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Adopted FY 2017-18 Budget
Highlights
Revenues:
Listed below is a summary chart of the major General Fund revenue estimates.
Property Tax
The Adopted FY 17
-
18 General Fund Budget is
balanced with a 58.56 cent tax rate. This rate is
the same as the rate for the adopted FY 16
-
17
budget.
Tax base growth is projected at 5.06% for FY 17
-
18
based on projections provided by the Guilford
County Tax Department. This projection reflects
the updated values pursuant to the 2017
countywide revaluation of real property completed
by the Guilford County Tax Department.
The second year General Fund budget is
balanced with the same tax rate as the Adopted
FY 17
-
18 budget.
Sales Tax
Sales tax revenue increased by 6.1% in FY 15
-
16
and continued growth near this level is expected
both in the current year and FY 17
-
18. Based on
receipts for the first half of the year, current year
sales tax revenues are projected at $50.0 million,
about 5.0% over the last year’s actuals. For FY
17
-
18, sales tax revenue is projected at about
5.25% above current year revised estimates.
State Collected Local Revenues/Cable
Access
State collected local revenues include the Electric
Utility Sales Tax, Piped Natural Gas Sales Tax
and Beer and Wine Taxes. The FY 17
-
18 budget
projects revenues of $25.5 million, about $1.63
million, or 6.0% lower than the current year
budget. The FY 17
-
18 projection is 1.0% higher
than current year revised estimates.
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. The electric sales tax, which grew
significantly in FY 14
-
15 and FY 15
-
16, has leveled
off and is projected at $16.8 million for the current
year, roughly the same as FY 15
-
16.
Fund Summary
-
General Fund
2015-16
2016-17
2017-18
2018-19
Actual
Budget
Adopted
Projected
Property Tax
151,218,510
153,661,000
161,212,000
164,857,000
Sales Tax
47,601,736
48,631,120
52,629,000
55,171,660
State Collected Local Revenues
25,257,555
27,186,021
25,555,476
26,135,176
ABC Profit Distribution
3,634,041
3,423,000
3,680,925
3,754,545
Building Permit Revenue
2,875,800
2,839,216
3,282,355
3,419,640
All Other
26,932,153
26,849,472
26,822,305
26,847,611
Transfers from Other Funds
6,939,642
6,419,000
6,419,000
6,419,000
Appropriated Fund Balance
9,781,802
6,754,740
6,602,801
6,263,509
Total
274,241,238
275,763,569
286,203,862
292,868,141
Major General Fund Revenues