2019 Comprehensive Annual Financial Report (CAFR)

Tax rates for the current and three preceding fiscal years were adopted, as follows, at the same overall rate, however, different allocations among purposes are noted: 2019 2018 2017 2016 General Fund $.5856 $.5856 $.5856 $.5872 Economic Development .0050 .0050 .0050 .0050 Housing Partnership .0069 .0069 .0069 .0069 Transit Authority .0350 .0350 .0350 .0334 Total Tax Rate $.6325 $.6325 $.6325 $.6325 The local option sales tax collection amounted to $56,704,224 as compared to the previous year's collection of $52,624,601, an increase of approximately $4.1 million or 7.8% from last year, however, we note a 59.0% gain in the ten year trend for this revenue source. Guilford County uses the “ad valorem” (property tax) method to distribute its allocated sales tax receipts to municipalities within the County and as a result, sales tax receipts for Greensboro may fluctuate from year to year, depending on the proportion of property tax levies of each of the municipalities within the County, compared to the total collected. Greensboro’s FY 2019 share of the sales tax distribution stayed the same due to Guilford County’s property tax rate remaining the same from FY 2018 to FY 2019. Healthy gains were also noted in retail sales activity this year. Local option sales taxes represent approximately 19.7% of overall general fund revenues in FY 2019. The total sales tax rate in Guilford County is 6.75% with 4.75% charged for the general state rate and 2.00% charged for the local option. The local option sales tax currently in effect is distributed to the County as follows, with subsequent distribution to Greensboro and the other municipalities in the County, based on the “ad valorem” method: Article 39 (1%) Point of Origin Article 40 (1/2%) Per Capita Article 42 (1/2%) Point of Origin Greensboro’s occupancy tax collection of $4,684,823 has increased 76.2% over the ten-year period ending June 30, 2019 and generated a 10.5% gain this year. Construction of four new hotels are planned or underway in downtown Greensboro. Intergovernmental Revenues amounted to $56,923,120 as compared to previous year revenues of $54,571,310. State-shared and grant revenues are a major source of funding for municipal operations and services, with intergovernmental revenues comprising 17.4% of total governmental revenues, as compared to 17.3% in the previous year. Licenses and permits amounted to $3,683,537 compared to previous year revenues of $4,192,073 a decrease of 12.1%. The decrease is primarily due to a reduced number of construction permits during FY 2019. Fines and forfeitures amounted to $1,896,318 as compared to the previous year's collection of $1,756,927, an increase of 7.9% over last year. The increase was primarily due to an increase in city code violation collections, partially offset by a decrease in parking violation collections. Charges for current services amounted to $25,177,520 as compared to the previous year's revenue of $25,997,545 a decrease of 3.2%.

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