CONWAY, SC (WBTW) – The Horry County school district is figuring out how to spend more than $750 million in the next five years to build new schools and fix up existing ones.
The school district’s plan is part of an effort to keep up with Horry County’s growing population.
On Thursday, the Horry County Schools finance committee discussed how to pay more than $750 million in the district’s five-year capital plan.
HCS board chair Joe DeFeo says the projects would include building new schools in the Conway and Carolina Forest areas. The district would also look to renovate several other schools throughout the county.
As for paying for it all, there are nine options on the table. Some so-called “pay as we go” options wouldn’t raise taxes, but would take much longer to fund the building plan.
“We could pay as you go, but we won’t have three schools built in three years,” DeFeo said. “We do have the money to do that over a much longer period of time. We can borrow eight percent money. We have such a good credit rating. We have $90 million in the bank.”
The plan with the largest tax increase would be $30 dollars for a house worth $100,000.
Voters may also be able to choose from additional funding options.
“I think a bond referendum will let the public decide how to do it.,” said DeFeo. “It’s possible we might be doing this without any tax increase. It just depends on where we go with it.”
The HCS board has until August 15 to decide if it wants a bond referendum on the ballot in the November election.
