Revenues and Expenditures garnernc . gov
FY 20-21 Budget Breakdown by Percentages
Revenues Expenditures
|
Sales / services ( 1.2 %)
Permits / fees ( 5.8 %)
Intergov . revenues
( 10.3 %)
Other taxes ( 21.3 %)
|
Investment earnings / other ( 0.9 %) |
Property taxes ( 60.5 %)
Debt service ( 9.9 %)
Cultural / recreational
( 9.0 %)
Environmental protection incl . solid waste ( 5.6 %)
Transportation incl . street maintenance
( 13.5 %)
|
General government ( 23.2 %)
Public safety ( 38.8 %)
|
TOTAL GENERAL FUND revenues for FY 20-21 were $ 40.0 million . The property tax rate decreased by 6.29 cents to $. 4971 per $ 100 of assessed value . The new rate was a result of a valuation of all parcels in the Town which saw a significant increase in property values across the board .
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 21.3 percent of all revenues . Collections during this fiscal year increased 14.1 percent over the prior period . This category was buoyed by a strong local economy that boosted sales tax revenues .
The Town also received 5.9 percent of its revenues from permits and fees . The primary revenue in this category is building permit fees
General Fund Revenues ( Three-Year Trend )
|
FY 18-19 |
FY 19-20 |
FY 20-21 |
Property taxes |
$ 19,520,910 |
$ 21,511,829 |
$ 24,227,212 |
Other taxes and licenses |
7,048,593 |
7,316,038 |
8,519,512 |
Intergovernmental revenues |
3,443,787 |
3,355,484 |
4,103,224 |
Permits and fees |
2,409,113 |
2,197,084 |
2,339,338 |
Sales and services |
725,216 |
550,101 |
470,445 |
Investment earnings |
711,823 |
534,029 |
35,463 |
Other revenues |
401,000 |
354,615 |
317,642 |
TOTAL |
$ 34,260,442 |
$ 35,819,180 |
$ 40,012,836 |
12 | POPULAR ANNUAL FINANCIAL REPORT 2021