FINAL ADOPTED BUDGET FY2022-23

For the General Fund, fund balance appropriation totals $ 5.9 million, or 1.58%, of the total General Fund budget. This represents a decrease of $3.4 million, or 36.6%, less than the current year amended budget. A key priority of the Council is to improve the General Fund fund balance to meet the Local Government Commission’s requirement of 25% operational fund balance. 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 21-22. PROPERTY TAX RATE Guilford County performed revaluations for properties during the past year that will be effective beginning FY 22-23. As part of that revaluation, a revenue neutral tax rate is calculated based on the real values established during reappraisals and recent growth trends per state statute. Based on this calculation, the overall revenue neutral tax rate is 54.56 cents per $100 of value. The recommended budget is based on a total rate that is 8.69 cents above the revenue neutral rate at 63.25 cents per $100 of value, a three cent decrease from the rate adopted for FY 21-22. The tax rate is allocated 58.75 cents to the General Fund, a decrease of 0.31 cents; 3.50 cents to the Transit Fund, the same as the current year; and 1 cent to the Housing Partnership Fund, a 0.31 cent increase. 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 03-04. The FY 22-23 budget is balanced with an overall tax rate of 63.25 cents, a three cent decrease from the rate adopted in the FY 21-22 budget.

Tax Rates and Valuations

Year

Tax Rate

General Fund

Economic Development

Housing Partnership

Transit Fund

Assessed Valuation

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 FY 22-23*

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

.5975 .5500 .5475 .5800 .6000 .6000 .6000 .5975 .5918 .5897 .5872 .5872 .5872 .5856 .5856 .5856 .6156 .6206 .6206 .5875

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

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 29,692,728,008 29,724,105,536 36,800,000,000

.0070 .0069 .0069 .0069 .0069 .0069 .0069 .0069 .0069 .0069 .0069 .0100

.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. The calculated revenue neutral tax rate for the Dunleath Neighborhood is 4.79 cents. The revenue neutral tax rate for the College Hill Neighborhood is calculated at 0.86 cents. The tax rate for these service districts is recommended to remain the same as the current year, 5 cents for the Dunleath Neighborhood and 1 cent for the College hill Neighborhood. 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, and will remain the same for FY 22-23. The revenue neutral tax rate is calculated at 7.77 cents.

Adopted 2022-23 Budget

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