Background/Purpose of Request:
I am pleased to present the recommended budget for FY 2022 – 2023. This budget represents a collaborative effort between key staff in our operating departments, our award-winning Finance team, and you, the Board of Commissioners.
Last year the Board of Commissioners refreshed and sharpened its Strategic Plan and we have redoubled our efforts to tie our recommended expenditures to the Board’s major goals. As is expected initial aggregate departmental expenditure requests came in well above expected revenues for the coming year, but departmental leaders worked strenuously to revise their requests to meet revised expenditure targets that were requested by management after the initial budget reviews. I appreciate the cooperative spirit displayed by our department leaders during this year’s budget development process. Likewise, we all greatly appreciate the support and direction the Board has given us as we have developed the recommended spending blueprint.
The recommended budget includes no ad valorem tax rate change from the current 48.50 cents. The FY 2022-2023 budget proposal for all funds totals $315,303,505 which represents an increase of 8.2% over the budget adopted June 21, 2021. The general fund budget is balanced by utilizing a prudent fund balance appropriation of $2,567,568, net of the $1,317,720 in escrow funds held for the Holden Beach sand nourishment project, for non-recurring capital appropriations as compared to $2,877,600 in FY 2021-2022.
The county’s economy is experiencing substantial growth. Nationally, new job growth fluctuates monthly, and the March jobless rate was 3.8%. The average cost of a gallon of gasoline in North Carolina is considerably higher than a year ago at $4.15 from $2.73 per gallon. The Most recent statewide leading economic indicators are for March: the unemployment rate is down 1.0%, manufacturing hours worked are up 2.0% and average weekly earnings are also up 12.3%. Locally, in March of 2021 home sales decreased 21.7% compared to one year ago and sales dollars decreased 1.6% in the first quarter of 2022 under the first quarter of 2021 as reported by the Brunswick County Association of Realtors. Brunswick County’s unemployment rate is 4.8% compared to the State at 3.6% and the United States at 3.8%.
Consistently ranking as one of the fastest-growing counties in the United States, Brunswick County ranked thirtieth for 2021 in growth percentage and twenty-first among counties with a population of greater than 10,000. The county is included in the Myrtle-Beach Metropolitan Statistical Area which is the third-fastest-growing MSA in the nation at 3.7%. The State Data Center reported Brunswick County’s projected permanent population to be 143,549, up from the decennial census figure of 107,431. The county is ranked second in North Carolina population percentage growth and third in numeric population growth in the state indicating that people are increasingly choosing Brunswick County as a place to live.
I will not here acknowledge individuals that have made this process successful as the comprehensive list would be far too long to place in this letter, but I do sincerely thank all that have worked to assemble the recommended budget. I look forward to working with the Board to produce a final budget that best meets your expectations and priorities.
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