FINAL ADOPTED BUDGET 2020-2021

General Fund Revenue Highlights

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

General Fund Revenue by Major Type Actual

Adopted

Budget

Projected

2020-21

2018-19

2019-20

2021-22

$ 178,676,900 52,382,192 33,359,588 22,116,715 10,236,842

Property Tax Sales Tax Intergovernmental Revenue User Charges Other Revenues Interfund Transfers Appropriated Fund Balance

$

165,055,159 56,884,953 33,357,828 17,598,164 9,595,832 6,746,800 10,535,027

$

176,325,000 55,817,750 33,021,482 21,207,448

$

182,368,000 62,930,100 34,260,864 22,239,336

8,768,438 6,654,548 5,632,791 8,550,333 6,366,000 3,300,329 Total $ 299,773,763 $ 307,427,457 $ 307,398,887 $ 320,014,962 6,366,000 4,260,650

Property Tax The FY 20-21 General Fund budget is balanced with a 62.06 cent tax rate. This General Fund rate is 0.5 cents higher than the rate adopted for FY 19-20 due to the consolidation of the Economic Development Fund, which previously had a dedicated 0.5 cent property tax rate. The overall tax rate remains the same as FY 19-20 at 66.25 cents. Tax base growth is projected at 1.72% for FY 20-21, based on projections provided by the Guilford County Tax Department. The second year General Fund budget is balanced with the same tax rate as the recommended FY 20-21 budget. Sales Tax The negative economic influences resulting from COVID-19 will have a significant impact on sales tax revenues for FY 19-20. Sales tax revenue is projected to decrease by $3.4 million compared to the current year amended budget. This is about $7 million lower than the revised sales tax projections developed before COVID-19. A portion of the sales tax ($2.5 million) will be credited directly to the Transit Fund to support continued operations. 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. Intergovernmental revenues are budgeted at $33.4 million, about $335,000 above the current year budgeted figure of $33 million. Utility sales tax revenue is budgeted at $17.8 million, about $400,000 greater than the current year budget. Piped natural gas sales tax revenue will increase slightly from $1.19 million to $1.22 million. Other shared revenues are showing slight budgeted reductions for FY 20-21. Telecommunications sales tax revenue will fall from $2.67 million to $2.23 million. Direct-to-home satellite sales tax will drop from $961,000to $920,000. Powell Bill funds, the City’s portion of the state gasoline tax, are budgeted at approximately $7.29 million for FY 20-21, the same as actually received in the current year. The Greensboro ABC Board distributes its net profits (after deducting amounts required for law enforcement, alcohol education, and working capital) as follows: 91.8% is distributed to Greensboro, 1.7% is distributed to Summerfield, and the remaining 6.5% is distributed among Guilford County and municipalities without ABC outlets. ABC Profit Distribution Revenues of $4 million are estimated for FY 20-21, about

Adopted 2020-21 Budget

33