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CITY OF MYRTLE BEACH, SOUTH CAROLINA NOTES TO FINANCIAL STATEMENTS June 30, 2010

Improvements

Water and

Baseball

Municipal Golf

Fund

Sewer Fund

Stadium Fund

Course Fund

Capital

Property Taxes Local Accommodations Taxes Hospitality Fees Storm Water Fees Accounts Intergovernmental Loans

$

Allowances for Doubtful Accounts

$

$

$

$

8 794,198 5 7 , 2 4 2

1,017,185

1,651,440

$

1,651,440

$

1,017,185 $ (148,217) 868,968 $

$

7,880

1,624,694

1,624,694 $

7,880

1,624,694 $

7,880

Solid Waste

Management

Nonmajor and

Fund

Other Funds

Totals

$

136,995 $

4,001,889 $

24,176,865

(39,389)

(23,713)

(5,577,922)

$

97,606 $

3,978,176 $

18,598,943

Property Taxes Local Accommodations Taxes Hospitality Fees Storm Water Fees Accounts Intergovernmental Loans

Allowances for Doubtful Accounts

325,283

325,283

1,350,964

59,690

59,690

222,984

7,346,922

2,485,719

10,374,126

722,066

722,066

$

136,995

$

186,147 $

3,997,814

On September 1, 1998, the City entered into a hospitality fee agreement with Horry County, South Carolina (County) in conjunction with the construction of a baseball stadium facility. The agreement is for a period of twenty years and requires the County to make annual payments of principal and interest to the City for its 30% interest in the baseball stadium facility. At June 30, 2010, the intergovernmental receivable in the Baseball Stadium Fund, relating to this agreement, is to be collected as follows:

Year Ending June 30, 2011 2012 2013 2014 2015 2016 - 2018

$

$

165,000 172,500 181,500 190,500 199,500 661,500 1,570,500

Loans receivable in the amount of $722,066 are due in conjunction with the development of low-income housing within the City. The loans are non-interest bearing and are due December 1, 2025 ($380,816) and June 30, 2030 ($341,250).

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