2021 Annual Comprehensive Financial Report

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: 2021 2020 2019 2018 General Fund $.6206 $.6156 $.5856 $.5856 Economic Development Housing Partnership .0000 .0069 .0050 .0069 .0050 .0069 .0050 .0069

Transit Authority Total Tax Rate

.0350 $.6625

.0350 $.6625

.0350 $.6325

.0350 $.6325

The local option sales tax collection amounted to $68,743,873 as compared to the previous year's collection of $58,379,799, an increase of $10.4 million or 17.8% from last year, however, we note a 71.0% gain in the ten year trend for this revenue source. In FY 2021 it was determined that since Greensboro Transit Advisory Commission received a portion of property taxes it should also receive a sale tax allocation that amounted to $2,522,000. 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. Local option sales taxes represent approximately 20.6% of overall general fund revenues in FY 2021. 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 by the State 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 $2,926,349 has decreased 2.5% over the ten-year period ending June 30, 2021 and 18.8% decrease from the prior year. The decrease in both periods resulted from traveling concerns pertaining to the coronavirus pandemic. Intergovernmental Revenues amounted to $84,632,734 as compared to previous year revenues of $60,949,727. State-shared and grant revenues are a major source of funding for municipal operations and services, with intergovernmental revenues comprising 22.5% of total governmental revenues, as compared to 17.8% in the previous year. Licenses and permits amounted to $4,388,852 compared to previous year revenues of $4,169,072 an increase of 5.3%. The increase is primarily due to an increase in the number of building permits during FY 2021. Fines and forfeitures amounted to $963,982 as compared to the previous year's collection of $1,945,934, a decrease of 50.5% over last year. The decrease was primarily due to a decrease in parking violation collections and library fines, providing for accommodations related to the pandemic. Charges for current services amounted to $27,235,425 as compared to the previous year's revenue of $26,626,110 an increase of 2.3%.

2r