2022 Annual Comprehensive Financial Report

Figure 5 Revenues by Source – Governmental Activities

Property tax collections for the current City levy amounted to $202,741,387. The rate of collection as of the end of the fiscal year was 99.39% 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 2022 budget is $.6625 per $100 valuation, the same rate as FY 2021. The FY 2022 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. 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: 2022 2021 2020 2019 General Fund $.6206 $.6206 $.6156 $.5856 Economic Development Housing Partnership .0069 .0069 .0050 .0069 .0050 .0069

Transit Authority Total Tax Rate

.0350 $.6625

.0350 $.6625

.0350 $.6625

.0350 $.6325

The local option sales tax collection amounted to $79,446,418 as compared to the previous year's collection of $68,743,873, an increase of $10.7 million or 15.6% from last year, however, we note a 106.6% gain in the ten year trend for this revenue source. Guilford County uses the “ad valorem”

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