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<br /> Total taxable retail sales in the County for the past five fiscal years and for a portion of the current
<br /> fiscal year are shown in the following table:
<br /> Fiscal Year Taxable Increase Over
<br /> Ended June 30 Retail Sales Previous Year
<br /> 2019 $1,923,461,091 8.9%
<br /> 2020 1,955,949,713 1.7
<br /> 2021 2,149,246,638 9.9
<br /> 2022 2,482,070,449 15.5
<br /> 2023 2,788,217,449 12.3
<br /> 2024' 1,936,695,378 --
<br /> Source:North Carolina Department of Revenue.
<br /> 'For the eight months ended February 29,2024. Taxable sales for the eight months ended February 28,2023 were$1,856,590,265.
<br /> Sales tax revenue of the County for past five fiscal years and for a portion of the current fiscal year
<br /> is shown in the following table:
<br /> Fiscal Year Sales Tax Increase Over
<br /> Ended June 30 Revenue Previous Year
<br /> 2019 $31,843,731 8.3%
<br /> 2020 31,800,771 (0.1)
<br /> 2021 36,008,088 14.5
<br /> 2022 37,755,859 18.3
<br /> 2023 43,396,780 14.5
<br /> 2024' 31,866,417 --
<br /> Source: Annual Comprehensive Financial Reports of the County.
<br /> For the eight months ended February 29,2024. Sales Tax Revenue for the eight months ended February 28,2023 was$
<br /> The Article 46 one-quarter cent sales tax (the "Article 46 Sales Tax") was approved by Orange
<br /> County voters in a November 2011 referendum, and became effective April 1, 2012. A Special Revenue
<br /> Fund was established to account for the Article 46 Sales Tax. The Article 46 Sales Tax was initially
<br /> estimated to generate $2,500,000 annually. Article 46 sales tax revenue for the fiscal year ended June 30,
<br /> 2023 was approximately $5.9 million, and the County has estimated Article 46 sales tax revenue for the
<br /> fiscal year ended June 30,2024 to be approximately$ million. The Board of County Commissioners
<br /> approved a ten-year commitment which authorized equal distributions of the one-quarter cent sales tax to
<br /> support Schools and Economic Development. Fifty percent of the one-quarter cent sales tax is allocated to
<br /> both County school systems on an average daily membership percent basis to fund capital projects. The
<br /> other 50% is allocated to economic development initiatives including supporting water and sewer
<br /> infrastructure funding in the County's three economic development districts.
<br /> The County's other sales and use taxes(Articles 39,40,42,and 44 Sales Taxes)are reported in the
<br /> County's General Fund and are included in the above table with Article 46 Sales Tax.
<br /> The County's Articles 40 and 42 one-half cent local option sales and use taxes, which were
<br /> authorized by the North Carolina General Assembly in 1983 and 1986, respectively, comprise significant
<br /> funding sources for the County's school capital requirements and school debt retirement.
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