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Adopted FY 2017–18 Budget
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
17-18 Adopted Budget is balanced with a property
tax rate of 63.25 cents, the same rate as FY 16-17.
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
5.06% for FY 17-18. The Guilford County Tax
Department has provided these projections
pursuant to the 2017 county wide property
revaluation.
The second-year budget is balanced with a 63.25
tax rate, the same as the Adopted FY 17-18 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 17-18 is projected at $52.8
million, roughly 5.3% higher than revised current
year estimates of $50.1 million. This projection is
closely aligned with the current year growth estimate
of about 5% over last year’s actual revenue.
TOTAL BUDGET— REVENUES
Total Revenue by Major Type
2015-16
2016-17
2017-18
2018-19
Actual
Budget
Adopted
Projected
Property Tax
163,484,204
166,445,600
174,713,600
178,575,600
Sales Tax
47,759,323
48,760,120
52,769,000
55,311,660
Intergovernmental Revenue
50,163,491
52,023,088
50,728,795
51,573,689
User Fees/Charges/Licenses
171,664,479
186,379,964
188,395,558
194,372,766
All Other
106,431,965
118,350,942
122,692,358
118,468,043
Interfund Transfers
35,494,063
40,606,602
45,346,443
46,089,449
Appropriated Fund Balance
60,366,104
32,594,111
30,820,993
30,389,824
Total
635,363,630
645,160,427
665,466,747
674,781,031
Less Transfers & Internal Charges
113,112,152
121,192,399
130,825,112
134,948,276
Net Revenues
522,251,478
523,968,028
534,641,635
539,832,755