2018-2019 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

2016-17

2017-18 Budget

2018-19 Adopted

2019-20 Projected

Actual

Property Tax

152,705,277

161,212,000

163,632,000

166,115,000

Sales Tax

50,414,735

52,629,000

56,187,000

58,983,000

State Collected Local Revenues

24,649,501

25,555,476

24,440,321

24,749,021

ABC Profit Distribution

3,773,528

3,680,925

4,235,000

4,360,000

Building Permit Revenue

3,029,965

3,282,355

3,242,715

3,384,005

All Other

27,218,248

26,831,375

27,040,334

27,102,598

Transfers from Other Funds

6,119,000

6,419,000

6,746,800

6,557,235

Appropriated Fund Balance

16,795,127

7,201,831

6,237,281

7,414,205

Total

284,705,381

286,811,962

291,761,451

298,665,064

Property Tax

State Collected Local

Revenues/Cable

The FY 18-19 General Fund budget is balanced with a 58.56 cent tax rate. This rate is the same as the rate for the adopted FY 17-18 budget. Tax base growth is projected at 1.5% for FY 18-19 based on projections provided by the Guilford County Tax Department. budget is balanced with the same tax rate as the adopted FY 18-19 budget. Sales tax revenue grew by 5.9% in FY 16-17 and continued growth near this level is expected both in the current year and FY 18-19. Based on receipts for the first half of the year, current year sales tax revenues are projected at $53.2 million, about 5.5% over the last year’s actuals. For FY 18-19, sales tax revenue is projected at about 5.6% above current year revised estimates. The second year General Fund Sales Tax

Access

State collected local revenues include the Electric Utility Sales Tax, Piped Natural Gas Sales Tax and Beer and Wine Taxes. The FY 18-19 budget projects revenues of $24.4 million, about $210,000 below FY 16-17 actual revenues and about $1.1 million, or 4.4% lower than the current year budget. 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. Revenue from the electric sales tax has fallen consistently during the past three years, from $16.9 million in FY 15-16 to an estimated $16.0 million in the current year. For FY 18-19, utility sales tax is projected at $16.2 million, only a slight increase of 1.5% over the revised current year estimate, in line with recommendations from the North Carolina League of Municipalities. ---

Adopted FY 2018-19 Budget

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