Understanding Debt in Myrtle Beach and Beyond
If you live in Myrtle Beach, you might have noticed a lot of chatter about the city and county’s finances lately. Just like many towns across the country, municipalities in South Carolina often rely on bonds to help with big expenses. But what does that mean for us locals? Let’s break it down with some friendly neighborhood finance talk.
The Money Picture in Horry County
First off, let’s take a look at the numbers from our own backyard. According to the recent report from the South Carolina Treasurer’s Office, Horry County has the fifth-highest county debt in the state. In fact, the county’s total outstanding debt sits at a hefty $177,454,379. This big figure is split between $79,434,000 in general obligation debt and $98,020,379 classified as revenue debt. Think of general obligation debt as loans taken out for essential public stuff, while revenue debt is more about borrowing against future income.
Understanding the Debt Rules
So, what exactly does that debt mean for us? South Carolina has a constitutional limit on how much debt local governments can carry, capped at 8% of the assessed value of all taxable property. Luckily, Horry County’s debt is just 2.6% of that value, which is less than a third of the state’s limit. Now that’s reassuring!
What’s Up with Myrtle Beach?
Turning our focus to the city that we all know and love, Myrtle Beach is actually wearing the crown for the highest municipal debt in Horry County at $209,221,369. That’s definitely eye-popping! While the county has its financial responsibilities, this number reflects how the city is planning on handling various projects and services for us residents.
Recently, during a city council meeting, a proposal was tossed around that would have added another $81 million in “limited obligation bonds.” This cash would aid in renovating the Myrtle Beach Convention Center, jazzing up the downtown Arts and Innovation District, and refinancing some older debts. However, the motion to approve the ordinance failed to gain traction, suggesting that the council might need more discussions about it in future workshops. A little face-palm moment, right?
What About the Neighbors?
Now, you might be wondering how this stacks up against our neighboring municipalities. Well, it’s good news for some! The City of Conway reports a total debt of only $878,758, while North Myrtle Beach has $595,794 and Surfside Beach stands at $3,753,000. Meanwhile, both Aynor and Briarcliffe Acres are sitting pretty with zero debt. Must be nice!
A Peek at the Bigger Picture
It’s also interesting to note that local government debt in South Carolina has been steadily rising since 2000. According to research, it appears communities across the state are juggling their finances while trying to keep pace with growing demands for community services and infrastructure.
So, what should we take away from all this? While it’s natural to worry about debt, the overall numbers show that Myrtle Beach and Horry County are doing better than the state limit. We’re clearly not alone in tackling these financial responsibilities, and with ongoing discussions, hopefully, we will navigate our debt challenges smoothly.
Staying Informed
Keeping an eye on what’s going on with our local finances is crucial. Whether it’s at city council meetings or digging into reports from the state, being informed is part of being a good citizen. We’re all in this together, Myrtle Beach! Let’s stay updated and involved as we build our beautiful community.
