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Posted on: June 13, 2023

Morehead City Council Approves 2023-2024 FY Budget

Morehead City Council Approves New City Budget

Post Date:06/13/2023

Morehead City residents will continue to pay a low property tax rate with a balance budget after the City Council approved the City's operating budget during its meeting on Tuesday night.

 The $32.5 million Morehead City operating budget, which aligns with the goals of the City Council, maintains Morehead’s .38 cent property tax rate with no increase in utility rates, while continuing progress on capital projects such as paving, street improvements, and stormwater infrastructure.

 Additionally, the budget continues an emphasis on public utility services and investment in City staff, while maintaining support for public safety, development, and special events.

 The approved 2023-2024 overall budget of $32.5 million also improves the City’s debt service obligations and further champions Morehead City’s AAA bond rating which is the highest possible rating that can be assigned by all three bond rating agencies, Fitch, Moody’s and S&P Global.

 Highlights of the City operating budget, which aligns with the goals of the City Council, include the following:

  • Maintains property tax rate of .38 cents
  • $1.8 million for various capital project initiatives
  • $600,000 in contracted mowing
  • $500,000 for City-wide economic development initiatives
  • Average 3 percent Cost of Living Adjustment (COLA) wage increase for City employees
  • $85,000 for the Downtown Morehead City Revitalization Association for various historical preservation and façade grant initiatives

You can view the full budget as presented and approved here.  

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