 $ 2,457,468 $ 2,341,133
Total OPEB liability as a percentage of
covered employee payroll 46.7% 29.6% 25.4% 23.7% 22.8%
Notes to the Schedule:
The schedule will present 10 years of information once it is accumulated.
The discount rate changed from 2.45%as of June 30,2021 to 2.16°/o as of June 30,2022.
The County is not accumulating assets in a trust fund that meets the criteria in paragraph 4 of
GASB Statement No.75 for payment of future OPEB benefits.
92
COLLETON COUNTY, SOUTH CAROLINA
REQUIRED SUPPLEMENTARY INFORMATION
OPEB RETIREMENT PLAN -SCHEDULE OF CHANGES IN THE MEMORIAL
LIBRARY'S TOTAL OPEB LIABILITY AND RELATED RATIOS
FOR THE FISCAL YEAR ENDED JUNE 30,
2022 2021 2020 2019 2018
Total OPEB liability
Service cost $ 34,153 $ 33,158 $ 26,693 $ 27,192 $ 31,526
Interest on total OPEB liability 12,909 13,934 14,440 13,065 10,847
Difference between expected and
actual experience 129,702 174 (23,268) (396) -
Effect of assumption changes 53,484 55,115 29,338 (3,897) (41,003)
Benefit payments (3,598) (4,519) (3,771) (3,826) (3,535)
Net change in total OPEB liability 226,650 97,862 43,432 32,138 (2,165)
Total OPEB liability-beginning 528,849 430,987 387,555 355,417 357,582
Total OPEB liability-ending $ 755,499 $ 528,849 $ 430,987 $ 387,555 $ 355,417
Covered employee payroll $ 1,618,606 $ 1,783,914 $ 1,694,638 $ 1,632,461 $ 1,555,181
Total OPEB liability as a percentage of
covered employee payroll 46.7% 29.6% 25.4% 23.7% 22.9%
Notes to the Schedule:
The schedule will present 10 years of information once it is accumulated.
The discount rate changed from 2.45%as of June 30,2021 to 2.16%as of June 30,2022.
The County is not accumulating assets in a trust fund that meets the criteria in paragraph 4 of
GASB Statement No.75 for payment of future OPEB benefits.
93
OTHER SUPPLEMENTARY INFORMATION
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Special revenue funds are used to account for specific revenues that are legally restricted to expenditures for
particular purposes.
Sheriff's Discretionary Funds — to account for the program and activities associated with the Sheriff's
department.
Clerk of Court IV Incentives Fund — to account for federal child enforcement incentives received and disbursed
by the Clerk of Court.
Clerk of Court IV Unit Costs Fund — to account for federal child enforcement funds received and disbursed by
the Clerk of Court.
Victim Witness Services Fund—to account for victims'funds for the County.
14th Circuit Court Solicitor Fund — to account for the activities of the 14th Circuit Court Solicitor mandated by
State Statute to prosecute within the 14th Circuit Court System that Colleton County acts as Host County.
Animal Care Control Donations Fund—to account for projects and activities for animal control.
Emergency Telephone Fund—to account for operations of the County's Emergency 911 communication system.
County Hospitality Tax Fund—to account for local hospitality tax collected by the County.
County Accommodations Tax Fund—to account for local accommodations tax collected by the County.
State Accommodations Tax Fund—to account for state accommodations tax collected by the State.
NONMAJOR GOVERNMENTAL FUNDS
DEBT SERVICE FUNDS
Debt Service Fund — used for the accumulation of resources for payment of principal and interest on County
general obligation debt.
GO Bond Fund — used to set aside funds to pay interest and principal related to the General Obligation Bond
Series 2015.
Debt Service Non-GOB — used to set aside funds to pay interest and principal on County non-general obligation
debt.
COLLETON COUNTY, SOUTH CAROLINA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2022
Special Revenue Funds
Victim
Sheriff's Clerk of Court Clerk of Court Witness
Discretionary IV Incentives IV Unit Costs Services
ASSETS
Cash and cash equivalents $ 151,719 $ 92,824 $ - $ 66,059
Receivables,net 512 1,010 21,733 3,902
Prepaid expenditures - - - -
Total assets $ 152,231 $ 93,834 $ 21,733 $ 69,961
LIABILITIES,DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES
LIABILITIES
Accounts payable $ 477 $ - $ 18,277 $ 848
Accrued payroll and benefits - - 3,456 2,226
Totalliabilities 477 - 21,733 3,074
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue-property taxes - - - -
Total deferred inflows of resources - - - -
FUND BALANCES
Non-spendable:
Prepaid expenditures - - - -
Restricted for:
Public safety 151,754 - - 66,887
Debt service - - - -
Recreation and culture - - - -
Judicial services - 93,834 - -
Assigned:
Judicial services - - - -
Committed
Recreation and culture - - - -
Total fund balances 151,754 93,834 - 66,887
Total liabilities,deferred inflows
of resources and fund balances $ 152,231 $ 93,834 $ 21,733 $ 69,961
(Continued)
94
Special Revenue Funds
14th Circuit Animal Care County County State
Court Control Emergency Hospitality Accommodations Accommodations
Solicitor ponations Telephone Tax Tax Tax
$ 1,085,879 $ - $ 496,171 $ 7,450 $ 28,205 $ 48,550
427,408 - 42,590 57,427 99,612 23,230
22,655 - - - - -
$ 1,535,942 $ - $ 538,761 $ 64,877 $ 127,817 $ 71,780
$ 21,945 $ - $ 5,278 $ - $ 8,128 $ -
60,416 - 3,977 - 12,427 -
82,361 - 9,255 - 20,555 -
22,655 - - - - -
- - 529,506 - - -
- - - - - 71,780
1,430,926 - - - - -
- - - 64,877 107,262 -
1,453,581 - 529,506 64,877 107,262 71,780
$ 1,535,942 $ - $ 538,761 $ 64,877 $ 127,817 $ 71,780
95
COLLETON COUNTY, SOUTH CAROLINA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2022
Debt Service Funds
Debt Service
Debt Service GO Bond Non-GOB Totals
ASSETS
Cash and cash equivalents $ 41,876 $ 173,893 $ - $ 2,192,626
Receivables,net 132,069 - - 809,493
Prepaid expenditures - - - 22,655
Total assets $ 173,945 $ 173,893 $ - $ 3,024,774
LIABILITIES,DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES
LIABILITIES
Accounts payable $ - $ - $ - $ 54,953
Accrued payroll and benefits - - - 82,502
Totalliabilities - - - 137,455
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue-property taxes 112,711 - - 112,711
Total deferred inflows of resources 112,711 - - 112,711
FUND BALANCES
Non-spendable:
Prepaid expenditures - - - 22,655
Restricted for:
Public safety - - - 748,147
Debt service 61,234 173,893 - 235,127
Recreation and culture - - - 71,780
Judicial services - - - 93,834
Assigned:
Judicial services - - - 1,430,926
Committed
Recreation and culture - - - 172,139
Total fund balances 61,234 173,893 - 2,774,608
Total liabilities,deferred inflows
of resources and fund balances $ 173,945 $ 173,893 $ - $ 3,024,774
96
COLLETON COUNTY, SOUTH CAROLINA
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Special Revenue Funds
Victim
Sheriff's Clerk of Court Clerk of Court Witness
Discretionary IV Incentives IV Unit Costs Services
Revenues
Taxes $ - $ - $ - $ -
Intergovernmental 4,538 44,216 126,268 51,106
Fines and fees - - - -
Other revenues 19,991 106 - 130
Total revenues 24,529 44,322 126,268 51,236
Expenditures
Current:
General government - - - -
Judicial services - 43,372 147,754 -
Public safety 46,192 - - 119,732
Roads and bridges - - - -
Recreation and culture - - - -
Economic development - - - -
Intergovernmental - - - -
Capital outlay
Judicial services - - - -
Public safety 33,420 - - -
Recreation and culture - - - -
Debt service:
Principal - - - -
Interest and fiscal charges - - - -
Total expenditures 79,612 43,372 147,754 119,732
Excess(deficiency)of revenues
over(under)expenditures (55,083) 950 (21,486) (68,496)
Other financing sources(uses)
Proceeds from sale of capital assets 73,080 - - -
Proceeds from issuance of debt - - - -
Insurance recoveries - - - -
Transfers in 4,108 - 7,124 -
Transfers out - - - -
Total otherfinancing sources(uses) 77,188 - 7,124 -
Net change in fund balances 22,105 950 (14,362) (68,496)
Fund balances,beginning of year 129,649 92,884 14,362 135,383
Fund balances end of year $ 151,754 $ 93,834 $ - $ 66,887
(Continued)
97
Special Revenue Funds
14th Circuit Animal Care County County State
Court Control Emergency Hospitality Accommodations Accommodations
Solicitor ponations Telephone Tax Tax Tax
$ - $ - $ - $ 614,120 $ 750,970 $ 51,553
4,337,325 - 87,658 - - -
195,184 15,440 290,110 - - -
10,053 10,287 562 223 253 83
4,542,562 25,727 378,330 614,343 751,223 51,636
- - - 57,211 - -
4,409,908 - - - - -
- 39,398 302,382 - - -
- - - - 5,856 -
- - - 137,348 424,159 41,000
- - - 124,152 - -
- - - 6,000 25,702 -
29,464 - - - - -
- - - 19,049 - -
4,439,372 39,398 302,382 343,760 455,717 41,000
103,190 (13,671) 75,948 270,583 295,506 10,636
2,128 - - - - -
