Budget Reflects City Priorities
The City's budget reflects Council's focus areas, priorities and funding of needed 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 the operation of Charlotte/Douglas International Airport.
(Services such as libraries, jails, parks and recreation, education and human and social services are the responsibility of Mecklenburg County.)
To fund the many services, programs and capital improvements, the City uses a variety of income sources. The property tax rate is one of those. The property tax rate of 46.7 cents per $100 assessed valuation makes up 16.3% of the City's overall annual income.
The Operating Budget is made up of the General Fund, which includes revenue from property taxes and 20 other funds with clearly designated purposes such as aviation, public transit, water/sewer and storm water. Revenues for these other funds come from user fees, sales taxes, federal agencies and other sources not related to the property tax.
Capital Investment Budget
The City's five-year Capital Investment Plan (CIP) Budget funds the construction of roads, sidewalks, fire stations, police facilities and other public buildings. Funding for the CIP budget comes from property taxes, water/sewer fees, aviation fees, storm water fees and sales tax.
Property Taxes for FY01 and FY02
For the fiscal year 2001 (July 1, 2000 through June 30, 2001) which this report highlights, the City's budget was $1.14 billion. This reflects both operating and capital budget figures. For 15 consecutive years, the City has maintained or decreased its property tax rate.
The FY01 property tax rate of 46.7 cents per $100 assessed valuation amounts to $700.50 or $58 per month on a $150,000 home. (The tax rate for the fiscal year 2002, which began July 1, 2001, remained 46.7 cents. See chart below for FY2002 budget breakdown.)