FINAL ADOPTED BUDGET FY2022-23

TOTAL BUDGET - REVENUES Revenue estimates are based on actual prior year amounts, current year projections, trend analysis, and general economic forecasts. Each of the major revenue categories are discussed in further detail below the chart.

Total Revenue by Major Type Actual

Adopted

Budget

Projected

2022-23

2020-21

2021-22

2023-24

195,828,225 $ 233,307,725 $ 240,336,725

Property Tax

$

195,272,867 $

80,964,000 54,880,302 253,271,125 125,962,451 66,010,092 36,043,231 850,438,926 162,178,706

Sales Tax

69,206,747 50,677,146 176,877,657 119,227,962 45,908,792 71,626,084 728,797,255 136,938,541

68,168,152 52,265,494 232,719,878 126,132,616 53,071,205 44,431,053 772,61 3 , 059 146,825,103

81,224,000 53,683,365 260,222,171 127,118,220 66,250,498 34,373,663

Intergovernmental Revenue

User Charges Other Revenues Interfund Transfers

Appropriated Fund Balance

Total

863,208,642

162,906,139 Net Revenues $ 591,858,714 $ 625,7 87 , 956 $ 688,260,220 $ 700,302,503

Less Transfers and Internal Charges

Property Taxes A revaluation was conducted by Guilford County that will be effective for FY 22-23. Based on information provided by the Guilford County Tax Department, tax base growth is projected at approximately 23.8% for all property and nearly 26% for real property compared to FY 21 22 values. The FY 22-23 recommended budget is balanced with a property tax rate of 63.25 cents, three cents less than the adopted rate for FY 21-22. The tax rate is allocated 58.75 cents to the General Fund, a 3.00 cent decrease; 3.50 cents to the Transit Fund, the same as FY 21-22; and 1.00 cent to the Housing Partnership Fund, a 0.31 cent increase. Property taxes are budgeted at $233.3 million, an increase of $37.5 million, or 19.1%, above the amended current year budget. Property taxes make up about 27.4% of total net revenues. Local Option Sales Tax The State of North Carolina grants counties the authority to levy a general local sales tax of up to 2.0%. Counties and transportation authorities are also authorized to levy a public transportation sales tax (subject to voter approval), and counties may authorize a restricted county purpose local sales tax of 0.25% (subject to voter approval). The general state sales tax is currently at 4.75%. Guilford County levies a 2.0% general sales tax. Sales tax distribution among jurisdictions within Guilford County is based on total tax levy of all jurisdictions. Sales tax revenue for FY 22-23 is projected at $80.9 million, representing an increase of $12.8 million above the amended FY 21-22 budget. Sales tax projections overall are slightly less than the latest current year estimates to ensure any potential negative impacts from economic changes are mitigated. FY 22-23 reinstates General Fund sales tax support for the Transit Fund totaling $2 million that was suspended during FY 21-22. Local option sales tax revenues constitute about 9.5% of total net revenues. 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

Adopted 2022-23 Budget

23