291,168 - - - - -
(137,058) - - (292,443) (275,000) -
156,238 - - (292,443) (275,000) -
259,428 (13,671) 75,948 (21,860) 20,506 10,636
1,194,153 13,671 453,558 86,737 86,756 61,144
$ 1,453,581 $ - $ 529,506 $ 64,877 $ 107,262 $ 71,780
98
COLLETON COUNTY, SOUTH CAROLINA
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Debt Service Funds
Debt Service
Debt Service GO Bond Non-GOB Totals
Revenues
Taxes $ 2,109,450 $ - $ - $ 3,526,093
Intergovernmental - - 195,889 4,847,000
Fines and fees 10,004 - - 510,738
Otherrevenues 1,066 219 45 43,018
Total revenues 2,120,520 219 195,934 8,926,849
Expenditures
Current:
General government - - - 57,211
Judicial services - - - 4,601,034
Public safety - - - 507,704
Roads and bridges - - - 5,856
Recreation and culture - - - 602,507
Economic development - - - 124,152
Intergovernmental - - - 31,702
Capital outlay
Judicial services - - - 29,464
Public safety - - - 33,420
Recreation and culture - - - 19,049
Debt service:
Principal 3,306,093 - 1,371,071 4,677,164
Interest and fiscal charges 268,273 - 155,314 423,587
Total expenditures 3,574,366 - 1,526,385 11,112,850
Excess(deficiency)of revenues
over(under)expenditures (1,453,846) 219 (1,330,451) (2,186,001)
Other financing sources(uses)
Proceeds from sale of capital assets - - - 73,080
Proceeds from issuance of debt 2,249,475 - 2,249,475
Insurance recoveries - - - 2,128
Transfers in - - 1,206,155 1,508,555
Transfers out (1,206,155) - - (1,910,656)
Total other financing sources(uses) 1,043,320 - 1,206,155 1,922,582
Net change in fund balances (410,526) 219 (124,296) (263,419)
Fund balances,beginning of year 471,760 173,674 124,296 3,038,027
Fund balances,end of year $ 61,234 $ 173,893 $ - $ 2,774,608
99
COLLETON COUNTY, SOUTH CAROLINA
CLERK OF COURT IV INCENTIVES
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE -BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Original Final
Budgeted Budgeted
Amounts Amounts Actual Variance
REVENUES
Intergovernmental $ 39,500 $ 39,500 $ 44,216 $ 4,716
Otherrevenues 500 500 106 (394)
Total revenues 40,000 40,000 44,322 4,322
EXPENDITURES
Judicial services 40,000 40,000 43,372 (3,372)
Total expenditures 40,000 40,000 43,372 (3,372)
Net change in fund balance - - 950 950
FUND BALANCES,beginning of year 92,884 92,884 92,884 -
FUND BALANCES,end of yea� $ 92,884 $ 92,884 $ 93,834 $ 950
100
COLLETON COUNTY, SOUTH CAROLINA
CLERK OF COURT N UNIT COSTS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE -BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Original Final
Budgeted Budgeted
Amounts Amounts Actual Variance
REVENUES
Intergovernmental $ 146,543 $ 169,613 $ 126,268 $ (43,345)
Otherrevenues 500 500 - (500)
Total revenues 147,043 170,113 126,268 (43,845)
EXPENDITURES
Judicial services 182,810 176,330 147,754 28,576
Total expenditures 182,810 176,330 147,754 28,576
Deficiency of revenues under expenditures (35,767) (6,217) (21,486) (15,269)
OTHER FINANCING SOURCES
Transfers in 6,217 6,217 7,124 907
Total otherfinancing sources 6,217 6,217 7,124 907
Net change in fund balance (29,550) - (14,362) (14,362)
FUND BALANCES,beginning of year 14,362 14,362 14,362 -
FUND BALANCES,end of yea� $ (15,188) $ 14,362 $ - $ (14,362)
101
COLLETON COUNTY, SOUTH CAROLINA
VICTIM WITNESS SERVICES
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE -BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Original Final
Budgeted Budgeted
Amounts Amounts Actual Variance
REVENUES
Intergovernmental $ 95,165 $ 98,334 $ 51,106 $ (47,228)
Otherrevenues 2,000 2,000 130 (1,870)
Total revenues 97,165 100,334 51,236 (49,098)
EXPENDITURES
Public safety 99,619 104,288 119,732 (15,444)
Total expenditures 99,619 104,288 119,732 (15,444)
Deficiency of revenues
underexpenditures (2,454) (3,954) (68,496) (64,542)
OTHER FINANCING SOURCES
Transfers in 3,954 3,954 - (3,954)
Total other financing sources 3,954 3,954 - (3,954)
Net change in fund balance 1,500 - (68,496) (68,496)
FUND BALANCES,beginning of year 135,383 135,383 135,383 -
FUND BALANCES,end of yea� $ 136,883 $ 135,383 $ 66,887 $ (68,496)
102
COLLETON COUNTY, SOUTH CAROLINA
ANIMAL CARE CONTROL DONATIONS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE -BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Original Final
Budgeted Budgeted
Amounts Amounts Actual Variance
REVENUES
Fines andfees $ 18,000 $ 18,000 $ 15,440 $ (2,560)
Otherrevenues - - 10,287 10,287
Total revenues 18,000 18,000 25,727 7,727
EXPENDITURES
Public safety 18,000 18,000 39,398 (21,398)
Totalexpenditures 18,000 18,000 39,398 (21,398)
Net change in fund balance - - (13,671) (13,671)
FUND BALANCES,beginning of year 13,671 13,671 13,671 -
FUND BALANCES,end of yea� $ 13,671 $ 13,671 $ - $ (13,671)
103
COLLETON COUNTY, SOUTH CAROLINA
EMERGENCY TELEPHONE
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE -BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Original Final
Budgeted Budgeted
Amounts Amounts Actual Variance
REVENUES
Intergovernmental $ 52,850 $ 52,850 $ 87,658 $ 34,808
Fines and fees 246,383 266,383 290,110 23,727
Otherrevenues - 27,748 562 (27,186)
Totalrevenues 299,233 346,981 378,330 31,349
EXPENDITURES
Public safety 304,986 352,734 302,382 50,352
Totalexpenditures 304,986 352,734 302,382 50,352
Excess(deficiency)of revenues
over(under)expenditures (5,753) (5,753) 75,948 81,701
OTHER FINANCING SOURCES
Transfers in 5,753 5,753 - (5,753)
Total other financing sources 5,753 5,753 - (5,753)
Net change in fund balance - - 75,948 75,948
FUND BALANCES,beginning of year 453,558 453,558 453,558 -
FUND BALANCES,end of yea� $ 453,558 $ 453,558 $ 529,506 $ 75,948
104
COLLETON COUNTY, SOUTH CAROLINA
COUNTY HOSPITALITY TAX
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE -BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Original Final
Budgeted Budgeted
Amounts Amounts Actual Variance
REVENUES
Taxes $ 550,000 $ 550,000 $ 614,120 $ 64,120
Otherrevenues 1,200 1,200 223 (977)
Totalrevenues 551,200 551,200 614,343 63,143
EXPENDITURES
General government - - 57,211 (57,211)
Recreation and culture 72,045 178,730 137,348 41,382
Economic development 124,152 124,152 124,152 -
Intergovernmental 6,000 6,000 6,000 -
Capital outlay - - 19,049 (19,049)
Total expenditures 202,197 308,882 343,760 (34,878)
Excess of revenues
overexpenditures 349,003 242,318 270,583 28,265
OTHER FINANCING USES
Transfers out (248,318) (248,318) (292,443) (44,125)
Total other financing uses (248,318) (248,318) (292,443) (44,125)
Net change in fund balance 100,685 (6,000) (21,860) (15,860)
FUND BALANCES,beginning of year 86,737 86,737 86,737 -
FUND BALANCES,end of yea� $ 187,422 $ 80,737 $ 64,877 $ (15,860)
105
COLLETON COUNTY, SOUTH CAROLINA
COUNTY ACCOMMODATIONS TAX
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE -BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Original Final
Budgeted Budgeted
Amounts Amounts Actual Variance
REVENUES
Taxes $ 484,499 $ 484,499 $ 750,970 $ 266,471
Otherrevenues - - 253 253
Totalrevenues 484,499 484,499 751,223 266,724
EXPENDITURES
Roads and bridges 7,614 7,614 5,856 1,758
Recreation and culture 496,129 496,129 424,159 71,970
Intergovernmental 25,702 25,702 25,702 -
Total expenditures 529,445 529,445 455,717 73,728
Excess(deficiency)of revenues
over(under)expenditures (44,946) (44,946) 295,506 340,452
OTHER FINANCING SOURCES(USES)
Transfers in 44,946 44,946 - (44,946)
Transfers out - - (275,000) (275,000)
Total other financing sources(uses) 44,946 44,946 (275,000) (319,946)
Net change in fund balance - - 20,506 20,506
FUND BALANCES,beginning of year 86,756 86,756 86,756 -
FUND BALANCES,end of yea� $ 86,756 $ 86,756 $ 107,262 $ 20,506
106
COLLETON COUNTY, SOUTH CAROLINA
DEBT SERVICE
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE -BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Original Final
Budgeted Budgeted
Amounts Amounts Actual Variance
REVENUES
Taxes $ 1,981,560 $ 2,010,010 $ 2,109,450 $ 99,440
Fines and fees 9,100 9,100 10,004 904
Otherrevenues 13,000 13,000 1,066 (11,934)
Total revenues 2,003,660 2,032,110 2,120,520 88,410
EXPENDITURES
Debt service:
Principal 1,080,000 1,076,093 3,306,093 (2,230,000)
Interest and fiscal charges 202,099 206,006 268,273 (62,267)
Total expenditures 1,282,099 1,282,099 3,574,366 (2,292,267)
Excess(deficiency)of revenues
over(under)expenditures 721,561 750,011 (1,453,846) (2,203,857)
OTHER FINANCING SOURCES(USES)
Proceeds from issuance of debt - - 2,249,475 2,249,475
Transfers out (721,561) (750,011) (1,206,155) (456,144)
