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Adopted FY 2014-15 Budget
piped natural gas will be replaced with a general
sales tax. The portion of the sales tax to be
returned to localities is intended to hold cities
harmless from the amount each city currently
receives. For the first year under the new sales
tax format, revenues are projected conservatively,
using the North Carolina League of Municipalities’
projection of 3.0% statewide growth for the
Electricity Sales Tax (formerly Utilities Franchise
Tax) and no growth in the Sales Tax on Piped
Natural Gas (formerly the Piped Natural Gas
Excise Tax).
The Telecommunications Sales Tax revenue
continues to decline as more consumers choose
to eliminate their landline phone and solely use
wireless. The FY 14-15 budget projection of
$3.87 million is about 4% below revised current
year estimates of $4 million.
ABC Profit Distribution
The Greensboro ABC Board distributes its net
profits (after deducting amounts required for law
enforcement, education and working capital) as
follows: 91.75% is distributed to Greensboro
with the remaining 8.25% distributed among
Guilford County and municipalities without ABC
outlets. Revenues of $3.22 million are estimated
for FY 14-15, which are about 2.0% higher than
the current year estimate.
Building Development Fees
After a very slight (1.6%) increase in building
development fee revenue in FY 12-13, the
current year (FY 13-14) is on track to register a
4.0% increase. For FY 14-15, building
development fee revenue is budgeted at $2.37
million, about $381,500 above the current year
budget and about $327,000 above revised
current year estimates.
The increase in budgeted development fee
revenue is driven both by continued projected
increases in permit activity and by an increase in
the base building permit fee. The minimum
building permit fee increases from $45 to $75
per permit for all trades (building, electrical, etc.),
effective July 1 2014. The fee increase is
expected to generate an additional $251,000.
Other Revenues
Other revenues in the General Fund include
departmental charges, user fees, fines, licenses
and other miscellaneous revenues. These
revenues are estimated at $30.5 million, about
$754,000 above the current year.
A large portion of this increase is based on
adopted increases for false alarm penalties. The
changes include beginning a $50 fine for a
second false alarm within a year (currently fines
do not begin until the third false alarm) and
increasing the fees for the third false alarm from
$50 to $100. The fee changes would generate
approximately $745,000 in additional revenue.
Increased revenues of approximately $240,000
from housing re-inspection fees and zoning civil
penalties are included in this category.
Changes in state law affecting local business
privilege licenses will reduce projected revenue
from $3.10 million to $2.86 million.
The contribution from Guilford County for library
support is budgeted at $1,356,000, the same
amount as received for FY 13-14.
Transfers from Other Funds
The General Fund typically receives transfers
from Special Revenue Funds which have been
established to account for specific revenue
sources received by the City. The transfer from
the State Highway Gasoline Tax Fund (Powell
Bill) is budgeted at $5.85 million to offset a
variety of eligible transportation 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 some of the eligible
professional services expenditures absorbed in
the General Fund.
Fund Balance
The fund balance appropriation for the FY 14-15
Budget is $4.23 million, or 1.6%, of the total
budget. This does not include additional fund
balance appropriations that will be necessary to
carry forward outstanding purchase orders at the
end of FY 13-14.
Fund Summary-General Fund
