On November 7, 2006, Florence County voters approved a One-Cent Capital Project Sales Tax for roads for up to seven years. This penny tax went into effect on May 1, 2007.
If the designated sales tax amount approved by voters in the referendum is collected before the end of the seven years, or if all of the listed projects have been completed before the end of the seven years, the tax will end earlier. The one-cent sales tax is estimated to generate $148 million over the seven years, which when combined with a grant from the State Infrastructure Bank of $250 million will yield $398 million for the road projects identified and prioritized below.
The road projects to be funded from the One-Cent Capital Project Sales Tax are specifically listed below in order of priority approved on the referendum:
Current as of June 30, 2019
|Project #||Project Description||Status||Budget||Expended||Unexpended||Budget %|
|1||Pine Needles Road Widening||Project Completed||$17,676,768.00||$16,165,274.85||$1,511,493.15||91.45%|
|2||US 378 Widening||Project Completed||$138,751,620.00||$97,381,271.39||$41,370,348.61||70.18%|
|3||US 76 Widening||$31,641,621.00||$24,843,196.14||$6,798,424.86||78.51%|
|4||TV Road Widening||Project Completed||$34,519,290.00||$32,330,385.02||$2,188,904.98||93.66%|
|5||SC 51 Widening||$151,533,817.00||$91,013,172.73||$60,520,644.27||60.06%|
|6||US 301 Bypass Extension||$73,464,146.00||$12,485,222.70||$60,978,923.30||16.99%|
|Revenues||Revenue Budget||Received||Balance||Balance %|
|Capital Project Sales Tax||$148,000,000.00||$144,702,128.85|
|Sales Tax Interest Earnings||$11,624,853.61||$3,297,871.15||105.63%|
|Earned State SIB Fund Match||$250,000,000.00||$250,000,000.00||-||100%|
Note 1: Revenue Received/Earned to date is as of December 31, 2015, since capital project sales tax is received from the state on a quarterly basis
Note 2: Merchant collection of sales tax concluded on April 30, 2014.