Total other financing sources(uses) (721,561) (750,011) 1,043,320 1,793,331
Net change in fund balance - - (410,526) (410,526)
FUND BALANCES,beginning of year 471,760 471,760 471,760 -
FUND BALANCES,end of yea� $ 471,760 $ 471,760 $ 61,234 $ (410,526)
107
COLLETON COUNTY, SOUTH CAROLINA
CAPITAL SALES TAX DEBT SERVICE
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE -BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Original Final
Budgeted Budgeted
Amounts Amounts Actual Variance
REVENUES
Taxes $ 6,146,610 $ 6,463,644 $ 6,034,800 $ (428,844)
Otherrevenues 25,000 25,000 4,917 (20,083)
Totalrevenues 6,171,610 6,488,644 6,039,717 (448,927)
EXPENDITURES
Debt service:
Principal 4,254,600 4,254,600 3,875,000 379,600
Interest and fiscal charges 220,400 220,400 220,400 -
Total expenditures 4,475,000 4,475,000 4,095,400 379,600
Excess of revenues
overexpenditures 1,696,610 2,013,644 1,944,317 (69,327)
OTHER FINANCING USES
Transfersout (1,696,610) (2,013,644) (2,013,645) (1)
Total other financing uses (1,696,610) (2,013,644) (2,013,645) (1)
Net change in fund balance - - (69,328) (69,328)
FUND BALANCES,beginning of year 6,869,333 6,869,333 6,869,333 -
FUND BALANCES,end of yea� $ 6,869,333 $ 6,869,333 $ 6,800,005 $ (69,328)
108
COLLETON COUNTY, SOUTH CAROLINA
DEBT SERVICE NON-GOB
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE -BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Original Final
Budgeted Budgeted
Amounts Amounts Actual Variance
REVENUES
Intergovernmental $ 195,889 $ 195,889 $ 195,889 $ -
Otherrevenues - - 45 45
Total revenues 195,889 195,889 195,934 45
EXPENDITURES
Debt service:
Principal 923,333 912,054 1,371,071 (459,017)
Interest and fiscal charges 276,667 287,946 155,314 132,632
Total expenditures 1,200,000 1,200,000 1,526,385 (326,385)
Deficiency of revenues
underexpenditures (1,004,111) (1,004,111) (1,330,451) (326,340)
OTHER FINANCING SOURCES
Transfers in 1,200,000 1,200,000 1,206,155 6,155
Total other financing sources 1,200,000 1,200,000 1,206,155 6,155
Net change in fund balance 195,889 195,889 (124,296) (320,185)
FUND BALANCES,beginning of year 124,296 124,296 124,296 -
FUND BALANCES,end of yea� $ 320,185 $ 320,185 $ - $ (320,185)
109
COLLETON COUNTY, SOUTH CAROLINA
CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE -BUDGET AND ACTUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Original Final
Budgeted Budgeted
Amounts Amounts Actual Variance
REVENUES
Intergovernmental $ 75,000 $ 3,785,775 $ 4,769,631 $ 983,856
Otherrevenues 135,000 5,219,041 497,633 (4,721,408)
Totalrevenues 210,000 9,004,816 5,267,264 (3,737,552)
EXPENDITURES
Generalgovernment 598,090 601,840 918,736 (316,896)
Public safety - 63,746 83,331 (19,585)
Solid waste - 3,445,214 1,981,174 1,464,040
Recreation and culture 212,000 1,125,548 526,210 599,338
Health and human services - - 708 (708)
Economic development 784,265 784,265 601,983 182,282
Intergovernmental 1,650,000 7,087,423 3,381,297 3,706,126
Capital outlay:
General government 2,312,758 5,275,013 3,333,625 1,941,388
Public safety - 2,835,895 17,604 2,818,291
Solid waste - 2,723,006 2,196,822 526,184
Recreation and culture - 423,620 198,328 225,292
Health and human services - 142,292 124,292 18,000
Total expenditures 5,557,113 24,507,862 13,364,110 11,143,752
Deficiency of revenues
under expenditures (5,347,113) (15,503,046) (8,096,846) 7,406,200
OTHER FINANCING SOURCES(USES)
Proceeds from sale of capital assets 159,611 159,611 - (159,611)
Issuance ofdebt 584,265 6,084,265 6,078,398 (5,867)
Insurance proceeds - - 133,615 133,615
Transfers in 2,125,090 2,877,287 4,178,064 1,300,777
Transfers out - (350,000) (350,000) -
Total other financing sources,net 2,868,966 8,771,163 10,040,077 1,268,914
Net change in fund balance (2,478,147) (6,731,883) 1,943,231 8,675,114
FUND BALANCES,beginning of year 10,127,910 10,127,910 10,127,910 -
FUND BALANCES,end of yea� $ 7,649,763 $ 3,396,027 $ 12,071,141 $ 8,675,114
110
FIDUCIARY FUNDS
CUSTODIAL FUNDS
Custodial funds are used to account for assets held by the County as an agent for individuals, private
organizations, and other governments.
Sheriff Trust Funds —to account for the receipts and disbursements by the Sheriff's office related to seized assets
from offenders.
Inmate Trust Funds—to account for the funds held for the offenders that are incarcerated.
Jail Commissary Funds—to account for the resources used to operate the County detention center commissary.
Willow Swamp Water Shed Fund—to account for the resources used for the Willow Swamp water shed.
Law Officer's Memorial Fund—to account for contributions on behalf of law enforcement officials.
Treasurer Fund — to account for receipts and disbursements by the Treasurer that will be disbursed to other
entities.
14th Circuit Court Solicitor Fund — to account for receipts and disbursements by the 14th Circuit Court Solicitor
that will be disbursed to other entities.
Delinquent Tax Fund—to account for delinquent taxes collected.
Clerk of Court Fund —to account for child support payments, bonds, restitution, and fines collected by the Clerk of
Court and held in trust for others.
Magistrate's Fund—to account for fines collected that have not been disposed of by the court.
Firemen's Fund — represents the receipts and disbursements by the Treasurer that will be disbursed to the various
fire departments within the County.
Colleton County School Fund — used to account for receipts and disbursements by the Treasurer of assets
earmarked for the school district.
COLLETON COUNTY, SOUTH CAROLINA
COMBINING STATEMENT OF FIDUCIARY NET POSITION
CUSTODIAL FUNDS
J U N E 30, 2022
Sheriff Inmate Jail Willow Swamp Law Officer's
ASSETS Trust Trust Commissary Water Shed Memorial
Cash and cash equivalents $ 249,897 $ 166,311 137,028 $ 54,729 $ 2,864
Other receivables - - - - -
Totalassets 249,897 166,311 137,028 54,729 2,864
LIABILITIES
Due to others 183,262 68,789 108,500 15,000 -
Totalliabilities 183,262 68,789 108,500 15,000 -
NET POSITION
Restricted:
Individuals,organizations,
and othergovernments 66,635 97,522 28,528 39,729 2,864
Total net position $ 66,635 $ 97,522 28,528 $ 39,729 $ 2,864
111
14th Circuit Delinquent Clerk of Colleton
Treasurer Court Solicitor Tax Court Magistrate Firemen County School Total
$ 758,317 $ 7,541 $ 3,501,133 $ 322,518 $ 102,123 $ 127,946 $ 8,311,588 $ 13,741,995
4,627 - - - - - - 4,627
762,944 7,541 3,501,133 322,518 102,123 127,946 8,311,588 13,746,622
504,555 - 1,848,290 141,380 53,663 90,845 5,774,524 8,788,808
504,555 - 1,848,290 141,380 53,663 90,845 5,774,524 8,788,808
258,389 7,541 1,652,843 181,138 48,460 37,101 2,537,064 4,957,814
$ 258,389 $ 7,541 $ 1,652,843 $ 181,138 $ 48,460 $ 37,101 $ 2,537,064 $ 4,957,814
112
COLLETON COUNTY, SOUTH CAROLINA
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
CUSTODIAL FUNDS
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Sheriff Inmate Jail Willow Swamp Law Officer's
Trust Trust Commissary Water Shed Memorial
ADDITIONS
Taxes $ - $ - $ - $ 33,928 $ -
Fines and fees 13,521 79,775 - - -
Miscellaneous 311 - 187,346 66 5
Total additions 13,832 79,775 187,346 33,994 5
DEDUCTIONS
Taxes and fees paid to other governments - - - - -
Other custodial disbursements 5,663 19,279 182,036 - -
Total deductions 5,663 19,279 182,036 - -
Net increase in fiduciary net position 8,169 60,496 5,310 33,994 5
Net position,beginning of year 58,466 37,026 23,218 5,735 2,859
Net position,end of year $ 66,635 $ 97,522 $ 28,528 $ 39,729 $ 2,864
113
14th Circuit Delinquent Clerk of Colleton
Treasurer Court Solicitor Tax Court Magistrate Firemen County School Total
$ 4,515,048 $ - $ 5,376,649 $ - $ - $ 80,866 $ 11,236,212 $ 21,242,703
3,601,499 - - 581,317 625,828 - - 4,901,940
33,572 28,947 1,153 22 - 188 70,824,487 71,076,097
8,150,119 28,947 5,377,802 581,339 625,828 81,054 82,060,699 97,220,740
8,145,491 - 4,641,799 - - - 68,285,987 81,073,277
- 24,618 - 477,382 569,062 64,351 12,770,248 14,112,639
8,145,491 24,618 4,641,799 477,382 569,062 64,351 81,056,235 95,185,916
4,628 4,329 736,003 103,957 56,766 16,703 1,004,464 2,034,824
253,761 3,212 916,840 77,181 (8,306) 20,398 1,532,600 2,922,990
$ 258,389 $ 7,541 $ 1,652,843 $ 181,138 $ 48,460 $ 37,101 $ 2,537,064 $ 4,957,814
114
COMPONENT UNITS
MAJOR COMPONENT UNITS
Component units are used to account for organizations that raise and hold economic resources for the direct benefit
of the governmental unit and for which the elected officials of the primary government are financially accountable.
