However, this is only the City of Statesville property tax. Your valuation is also used to calculate your county tax, or any relevant district taxes. This methodology is also used for vehicle and personal property taxes.
Lastly, Iredell County collects the property tax for the City of Statesville.
Governmental budgeting and accounting differ from the private sector in that we use a fund accounting system. Instead of a unified set of accounts, governments must group their transactions into a number of funds. A fund is a separate accounting entity with its own self- balancing set of accounts; its own balance sheet and its own income statement.
Because some revenues are earmarked by law or function for specific uses, the use of a fund structure allows for the segregation of specific revenues and their related expenditures. Nearly every entity will utilize a General Fund as the main operating fund for the government, but as an entity expands its service levels, enterprises, or grant participation, more funds are utilized.
We often hear boards and councils refer to fund balance in decision making processes. Fund balance is the difference between a fund’s assets and its liabilities, thus its equity. It is similar in concept to retained earnings in that it often grows or declines based on the results of revenues over expenditures. It is the major indicator of a fund’s near-term financial position.