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Revenue Estimates

The revenue estimates for the FY17 budget have been made carefully in accordance with city practice. It is city

practice to prudently estimate revenues because of the need to be assured that resources will be available to meet

operating, debt, and capital needs pursuant to “no deficiency” budget requirements imposed by state statute.

Significant revenue sources within the various funds are as follows:

I.

GENERAL FUND

FUND 100 GENERAL FUND

A.

Ad Valorem Taxes

$242,875,000

Tax Base

The property tax base is the combination of annually updated values assigned to real, personal and state certified

properties by the Wake County Tax Assessor. The following table indicates growth over the past ten years along

with projections for the current and following year in thousands of dollars.

(in thousands of dollars)

Fiscal

Year

Gross Tax

Value

Growth

Rate

Tax

Rates

Rate

Change

FY 07-08

$35,109,178

4.5%

0.4350

-

FY 08-09

$47,515,306 **

35.3%

*

0.3735

0.0418

*

FY 09-10

$48,752,651 **

2.6%

0.3735

-

FY 10-11

$49,344,910

1.2%

0.3735

-

FY 11-12

$49,885,427

1.1%

0.3735

-

FY 12-13

$50,454,014

1.1%

0.3826

0.0091

FY 13-14

$51,293,790

1.7%

0.3826

-

FY 14-15

$52,432,950

2.2%

0.4038

0.0212

***

FY 15-16

(Projected) $53,403,434

1.9%

0.4210

0.0172

****

FY 16-17

(Projected) $57,407,000

7.5%

*

0.4183

0.0200

*****

* FY09

Revaluation year - Revenue Neutral Tax Rate of 33.17 cents plus 4.18 cent

* FY17

Revaluation year - Revenue Neutral Tax Rate of 39.83 cents plus 2.00 cent

**

FY09, FY10 and forward all values are net of rebates

***

1.12 cents (2013 streets infrastructure project referendum), 1 cent for street resurfacing

****

1.72 cents (2014 parks project referendum)

***** 1 cent for housing , 1 cent for parks debt

Projected tax base components for FY 16-17 compared with the projected final FY 15-16 amounts in thousands of

dollars are as follows:

(in thousands of dollars)

Projected

Projected

Percent

FY 15-16

FY 16-17

of Change

Real

$46,320,454

$50,250,000

8.5%

Personal

6,279,264

6,352,000

1.2%

State Certified

803,716

805,000

0.2%

Totals

$53,403,434

$57,407,000

7.5%

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