Fire and Rescue Commission —used to account for programs and activities of the fire and rescue department.
Memorial Library Fund—used to account for programs and activities for the Memorial Library.
COLLETON COUNTY, SOUTH CAROLINA
BALANCE SHEET
COMPONENT UNIT
FIRE AND RESCUE COMMISSION
JUNE 30, 2022
General Debt Service Capital Total
ASSETS
Cash and cash equivalents $ 107,315 $ 132,929 $ 5,277,763 $ 5,518,007
Receivables,net 1,688,193 214,335 - 1,902,528
Prepaid expenditures 158,018 - - 158,018
Total assets $ 1,953,526 $ 347,264 $ 5,277,763 $ 7,578,553
LIABILITIES,DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
LIABILITIES
Accounts payable $ 100,657 $ - $ 308,606 $ 409,263
Accrued payroll and benefits 335,762 - - 335,762
Totalliabilities 436,419 - 308,606 745,025
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue-fees 1,060,627 - - 1,060,627
Unavailable revenue-property taxes 293,557 189,313 - 482,870
Unavailable revenue-intergovernmental 15,280 - - 15,280
Total deferred inflows of resources 1,369,464 189,313 - 1,558,777
FUND BALANCES
Nonspendable 158,018 - - 158,018
Restricted - 157,951 4,969,157 5,127,108
Unassigned (10,375) - - (10,375)
Total fund balances 147,643 157,951 4,969,157 5,274,751
Total liabilities,deferred inflows of
resources andfund balances $ 1,953,526 $ 347,264 $ 5,277,763 $ 7,578,553
115
COLLETON COUNTY, SOUTH CAROLINA
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION
COMPONENT UNIT—FIRE AND RESCUE COMMISSION
JUNE 30, 2022
Total Fire and Rescue fund balance: $ 5,274,751
Amounts reported for governmental activities in the statement of net position are
different because of the following:
Capital assets used in governmental activities are not financial resources and,
therefore,are not reported in the government funds. 11,366,642
Other long-term assets are not available to pay for current period expenditures and,
therefore,are deferred in the funds.
Property taxes and other special assessments $ 482,870
EMS fee receivables 1,060,627
Intergovermentalrevenues 15,280 1,558,777
Deferred outFlows of resources are not due and payable in the current period and,
therefore,are not reported in the funds.These deferred outflows of resources consist
of pension related experience differences,assumption changes,and differences
between projected and actual earnings on plan investments.
Deferred outflows related to pensions $ 2,624,236
Deferred outFlows related to other post-employment benefits 346,646 2,970,882
Long-term liabilities are not due and payable in the current period and,therefore,are
not reported in the funds.
General obligation bonds $ (11,380,000)
Bond premiums (248,708)
Capital leases (664,351)
Compensated absences (417,146)
Accrued interest (103,090)
Net pension liability (10,894,026)
Total other post-employment benefits liability (1,136,957)
(24,844,278)
Deferred inflows of resources are not available to pay for current period expenditures
and,therefore,are not reported in the funds.These deferred inflows of resources
consist of pension related differences between projected and actual earnings on plan
investments.
Deferred inflows related to pensions $ (2,445,144)
Deferred inflows related to other post-employment benefits (55,612) (2,500,756)
Net position of governmental activities $ (6,173,982)
116
COLLETON COUNTY, SOUTH CAROLINA
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
COMPONENT UNIT-FIRE AND RESCUE COMMISSION
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
General Debt Service Capital Total
REVENUES
Taxes $ 3,913,183 $ 2,638,552 $ - $ 6,551,735
Intergovernmental 4,886,515 - - 4,886,515
Fines and fees 2,222,645 - - 2,222,645
Other income 35,390 897 2,859 39,146
Totalrevenues 11,057,733 2,639,449 2,859 13,700,041
EXPENDITURES
Current:
Public safety 11,796,793 195,889 472,316 12,464,998
Capital outlay:
Publicsafety 146,155 - 185,637 331,792
Debt service:
Principal - 3,355,980 - 3,355,980
Interest - 373,479 - 373,479
Totalexpenditures 11,942,948 3,925,348 657,953 16,526,249
Excess(deficiency)of revenues
over(under)expenditures (885,215) (1,285,899) (655,094) (2,826,208)
OTHER FINANCING
SOURCES(USES)
Issuance of debt - 2,198,728 5,000,000 7,198,728
Insurancerecoveries 113,090 - - 113,090
Transfers in 817,508 - - 817,508
Transfers out - (817,508) - (817,508)
Total other financing sources(uses) 930,598 1,381,220 5,000,000 7,311,818
Net change in fund balances 45,383 95,321 4,344,906 4,485,610
Fund balances,beginning of year 102,260 62,630 624,251 789,141
Fund balances,end of year $ 147,643 $ 157,951 $ 4,969,157 $ 5,274,751
117
COLLETON COUNTY, SOUTH CAROLINA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGE�
IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIE�
COMPONENT UNIT—FIRE AND RESCUE COMMISSION
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Net change in fund balances-total governmental funds $ 4,485,610
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However,in the
statement of activities,the cost of those assets is allocated over their estimated
useful lives and reported as depreciation expense.
Capital outlay $ 711,508
Depreciation expense (1,061,366) (349,858)
Revenues in the statement of activities that do not provide current financial resources
are not reported as revenues in the funds.
Property taxes and other special assessments $ 145,575
EMS fees receivable (360,673)
Intergovernmental revenues (35,068) (250,166)
The issuance of long-term debt provides current financial resources to governmental
funds,while the repayment of the principal of long-term debt consumes the current
financial resources of governmental funds. Neither transaction,however, has any
effect on net position. Governmental funds report the effect of premiums,discounts
and similar items when debt is first issued,whereas these amounts are deferred and
amortized in the statement of activities. The effects of these items are as follows.
Repayment of the principal of long-term debt $ 3,355,980
Issuance of long-term debt (7,000,000)
Premium on bond issuance (198,728)
Amortization of premium on long-term debt 13,672 (3,829,076)
Some expenses reported in the statement of activities do not require the use of
current financial resources and,therefore,are not reported as expenditures in
governmental funds. In addition,interest on long-term debt is not recognized under
the modified accrual basis of accounting until due,rather than as it accrues. The
following amounts represent the net liability changes using the full accrual method of
accounting.
Pension liability $ (31,321)
Compensated absences (70,750)
Accrued interest on long-term debt (15,301)
Other post-employment benefits liability (96,502) (213,874)
$ (157,364)
118
COLLETON COUNTY, SOUTH CAROLINA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
COMPONENT UNIT-FIRE AND RESCUE COMMISSION
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Original Final
Budgeted Budgeted
Amounts Amounts Actual Variance
REVENUES
Taxes $ 6,045,388 $ 6,249,988 $ 6,551,735 $ 301,747
Intergovernmental 4,507,934 4,710,815 4,886,515 175,700
Fines andfees 1,750,000 1,815,395 2,222,645 407,250
Otherrevenues 12,859 511,463 39,146 (472,317)
Totalrevenues 12,316,181 13,287,661 13,700,041 412,380
EXPENDITURES
Public safety 11,431,503 12,302,648 12,464,998 (162,350)
Capital outlay:
Public safety 185,637 347,115 331,792 15,323
Debt service:
Principal 1,350,921 1,350,980 3,355,980 (2,005,000)
Interest and fiscal charges 229,078 229,019 373,479 (144,460)
Total expenditures 13,197,139 14,229,762 16,526,249 (2,296,487)
Deficiency of revenues
underexpenditures (880,958) (942,101) (2,826,208) (1,884,107)
OTHER FINANCING SOURCES(USES)
Issuance of debt 5,000,000 5,000,000 7,198,728 2,198,728
Insurance proceeds - - 113,090 113,090
Transfers in 1,120,946 1,192,196 817,508 (374,688)
Transfers out (879,519) (950,769) (817,508) 133,261
Total otherfinancing sources,net 5,241,427 5,241,427 7,311,818 2,070,391
Net change in fund balance 4,360,469 4,299,326 4,485,610 186,284
FUND BALANCES,beginning of year 789,141 789,141 789,141 -
FUND BALANCES,end of yea� $ 5,149,610 $ 5,088,467 $ 5,274,751 $ 186,284
119
COLLETON COUNTY, SOUTH CAROLINA
BALANCE SHEET
COMPONENT UNIT
MEMORIAL LIBRARY
JUNE 30, 2022
Special
General Revenue Fund Total
ASSETS
Cash and cash equivalents $ 210,875 $ 4,481 $ 215,356
Receivables,net 4,601 - 4,601
Prepaid expenditures 14,920 - 14,920
Total assets $ 230,396 $ 4,481 $ 234,877
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts payable $ 11,349 $ 4,481 $ 15,830
Accrued payroll and benefits 19,615 - 19,615
Unearned revenue 8,309 - 8,309
Totalliabilities 39,273 4,481 43,754
FUND BALANCES
Nonspendable 14,920 - 14,920
Unassigned 176,203 - 176,203
Total fund balances 191,123 - 191,123
Total liabilities and fund balances $ 230,396 $ 4,481 $ 234,877
120
COLLETON COUNTY, SOUTH CAROLINA
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION
COMPONENT UNIT—MEMORIAL LIBRARY
JUNE 30, 2022
Total Memorial Libraryfund balance: $ 191,123
Amounts reported for governmental activities in the statement of net position are
different because of the following:
Capital assets used in governmental activities are not financial resources and,
therefore,are not reported in the government funds. 287,832
Deferred outflows of resources are not due and payable in the current period and,
therefore,are not reported in the funds.These deferred outflows of resources consist
of pension related experience differences,assumption changes,and differences
between projected and actual earnings on plan investments.
