NORTH MYRTLE BEACH, SC (WMBF) - The North Myrtle Beach City Council kicked off its fiscal year 2016 budget retreat meeting on March 2.
On Monday, at 8 a.m., city council members began at the City Hall and immediately traveled to Santee Cooper's Wampee Conference Center in Pinopolis.
During the retreat, the proposed 2016 budget will be discussed. The budget includes Governmental Funds including the general fund, special revenue funds, capital improvement funds and debt service. According to the city's budget documents, expenses for Governmental funds will be $46,555,100. Expenses for Enterprise Funds are $433,515,098, for a total of $80,070,198 in budgeted expenses for all funds. The general and enterprise funds provide positive cash flows.
The 2016 proposed budget is $2.9 million less than last year's budget. The 2016 fiscal year will begin on July 1, 2015 and end on June 20, 2016. This budget provides a five-year plan with no tax increases and only minor rate changes in several enterprise funds.
According to a press release from the city, "the budget includes a three cent water rate increase, and a four cent sewer rate increase, both of which are pass-through increases from Grand Strand Water & Sewer Authority." Officials say city ordinance requires the impact fee to increase by five percent.
The Cherry Grove Dredging project is included in the budget as well as a splash pad for the NMB Park and Sports Complex.
Click here for a copy of the 2016 budget retreat presentation.
Tune in to WMBF News this afternoon for a full report on the 2016 budget.