FINAL ADOPTED BUDGET 2020-2021

SPECIAL TAX DISTRICTS FUND Historic Tax Districts: In 1989, the College Hill and Dunleath (formerly Aycock) Historic Districts became special taxation districts under North Carolina Municipal Service District legislation. Property owners in the Dunleath Historic District are assessed five cents per $100 in assessed valuation. Property owners in College Hill are assessed one cent per $100 in assessed valuation. The property tax funds from these districts are typically used for projects such as maintenance and repair of signs, fences, trash receptacles, landscaping and streetscape enhancements. Business Improvement District (Downtown): In FY 04-05, a Business Improvement District, or BID, was established for the downtown area. An additional tax of nine cents per $100 of property value was levied on properties within the district. BID funds revitalize the district through various economic development initiatives. Funds received through this levy are maintained in a separate reserve account, and are available exclusively for downtown district purposes as approved by business owners and residents. Following a property revaluation that took affect in FY 12-13, the tax rate was reduced to eight cents per $100 of property value, which is the current rate.

Actual 2018-19

Budget 2019-20

Adopted 2020-21

Projected 2021-22`

Expenditures by Program Historic Tax Districts

135,000

12,02 0 920,040

135,000

135,000

1,057,366

Business Improvement District (Downtown)

1,005,810

1,059,000

Total

1,192,366

932,06 0

1,140,810

1,194,000

Actual 2018-19

Budget 2019-20

Adopted 2020-21

Projected

2021-22

Expenditures by Type Maintenance & Operations

1,192,366 1,192,366

932,060 932,060

1,140,810 1,140,810

1,194,000 1,194,000

Total

Revenues by Type Property Tax

859,600 199,000

746,769 201,560 37,533 218,262

779,600 187,000 - 174,210

899,600 199,000

Sales Tax

-

Other Revenues

-

133,766

Appropriated Fund Balance

95,400

Total

1,192,366

1,204,124

1,140,810

1,194,000

Budget Highlights: The FY 20-21 Adopted Budget is increasing by $51,556, or 4.5%.

Adopted 2020-21 Budget

109