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Cities/towns must agree to abide by the terms of this proposal for it to be applied
<br />to sites within the cities/towns or a site subject to annexation during the tema of
<br />the agreement. The C/RDI grant formul~ 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 Commissioners.
<br />The incentive grants will apply to the first I cent and two 1/2 cent local sales taxes .
<br />received by the City's (and municipalities if applicable) based upon di~ha'blltion forlllula_q
<br />authorized by the State Depa,'tment of Revenue and adopted each year by the
<br />County Commission. It should be recognized that the first 1 cent is a s' .It31s based
<br />tax and the two 1/2 cent taxes are distn~outed on a state-wide fo~mala established by
<br />the legislature. For purposes of reference, the two 1/2 sales taxes each equated
<br />to approximately 58% of the revenues fi:om the local full 1 cent sales tax each for
<br />the fiscal year ended June 30, 1996. In other words, the total revenues fi:om the.
<br />two I/2 cent taxes equated to approximately 116% of the full local 1 cent sales tax
<br />for ~e per/od.
<br />The County Commission annnally establishes local sales tax distribution foimala as
<br />authorized by North Carolina Statues. The County Commission retains the option of
<br />selecting between allowable methods authorized for dete,,-ination of the formula to
<br />be used during any particular fiscal period. The County's share of the local sales
<br />tax revenues is reduced by an allocation to local fire districts (the level of that
<br />reduction for 1997 amounted to 2.41% of the total County's share). A history of
<br />recent di~uL~ution allocations of local sales tax revenues between the county and
<br />its municipalities is provided for reference:
<br />
<br /> Ad Valorem P~rcent Ad Valorem Percent Ad Valorem ~ercent Ad Valorem Percent
<br /> Lev), of ~ Levy ofl~v~ L~v~ of Levy Levy of I~vy
<br />Cabtrnts County $27,$10,617 72.05'/31 $37.447.060 6g.02201 $34.229,604 70.~$342 $37,421,037 67.g4787
<br />Conc. o~l 6,925,019 18.13839 13,269,~g3 24.10400 9,299,984 19.1689~ 12.54~,074 22.750~4
<br />I-Ian~b~g 175,513 0.45971 219,170 039112 213,634 0.44034 234"32g 0.42486
<br />Kanna. polis 3"353,400 8.71341 3.819,056 7.06441 4.$2~,102 932706 4.715,003 8.55419
<br />Mt. Pleasaal 214~251 0.56118 226~515 0.41146 247,~45 0~1024 232,$g3 0.42224
<br />To~al $38,17~J00 100 $55,051.384 100 S4g,51~,~69 100 $55,154,325 100
<br />
<br />97/98 Total Ad-Valorem I.~i~ Special ~ Tazea Motor Vehicles
<br />Cabarfas County 3.~615,495 ~2~445 3,883,097
<br />Conc, o~d ~ 1,476,~t 19 63,176 ! ,00[,0"~
<br />~ 213,771 20.~0
<br />ICam~polis 4~206,602 e~! 1,401
<br />MI. Plea.~n! 210,~17 22,366
<br />
<br />*as repotted by g~polis City
<br />Cabarrus Couaty r~/xnted $476,739
<br />
<br />T~al
<br />37,421.1YJ?
<br />12,.~A,074
<br /> 234,~21
<br /> 4,718,003
<br />
<br />
<br />
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