REVENUES AND EXPENDITURES
FY 19-20 Budget Breakdown by Percentages
Revenues
Sales / services Investments
29 ( 1.5 %) ( 1.5 %) Permits and fees
Other ( 1.0 %)
354,615 ( 6.1 %)
Intergovernmental revenues
( 9.4 %)
1
Debt service ( 21.9 %)
Expenditures
General government ( 20.4 %)
Other taxes ( 20.4 %) |
Property taxes ( 60.1 %) |
Cultural / recreational
( 8.9 %)
Environmental protection incl . solid waste ( 5.5 %)
Transportation incl . street maintenance
( 9.3 %)
|
Public safety ( 34.0 %) |
TOTAL GENERAL FUND revenues for FY 19- 20 were $ 35.8 million . The property tax rate increased by 2.75 cents to $. 5600 per $ 100 of assessed value .
Property taxes account for 60.1 percent of all revenues . Property taxes ( excluding registered motor vehicles , which are collected by the N . C . Division of Motor Vehicles ) are assessed and collected by Wake County and remitted to the Town throughout the year .
Other taxes , which include the Town ’ s share of statewide sales taxes and ABC revenue , account for 20.4 percent of all revenues . Collections during this fiscal year increased 3.7 percent over the prior period . This category was buoyed by a strong local economy that boosted sales tax revenues .
The Town also received 6.1 percent of its revenues from permits and fees . The primary revenue in this category is building permit fees accounting for 53.4 percent of all revenues .
The total cost of general fund programs and services was $ 39.1 million . The cost of public
General Fund Revenues ( Three-Year Trends )
FY 17-18 FY 18-19 FY 19-20 Property taxes $ 18,336,285 $ 19,520,910 $ 21,511,829 Other taxes and licenses 6,376,074 7,048,593 7,316,038 Intergovernmental revenues 3,316,833 3,443,787 3,355,484 Permits and fees 2,217,839 2,409,113 2,197,084 Sales and services 672,139 725,216 550,101 Investment earnings 360,123 711,823 534,029 Other revenues 197,818 401,000 354,615 TOTAL $ 31,477,111 $ 34,260,442 $ 35,819,180
12 2020 Popular Annual Financial Report