FINAL ADOPTED BUDGET FY2021-22

For the General Fund, fund balance appropriation totals $6.1 million, or 1.8%, of the total General Fund budget. This represents an increase of $1.8 million, or 42.7%, over the current year amended budget. This increase is funded, in part, by the anticipated surplus of revenues over expenses in the current year. The total appropriated fund balance amount does not include additional fund balance appropriations that will be necessary to carry forward outstanding purchase orders at the end of FY 20-21. PROPERTY TAX RATE The property tax rate for the FY 21-22 adopted budget is 66.25 cents per $100, the same as the FY 20-21 adopted rate. 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. From FY 12-13 through FY 19-20 a portion of the rate was dedicated to the Economic Development Fund. Beginning in FY 20-21, that portion of the rate was reconsolidated with the General Fund. The accompanying chart shows the City of Greensboro tax rates since FY 02-03. The FY 22-23 budget is balanced with an overall tax rate of 66.25 cents, the same as the FY 21-22 adopted budget.

Tax Rates and Valuations

Year

Tax Rate

General Fund

Economic Development

Housing Partnership

Transit Fund

Assessed Valuation

FY 02-03 FY 03-04 FY 04-05* FY 05-06 FY 06-07 FY 07-08 FY 08-09 FY 09-10 FY 10-11 FY 11-12 FY 12-13* FY 13-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18* FY 18-19 FY 19-20 FY 20-21 FY 21-22

.6175 .6175 .5675 .5675 .6150 .6350 .6350 .6350 .6325 .6325 .6325 .6325 .6325 .6325 .6325 .6325 .6325 .6625 .6625 .6625

.5975 .5975 .5500 .5475 .5800 .6000 .6000 .6000 .5975 .5918 .5897 .5872 .5872 .5872 .5856 .5856 .5856 .6156 .6206 .6206

.0200 .0200 .0175 .0200 .0350 .0350 .0350 .0350 .0350 .0337 .0334 .0334 .0334 .0334 .0350 .0350 .0350 .0350 .0350 .0350

16,735,458,323 16,864,364,817 20,958,789,781 21,259,854,794 22,054,637,868 22,594,699,541 24,184,833,849 24,348,151,212 24,219,785,239 24,456,470,950 24,660,976,137 25,423,086,180 25,272,730,744 25,670,533,471 26,075,817,552 27,506,258,623 27,942,839,631 29,095,112,529 29,006,100,000 29,448,300,000

.0070 .0069 .0069 .0069 .0069 .0069 .0069 .0069 .0069 .0069 .0069

.0025 .0050 .0050 .0050 .0050 .0050 .0050 .0050

* Property Revaluation The Greensboro Area Transit Agency Fund tax rate was established in FY 90-91 to begin City participation in an improved transit system. The tax was authorized on November 8, 1988, by referendum, in an amount not to exceed 3.5 cents. In FY 90-91, Municipal Service Districts were created for the College Hill and Dunleath Neighborhoods, with properties in the two neighborhoods assessed an additional .05 tax levy. In FY 11-12, the College Hill Special Tax Levy was reduced from five cents to one cent. Beginning in FY 04-05 a Business Improvement District was established for downtown Greensboro. A separate tax rate of .09 is set for properties within the district boundaries. This is a one cent increase over the adopted FY 20-21 rate.

Adopted 2021-22 Budget

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