2018-2019 Adopted Budget

TOTAL BUDGET— REVENUES

Revenue estimates are based on actual prior year amounts, current year projections, trend analysis, and general economic forecasts. Each of the major

revenue categories are discussed in further detail

below the chart.

Total Revenue by Major Type

2016-17

2017-18 Budget

2018-19 Adopted

2019-20 Projected

Actual

Property Tax

165,603,862 50,579,558 49,800,499 183,499,001 131,336,231 40,313,237 59,229,922

174,713,600 52,769,000 50,728,795 188,286,528 123,635,658 45,709,098 32,341,023

177,389,600 56,347,000 50,196,664 188,585,999 125,377,996 45,969,105 34,174,833

180,069,600 59,143,000 50,717,164 194,186,537 124,816,745 47,036,152 33,528,699

Sales Tax

Intergovernmental Revenue User Fees/Charges/Licenses

All Other

Interfund Transfers

Appropriated Fund Balance

Total

680,362,311

668,183,702

678,041,197

689,497,897

Less Transfers & Internal Charges

122,334,741

131,647,312

134,573,628

139,025,539

Net Revenues

558,027,570

536,536,390

543,467,569

550,472,358

Property Taxes

Local Option Sales Tax

The City of Greensboro relies on property taxes to raise about one-third of the net revenues needed to support municipal operations in all funds. The FY 18-19 adopted budget is balanced with a property tax rate of 63.25 cents, the same rate as FY 17-18. The tax rate is allocated 58.56 cents to the General Fund, 3.50 cents to the Transit Fund, 0.69 cents to the Housing Partnership Fund and 0.50 cents to the Economic Development Fund.

The State of North Carolina grants counties the authority to levy a general local sales tax of up to 2.0%. Counties and transportation authorities are also authorized to levy a public transportation sales tax (subject to voter approval) and counties may authorize a restricted county purpose local sales tax of 0.25% (subject to voter approval). The general state sales tax is currently at 4.75%. Guilford County levies a 2.0% general sales tax. Sales tax distribution among jurisdictions within Guilford County is based on total tax levy of all jurisdictions. Sales tax revenue for FY 18-19 is projected at $56.3 million, roughly 5.7% higher than revised current year estimates of $53.3 million. Local option sales tax revenues constitute about 9-10% of total net revenues.

Based on information provided by the Guilford County Tax Department, tax base growth is projected at approximately 1.5% for FY 18-19.

The second-year budget is balanced with a 63.25 tax rate, the same as the FY 18-19 budget.

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