Guilford County will not likely see tax increase for upcoming fiscal year
GREENSBORO, N.C.– The Guilford County Budget Committee met for the first time on Wednesday to discuss the county’s finances.
The 2013-14 fiscal year is approaching and the committee says there could be some cuts.
Guilford County Budget Manager Mike Halford says when it comes to property tax, the county is currently on schedule for the 2013-14 fiscal year.
Halford said the county has a budget of $348 million for property taxes, and so far the county has collected $336 million.
Another major revenue source for Guilford County is sales tax, but the county isn’t seeing as much revenue as it would like. Halford says the county heavily relies on retail sales which is projected to bring in $3.2 billion.
The committee also discussed potential employee raises. It’s been four years since they’ve had one.
“The raise would be up to 3 percent, based on job performance, and given on the anniversary of the day you were hired,” Halford said.
The budget committee will have a series of meetings before an official budget is adopted, and is expected to discuss school projects and other services in the coming weeks.