ATLANTIC BEACH, S.C. (WBTW) — Atlantic Beach stands to turn a profit of about $25,000 from the recent three-day Bikefest, town leaders said.
Council members discussed the financial outcome of this year’s Bikefest at their meeting Monday night.
Bikefest brought in more than $81,000, but Town Manager Benjamin Quattlebaum said the net profit will be much lower after roughly $49,000 in expenses are factored in.
“Bikefest funding is separate and apart from the general fund,” Quattlebaum said. “I’m estimating that our net profit will be in the ballpark of anywhere between $23,000 and $25,000 all said and done. So combining whatever that bottom-line figure is, is what we’ll go forth with in 2023.”
Quattlebaum said there are still some expenses out that are being billed to Bikefest.
There were 67 vendors who paid fees to participate in this year’s Bikefest, and 61 of those vendors showed up for the event.
The event has been around since 1980 and has attracted people to the area from all over the country.