COG Comprehensive Annual 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: 2018 2017 2016 2015 General Fund $.5856 $.5856 $.5872 $.5872 Economic Develop. .0050 .0050 .0050 .0050 Housing Partnership .0069 .0069 .0069 .0069 Transit Authority .0350 .0350 .0334 .0334 Total Tax Rate $.6325 $.6325 $.6325 $.6325 The local option sales tax collection amounted to $52,624,601 as compared to the previous year's collection of $50,242,614, an increase of approximately $2.4 million or 4.7% from last year, however, we note a 40.7% 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 2018 share of the sales tax distribution increased due to a decline in Guilford County’s property tax rate from FY 2017 to FY 2018, however, healthy gains were also noted in retail sales activity this year. Local option sales taxes represent approximately 18.7% of overall general fund revenues in FY 2018. 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 $4,240,379 has increased 53.6% over the ten-year period ending June 30, 2018 and generated a 4.1% gain this year. Construction of four new hotels are planned or underway in downtown Greensboro. Intergovernmental Revenues amounted to $54,571,310 as compared to previous year revenues of $52,613,376. State-shared and grant revenues are a major source of funding for municipal operations and services, with intergovernmental revenues comprising 17.3% of total general governmental revenues, as compared to 17.5% in the previous year. Licenses and permits amounted to $4,192,073 compared to previous year revenues of $4,281,430 a decrease of 2.1%. Fines and forfeitures amounted to $1,756,927 as compared to the previous year's collection of $2,019,877, a decrease of 13% over last year. The decrease was primarily due to a decrease in parking violation collections. Charges for current services amounted to $25,997,545 as compared to the previous year's revenue of $24,204,933 an increase of 7.4% primarily due to increased interdepartmental charges.

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