FY 14-15 Adopted Budget

Fund Summary-General Fund

piped natural gas will be replaced with a general sales tax. The portion of the sales tax to be returned to localities is intended to hold cities harmless from the amount each city currently receives. For the first year under the new sales tax format, revenues are projected conservatively, using the North Carolina League of Municipalities’ projection of 3.0% statewide growth for the Electricity Sales Tax (formerly Utilities Franchise Tax) and no growth in the Sales Tax on Piped Natural Gas (formerly the Piped Natural Gas Excise Tax). The Telecommunications Sales Tax revenue continues to decline as more consumers choose to eliminate their landline phone and solely use wireless. The FY 14-15 budget projection of $3.87 million is about 4% below revised current year estimates of $4 million. The Greensboro ABC Board distributes its net profits (after deducting amounts required for law enforcement, education and working capital) as follows: 91.75% is distributed to Greensboro with the remaining 8.25% distributed among Guilford County and municipalities without ABC outlets. Revenues of $3.22 million are estimated for FY 14-15, which are about 2.0% higher than the current year estimate. After a very slight (1.6%) increase in building development fee revenue in FY 12-13, the current year (FY 13-14) is on track to register a 4.0% increase. For FY 14-15, building development fee revenue is budgeted at $2.37 million, about $381,500 above the current year budget and about $327,000 above revised current year estimates. The increase in budgeted development fee revenue is driven both by continued projected increases in permit activity and by an increase in the base building permit fee. The minimum building permit fee increases from $45 to $75 per permit for all trades (building, electrical, etc.), effective July 1 2014. The fee increase is expected to generate an additional $251,000. ABC Profit Distribution Building Development Fees

Other Revenues

Other revenues in the General Fund include departmental charges, user fees, fines, licenses and other miscellaneous revenues. These revenues are estimated at $30.5 million, about $754,000 above the current year. A large portion of this increase is based on adopted increases for false alarm penalties. The changes include beginning a $50 fine for a second false alarm within a year (currently fines do not begin until the third false alarm) and increasing the fees for the third false alarm from $50 to $100. The fee changes would generate approximately $745,000 in additional revenue. Increased revenues of approximately $240,000 from housing re-inspection fees and zoning civil penalties are included in this category. Changes in state law affecting local business privilege licenses will reduce projected revenue from $3.10 million to $2.86 million. The contribution from Guilford County for library support is budgeted at $1,356,000, the same amount as received for FY 13-14. The General Fund typically receives transfers from Special Revenue Funds which have been established to account for specific revenue sources received by the City. The transfer from the State Highway Gasoline Tax Fund (Powell Bill) is budgeted at $5.85 million to offset a variety of eligible transportation expenses budgeted in the General Fund. The General Fund will also receive a contribution from Transportation Bond Funds in the amount of $720,000 to offset some of the eligible professional services expenditures absorbed in the General Fund. Transfers from Other Funds

Fund Balance

The fund balance appropriation for the FY 14-15 Budget is $4.23 million, or 1.6%, of the total budget. This does not include additional fund balance appropriations that will be necessary to carry forward outstanding purchase orders at the end of FY 13-14.

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Adopted FY 2014-15 Budget