Deferred outflows related to pensions $ 140,187
Deferred outflows related to other post-employment benefits 230,343 370,530
Long-term liabilities are not due and payable in the current period and,therefore,are
not reported in the funds.
Compensated absences $ (13,803)
Net pension liability (753,233)
Total other post-employment benefits liability (755,499)
(1,522,535)
Deferred inflows of resources are not available to pay for current period expenditures
and,therefore,are not reported in the funds.These deferred inflows of resources
consist of pension related differences between projected and actual earnings on plan
investments.
Deferred inflows related to pensions $ (129,283)
Deferred inflows related to other post-employment benefits (36,953) (166,236)
Net position of governmental activities $ (839,286)
121
COLLETON COUNTY, SOUTH CAROLINA
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
COMPONENT UNIT-MEMORIAL LIBRARY
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Special
General Revenue Fund Total
REVENUES
Intergovernmental $ 739,849 $ 100,000 $ 839,849
Fines and fees 25,458 - 25,458
Other income 33,920 19 33,939
Total revenues 799,227 100,019 899,246
EXPENDITURES
Current:
Recreation and culture 792,056 102,496 894,552
Capital outlay 615 - 615
Total expenditures 792,671 102,496 895,167
Net change in fund balances 6,556 (2,477) 4,079
Fund balances,beginning of year 184,567 2,477 187,044
Fund balances,end of year $ 191,123 $ - $ 191,123
122
COLLETON COUNTY, SOUTH CAROLINA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES -COMPONENT UNIT-MEMORIAL LIBRARY
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Net change in fund balances-total governmental funds $ 4,079
Amounts reported for governmental activities in the statement of activities are different
because:
Governmental funds report capital outlays as expenditures. However,in the
statement of activities,the cost of those assets is allocated over their
estimated useful lives and reported as depreciation expense.
Capital outlay $ 83,309
Depreciation expense (104,253) (20,944)
Some expenses reported in the statement of activities do not require the use of
current financial resources and,therefore,are not reported as expenditures in
governmental funds. In addition,interest on long-term debt is not recognized
under the modified accrual basis of accounting until due,rather than as it
accrues. The following amounts represent the net liability changes using the
full accrual method of accounting.
Pension liability $ 17,415
Compensated absences 4,627
Other post-employment benefits liability (64,124) (42,082)
$ (58,947)
123
COLLETON COUNTY, SOUTH CAROLINA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
COMPONENT UNIT-MEMORIAL LIBRARY
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Original Final
Budgeted Budgeted
Amounts Amounts Actual Variance
REVENUES
Intergovernmental $ 812,660 $ 843,660 $ 839,849 $ (3,811)
Fines and fees - - 25,458 25,458
Otherrevenues - 30,886 33,939 3,053
Total revenues 812,660 874,546 899,246 24,700
EXPENDITURES
Current:
Recreation and culture 799,481 913,319 894,552 18,767
Capital outlay - - 615 (615)
Total expenditures 799,481 913,319 895,167 18,152
Net change in fund balance 13,179 (38,773) 4,079 42,852
FUND BALANCES,beginning of year 187,044 187,044 187,044 -
FUND BALANCES,end ofyea� $ 200,223 $ 148,271 $ 191,123 $ 42,852
124
COLLETON COUNTY, SOUTH CAROLINA
UNIFORM SCHEDULE OF COURT FINES, ASSESSMENTS AND SURCHARGES
(per ACT 96)
For The Year Ended June 30, 2022
FOR THE STATE TREASURER'S OFFICE:
COUNTY/MUNiCIPAL FUNDS COLLECTED General Magistrate Municipal Total
BY CLERK OF COURT Sessions Court Court
Court Fines and Assessments:
Court fines and assessments collected $ 365,868.00 $ 551,509.00 $ - $ 917,377.00
Court fines and assessments remitted to State Treasurer $ (214,221.00) $ (275,612.00) $ - $ (489,833.00)
Total Court Fines and Assessments retained � 151,647.00 $ 275,897.00 $ - $ 427,544.00
Surcharges and Assessments retained for victim
services:
Surcharges collected and retained $ 8,379.00 $ 6,338.00 $ - $ 14,717.00
Assessments retained $ 426.00 $ 21,515.00 $ - $ 21,941.00
Total Surcharges and Assessments retained for victim $ g�g05.00 $ 27,853.00 $ - $ 36,658.00
services
FOR THE DEPARTMENT OF CRIME VICTIM COMPENSATION (DCVC)
VICTIM SERVICE FUNDS COLLECTED Municipal Countv Total
Carryforward from Previous Year—Beginning Balance $ 135,383.00 $ 135,383.00
Victim Service Revenue:
Victim Service Fines Retained by City/County Treasurer $ - $ - $ -
Victim Service Assessments Retainedby City/County Treasurer $ - $ 21,941.00 $ 21,941.00
Victim Service Surcharges Retained by City/County Treasurer $ - $ 14,716.00 $ 14,716.00
Interest Earned $ - $ 130.00 $ 130.00
Grant Funds Received
Grant from: $ - $ - $ -
General Funds Transferred to Victim Service Fund $ - $ - $ -
Contribution Received from Victim Service Contracts:
(1)Town of Edisto Beach $ - $ 4,449.00 $ 4,449.00
(2)Town of Cottageville $ - $ 10,000.00 $ 10,000.00
(3)City of $ - $ - $ -
Total Funds Allocated to Victim Service Fund+Beginning Balance(A) $ ' $ 186,619.00 $ 186,619.00
125
COLLETON COUNTY, SOUTH CAROLINA
UNIFORM SCHEDULE OF COURT FINES, ASSESSMENTS AND SURCHARGES
(per ACT 96)
For The Year Ended June 30, 2022
Expenditures for Victim Service Program: Municipal Countv Total
Salaries and Benefits $ - $ 103,192.00 $ 103,192.00
Operating Expenditures $ - $ 11,540.00 $ 11,540.00
Victim Service Contract(s):
(1) Entity'sName $ - $ - $ -
(2) Entity's Name $ - $ - $ -
Victim Service Donation(s):
(1)Domestic Violence Shelter: $ - $ - $ -
(2)Rape Crisis Center:Hopeful Harizons $ - $ 5,000.00 $ 5,000.00
(3)Other local direct crime victims service agency: $ - $ - $ -
Transferred to General Fund $ - $ - $ -
Total Expenditures from Victim Service Fund/Program(B) $ - $ 119,732.00 $ 119,732.00
Total Victim Service Funds Retained by Municipal/Counry Treasurer(A-B) $ - $ 66,887.00 $ 66,887.00
Less: Prior Year Fund Deficit Repayment $ - $ - $ -
Carryforward Funds—End of Year $ - $ 66,887.00 $ 66,887.00
126
STATISTICAL SECTION
STATISTICAL SECTION
This part of the Colleton County, South Carolina's (the "County") Annual Comprehensive Financial Report ("ACFR")
presents detailed information as a context for understanding what the information in the financial statements, notes
disclosures and required supplementary information says about the County's overall financial health.
Contents Paqe
FinancialTrends...........................................................................................................................................127— 130
These schedules contain trend information to help the reader understand how the
County's financial performance and well-being have changed over time.
RevenueCapacity........................................................................................................................................131 — 134
These schedules contain information to help the reader assess the factors affecting the
County's ability to generate its property and sales taxes.
DebtCapacity...............................................................................................................................................135— 139
These schedules present information to help the reader assess the affordability of the
County's current levels of outstanding debt and the County's ability to issue additional
debt in the future.
Demographic and Economic Information............................................................................................. 140 and 141
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the County's financial activities take place and
to help comparisons over time and with other governments.
OperatingInformation .................................................................................................................................142— 144
These schedules contain information about the County's operations and resources to
help the reader understand how the County's financial information relates to the services
the County provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive
financial reports for the relevant year.
