North Topsail Beach issued a press release statement on Tuesday informing the public of a necessary tax increase after the damages of hurricane Florence continue to wreak havoc on the budget.
The North Topsail Beach Board of Aldermen and Staff have worked diligently on the 2019-2020 Budget Ordinance. As a result of the budget workshops, work of staff and other input, the Proposed 2019-2020 Budget Ordinance is ready. This Budget Ordinance has an increase to the tax rate and items in which the board wants the public to be made aware of.
The proposed budget ordinance includes contingencies for continued repairs to damages caused by Hurricane Florence. It also includes a new Capital Reserve Fund to set aside funds for future capital needs throughout Town.
The town said following Florence that damage to the dunes amounted to approximately $15.5 million dollars. During the winter, work was done towards rebuilding the dunes and many berms are now barriers where dunes were before Florence. The north end of NTB also faced additional erosion concerns in the aftermath where the sandbag barriers pose means of protection.
The new proposed tax rate is to be set at $.41 whereas the current rate is 34.35 cents per $100 valuation.
As an example of the difference: For a property valuation of $300,000, the total increase results in an additional $199.50 per year.
The Board has set the public hearing and any member of the public will be allowed to speak concerning the budget ordinance. The hearing will be June 20, 2019 at 6:00pm at the Sneads Ferry Library.
“The North Topsail Beach Board of Aldermen remain resolute in their commitment to rebuild the Town after the devastation caused by Hurricane Florence. They are even more committed in making sure the Town will be prepared for future projects through strong fiscal policy.”, stated the town of NTB.