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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.
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
16-17 Adopted Budget is balanced with a property
tax rate of 63.25 cents, the same rate as FY 15-16.
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
1.58% for FY 16-17, based on projections provided
by the Guilford County Tax Department. For the
17-18 planning year, similar valuation growth is
projected.
The second-year budget is balanced with a 63.25
tax rate, the same as the Adopted FY 16-17 Budget.
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 16-17 is projected at $48.8
million, roughly 4.5% higher than revised current
year estimates of $46.7 million. This closely mirrors
the current year growth estimate of about 4% over
last year’s actual revenue.
TOTAL BUDGET— REVENUES
Total Revenue by Major Type
2014-15
2015-16
2016-17
2017-18
Actual
Budget
Adopted
Projected
Property Tax
161,135,287
164,654,600
166,445,600
169,029,600
Sales Tax
44,994,744
46,202,934
48,760,120
50,707,365
Intergovernmental Revenue
50,181,035
47,151,400
51,966,427
52,800,287
User Fees/Charges/Licenses
178,819,109
173,195,593
186,379,964
191,826,406
All Other
101,499,974
105,397,719
117,707,939
106,878,871
Interfund Transfers
34,809,851
34,708,666
37,646,589
37,899,609
Appropriated Fund Balance
54,136,574
37,617,184
28,471,864
22,810,063
Total
625,576,574
608,928,096
637,378,503
631,952,201
Less Transfers & Internal Charges
108,433,767
111,272,088
117,707,386
118,467,770
Net Revenues
517,142,807
497,656,008
519,671,117
513,484,431