2021 Annual Comprehensive Financial Report

Revenues for general governmental functions (General, Special Revenue, Capital Project and Debt Service Funds) amounted to $376,786,817 for the fiscal year ended June 30, 2021 and are comprised of various sources as shown in the following graph:

Figure 5 Revenues by Source – Governmental Activities

Property tax collections for the current City levy amounted to $200,442,606. The rate of collection as of the end of the fiscal year was 99.56% for the current year levy, with collections for levies in previous years approximating close to 100%. We expect the collection rate to remain at high levels due to the statewide motor vehicle “Tax and Tag Together” system, implemented by North Carolina effective July 1, 2013. The State of North Carolina now collects property taxes on motor vehicles and remits to the City rather than collected by Guilford County under the old system. The overall property tax rate for the FY 2021 budget is $.6625 per $100 valuation, the same rate as FY 2020. The FY 2021 budget was adopted with $0.0069 directly recorded in the Housing Partnership Fund. This amount replaces the General Fund transfer to the housing fund that was budgeted in previous years and allows the Housing Partnership Fund to remain a Special Revenue Fund in accordance with GASB Statement No. 54. From FY 2012-2013 through FY 2019-20 a portion of the property tax rate was dedicated to the Economic Development Fund. Effective with FY 2021, that portion of the rate has been consolidated with the General Fund. The resulting General Fund tax rate was 62.06 cents per $100 valuation in FY 2021.

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