FINAL ADOPTED BUDGET FY2022-23

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

2022-23

2020-21

2021-22

2023-24

$ 215,711,000 78,765,000 33,765,365 23,319,691

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

$

182,159,067 66,450,419 36,584,012 20,163,424

$

182,381,000 67,969,152 32,488,815 20,648,490 8,540,945 11,145,805 9,304,115

$

222,518,000 79,025,000 34,065,365 23,508,259

8,660,964 6,110,744 9,516,842 8,588,775 6,366,000 11,064,088 Total $ 329,645,472 $ 332,478,322 $ 372,406,514 $ 385,135,487 8,581,115 6,366,000 5,898,343

Property Tax The FY 22-23 General Fund budget is balanced with a 58.75 cent tax rate, a 3 cent decrease from the current year. Due to revaluation, property tax revenues are budgeted to increase $33.3 million, or 18.3%, to $215.7 million. Tax base growth is projected at nearly 23.8% from FY 21-22 based on updated property values from the Guilford County Tax Department. The second year General Fund budget is balanced, with the same tax rate adopted in the FY 22-23 budget. Sales Tax Sales taxes have remained resilient and are projected to exceed current year budgeted amounts. Sales tax revenue is projected to increase by $10.8 million, 15.9% compared to the current year amended budget. A portion of the sales tax, $2 million, provided to support the Transit Fund, will resume in FY 22- 23. This support was suspended for FY 21-22. 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 $33.7 million, about $1.3, or 3.9% more than the current year budget of $32.5 million. Electric Utility and Piped Natural Gas sales tax revenues are budgeted at $18.1 million, $1.1 million higher than FY 21-22. Other state shared revenues are expected to remain largely flat overall. Telecommunications, video, and satellite sales tax revenue will fall from $4.2 million to $4 million. This is a continuation of recent trends in decreased revenues as consumers limit satellite, phone, and other at home services. Shared revenues from beer, wine, and the City’s share of the local ABC distribution of sales taxes are projected to remain the same at approximately $6.5 million. Recent information shared by the local ABC Board indicates that growth in the distribution may be limited in the coming year.

Adopted 2022-23 Budget

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