FINAL ADOPTED BUDGET FY2021-22

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.

Actual 2019-20

Budget 2020-21

Adopted 2021-22

Projected 2022-23`

Expenditures by Program Historic Tax Districts

135,000

6,335

135,000

135,000

1,166,125

Business Improvement District (Downtown)

993,662

1,057,366

1,166,125

Total

1,301,125

999,997

1,192,366

1,301,125

Actual

Budget 2020-21

Adopted 2021-22

Projected

2019-20

2022-23

Expenditures by Type Maintenance & Operations

1,301,125 1,301,125

999,997 999,997

1,192,366 1,192,366

1,301,125 1,301,125

Total

Revenues by Type Property Tax Sales Tax Other Revenues Appropriated Fund Balance

1,006,725

805,089 206,964 21,914 224,973

859,600 199,000 - 133,766

1,006,725

199,000

199,000

-

-

95,400

95,400

Total

1,301,125

1,258,940

1,192,366

1,301,125

Adopted 2021-22 Budget

109