FY 14-15 Adopted Budget
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
2012-13
2013-14 Budget
2014-15 Adopted
2015-16 Projected
Actual
Property Tax
155,985,197 38,685,115 44,330,454 157,468,807 96,779,440 35,390,879 45,049,465
160,347,442 38,994,215 44,350,233 162,417,327 105,283,479 33,752,971 32,039,315
161,666,000 42,649,430 44,148,272 165,740,633 99,989,725 34,031,419 33,233,772
166,792,590 44,060,530 44,711,847 168,654,324 102,360,386 34,750,230 29,217,684
Sales Tax
Intergovernmental Revenue User Fees/Charges/Licenses
All Other
Interfund Transfers
Appropriated Fund Balance
Total
573,689,357
577,184,982
581,459,251
590,547,591
Less Transfers & Internal Charges
109,985,158
107,761,071
108,719,552
111,446,285
Net Revenues
463,704,199
469,423,911
472,739,699
479,101,306
Property Taxes
Local Option Sales Tax
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 14-15 Adopted Budget is balanced with a property tax rate of 63.25 cents, the same rate as FY 13-14. The tax rate is allocated 58.72 cents to the General Fund, 3.34 cents to the Transit Fund, 0.69 cents to the Housing Partnership Fund and 0.50 cents to the Economic Development Fund, which was created in FY 12-13. Tax base growth is projected at approximately 1.20% for FY 14-15, based on projections provided by the Guilford County Tax Department. For the 15- 16 planning year, valuation growth is projected at 1.5%. The second-year budget is balanced with a 63.25 cent tax rate, the same rate as adopted for FY 14- 15.
The State of North Carolina grants local governments 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 during FY 13-14 has shown encouraging signs of growth. Based on receipts for
13
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