Myrtle Beach, December 28, 2025
As Horry County prepares for the new year, the municipal debts of its cities, particularly Myrtle Beach, are highlighted. With debts nearing $298.6 million, Myrtle Beach’s financial obligations mirror its operating budget. Meanwhile, North Myrtle Beach and Conway disclose their debts, illustrating the financial challenges facing local governments as they plan for the future without increasing taxes.
Myrtle Beach, South Carolina
Municipal Debts Emerge for Horry County Cities Ahead of New Year
As the calendar pages turn toward a new year, the financial commitments of Horry County’s constituent cities come into focus. Reports indicate that the municipal debt of one city, Myrtle Beach, stands at a level nearly commensurate with its annual operating budget. This significant detail emerges as Conway, Myrtle Beach, and North Myrtle Beach disclose their financial obligations, inviting reflection on the careful stewardship required for public funds as they head into 2026.
The financial accounting for 2025 reveals varying debt amounts across these municipalities. For the largest among them, Myrtle Beach, the debt reported heading into the new year is approximately $298.6 million, characterized as “long-term financing.” This figure is presented alongside the city’s 2025 fiscal year budget, which was established at $330.2 million. The city’s overall debt is categorized into governmental activities, totaling about $234.6 million, and business-type activities, amounting to approximately $63.9 million. Looking ahead, the Myrtle Beach City Council has approved a budget of $360.7 million for the fiscal year 2026, which commences on July 1. This budget plan does not include a call for a tax increase. The responsible management of such substantial figures is a perpetual undertaking, reflecting the collective trust placed in local governance to allocate resources wisely for enduring public benefit.
Financial Landscape of Horry County Municipalities
Beyond Myrtle Beach, the other cities within Horry County also report their fiscal standings. North Myrtle Beach discloses an unaudited debt balance of approximately $35.6 million. A significant portion of this amount, about $31.8 million, was allocated to support the North Myrtle Beach Park and Sports Complex through general obligation bonds, including a $27 million general obligation bond secured in June for expansion, alongside associated interest and administrative costs. Other debt categories for North Myrtle Beach are individually less than $2 million, with nearly $2 million owed for dredging activities through the Cherry Grove Improvement District Revenue Bond and roughly $1.8 million for lease and contractual obligations. The city’s budget for the 2025 fiscal year was around $207.8 million, with the 2026 total projected at approximately $211.9 million.
In Conway, the city with the comparatively smallest budget, the reported debt is also the least among the three, consisting solely of a note payable on a fire truck, totaling about $1.4 million. For context, Conway’s total budget for the 2025 fiscal year was approximately $86.1 million, rising to roughly $111.2 million for the 2026 fiscal year. The transparent presentation of these figures allows for a clearer understanding of the varied financial commitments each city bears as it navigates its present and plans for its future.
Contextualizing Municipal Finance in Horry County
The broader financial framework for Horry County itself reveals a different scale of obligations. For the 2023 fiscal year, Horry County reported a total debt outstanding of $177,454,379. This included $79,434,000 in general obligation debt and $98,020,379 in revenue debt. The county’s debt to assessed value ratio for FY23 was 2.6%, remaining significantly below the State-level 8% cap established by South Carolina’s constitution, which prohibits municipalities from exceeding this limit without voter approval via referendum.
Local governmental bodies in South Carolina are mandated by state law to operate within a balanced budget each fiscal year, which typically commences on July 1. The process of budget approval, such as at the County Council level, involves multiple readings of the financial plan ordinance and a public hearing before its enactment. These annual financial plans serve as foundational documents, guiding where funds are to be spent and aiming to ensure the highest possible quality of life for both citizens and visitors. Such diligent processes underscore the ongoing commitment to fiscal prudence and the long-term well-being of the communities within Horry County.
Frequently Asked Questions
- What is Myrtle Beach’s municipal debt heading into the new year?
- Myrtle Beach’s municipal debt heading into the new year is approximately $298.6 million, described as long-term financing.
- How does Myrtle Beach’s debt compare to its budget?
- Myrtle Beach’s debt heading into the new year is reported to be as high as its 2025 budget, which was set at $330.2 million for the fiscal year.
- What is the approved budget for Myrtle Beach for fiscal year 2026?
- The Myrtle Beach City Council has approved a budget of $360.7 million for the fiscal year 2026, which starts July 1. This budget does not call for a tax increase.
- What is North Myrtle Beach’s unaudited debt balance?
- North Myrtle Beach’s unaudited debt balance comes to approximately $35.6 million.
- What is Conway’s current debt?
- Conway’s only current debt is a note payable on a fire truck totaling about $1.4 million.
- What was Horry County’s total debt outstanding for the 2023 fiscal year?
- Horry County’s total debt outstanding for the 2023 fiscal year was $177,454,379.
- What is the State-level debt cap for municipalities in South Carolina?
- South Carolina’s state constitution mandates an 8% cap on debt relative to the assessed value of all taxable property for local governments, unless voters approve a referendum to exceed it.
Key Financial Features of Horry County Cities (Heading into 2026)
| City | Reported Municipal Debt (Approximate) | 2025 Fiscal Year Budget (Approximate) | 2026 Fiscal Year Budget (Approximate) | Primary Debt Components/Purpose |
|---|---|---|---|---|
| Myrtle Beach | $298.6 million | $330.2 million | $360.7 million | Governmental activities (approx. $234.6 million), Business-type activities (approx. $63.9 million) |
| North Myrtle Beach | $35.6 million (unaudited) | $207.8 million | $211.9 million | North Myrtle Beach Park and Sports Complex (approx. $31.8 million), dredging, lease and contractual obligations |
| Conway | $1.4 million | $86.1 million | $111.2 million | Note payable on a fire truck |
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Author: STAFF HERE MYRTLE BEACH
The HERE Myrtle Beach Staff Writers are a collaborative team of journalists, editors, and local contributors passionate about delivering accurate, timely information to the Myrtle Beach community. As part of the HEREcity.com Network, which powers over 100 U.S. city sites including HEREcolumbia.com, our staff draws on collective experience in South Carolina journalism to cover everything from business sales and real estate developments to dining deals and community initiatives. Our Expertise and Background Local Roots in Myrtle Beach Our team includes lifelong Myrtle Beach residents and SC natives with deep knowledge of the area’s history, economy, and culture. We’ve covered key events like the recent developments along the Grand Strand, Myrtle Beach’s tourism and hospitality industry, and growth in local education sectors (e.g., Coastal Carolina University programs). Collective Experience With over 50 combined years in journalism, our staff has backgrounds in print, digital media, and community reporting. We prioritize fact-based stories, drawing from sources like the Myrtle Beach Area Chamber of Commerce, city government records, and on-the-ground interviews. Commitment to Quality Every article is a group effort, involving research, editing, and verification to ensure reliability. We adhere to journalistic standards, citing credible sources and updating content as new details emerge.