COLLETON COUNTY, SOUTH CAROLINA
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS
Fiscal Year
2013 2014 2015 2016 2077 2018 2079 2020 2021 2022
Governmental activities
Net investment in capital
assets $ 29,208,570 $ 31,257,962 $ 33,464,047 $ 31,778,627 $ 37,187,490 $ 35,243,087 $ 40,730,332 $ 42,289,669 $ 43,815,008 $ 42,262,227
Restricted 8,976,701 10,305,751 9,738,050 17,017,936 12,733,361 14,691,101 7,998,775 8,295,818 10,571,627 10,118,153
Unrestricted 10,997,674 14,202,852 (8,369,151) (11,885,105) (9,606,502) (13,477,153) (14,118,289) (17,448,244) (18,318,223) (10,541,077)
Total governmental activities
netposition $ 49,182,945 $ 55,766,565 $ 34,832,946 $ 36,911,458 $ 40,314,349 $ 36,457,035 $ 34,610,818 $ 33,137,243 $ 36,068,412 $ 41,839,303
Source:County Audit Reports
127
COLLETON COUNTY, SOUTH CAROLINA
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(accrual basis of accounting)
Fiscal Year
2013 2014 2015 2016 2077 2078 2079 2020 2021 2022
Expenses
Governmental activities:
General government $ 8,178,472 $ 10,740,147 $ 8,811,200 $ 9,227,968 $ 9,810,028 $ 8,428,469 $ 9,253,826 $ 10,607,610 $ 10,882,564 $ 11,224,373
Judicial 4,594,583 4,957,014 5,255,325 5,871,221 6,309,402 6,498,833 6,194,472 6,856,354 7,005,856 6,773,058
Public safety 8,410,210 8,589,140 8,642,672 8,319,638 8,702,190 13,309,631 14,133,924 15,820,923 15,683,920 16,225,863
Roads and bridges 2,496,358 4,182,236 4,949,171 6,405,248 2,975,077 3,398,083 4,699,060 7,154,129 6,192,936 2,727,786
Solid waste 2,449,740 2,568,610 2,509,851 2,418,936 2,575,815 3,215,275 3,903,706 4,104,787 4,403,242 6,717,388
Recreation and culture 1,313,153 1,743,106 2,906,984 2,627,302 2,927,170 3,825,057 4,813,076 4,691,384 4,684,331 4,925,318
Health and human services 1,789,799 1,925,374 1,928,313 1,908,438 1,888,520 2,392,807 2,249,725 2,734,348 3,738,071 3,034,859
Economic development 3,373,628 1,569,363 1,568,862 1,650,684 1,377,821 11,530,791 7,777,710 1,943,153 1,194,174 4,653,832
Intergovernmental 3,360,676 3,661,372 3,836,524 5,590,873 9,763,973 - - - - -
Interest and fiscal changes 500,152 437,611 469,185 895,063 759,085 704,723 622,477 761,664 659,989 524,705
Totals expenses 36,466,771 40,373,973 40,878,087 44,915,371 47,089,081 53,303,669 53,647,976 54,674,352 54,445,083 56,807,182
Revenues
Governmental activities:
Charges for services
General government 483,659 568,195 531,064 1,231,180 1,407,234 1,547,365 1,583,830 1,657,588 1,450,666 2,075,308
Judicial 2,769,668 1,159,451 1,117,461 1,058,359 1,090,259 1,004,415 987,001 837,494 724,092 758,945
Public safety 364,705 357,982 342,051 282,939 296,497 1,234,198 1,229,173 1,558,802 1,544,459 1,778,525
Roads and bridges 1,015,102 911,965 895,833 934,318 1,071,442 1,031,641 967,055 959,775 1,113,770 1,060,879
Solid waste 1,636,460 1,737,436 1,802,512 2,071,414 2,150,225 2,035,603 2,383,073 2,446,487 2,494,106 2,184,009
Recreation and culture 210,835 330,566 326,236 464,510 500,940 987,145 685,064 601,487 828,465 951,637
Health and human services 627,354 633,729 33,107 25,911 40,276 39,191 39,310 33,188 - -
Economic development - 1,541,360 677,045 - - - - - - -
Operating grants and contributions 3,073,637 9,860,851 8,629,703 11,726,799 12,448,200 9,796,813 8,959,746 11,937,834 14,117,874 15,847,272
Capital grants and contributions - - 4,473,000 - - 315,071 2,303,722 81,496 940,550 1,284,059
General revenues:
Taxes 22,956,394 21,029,359 21,343,703 27,045,537 28,691,017 29,319,480 30,191,429 30,286,642 32,152,665 34,905,630
Grants and contributions not
restricted to specific program 1,430,665 1,436,657 1,445,663 1,875,873 1,508,783 2,577,176 1,810,480 2,024,709 1,701,639 1,683,290
Interest and investment earnings - - - - - - - - - -
Miscellaneous 271,784 438,004 428,830 724,951 1,287,099 638,280 661,876 775,275 327,713 48,519
Gain(loss)on sale of assets 66,667 - - - - - - - - -
Transfer in(out) (52,796) 90,713 - - - - - - - -
Total revenues 34,854,134 40,096,268 42,046,208 47,441,791 50,491,972 50,526,378 51,801,759 53,200,777 57,395,999 62,578,073
Change in net position (1,612,637) (277,705) 1,168,121 2,526,420 3,402,891 (2,777,291) (1,846,217) (1,473,575) 2,950,916 5,770,891
Net position-beginning 50,982,093 49,182,945 55,766,565 34,832,946 36,911,458 40,314,349 36,457,035 34,610,818 33,137,243 36,068,412
Prior period adjustment (186,511) 6,861,325 (22,101,740) (447,908) - (1,080,023) - - (19,747) -
Net position-ending $ 49,182,945 $ 55,766,565 $ 34,832,946 $ 36,911,458 $ 40,314,349 $ 36,457,035 $ 34,610,818 $ 33,137,243 $ 36,068,412 $ 41,839,303
Source:County Audit Reports
Note 1:Net position was restated at June 30,2015 for GASB Statement No.68,Accounting and Financial Reporting for Pensions.
Note 2:Net position was restated at June 30,2018 for GASB Statement No.75,Accounting and Financial Reporting for Post-employment Benefits Other Than Pension;.
128
COLLETON COUNTY, SOUTH CAROLINA
FUND BALANCES -GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(modified accrual basis of accounting)
Fiscal Year
2013 2014 2015 2016 2077 2078 2079 2020 2021 2022
GENERALFUND
Non-spendable $ 6,076 $ 14,004 $ 10,534 $ 11,570 $ 3,333 $ 258,279 $ 280,929 $ 375,765 $ 400,434 $ 729,277
Restricted 2,101 362,911 363,272 363,636 364,000 797,008 797,008 797,088 395,850 345,850
Committed - - - - 219,674 - - - - -
Assigned - 695,942 893,097 968,193 199,057 - - - - -
Unassigned 7,921,046 5,981,162 5,746,897 7,085,015 7,739,608 8,158,084 8,420,259 7,787,399 9,131,378 9,705,545
Total General Fund $ 7,929,223 $ 7,054,019 $ 7,013,800 $ 8,428,414 $ 8,525,672 $ 9,213,371 $ 9,498,196 $ 8,960,252 $ 9,927,662 $ 10,780,672
CAPITAL PROJECTS FUND
Non-spendable $ - $ 2,700,933 $ 2,922,238 $ - $ - $ - $ - $ - $ - $ -
Restricted - 5,214,418 4,954,705 10,170,294 4,504,276 5,478,472 435,104 214,746 362,730 362,730
Committed - 4,221,199 34,062,547 29,554,382 26,972,788 16,873,105 14,074,528 9,804,070 9,765,180 11,708,411
Total Capital Projects Fund $ - $ 12,136,550 $ 41,939,490 $ 39,724,676 $ 31,477,064 $ 22,351,577 $ 14,509,632 $ 10,018,816 $ 10,127,910 $ 12,071,141
FUNDS
Non-spendable $ 7,728,952 $ 2,027,489 $ 1,497,835 $ 6,484,006 $ 7,865,085 $ 22,397 $ 15,146 $ 19,142 $ 22,532 $ 22,655
Restricted 3,136,266 1,238,084 831,384 573,094 594,006 8,415,621 1,772,320 7,318,569 10,115,541 9,383,101
Committed 567,675 38,487 - - - 416,430 213,692 9,906,021 9,938,673 11,880,550
Assigned 162,302 1,811,461 1,625,160 1,485,895 1,503,575 1,136,948 886,929 1,187,171 1,185,292 1,430,926
Total All Other
Governmental Funds $ 11,595,195 $ 5,115,521 $ 3,954,379 $ 8,542,995 $ 9,962,666 $ 9,991,396 $ 2,888,087 $ 18,430,903 $ 21,262,038 $ 22,717,232
Source:County Audit Reports
129
COLLETON COUNTY, SOUTH CAROLINA
CHANGES IN FUND BALANCES-GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(modified accrual basis of accounting)
Fiscal Year
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Revenues
Taxes $ 23,885,157 $ 21,090,421 $ 21,299,184 $ 27,396,764 $ 28,629,297 $ 29,130,415 $ 30,142,378 $ 3Q420,830 $ 33,041,207 $ 34,497,633
Fines and fees 7,107,783 7,212,428 10,075,366 13,602,672 13,956,983 6,465,956 6,760,008 6,586,845 7,073,699 7,533,262
Intergovernmental 4,504,302 11,297,508 5,811,340 6,030,559 6,516,583 13,534,245 13,122,440 15,383,606 16,070,709 18,909,117
Interest - - - - - - - - - -
Other 173,666 300,227 302,635 627,055 1,239,266 1,121,298 1,729,253 862,474 95$647 911,163
Total revenues 35,670,908 39,900,584 37,488,525 47,657,050 50,342,129 50,251,914 51,754,079 53,253,755 57,144,262 61,851,175
Expenditures
Current:
General government 7,65$345 10,293,376 8,357,765 $705,075 9,233,056 $462,845 8,92Q357 10,108,898 10,395,349 11,015,296
Judicial 4,157,581 4,456,189 4,658,249 5,275,752 5,679,392 6,007,996 6,152,386 6,216,595 6,342,332 6,587,551
Publicsafety 7,46$560 7,723,408 7,66$476 7,348,907 7,713,186 $122,142 8,906,780 10,383,578 9,861,093 10,454,294
Roadsandbridges 1,833,460 3,466,507 4,257,082 5,644,622 2,096,123 1,751,263 2,016,790 2,044,893 2,454,941 2,126,397
Solid waste 2,156,449 2,240,650 2,208,389 2,127,950 2,256,218 2,585,498 3,16$898 3,648,480 4,OOQ181 5,267,360
Recreation and culture 1,055,271 1,30Q883 2,462,699 2,038,864 2,329,422 2,163,441 2,520,632 2,082,911 2,362,008 2,986,403
