Nov. 22—HIGH POINT — The city's largest revenue source increased sharply in High Point's most recent budget.
That's one of the highlights noted in the city's newly released annual comprehensive financial report by its outside auditor, Raleigh-based accounting firm Cherry Bekaert.
During the fiscal year that ended June 30, city property tax revenue increased $11.7 million, to $76.4 million, compared to the prior year, primarily due to the 2022 Guilford County property revaluation, which hiked tax values as much as 68% in some High Point neighborhoods.
Property tax accounts for the largest source of funding within the city's total $478 million budget.
The revaluation also contributed to an increase in the city's total fund balance, or reserves, of more than $11 million to $90.2 million, which was another financial highlight that the auditors noted.
This and other factors show that the city continues to be financially sound, with assets in excess of liabilities by more than $700 million, as well as strong and consistent credit ratings, which remained unchanged from the prior year, the report stated.
The city's long-term liabilities increased during the budget year from $401.9 million to $421.9 million, driven by a large increase in pension liabilities, although long-term bond debt decreased.
High Point's other major source of long-term debt — what it owes through power provider ElectriCities — stood at $111.4 million as of Jan. 1.