New Hanover County Commissioners approved the 2024-25 fiscal budget in a party-line vote of 3-2. The approved budget maintains the current property tax rate at 45 cents per $100 of assessed value and does not utilize the county’s revenue stabilization fund. The balanced budget outlines a total spending plan of $543.1 million.
Key Highlights of the Budget
No Change in Property Tax Rate: The property tax rate will remain unchanged at 45 cents per $100 of value, ensuring stability for property owners in the county.
Stormwater Fee Increase: The budget includes an 8% increase in the stormwater fee, bringing it to $6.14 per Equivalent Residential Unit (ERU) per month. This increase aims to address ongoing stormwater management needs in the county.
Cost of Living Adjustment for County Employees: County employees will receive a 3.88% cost of living increase, reflecting the county’s commitment to supporting its workforce amidst rising living costs.
Investment in Public Schools: An additional $9.8 million in new funds has been allocated to public schools, underscoring the county’s dedication to enhancing education.
Housing Initiatives
The budget includes a significant allocation of $3 million to fund the third year of a five-year commitment to the Workforce Housing Services Program. This program is a collaborative effort with The Planning & Land Use Department and the Joint County/City Workforce Housing Advisory Council. The initiative aims to:
- Increase the supply of residential units
- Retain existing affordable housing stock
- Enhance residents’ access to affordable homes
By the end of this fiscal year, the county will have funded $9 million of its $15 million commitment to this program, demonstrating a strong commitment to addressing housing affordability and availability.
Conclusion
The passage of the 2024-25 fiscal budget reflects a strategic approach to maintaining fiscal stability while addressing key community needs. With no change to the property tax rate and a balanced spending plan, the budget aims to support county employees, invest in education, and tackle housing challenges through continued funding of the Workforce Housing Services Program.
