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90 <br /> Source:Comprehensive Annual Financial Report of the County for fiscal year ended June 30,2019. <br /> Ten Largest Taxpayers for the Fiscal Year ended June 30, 2019 <br /> Percentage <br /> Assessed of Assessed <br /> Name Type of Enterprise Valuation Value <br /> Duke Energy Carolinas LLC Public Utility $136,245,251 0.73% <br /> Chapel Hill Foundation Real Estate Holdings Inc Apartments/Retail 101,301,200 0.54 <br /> BIR Chapel Hill LLC Apartments/Retail 68,603,700 0.37 <br /> Piedmont Electric Membership Public Utility 62,225,565 0.33 <br /> Northwestern Mutual Life Insurance Co. Apartment Rentals 57,323,501 0.31 <br /> State Employees Credit Union Bank 50,353,425 0.27 <br /> Public Service Co. of NC Inc. Public Utility 50,339,464 0.27 <br /> East 54 Office Retail LLC Office/Retail 40,135,700 0.21 <br /> Granville Towers LLC Apartment Rentals 37,337,524 0.20 <br /> Chapel Hill at the Pointe Villager LLC Apartment Rentals 36,842,700 0.20 <br /> $640,708,030 3.43% <br /> Source:Comprehensive Annual Financial Report of the County for fiscal year ended June 30,2019. <br /> FISCAL YEAR 2018-19 BUDGET COMMENTARY <br /> The fiscal year 2018-19 General Fund budget totaled $226.7 million, which represented a $7.1 <br /> million or 3.2% increase over the fiscal year 2017-18 adopted budget. The County tax rate increased from <br /> $0.8377 per$100 of assessed valuation to $0.8504 per $100 of assessed valuation in fiscal year 2018-19. <br /> The tax base and tax rate increase resulted in a 3.6% growth over prior fiscal year property taxes, for an <br /> increase of$5.5 million. <br /> The fiscal year 2018-19 audited financial statements indicate property tax revenues were $158 <br /> million,or 72%of General Fund revenues. Sales tax revenues comprised$27.8 million or 12.6%of General <br /> Fund revenues. The remaining 15.4% of General Fund revenues are comprised of Intergovernmental <br /> Revenues, Charges for Services,Licenses and Permit and Miscellaneous revenues. <br /> General Fund revenues were $220.6 million, compared to General Fund expenditures of$216.3 <br /> million. Actual revenues were above the final revenue budget by 1.5%and actual expenditures were below <br /> the final expenditure budget by 3.5%at June 30,2019. The total fund balance increased from$63.5 million <br /> or 29.9%of expenditures,to $66.2 million or 30.6% of expenditures. The unassigned fund balance ended <br /> at$35.7 million or 16.5%of General Fund expenditures. <br /> FISCAL YEAR 2019-20 BUDGET OUTLOOK <br /> The Board of Commissioners adopted the budget for the fiscal year ending June 30, 2020 on June <br /> 18,2019. The approved General Fund budget for the fiscal year ending June 30,2020 totals$237.1 million, <br /> which represents a $10.4 million or 4.5% increase over the fiscal year 2018-19 adopted budget. The <br /> increase is primarily due to increased debt service and school appropriations. <br /> As of December 31, 2019, the County has received 64.2% of budgeted revenues as compared to <br /> 62.6%in the previous fiscal year. The property tax base which is growing by 2% and projected collection <br /> rate are forecasted to meet the budgeted amount. Sales tax has experienced solid growth primarily attributed <br /> to the NC Department of Revenue enforcement of online sales tax transactions.The County incurred 45.3% <br /> of budgeted general fund expenditures compared to 45.5%in the previous year.Expenditures are projected <br /> 36 <br />