b"Capital Projects Funds must be used when resources are legally mandated or otherwise restricted,committed or assigned by regulations or covenants to expenditure for capital outlays, including theacquisition or construction of capital facilities and other capital assets but exclude those outlaysthat are nanced by proprietary funds or for assets held in trust under duciary funds. For moreinformation on the denition of a capital asset, see the glossary in this document.CapitalProjects BeafuortCountys primary funding source for the acquisition and construction of capital facilities,Funds infrastructureand other assets for numerous years has been the issuance of general obligationbonds andthe voter-approvedLocal Option Sales Tax (LOST).Under each of these fundingmechanisms, revenues are typically received up front and are drawn on as projects become shovelready.Therefore, fund balances in these funds start high and slowly decrease over the years.Additionally, when comparing expenditures between years, gures vary greatly due to the numberand timing of projects appropriated.SummaryA summary of Capital ProjectsFunds' revenue and expenditure comparisons for scal years 2020 through 2023 can be seen below.Beaufort County is projecting $171.9M of revenue in FY2023 and budgeted expenditures are projected to increase to $171.7Mdue to variousongoing projects slated to be completed in the upcoming year.$250M$200M$150M$100M Actual Revenue SourceBudgeted Revenue SourceActual Expenditures$50M Budgeted Expenditures$0FY2020 FY2021 FY2022 FY2023 FY2024Beaufort County, SC | Budget Book 2024 Page 109"