Williamsburg County Supervisor Stanley Pasley made Williamsburg County Council aware of a shortfall in the Capital Project Sales Tax revenues during a November 20, regular council meeting. The shortfall of approximately $600,000 could affect some county projects. At the time Pasley said he and administration wanted everyone to be aware of the turn of events. “Administration and myself, we did not want to make this decision independent of council,” said Pasley during the meeting. “Also we would want again, the new incoming councilmembers and supervisor to be a part of this discussion as well as those entities that are on the list for these capital projects.” Now that 15 months have passed, administration knows what they have to work with.
Pasley said all of the Tier 1 projects (Fire/EMS, ambulances, brush trucks) would not be affected. However, some projects in the lower tiers may be delayed. “We don’t want to get ahead of ourselves authorizing the projects to get started before we know that we have the money to pay for them,” said Pasley. He said he’s trusting that over the next seven years of the referendum the revenues will provide the funds to complete all projects.
A special meeting was scheduled for November 28, to discuss the matter. Finance Director Stephen Edwards presented council with the information. The county must maintain a fund balance of approximately $2.9 million according to the bond requirement. Edwards said this is not a problem for the 2019 fiscal year. They have $8.3 million available to spend in the next two years on projects and still satisfy the bond requirements. However, the 2020 expenses of approximately $4.4 million, which includes the Kingstree Fire/EMS headquarters, Greeleyville, Lane and Stuckey projects, will leave a fund balance of $1.9 million. The bond requirement in 2020 is $2.39 million.
Edwards said they could hold $274,000 of an excess administrative reserve for projects for later. He said they couldn’t spend $8.7 million in projected projects expenses in the first two years unless pay-as-you-go funds come in more than projected.
Council will meet December 18, for a work session to discuss the matter. A video of the meeting can be viewed on The News Facebook page at The News - Kingstree and online here ttps://youtu.be/7JGFjtlLsB8