AG 1998 11 16 - Laserfiche WebLink

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