FINAL ADOPTED BUDGET FY2021-22

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

2021-22

2019-20

2020-21

2022-23

$ 189,600,000 68,406,612 32,476,715 20,871,490 8,534,858 17,591,544 4,467,965 Total $ 310,327,988 $ 307,428,887 $ 329,255,081 $ 341,949,184 176,766,494 55,967,306 32,388,487 19,724,016 8,958,146 6,754,548 9,768,991 $ 178,676,900 52,382,192 33,359,588 22,116,715 10,266,842 6,366,000 4,260,650 $ 182,381,000 67,969,152 32,488,815 20,648,490 8,540,945 11,145,805 6,080,874 $

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

Property Tax The FY 21-22 General Fund budget is balanced with a 62.06 cent tax rate, the same as the current year. Property tax revenues are budgeted to increase $3.7 million, or 2.1%, to $182.4 million. Tax base growth is projected at 1.52% for FY 21-22 compared to the current year budget, 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 adopted FY 21-22 budget. Sales Tax Though anticipated to be impacted significantly during the current year’s budget process, sales taxes have remained resilient and are projected to exceed current year budgeted amounts. Sales tax revenue is projected to increase by $15.6 million compared to the current year amended budget. A portion of the sales tax, $2.5 million, previously provided to support transit operations, will not be credited in FY 21- 22, but is projected to reoccur beginning in FY 22-23. 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 to the City’s Library System. Intergovernmental revenues are budgeted at approximately $32.5 million, about $900,000 less than the current year budgeted figure of $33.4 million. Utility sales tax revenue is budgeted at approximately $16 million, about $1.8 million less than the current year budget. Piped natural gas sales tax revenue is also budgeted to decrease slightly, from $1.2 to just over $1 million. Both revenues have shown negative impacts from facility closures and milder weather in the current year. Other state shared revenues are expected to remain largely flat overall. Telecommunications, video, and satellite sales tax revenue will fall from $4.6 million to $4.4 million. This is a continuation of recent trends in decreased revenues as consumers limit satellite, phone, and other at-home services. Much like overall sales tax projections, shared revenues from beer, wine, and ABC taxes have seen continued growth during the current year despite the impacts of the pandemic, and growth is projected to continue in FY 21-22.

Adopted 2021-22 Budget

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