FY 2017-18 FINAL ADOPTED BUDGET

Fund Summary - General Fund

Highlights

Revenues:

Listed below is a summary chart of the major General Fund revenue estimates.

Major General Fund Revenues

2015-16

2016-17 Budget

2018-19 Projected

2017-18 Adopted

Actual

Property Tax

151,218,510

153,661,000

164,857,000

161,212,000

Sales Tax

47,601,736

48,631,120

55,171,660

52,629,000

State Collected Local Revenues

25,257,555

27,186,021

26,135,176

25,555,476

ABC Profit Distribution

3,634,041

3,423,000

3,754,545

3,680,925

Building Permit Revenue

2,875,800

2,839,216

3,419,640

3,282,355

All Other

26,932,153

26,849,472

26,847,611

26,822,305

Transfers from Other Funds

6,939,642

6,419,000

6,419,000

6,419,000

Appropriated Fund Balance

9,781,802

6,754,740

6,263,509

6,602,801

Total

274,241,238

275,763,569

292,868,141

286,203,862

Property Tax

sales tax revenues are projected at $50.0 million, about 5.0% over the last year’s actuals. For FY 17 - 18, sales tax revenue is projected at about 5.25% above current year revised estimates.

The Adopted FY 17 - 18 General Fund Budget is balanced with a 58.56 cent tax rate. This rate is the same as the rate for the adopted FY 16 - 17 budget. Tax base growth is projected at 5.06% for FY 17 - 18 based on projections provided by the Guilford County Tax Department. This projection reflects the updated values pursuant to the 2017 countywide revaluation of real property completed by the Guilford County Tax Department. The second year General Fund budget is balanced with the same tax rate as the Adopted FY 17 - 18 budget.

State Collected Local Revenues/Cable Access

State collected local revenues include the Electric Utility Sales Tax, Piped Natural Gas Sales Tax and Beer and Wine Taxes. The FY 17 - 18 budget projects revenues of $25.5 million, about $1.63 million, or 6.0% lower than the current year budget. The FY 17 - 18 projection is 1.0% higher than current year revised estimates. Beginning in FY 14 - 15, the utility franchise tax previously assessed for the sale of electricity and piped natural gas was replaced with a general sales tax. The electric sales tax, which grew significantly in FY 14 - 15 and FY 15 - 16, has leveled off and is projected at $16.8 million for the current year, roughly the same as FY 15 - 16.

Sales Tax

Sales tax revenue increased by 6.1% in FY 15 - 16 and continued growth near this level is expected both in the current year and FY 17 - 18. Based on receipts for the first half of the year, current year

Adopted FY 2017-18 Budget

28