NEW HANOVER COUNTY, NC – The New Hanover County Board of Commissioners, in a 3-2 vote, adopted a $458 million balanced budget for Fiscal Year 2021-2022 (FY 21-22) at its meeting June 7. The adopted budget begins July 1, and decreases the tax rate from 55.5 cents to 47.5 cents per $100 value.
The county conducted its four-year revaluation this year and property values are, on average, 33 percent higher, which increases property tax revenue for the county. So Commissioners lowered the tax rate to 47.5 cents, which is above the revenue neutral rate. This will ensure that the county can continue doing business and serving the community well, meet the board’s strategic priorities, and invest in important services and enhancements that will benefit residents now and into the future.
“We have clear priorities and sustainable investments in this budget to make our community better and ensure every single resident – from our youngest to our oldest – has the resources and support they need to thrive,” said New Hanover County Board of Commissioners Chair Julia Olson-Boseman. “Our tax rate will be lower than most other counties our size, and will make important investments in public health and safety, economic development, parks and trails, and county employees who serve the public and make our work possible. This budget also makes a strong and clear commitment to public education, which represents about 38 percent of the county’s overall budget.”
The FY 21-22 budget invests in strategic enhancements that will benefit the community and further the county’s strategic plan. Among other initiatives, the budget:
In addition to the budget’s investments, the county will utilize additional funding through the federal American Rescue Plan to strengthen the community through broadband access, mortgage assistance, job training, sewer and water infrastructure, mental health support, affordable housing, rental assistance, business and nonprofit grants, and more. Based on rules and guidance issued by the U.S. Treasury Department, the county’s use of these funds was slightly modified from the original framework the board approved in April, and can be viewed here.
The FY 21-22 recommended budget was presented to the Board of Commissioners on May 17 and a public hearing on the budget was held Monday, June 7. Following the public hearing, the Board of Commissioners approved the recommended budget with several changes, including the addition of Parks Resource Officers, Long Leaf Park modifications, and adjustments to non-county agency and economic development funding, as well as the addition of an afterschool transportation program for New Hanover County School students through American Rescue Plan funds.
The adopted budget in brief will be available at Finance.NHCgov.com in the next week.
**This news release has been updated to reflect an update in the total budget amount, from $457 million to $458 million, inclusive of the changes and additional funding amounts approved by Commissioners that total around $1 million.