AG 1997 09 15 - Laserfiche WebLink

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Cities/towns must agree to abide by the te~m~ ofthi~ proposal for it to be applied to sites within the cities/towns or a site subject to annexation during the term of the agreement. The C/RDI grant formula 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 Commissioners. The incentive grants will apply to the first 1 cent and two 1/2 ~ent local sales taxes received by the City's (and municipalities if applicable) based uPon di~h-~ution fmmalas authorized by the State Deparunent of Revenue and adopted each year by the County Commizsion It should be recognized that the first 1 cent is a situs based tax and the two 1/2 cent taxes are distributed on a state-wide fo~mala established by the legislature. For purposes of reference, the two 1/2 sales taxes each equated to approximately 58% of the revenues from the local full 1 cent sales tax each for the fiscal year ended June 30, 1996. In other words, the total revenues from the two 1/2 cent taxes equated to approximately 116% of the full local 1 cent sales tax for ~e period. The County Commi.~sion annually establishes local sales tax di~txibution formula as authorized by North Carolina Statues. The County Commission retains the option of selecting between allowable methods authorized for determination of the formula to be used during any particular fiscal period. The County's share of the local sales tax revenues is reduced by an allocation to local fire districts (the level of that reduction for 1997 amounted to 2.41% ofth. e total County's share). A history of recent di~au~bufion allocations of local sales tax revenues between the county and its municipalities is provided for reference: Le~.y of ~ I~0' of I,evy Levy of Levy Levy of ~ ~ Co~ 3~615.495 ~5 3J83,~ 37,421,037 Mt. Pl~t 210,~17 2~3~ ~813 *as reported by g~,,pol/s Ci~ Cabarms County reportod $476,739