The City's budget reflects the Council's focus areas, priorities and funding of City services such as police and fire protection, garbage and recyclables collection, water and sewer services, road construction and maintenance, transit services, planning, zoning, neighborhood development and operation of the Charlotte/Douglas International Airport. Various sources of revenue fund these programs, services and capital improvements.
The City's budget for BY 2003, which this report highlights was $1.3 billion. this amount reflects both the operating and capital budgets. For 16 consecutive years, the City has maintained or decreased the property tax rate. The FY 2002 property tax rate of 46.7 cents per $100 assessed valuation amounted to $700.50 or $58 per month on a home valued at $150,000.
FY2003 Sources of Revenue
The City's five-year Capital Investment Plan (CIP) budget funds the construction of roads, sidewalks, fire stations, police facilities and other public buildings. Revenue from property taxes, water/sewer fees, aviation fees, storm water fees and sales tax comprises the CIP budget.
The tax rate for FY 2003, which began July 1, 2002, remains 46.7 cents per $100 assessed value. The graphics above outline the sources and allocations of revenue for the FY 2003 budget, which for the first time in 20 years represents a 5.3% reduction from the previous year due to the State's withholding of local revenues.
The Operating Budget encompasses the General Fund, which includes property tax revenue and 20 other funds with clearly designated purposes such as aviation, public transit, water/sewer and storm water. User fees, sales taxes, federal grants and sources other than the property tax make up the remaining funds.
Charlotte's Seven Areas of Focus: