Adopted Budget Projected Budget 2016-2017
TOTAL BUDGET— REVENUES
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.
Total Revenue by Major Type
2014-15
2015-16 Budget
2016-17 Adopted
2017-18 Projected
Actual
Property Tax
161,135,287 44,994,744 50,181,035 178,819,109 101,499,974 34,809,851 54,136,574
164,654,600 46,202,934 47,151,400 173,195,593 105,397,719 34,708,666 37,617,184
166,445,600 48,760,120 51,966,427 186,379,964 117,707,939 37,646,589 28,471,864
169,029,600 50,707,365 52,800,287 191,826,406 106,878,871 37,899,609 22,810,063
Sales Tax
Intergovernmental Revenue User Fees/Charges/Licenses
All Other
Interfund Transfers
Appropriated Fund Balance
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
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.
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.
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