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AG 1998 11 16
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AG 1998 11 16
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Last modified
3/25/2002 6:09:44 PM
Creation date
11/27/2017 11:52:51 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/16/1998
Board
Board of Commissioners
Meeting Type
Regular
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Cities/towns must agree to abide by the tc~ms ofthi~ proposal for it to be applied <br />to sites within the cities/tow-us or a site subject to annexation during the tel ua of <br />the agreement. The C_gRDI gt'ant form, da applied to a project within one of the <br />county's cities/towns will be applied at the same level as authorized by the <br />Board of County Commio, sioners. <br />The incentive g~nts will apply to the first 1 cent and two I/2 cent local sales taxes <br />received by the Ci~'s (and mnnicipalities if applicaNe) based upon cli~ibufion formnta~ <br />authorized by the State Department of Revenue and adopted'each year by the <br />County Commi-~ion It should be reco~ized that the fu~l 1 ctmt is a situs based <br />tax and the two 1/2 cent taxes are di~lalbuted on a state-wide formnla establi~ed by <br />the le~lature. For purposes of reference, the two 1/2 sales taxes each equated <br />to approximately 58% of the revenues from the local full I cent sales tax each for <br />the fiscal year ended June 30, 1996. In other words, the total revenues from the <br />two I/2 cent taxes equated to appro~h,ately 116% ofthe full local I cent sales lax <br />for tile period. <br />The Coumy Commi_~ion a~n,ally establishes local sales tax di.in'b~tion formnla as <br />authorized by North Carolina Statues. The County Commi-~sion ret_~in~ the option of <br />selecxing between allowable methods authorized for detco~.:iv.~tion of the form, da to <br />be used during any particnlar fiscal periocL The Cotmty's ~hare of the local <br />tax revenues is reduced by an allocation to local fire dish lets (the level of that <br />reduction for 1997 umotmted to 2.41% of~e total County's ~har¢). A history of <br />recent dL~taibution allocations of local sales tax revenues between the cotmty and <br />its municipalities is provided for reference: <br /> <br />°u ~ ~ Ic~li~ Ci~ <br />Cal:szx'x~ Coua~ ~F~-~xl $476,739 <br /> <br />Tee.al <br />:r/.4zLa3'/ <br />17..M~074 <br /> <br /> 4.-nz.ool <br /> <br /> <br />
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