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