04/15/2008 HORRY COUNTY P.R.I.D.E. MEETING SUMMARY
Monday, April 21st, 2008Julie Harbin opened the meeting and introduced herself, Pam Creech, and Jim Paullin as the Horry County P.R.I.D.E leadership team. A fourth member, Stu Schnur was unable to attend.Two special guests were recognized and introduced: Mike Ryan, County Councilman from 4th District and Gary Loftus, Director, Coastal Carolina University’s Center for Economic and Community Development, and candidate for the County Council’s 4th District.
County Council Budget Retreat, April 3rd and 4th
Pam Creech reported that representatives of Horry County P.R.I.D.E. attended the County Council’s budget retreat to hear details of this year’s budget status. Pam Creech said there are two major factors involved in the potentially large revenue shortfall:
1) The loss of at least $4M in revenue from permits and fees due to the downturn in the building industry, and
2) The potential loss of $7M from the Assessable Transfer of Interest tax that the State Legislature is expected to repeal. The ATI subjects real property to appraisal at the fair market sale value vs. the appraised value for property tax purposes. If we lose the ATI revenue, there are not a lot of options to raise lost revenue.
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