Popular Annual Financial Report - 2016 For the fiscal year ended June 30, 2016 | Page 8

Revenues, Expenditures, Changes in Fund Balance

General Fund Revenues

TOTAL GENERAL fund revenues for FY 2015-16
FY 15-16
FY 14-15
were $ 29.88 million.
The property tax rate
Property taxes
$ 17,061,096
$ 15,469,793
increased from $. 50 to $. 5175 per $ 100 of assessed value to
Other taxes and licenses
Intergovernmental revenues
5,826,797
3,185,644
5,547,552
3,580,904
offset the issuance of general obligation bonds. Property taxes
Permits and fees
Sales and services
2,981,635
510,108
1,816,364
490,653
account for
57.1 percent of all revenues.
Property taxes
( excluding
Investment earnings
Other revenues
76,234
234,534
8,531
316,348
registered motor vehicles, which
TOTAL
$ 29,876,048
$ 27,230,145
are collected by the
N. C. Division of Motor Vehicles)
are assessed and collected by
Other revenues
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 19.5 percent of all revenues. This category of revenues was boosted through
Other revenues
0.8 %
1 %
Investments

Investment egories

0.3 %

0 % of Sales /

Sales / services
2 %
Permit /
1.7 fees%

10 % d

Permits Balance

/ fees
10 %
continued improvement in the local economy and changes to the services to which sales tax is applicable.
vernmenta
11 %
Intergovernmental
10.6 %
The Town also received 10 percent of its revenues from permits and fees, an increase of 64 percent over the prior year. That increase stemmed from an 80 percent spike in permitting for construction.
Other taxes, licenses 19.5 % er taxes, lic 20 %
Property taxes 57.1 %
The total cost of general fund programs and services was $ 27.68 million. The cost of public safety programs accounted for 38.8 percent of expenditures, while general government functions accounted for 24.5 percent.
Major initiatives funded in the FY 15-16 budget( excluding Garner Bond Program projects) included street resurfacing, funding for part of the update of the Town’ s comprehensive growth and transportation plans and financing of vehicle and equipment replacement. Total expenditures per capita increased from $ 926 to $ 962, a 3.8 percent rise.
Overall, general fund revenues and other financing sources exceeded expenditures and
Property taxes 57 %
8 2016 Popular Annual Financial Report