FINAL ADOPTED BUDGET FY2022-23

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 2020-21

Budget 2021-22

Adopted 2022-23

Projected 2023-24`

Expenditures by Program Historic Tax Districts

170,000

12,80 8

135,000

135,000

1,321,125

Business Improvement District (Downtown)

1,018,861

1,166,125

1,321,125

Total

1,491,125

1,031,6 69

1,301,125

1,456,125

Actual

Budget 2021-22

Adopted 2022-23

Projected

2020-21

2023-24

Expenditures by Type Maintenance & Operations

1,491,125 1,491,125

1,031,669 1,031,669

1,301,125 1,301,125

1,456,125 1,456,125

Total

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

1,161,725

847,657 234,328 485 268,647

1,006,725 199,000 - 95,400 1,301,125

1,161,725

199,000

199,000

-

-

130,400

95,400

Total

1,491,125

1,351,117

1,456,125

Adopted 2022-23 Budget

110