Myrtle Beach Unveils Proposed Budget for 2025-26

News Summary

Myrtle Beach’s city leaders have revealed a proposed budget of $372.7 million for the fiscal year 2025-26, with no increase in property taxes. Despite slight increases in utility fees projected to raise annual costs for residents, the budget focuses on public safety and infrastructure improvements. Notably, $82.2 million is allocated for public safety initiatives, while $20 million is earmarked for upgrades to local facilities. While a potential deficit looms, officials express optimism for the future.

Myrtle Beach’s Proposed Budget: A Friendly Overview for Residents

In the beautiful coastal city of Myrtle Beach, exciting news is brewing as city leaders present their proposed budget for the fiscal year 2025-26. During the city’s annual budget retreat held at the lovely Wampee Conference Center in Pinnopolis, the city’s Chief Financial Officer shared details about a proposed budget of $372.7 million. This figure marks a noticeable increase of about 7% from last year’s budget of $348.1 million.

No Property Tax Increase!

One of the standout features of this proposed budget is the good news regarding property taxes. Despite the long list of expenses, the city has decided to keep property tax rates steady, maintaining them at 83.4 mills. For full-time residents, this means that a home valued at around $250,000 will still incur annual property taxes of about $776, after applying available tax credits. That’s a relief for many families in the area, especially in today’s economy where costs seem to be on a constant rise.

Adjustments in Fees

While property taxes remain unchanged, it’s essential to note that the city is looking to increase several utility fees. Residents may notice a slight rise in their monthly bills: about $5.76 for water fees, $3.04 for stormwater fees, and $1.04 for solid waste fees. Overall, this could mean an estimated annual increase of about $118 per resident if the budget proposal goes through as planned.

Where is the Money Going?

Of the whopping $372.7 million proposed budget, a significant chunk is slotted for government expenditures at $333.3 million. Of this, nearly 24.7%, or $82.2 million, is earmarked for public safety initiatives. This allocation reflects the city’s commitment to keeping its residents safe and secure.

Investments in Infrastructure

Discussions around the table also highlighted the city’s plans for infrastructure improvements. Major projects on the table include funding for a new fire and police station as well as renovations for the beloved Pelicans Stadium. The city is looking at a budget of $20 million for these renovations, all while navigating a log jam of rising costs.

Additionally, a substantial investment of $72.1 million is being proposed for upgrades to water and sewer infrastructure that will span through fiscal year 2030. Residents can be hopeful about improved systems tackling flooding issues, which have historically been a challenge for the city and its budget.

Looking to the Future

This budget isn’t all smooth sailing, though. It projects a potential deficit of $1.4 million for the 2026 budget, largely attributed to tax credits for residents outpacing the growth in tourism development fees. However, the city leaders remain optimistic and will consider potential increases in property tax credits in future workshops to accommodate the growing number of residents benefiting from tourism-related deductions.

A decrease in workforce availability due to the growing senior population is also a topic of concern, prompting budget considerations for a 5.3% salary increase for city employees along with a 5% cost of living adjustment. These moves aim to entice greater employee retention in a competitive job market.

Plans for Downtown and User Fees

City officials are not just pouring over numbers; they’re also looking into plans for downtown revitalization and the potential development of a 21-acre city-owned parcel. These projects are intended to boost the community’s livability and enhance Myrtle Beach’s appeal to both residents and tourists alike.

As the city works towards tackling ongoing infrastructure projects, especially in stormwater management, it’s crucial for residents to stay informed. User fees are essential to fund these improvements, ensuring Myrtle Beach remains a vibrant, well-maintained coastal gem.

Stay tuned as the budget proposal moves forward, and let’s all look forward to a bright and buoyant future in our beloved city!

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Additional Resources

• Horry News: Myrtle Beach Leaders Discuss City’s Next Budget
• WBTW: Budget Retreat Day 2
• Myrtle Beach Online: Politics & Government News
• Post and Courier: SC Santee Cooper Energy Crisis
• Myrtle Beach Online: Local News Article
• Wikipedia: Myrtle Beach
• Google Search: Myrtle Beach budget
• Google Scholar: Myrtle Beach government
• Encyclopedia Britannica: Myrtle Beach
• Google News: Myrtle Beach news