Question 1

Where does municipal finance data come from?

Accepted Answer

Municipal finance data comes from the South Carolina Revenue and Fiscal Affairs Office (RFA) local government finance reports. Every municipality and county in SC files annual revenue and expenditure detail; RFA aggregates and publishes the data.

Question 2

What are the main revenue sources for a municipality?

Accepted Answer

Most South Carolina municipalities rely on property taxes (limited by Act 388's homestead exemption from school operating mills), local option sales tax, accommodations and hospitality taxes, business license fees, franchise fees on utilities, charges for services, and state-shared revenues (Local Government Fund). SC has no local income tax.

Question 3

What is a General Fund and why does it matter?

Accepted Answer

The General Fund is the municipality's primary operating fund. It covers core services like police, fire, public works, and administration. A healthy General Fund balance (typically 25-50% of annual expenditures) indicates the town can handle unexpected expenses without raising taxes or cutting services.

Question 4

How current is this financial data?

Accepted Answer

SC RFA local government finance data typically lags 12-18 months behind the current fiscal year (which ends June 30 for most SC local governments). The most recent year with complete data is usually one to two fiscal years prior.

Elgin, SC

Elgin Municipal Budget

Finances — FY 2024