FY 2017-18 FINAL ADOPTED BUDGET

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

2015-16

2016-17 Budget

2017-18 Adopted

2018-19 Projected

Actual

Property Tax

163,484,204 47,759,323 50,163,491 171,664,479 106,431,965 35,494,063 60,366,104

166,445,600 48,760,120 52,023,088 186,379,964 118,350,942 40,606,602 32,594,111

174,713,600 52,769,000 50,728,795 188,395,558 122,692,358 45,346,443 30,820,993

178,575,600 55,311,660 51,573,689 194,372,766 118,468,043 46,089,449 30,389,824

Sales Tax

Intergovernmental Revenue User Fees/Charges/Licenses

All Other

Interfund Transfers

Appropriated Fund Balance

Total

635,363,630

645,160,427

665,466,747

674,781,031

Less Transfers & Internal Charges

113,112,152

121,192,399

130,825,112

134,948,276

Net Revenues

522,251,478

523,968,028

534,641,635

539,832,755

Property Taxes The City of Greensboro relies on property taxes to raise about one-third of the net revenues needed to support municipal operations in all funds. The FY 17-18 Adopted Budget is balanced with a property tax rate of 63.25 cents, the same rate as FY 16-17. The tax rate is allocated 58.56 cents to the General Fund, 3.50 cents to the Transit Fund, 0.69 cents to the Housing Partnership Fund and 0.50 cents to the Economic Development Fund. Tax base growth is projected at approximately 5.06% for FY 17-18. The Guilford County Tax Department has provided these projections pursuant to the 2017 county wide property revaluation.

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 17-18 is projected at $52.8 million, roughly 5.3% higher than revised current year estimates of $50.1 million. This projection is closely aligned with the current year growth estimate of about 5% over last year’s actual revenue.

The second-year budget is balanced with a 63.25 tax rate, the same as the Adopted FY 17-18 Budget.

Adopted FY 2017–18 Budget

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