FY 14-15 Adopted Budget

Fund Summary-General Fund

Highlights

Revenues:

Listed below is a summary chart of the major General Fund revenue estimates.

Major General Fund Revenues

2012-13

2013-14 Budget

2014-15 Adopted

2015-16 Projected

Actual

Property Tax

144,818,377

148,542,442

149,734,000

154,751,590

Sales Tax

38,558,297

38,881,215

42,536,430

43,947,530

State Collected Local Revenues

19,882,625

20,529,408

19,944,058

20,376,823

ABC Profit Distribution

3,252,345

3,162,300

3,225,500

3,290,000

Building Permit Revenue

1,976,022

1,990,690

2,372,171

2,442,131

All Other

33,061,936

29,704,376

30,458,244

27,746,184

Transfers from Other Funds

6,619,178

6,786,998

6,939,642

6,939,642

Appropriated Fund Balance

9,661,839

3,881,894

4,230,973

5,510,447

Total

257,830,619

253,479,323

259,441,018

265,004,347

for the first half of the year, current year sales tax revenues are projected about $2 million above the budgeted figure of $38.9 million. This would place current year revenues about 6% higher than FY 12-13, a strong annual performance when compared to growth rates in recent years. For FY 14-15, sales tax revenue is projected at about 3.7% to 4.0% above revised estimates for the current year. The North Carolina League of Municipalities has estimated that statewide sales tax growth for FY 14-15 will be 3.75%.

Property Tax

The Adopted FY 14-15 General Fund Budget is balanced with a 58.72 cent tax rate, the same rate as the adopted FY 13-14 budget. Tax base growth is projected at 1.20% for FY 14- 15, based on projections provided by the Guilford County Tax Department. This projection is in line with revised estimates for current year valuation growth. For the 15-16 planning year, valuation growth is projected at 1.50%. The second year General Fund budget is balanced with an approximate 1.2 cent tax rate increase as compared to the adopted rate for FY 14-15. This projected increase is in anticipation of the loss of local business privilege license revenue in FY 14-15.

State Collected Local Revenues/Cable Access

State collected local revenues include Utility and Franchise Taxes and Beer and Wine Taxes. These are traditional local government revenues which the State of North Carolina collects for local governments. The FY 14-15 budget figure shows a $585,350 decrease from the current year budget, or about 2.9%.

Sales Tax

Sales tax revenue during FY 13-14 has shown encouraging signs of growth. Based on receipts

Beginning in FY 14-15, the utility franchise tax previously assessed for the sale of electricity and

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