FINAL ADOPTED BUDGET 2020-2021

TOTAL BUDGET - REVENUES Revenue estimates are based on actual prior year amounts, current year projections, trend analysis, and general economic forecasts. Each of the major revenue categories are discussed in further detail below the chart.

Total Revenue by Major Type Actual

Adopted

Budget

Projected

2020-21

2018-19

2019-20

2021-22

189,044,600 $ 191,537,886 $ 195,517,600

Property Tax

$

177,482,645 $

55,103,192 51,963,168 223,686,755 125,909,201 47,404,994 44,891,298 740,496,494 138,052,088

Sales Tax

57,086,513 49,966,286 195,331,22 6 127,155,443 42,757,094 56,739,176 706,518,38 3 131,270,39 2

58,526,750 50,647,872 214,535,796 124,778,177 47,611,217 34,508,982 719,653,394 138,843,983

65,651,100 52,186,016 236,643,570 127,204,095 47,703,246 35,413,530

Intergovernmental Revenue

User Charges Other Revenues Interfund Transfers

Appropriated Fund Balance

Total

760,319,157

141,087,308 Net Revenues $ 575,247,99 1 $ 580,809,411 $ 602,444,406 $ 619,231,849

Less Interfund Transfers and Internal Charges

Property Taxes The FY 20-21 adopted budget is balanced with a property tax rate of 66.25 cents, same as the adopted rate for 19-20. The tax rate is allocated 62.06 cents to the General Fund, 3.50 cents to the Transit Fund, and 0.69 cents to the Housing Partnership Fund. Based on information provided by the Guilford County Tax Department, tax base growth is projected at approximately 1.87% for FY 20-21. Property taxes account for approximately 32% of total net revenues. The General Fund includes an additional 0.50 cents allocated that ha d previously been allocated to the Economic Development Fund. Property tax revenues constitute about 26% of total net revenues. The second-year budget is balanced with a 66.25 tax rate, the same as the FY 20-21 budget. Local Option Sales Tax The State of North Carolina grants counties the authority to levy a general local sales tax of up to 2.0%. Counties and transportation authorities are also authorized to levy a public transportation sales tax (subject to voter approval) and counties may authorize a restricted county purpose local sales tax of 0.25% (subject to voter approval). The general state sales tax is currently at 4.75%. Guilford County levies a 2.0% general sales tax. Sales tax distribution among jurisdictions within Guilford County is based on total tax levy of all jurisdictions. Sales tax revenue for FY 20-21 is projected at $55.1 million, representing a significant decrease of $3.4 million below the revised FY 19-20 budget. This decrease of almost 6% is a direct result of the expected impact of COVID-19 on the local economy and sales tax receipts. FY 21-22 projects a return to normal growth , with an increase of over $10.5 million compared to FY 20-21. Local option sales tax revenues constitute about 9% of total net revenues. Intergovernmental Revenue Intergovernmental revenues include those revenues that are collected by the State of North Carolina and returned to local governments, such as the Beer and Wine Tax, Utility Sales Taxes, various cable and satellite service sales taxes (now shared with local governments through the Video Services Competition Act), and portions of the state tax on gasoline. This revenue category also includes contributions from Guilford County for support for the City’s Library System, and federal and state grants that help support the Greensboro Transit

Adopted 2020-21 Budget

19