Just in time for the Easter Holiday Weekend, North Carolina League of Municipalities’ Director of Research & Policy Analysis, Karl Knapp, has released the FY 2014 Forecast Guidance for State-Shared Revenues.
(From Knapp) Each year, the League provides information that cities and towns can use in estimating certain revenues for the upcoming fiscal year, including local government sales taxes, Powell Bill revenues, the piped natural gas excise tax, the electricity franchise tax, the telecommunications sales tax, the beer and wine tax and video programming revenues.
Please note that in an effort to ease the calculation of your sales tax/city hold harmless distributions we have provided an Excel spreadsheet that will complete most of the calculation for you. You will still need to estimate the rate of growth in your Article 39 taxes and the percentage of county tax that will be distributed to your city, but all other calculations will be completed by the spreadsheet.
This week, during the NCLM’s Town Hall Day, the League also released a one-page summary of the impact of Senate Bill 394, “Lower Tax Rates for a Strong North Carolina Economy.” The legislation was introduced late last week and reflects the General Assembly’s intentions to dramatically-reform the state tax code, which will have an impact on revenues shared between the state and local governments.