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Highlights
Revenues:
Listed below is a summary chart of the major General Fund revenue estimates.
Property Tax
The Adopted FY 14-15 General Fund Budget is
balanced with a 58.72 cent tax rate, the same rate
as the adopted FY 13-14 budget.
Tax base growth is projected at 1.20% for FY 14-
15, based on projections provided by the Guilford
County Tax Department. This projection is in line
with revised estimates for current year valuation
growth. For the 15-16 planning year, valuation
growth is projected at 1.50%.
The second year General Fund budget is
balanced with an approximate 1.2 cent tax rate
increase as compared to the adopted rate for FY
14-15. This projected increase is in anticipation
of the loss of local business privilege license
revenue in FY 14-15.
Sales Tax
Sales tax revenue during FY 13-14 has shown
encouraging signs of growth. Based on receipts
for the first half of the year, current year sales tax
revenues are projected about $2 million above the
budgeted figure of $38.9 million. This would
place current year revenues about 6% higher than
FY 12-13, a strong annual performance when
compared to growth rates in recent years. For FY
14-15, sales tax revenue is projected at about
3.7% to 4.0% above revised estimates for the
current year. The North Carolina League of
Municipalities has estimated that statewide sales
tax growth for FY 14-15 will be 3.75%.
State Collected Local Revenues/Cable
Access
State collected local revenues include Utility and
Franchise Taxes and Beer and Wine Taxes.
These are traditional local government revenues
which the State of North Carolina collects for local
governments. The FY 14-15 budget figure shows
a $585,350 decrease from the current year
budget, or about 2.9%.
Beginning in FY 14-15, the utility franchise tax
previously assessed for the sale of electricity and
Fund Summary-General Fund
2012-13
2013-14
2014-15
2015-16
Actual
Budget
Adopted
Projected
Property Tax
144,818,377
148,542,442
149,734,000
154,751,590
Sales Tax
38,558,297
38,881,215
42,536,430
43,947,530
State Collected Local Revenues
19,882,625
20,529,408
19,944,058
20,376,823
ABC Profit Distribution
3,252,345
3,162,300
3,225,500
3,290,000
Building Permit Revenue
1,976,022
1,990,690
2,372,171
2,442,131
All Other
33,061,936
29,704,376
30,458,244
27,746,184
Transfers from Other Funds
6,619,178
6,786,998
6,939,642
6,939,642
Appropriated Fund Balance
9,661,839
3,881,894
4,230,973
5,510,447
Total
257,830,619
253,479,323
259,441,018
265,004,347
Major General Fund Revenues