HeaRh and human services 1,674,861 1,794,798 1,797,883 1,780,141 1,751,754 1,875,826 2,142,595 2,656,161 3,505,444 2,950,175
Economic development 3,101,594 1,097,322 1,110,361 1,186,504 902,674 1,986,024 5,355,199 1,812,260 1,111,992 1,120,468
Intergovernmental 3,36Q676 3,661,372 3,836,524 5,590,873 9,763,973 7,560,938 10,012,911 11,088,354 8,075,258 9,237,840
Capital outlay 3,082,720 3,332,868 7,569,037 3,178,051 11,689,652 13,281,825 7,049,156 1,947,079 356,473 7,317,752
Debt service:
Principal 2,246,534 2,294,875 2,528,493 2,286,585 4,860,166 4,925,632 6,990,718 5,108,333 5,198,333 8,552,164
Interest 536,892 466,532 393,567 768,914 854,370 795,505 722,984 886,356 779,712 643,987
Total expenditures 38,363,543 42,128,783 46,845,525 45,932,238 59,129,986 59,518,935 63,959,406 57,983,898 54,503,116 65,259,687
Excess(deficiency)ofrevenuesoverexpenditures (2,692,635) (2,228,199) (9,360,000) 1,724,812 (5,787,857) (9,267,021) (12,205,327) (4,730,143) 2,641,146 (6,408,512)
Other financing sources(uses)
Proceeds from sale of capital assets 66,667 90,713 46,575 184,544 - 143,459 194 131,655 18,332 74,677
Issuance of debt - - 33,362,354 5,395,000 2,000,000 582,353 2,500,000 - 551,093 8,327,873
Donation of capital asset - - 4,473,000 - - - - - - -
Legal settlement - - 7,411 - - - - - - -
Bond premium - - - 51,278 - - - - - -
Payment to refund bond escrow - - - (3,710,000) - - - - - -
Gain/loss on sale of asset - - - 5,295 - - - - - -
Insurance proceeds 98,115 137,777 72,206 137,487 57,074 132,251 39,047 99,385 578,638 325,757
Transfers in 4,251,121 6,220,775 4,255,156 $423,212 6,53Q977 6,401,391 6,305,753 5,497,580 5,593,537 11,483,675
Transfersout (4,303,917) (6,220,775) (4,255,156) (8,423,212) (6,530,977) (6,401,391) (6,305,753) (5,497,550) (5,593,537) (11,483,675)
Total other financing sources 111,989 228,490 37,961,579 2,063,604 2,057,074 858,063 2,539,241 231,040 1,17$063 $728,307
Net change in fund balances (2,580,646) (1,999,709) 28,601,579 3,788,416 (6,730,783) (8,408,958) (9,666,086) (4,499,103) 3,819,209 2,319,795
Otherchangesinfund balance 513,218 6,781,381 - - - - - - - -
Fund balances,beginning - (2,067,428) 2,714,244 31,315,823 35,104,239 25,373,456 19,964,498 10,298,412 27,391,155 31,190,617
Prior period adjustment - - - - - - - - (19,747) -
Fund balances,ending $ (2,067,428) $ 2,714,244 $ 31,315,823 $ 35,104,239 $ 28,373,456 $ 19,964,495 $ 10,295,412 $ 5,799,309 $ 31,190,617 $ 33,510,412
Debt service as a percentage
of non-capital expenditures 7.9% 7.1% 7.4% 7.1% 12.0% 12.4% 13.6% 11.1% 11.3% 15.2%
Source:County Audit Report<_
130
COLLETON COUNTY, SOUTH CAROLINA
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTV
LAST TEN FISCAL YEARS
Assessed Value Market Value Total
Direct
Fiscal Real Personal Real Personal Tax
Year Property Property Total Property Property Total Rate
2013 ' $ 124,529,285 $ 45,681,967 $ 170,211,252 $ 3,677,288,314 $ 577,742,213 $ 4,255,030,527 115.86
2014 124,290,470 46,322,848 170,613,318 3,675,411,178 542,309,703 4,217,720,881 115.86
2015 124,833,360 38,508,140 163,341,500 3,743,314,532 459,532,616 4,202,847,148 115.86
2016 125,463,400 41,403,580 166,866,980 3,792,357,210 512,687,036 4,305,044,246 125.05
2017 126,695,930 44,408,120 171,104,050 3,848,082,492 548,235,970 4,396,318,462 125.05
2018 " 130,485,880 45,527,140 176,013,020 3,997,547,588 562,409,403 4,559,956,991 125.05
2019 132,774,320 44,873,240 177,647,560 4,085,126,499 543,980,519 4,629,107,018 126.55
2020 136,463,280 44,446,986 180,910,266 4,075,367,609 494,862,138 4,570,229,747 126.55
2021 141,139,420 52,028,116 193,167,536 2,494,924,194 607,783,263 3,102,707,457 126.55
2022 154,190,550 51,346,115 205,536,665 2,803,142,591 574,641,148 3,377,783,739 126.55
' Reassessment Year.
Source:County Auditor
131
COLLETON COUNTY, SOUTH CAROLINA
DIRECT AND OVERLAPPING PROPERTY TAX RATES
LAST TEN FISCAL YEARS
County
Direct Rates Overlapping Rates
Total School County County Town City
Fiscal County County Direct School Debt Fire Fire of of
Year Operations Debt Rate Operations Service Protection Debt Service Edisto Beach Walterboro
2013 108.45 7.41 115.86 104.31 46.50 33.56 17.67 19.53 88.00
2014 108.45 7.41 115.86 104.31 46.50 33.56 17.67 20.23 88.00
2015 108.45 7.41 115.86 104.31 46.50 33.56 17.67 20.23 88.00
2016 114.81 10.24 125.05 110.42 49.50 33.56 22.66 20.23 88.00
2017 114.81 10.24 125.05 110.42 49.50 33.56 22.66 20.71 88.00
2018 114.81 10.24 125.05 110.42 49.50 33.56 22.66 23.44 86.40
2019 116.31 10.24 126.55 113.42 54.50 33.56 22.66 23.44 86.40
2020 116.31 10.24 126.55 116.42 54.50 33.56 22.66 24.07 86.40
2021 116.31 10.24 126.55 116.42 54.50 33.56 22.66 24.07 86.40
2022 116.31 10.24 126.55 116.42 54.50 33.56 22.66 25.15 86.40
Source: County Auditor
132
COLLETON COUNTY, SOUTH CAROLINA
PRINCIPAL PROPERTY TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
2022 2013
Taxable Percentage of Taxable Percentage of
Assessed Total Taxable Assessed Total Taxable
Customer Value Rank Assessed Value Value Rank Assessed Value
Dominion Energy South Carolina(SCE&G) $ 8,574,800 1 4.13% $ 11,934,910 1 6.73%
Coastal Electric Coop 3,210,600 2 1.56% 2,526,060 2 1.42%
CSX Transportation,Inc. 999,320 3 0.49% N/A - -
Central Electric Power Coop 832,210 4 0.40% N/A - -
Cellco Partnership DBA Verizon Wireless 823,220 5 0.40% N/A - -
Wyndham Vacation Resorts,Inc.Etal 799,740 6 0.39% N/A - -
Lawyers Title Insurance Corporation 753,630 7 0.37% N/A - -
Cherokee Plantation Owners,Inc. 747,310 8 0.36% 569,376 5 0.32%
Walterboro Community Hospital 740,426 9 0.36% 486,000 6 0.27%
Walmart Real Estate Business Trust 735,000 10 0.36% 765,000 4 0.43%
SCE&G N/A - - 1,202,710 3 0.68%
Dayco Products,LLC N/A - - 434,570 7 0.24%
Walterboro/SAV LLC N/A - - 387,300 8 0.22%
Smithers Oasis Company N/A - - 392,900 9 0.22%
Comcast Cablevision of Carolina N/A - - 346,560 10 0.20%
$ 18,216,256 8.82% $ 19,045,386 10.73°/a
Source:County Auditor
N/A-Information is not applicable
133
COLLETON COUNTY, SOUTH CAROLINA
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Collected within the
Fiscal Year of the Levy
Taxes Levied Collections Total Collections to Date
Fiscal forthe Percentage in Subsequent Percentage
Year Fiscal Year Amount of Levy Years Amount of Levy
2013 * $ 52,100,048 $ 44,052,013 84.55% $ 7,642,810 $ 51,694,823 99.22%
2014 48,000,778 46,192,180 96.23% 1,557,717 47,749,897 99.48%
2015 14,791,090 13,733,646 92.85% 841,436 14,575,082 98.54%
2016 16,482,359 15,385,339 93.34% 981,225 16,366,564 99.30%
2017 16,903,737 15,970,838 94.48% 786,423 16,757,261 99.13%
2018 " 20,208,055 19,219,246 95.11% 780,057 19,999,303 98.97%
2019 20,658,725 19,796,004 95.82% 588,624 20,384,628 98.67%
2020 21,028,987 20,449,213 97.24% 388,343 20,837,556 99.09%
2021 22,018,103 21,256,691 96.54% 413,896 21,670,587 96.54%
2022 23,523,755 21,843,632 92.86% - 21,843,632 92.86%
" Reassessment year.
Source: Delinquent Tax Collector,County Finance Office,County Auditor,County Treasurer.
Note 1:2013 and 2014 figures include County, Fire and Rescue and School District.
134
COLLETON COUNTY, SOUTH CAROLINA
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Governmental Activities
General Special Percentage
Fiscal Obligation Notes Financed Revenue Total Primary of Personal Capital
Year Bond Payable Purchases Bond Government Income Per Capita
2013 $ 7,280,000 $ 517,977 $ 1,526,344 $ 4,455,000 $ 13,779,321 11.57% 361.16
2014 6,110,000 352,290 932,153 4,090,000 11,484,443 9.44% 295.29
2015 35,012,627 1,059,759 2,535,947 3,710,000 42,318,333 33.86% 1,120.39
2016 38,989,949 880,032 1,854,089 - 41,724,070 33.39% 1,105.83
2017 35,440,618 880,032 2,473,965 - 38,794,615 31.18% 1,022.98
2018 31,897,356 880,032 1,603,333 - 34,380,721 26.60% 914.11
2019 27,138,079 - 2,680,000 - 29,818,079 22.62% 791.77
2020 22,879,822 - 1,756,667 - 24,636,489 18.03% 653.89
2021 19,111,299 - 833,292 - 19,944,591 14.22% 516.65
2022 14,682,077 - 4,962,221 - 19,644,298 13.90% 510.75
Source: County Audit Report,US Census Bureau
Note 1: Details of the County's outstanding debt can be found in the notes to the financial statements.
Note 2: The ratios are calculated using personal income and population for the prior calendar year.
