Adopted Budget Projected Budget 2016-2017

Fund Summary-General Fund

Highlights

Revenues:

Listed below is a summary chart of the major General Fund revenue estimates.

Major General Fund Revenues

2014-15

2015-16 Budget

2016-17 Adopted

2017-18 Projected

Actual

Property Tax

149,020,399

152,400,000

153,661,000

156,052,000

Sales Tax

44,843,837

46,073,934

48,631,120

50,578,365

State Collected Local Revenues

25,449,448

22,332,752

27,186,021

27,763,021

ABC Profit Distribution

3,412,322

3,423,000

3,423,000

3,587,000

Building Permit Revenue

2,461,536

2,494,407

2,839,216

2,979,372

All Other

30,185,183

26,572,043

26,746,343

26,869,343

Transfers from Other Funds

6,789,642

6,939,642

6,419,000

6,419,000

Appropriated Fund Balance

7,879,495

6,487,985

6,654,740

7,329,203

Total

270,041,861

266,723,763

275,560,440

281,577,304

improvement. Based on receipts for the first half of the year, current year sales tax revenues are projected at $46.4 million to $46.7 million, about 3.5% to 4.0% over the last year’s actuals. For FY 16-17, sales tax revenue is projected at about 4.5% above revised estimates for the current year.

Property Tax

The Adopted FY 16-17 General Fund Budget is balanced with a 58.56 cent tax rate. This rate is 0.16 cents less than the rate for the adopted FY 15-16 budget. Tax base growth is projected at 1.58% for FY 16-17 based on projections provided by the Guilford County Tax Department. This projection is in line with revised estimates for current year valuation growth. For the 17-18 planning year, valuation growth is projected at a similar growth rate. The second year General Fund budget is balanced with the same tax rate as the Adopted FY 16-17 budget.

State Collected Local Revenues/Cable Access

State collected local revenues include the Electric Utility Sales Tax, Piped Natural Gas Sales Tax and Beer and Wine Taxes. The FY 16-17 budget projects revenues of $27.19 million, about $4.8 million, or 21.7% higher than the current year budget. The FY 16-17 projection is 2.2% higher than current year revised estimates. Beginning in FY 14-15, the utility franchise tax previously assessed for the sale of electricity and piped natural gas was replaced with a general sales tax. The electric sales tax is projected at $18.36 million for FY 16-17, about 4% higher than the revised current year estimate of $17.61 million.

Sales Tax

Sales tax revenue performance noticeably improved during FY 14-15, with a 10% increase recorded over the previous year. During FY 15-16 sales tax revenue has sustained a gradual

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