State Report: Spending up, revenues down in Horry Co. in 2012 fiscal year

HORRY COUNTY, SC (WMBF) – According to a 330-page report on local government finances around the state, Horry County took in less revenue and spent more in the 2012 fiscal year than the previous year.

In the fiscal year 2012, total revenues from all local, state, federal, and other sources for the county totaled $1,080,515,048, a decrease of 1.1 percent over fiscal year 2011. Total expenditures for the county in the 2012 fiscal year were $1,014,620,599, an increase of 3.1 percent over last year.

Over the past six years, the compound growth rate of the county's revenue is 4.6 percent, and the growth in expenditures has been 4.1 percent, according to the report.

For FY 2012, Florence County took in 1.7 percent less revenue than the previous year, and expended 2.5 percent less on its annual budget. In Georegtown County, revenues increased by 12.2 percent, and expenditures went up by 10.4 percent, compared to the previous year.

The full report breaks further details revenues and expenditures for each county in the state, and breaks out financial data by school district, county, city, and more. According to the Associated Press, the data is used by a number of agencies, including determining the financial impact of legislation and identifying trends. It is also used in national reports and surveys.

The report can be found here: http://ors.sc.gov/economics/files/2012%20LGR.pdf – Warning: this is a large (5.7 megabyte) PDF document.

The Budget and Control Board also publishes the 2012 Local Government Finance Report Supplement. That report can be found here: http://ors.sc.gov/economics/files/2012%20LGR%20Supplement.pdf

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