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COLLETON COUNTY, SOUTH CAROLINA
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
Less Amounts Percentage of
General Available in Estimated Taxable
Fiscal Obligation Debt Service Value of Per
Year Bonds Funds Total Property Capita
2013 $ 7,280,000 $ 1,031,180 $ 6,248,820 3.7% 164
2014 6,110,000 919,745 5,190,255 3.0% 133
2015 35,012,627 411,973 34,600,654 21.2% 916
2016 38,989,949 5,496,753 33,493,196 20.1% 888
2017 35,440,618 6,325,794 29,114,824 17.0% 768
2018 31,897,356 7,010,933 24,886,423 14.1% 662
2019 27,138,079 5,519,838 21,618,241 12.2% 574
2020 22,879,822 6,059,526 16,820,296 9.3% 446
2021 19,111,299 7,639,063 11,472,236 5.9% 297
2022 14,682,077 7,035,133 7,646,944 3.7% 199
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COLLETON COUNTY, SOUTH CAROLINA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
JUNE 30, 2022
Estimated
Estimated Share of
Governmental Debt Percentage Overlapping
Unit Outstanding Applicable Debt
Debt repaid with property taxes
Colleton County School District $ 71,317,151 100.00% $ 71,317,151
Fire and Rescue Commission 12,293,059 100.00% 12,293,059
City of Walterboro 4,071,878 100.00% 4,071,878
Town of Edisto Beach 1,720,000 100.00% 1,720,000
Subtotal overlapping debt 89,402,088 89,402,088
County direct debt 19,644,298 100.00% 19,644,298
Total direct and overlapping debt $ 109,046,386 $ 109,046,386
Source: Assessed value data used to estimate applicable percentage provided by Colleton County Auditor.
Note: Debt outstanding data provided by each governmental unit.
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COLLETON COUNTY, SOUTH CAROLINA
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
Fiscal Year
2013 2014 2015 2076 2077 2078 2019 2020 2021 2022
Debt limit $ 10,536,276 $ 13,649,065 $ 13,067,320 $ 13,349,358 $ 13,688,324 $ 14,081,042 $ 14,211,805 $ 14,472,821 $ 15,453,403 $ 16,442,933
Total net debt applicable
to limit 7,280,000 6,110,000 4,740,000 ' 8,758,832 8,301,301 8,416,034 7,370,970 6,898,164 6,991,353 6,510,127
Legal debt margin $ 3,256,276 $ 7,539,065 $ 8,327,320 $ 4,590,526 $ 5,387,023 $ 5,665,008 $ 6,840,835 $ 7,574,657 $ 8,462,050 $ 9,932,806
Total net debt applicable
to the limit as a
percentage of debt limit 69.09% 44.76% 36.27% 65.61% 60.65% 59.77% 51.87% 47.66% 45.24% 39.59%
Legal Debt Margin Calculation for Fiscal Year 2022
Total assessed value $ 205,536,665
Debt limit(8%of assessed value) 16,442,933
Debt applicable to limit 6,510,127
Legal debt margin $ 9,932,806
Note:Under State finance law,the County's outstanding general obligation debt should not exceed 8%of the total assessed property value.
� Excludes$29,000,000 Bond Series 2015 because voter approval was obtained for the issuance of the bonds.
Source:County Audit Reports,County Auditor.
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COLLETON COUNTY, SOUTH CAROLINA
PLEDGED REVENUE COVERAGE
LAST TEN FISCAL YEARS
Debt
Fiscal Service
Year Collections Principal Interest Coverage
2013 $ 1,361,755 $ 578,701 $ 218,444 1.71
2014 1,266,976 365,000 186,708 2.30
2015 1,253,752 1,370,000 172,260 0.81
2016 5,487,307 1,425,000 573,371 2.75
2017 6,003,018 3,480,000 801,890 1.40
2018 6,159,788 4,055,000 740,378 1.28
2019 6,441,766 4,687,353 757,213 1.18
2020 6,559,092 4,185,000 670,685 1.35
2021 7,465,237 4,275,000 584,694 1.54
2022 8,160,237 7,181,093 430,106 1.07
Source: County Auditor
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COLLETON COUNTY, SOUTH CAROLINA
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
Personal
Income Per Capita Unemployment
Fiscal (thousands Personal Median School Rate
Year Population of dollars) Income Age Enrollment Percentage
2013 38,153 $ 1,190,505 $ 31,505 N/A 5,830 10.8%
2014 38,892 1,216,892 31,289 40.7 5,763 7.7%
2015 37,771 1,249,641 33,120 40.0 5,713 7.5%
2016 37,731 1,249,641 33,120 41.5 6,545 6.1%
2017 37,923 1,244,027 32,804 43.0 6,889 4.8%
2018 37,611 1,292,389 34,362 42.5 6,799 4.2%
2019 37,660 1,317,949 34,996 42.7 6,458 4.0%
2020 37,677 1,366,771 36,276 42.2 6,802 8.2%
2021 38,604 1,402,252 36,324 42.5 6,616 4.7%
2022 38,462 1,413,402 36,748 42.3 6,222 3.6%
Source;(1)U.S.Census Bureau
(2)S.C. Department of Employment and Workforce
N/A-Information is not available
140
COLLETON COUNTY, SOUTH CAROLINA
PRINCIPAL EMPLOYERS
CURRENT YEAR AND NINE YEARS AGO
2022 2013
Percentage Percentage
FTE of Total County FTE of Total County
Employer Employees Rank Employment Employees Rank Employment
Colleton County School District 750 1 4.4% 1,000 1 6.6%
Colleton County Government 474 2 2.8% 503 2 3.3%
Colleton Medical Center 420 3 2.4% 475 3 3.1%
Walmart 300 4 1.7% 350 4 2.3%
City of Walterboro 100 5 0.6% N/A - -
Carolina Composites 100 6 0.6% N/A - -
Rockford Manufacturing 100 7 0.6% N/A - -
Carolina Visuals, LLC 75 8 0.4% N/A - -
Crescent Dairy and Beverages, LLC 60 9 0.3% N/A - -
Floralife 60 10 0.3% 110 7 0.7%
Palmetto Rural Telephone Cooperative 60 - 0.3% N/A - -
Dayco Products, LLC N/A - N/A 150 5 1.0%
Heritage Healthcare-Walterboro N/A - N/A 137 6 0.9%
Colleton County Disabilities N/A - N/A 100 8 0.7%
Sunward Consolidated Group N/A - N/A 100 9 0.7%
Walterboro Veneer Co, Inc. N/A - N/A 95 10 0.6%
Total of Top Ten Employees 2,499 14.4% 3,020 19.9%
Data Source:
(1)Colleton County Economic Development
(2)U.S.Census Bureau
N/A-Information is not available.
141
COLLETON COUNTY, SOUTH CAROLINA
FULL-TIME EQUIVALENT COUNTY GOVERNMENT EMPLOYEES
BY FUNCTION
LAST TEN FISCAL YEARS
Fiscal Year
Function 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
General government 93.0 77.0 76.5 84.0 79.0 78.0 81.0 85.3 87.0 83.0
Judicial 18.5 58.0 55.0 78.0 80.5 74.0 71.0 79.7 76.0 81.0
Public safety 132.0 116.0 103.0 135.0 144.5 115.0 123.0 137.6 144.0 138.0
Roads and bridges 27.5 17.0 15.0 25.0 24.0 23.0 23.0 23.0 22.0 21.0
Solid waste 15.5 12.0 23.5 44.0 31.2 14.5 10.0 12.2 14.0 14.0
Recreation and culture 9.0 13.0 15.0 28.0 23.0 19.0 20.0 20.2 21.0 16.0
Health and human services 1.5 2.0 6.0 17.0 6.5 5.0 5.0 2.0 9.0 6.0
Economic development 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
Alcohol and drug 10.5 9.0 8.5 11.0 8.0 9.0 10.0 14.0 14.0 15.0
Library 5.0 10.0 12.5 16.0 12.8 10.0 10.0 13.0 12.0 12.0
Fire and rescue 77.5 76.0 77.5 82.0 78.0 83.0 85.0 85.0 92.0 103.0
Total 392.00 392.00 394.50 522.00 489.50 432.50 440.00 473.85 493.00 491.0
Source: County Human Resource Department.
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COLLETON COUNTY, SOUTH CAROLINA
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
Fiscal Year
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
General Government N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Judicial N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Public Safety N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
EMS Transports 6,137 6,542 6,749 7,358 7,416 7,523 7,688 7,887 9,269 9,839
Roads and Bridges N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Solid Waste N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Recreation and Culture N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Health and Human Services N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Economic Development N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A-Information is not available.Schedule is currently a work in progress and will be updated in subsequent years as information becomes available.
143
COLLETON COUNTY, SOUTH CAROLINA
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Fiscal Year
Function/Program 2013 2014 2015 2016 2077 2018 2079 2020 2021 2022
Recreation and Culture
Community Centers 13 13 13 13 13 14 14 15 15 15
Recreation Complex 1 1 1 1 1 1 1 1 1 1
Golf Course - - 1 1 1 1 1 1 1 1
Emergency Services
Number of Fire Stations 33 34 34 34 34 34 34 34 34 34
Number of Fire Trucks 119 106 106 115 103 119 119 119 118 118
Number of Ambulances 12 12 12 16 11 14 14 14 14 14
Streets and Highways
Miles of Roads 347.8 362.7 362.7 362.7 362.7 352.7 352.7 352.7 353 353
Collection Sites 13 13 13 13 15 15 15 15 15 15
Sheriff
Patrol Units 86 86 86 92 96 88 88 88 90 90
Health,Education and Welfare
County Libraries 1 1 1 1 2 3 3 3 3 3
Book Mobiles 1 1 1 1 1 1 1 1 1 1
Sources:County Engineering,Fleet,and Facilities Departments.
N/A-Information is not available.
144