FY 25-26 Final Adopted Budget

Other Revenues Revenues not otherwise defined are included in this category. These include interest income, internal service charges, donations, and sale of assets. These revenues are estimated at $10.5 million, about 16.6% lower than the current year budget primarily due to internal lease charges for equipment and significant reduction in the planned sale of city properties included in the FY 24-25 budget. Transfers from Other Funds The General Fund receives transfers from Special Revenue Funds, which have been established to account for specific revenue sources received by the City that are typically also tied to specific expenses. The transfer from the State Highway (Powell Bill) Fund is budgeted at $5.6 million to offset a variety of eligible transportation and road maintenance 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 eligible professional services expenditures absorbed in the General Fund. A $2 million transfer from the Equipment Services Fund is included in the FY 25-26 budget to support vehicle and equipment increase. Fund Balance The fund balance appropriation for the FY 25-26 General Fund budget is $13.4 million, or 3.0% of the total budget. This is a higher utilization percentage than the fund balance included in the amended FY 24-25 budget of 2.0%, and represents an increase of $5.1 million. Increased fund balance usage is required as expenditure growth for FY 25-26 is expected to outpace revenue growth overall. 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 24-25. The FY 26-27 projected budget will include the impacts the Guilford County tax valuation. Property tax rate is unknown and will be set at a rate that property tax revenue will be sufficient to reach a balanced budget.

Adopted FY 25-26 Budget