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Carteret County – Government Finance

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Government finances play a pivotal role in shaping the local economy, influencing economic growth, stability, and the overall well-being of communities. The impact of government finances on the local economy can be analyzed through several key mechanisms, including public spending, taxation, debt management, and fiscal policies. These elements collectively determine the flow of resources, the level of economic activity, and the quality of life for residents.

  1. Public Spending and Investment One of the most direct ways government finances affect the local economy is through public spending. Governments allocate funds to infrastructure projects, education, healthcare, public safety, and social services. These investments create jobs, stimulate demand for goods and services, and enhance the productivity of the local workforce. For instance, building roads, bridges, and public transportation systems not only provides immediate employment opportunities but also improves connectivity, reducing transportation costs for businesses and facilitating trade. Similarly, investments in education and healthcare contribute to a skilled and healthy workforce, which is essential for long-term economic growth.

  2. Taxation Policies Taxation is another critical component of government finances that impacts the local economy. Taxes fund public services and infrastructure, but they also influence the behavior of individuals and businesses. High tax rates can discourage investment and consumption, potentially stifling economic growth. Conversely, low tax rates may attract businesses and stimulate spending but can lead to budget deficits if not managed properly. Progressive taxation, where higher-income individuals pay a larger share, can reduce income inequality and increase disposable income for lower-income households, boosting local demand for goods and services.

  3. Debt Management Government borrowing and debt management also have significant implications for the local economy. When governments borrow to finance deficits or invest in long-term projects, they can stimulate economic activity in the short term. However, excessive debt can lead to higher interest rates, crowding out private investment, and increasing the risk of financial instability. Effective debt management ensures that borrowing is sustainable and that funds are used efficiently to generate economic returns.

  4. Fiscal Policies Fiscal policies, including government spending and taxation, are tools used to manage economic cycles. During economic downturns, expansionary fiscal policies, such as increased spending and tax cuts, can stimulate demand and help the economy recover. Conversely, during periods of high inflation, contractionary fiscal policies, such as reduced spending and higher taxes, can help cool down the economy. The timing and effectiveness of these policies are crucial in stabilizing the local economy and maintaining public confidence.

  5. Social and Economic Equity Government finances also play a role in promoting social and economic equity. Redistributive policies, such as social welfare programs and subsidies, can reduce poverty and inequality, leading to a more inclusive economy. By providing a safety net for vulnerable populations, governments can ensure that all residents have access to basic needs, which in turn supports overall economic stability and growth.

  6. Conclusion In summary, government finances have a profound impact on the local economy through public spending, taxation, debt management, and fiscal policies. Effective management of these financial tools can stimulate economic growth, reduce inequality, and enhance the quality of life for residents. Conversely, poor financial management can lead to economic instability, reduced investment, and social unrest. Therefore, it is essential for governments to adopt prudent fiscal policies and ensure that financial resources are allocated efficiently and equitably to support sustainable economic development.

A key indicator for comparison is how much government collects, spends and and establishes debt for each resident under its perview.

The revenue per resident at the local level is:

7,407.31

The expenses per resident at the local level is:

6,707.99

The outstanding debt per resident at the local level is:

1,002.78

 
CarteretNorth CarolinaNational



LocalLocalLocalLocalStateState
PerContri-PerContri-PerContri-
LocalPer CentStatePer CentCapitabutionNationalPer CentCapitabutionCapitabution
Description(,000's)Per Capitato Total(,000's)Per Capitato TotalIndexIndex(,000's)Per Capitato TotalIndexIndexIndexIndex

Revenue518,8307,407.31100.0021,7982,827.24100.002.621.0064,111,5155,934.66100.001.251.000.481.00

  General revenue492,8237,036.0194.9921,4322,779.7798.322.530.9757,832,2325,353.4090.211.311.050.521.09

    Intergovernmental revenue114,6231,636.4722.097,663993.9035.151.650.6322,350,9012,068.9734.860.790.630.481.01
      From Federal government7,849112.061.511,677217.517.690.520.203,949,586365.606.160.310.250.591.25
      From State government106,7741,524.4120.585,986776.3927.461.960.7518,401,3151,703.3728.700.890.720.460.96
      From local government00.000.0000.130.000.000.0000.000.000.000.000.000.00

    General revenue from own sources378,2005,399.5472.8913,7691,785.8663.173.021.1535,481,3313,284.4355.341.641.320.541.14
      Taxes152,5232,177.5629.409,0861,178.4741.681.850.7118,271,4951,691.3528.501.291.030.701.46
        Property87,6091,250.7916.898,5961,114.9239.431.120.4312,507,0791,157.7519.511.080.870.962.02
        Sales & gross receipts53,045757.3210.2200.130.005,838.942,228.625,060,019468.397.891.621.300.000.00
          General sales37,096529.627.1500.130.004,083.351,558.544,485,444415.217.001.281.020.000.00
          Selective sales15,949227.703.0700.130.001,755.59670.08574,57553.190.904.283.430.000.00
            Motor fuel sales00.000.0000.130.000.000.0000.000.000.000.000.000.00
            Alcoholic beverage sales2,66338.020.5100.130.00293.13111.88134,34112.440.213.062.450.000.00
            Tobacco product sales00.000.0000.130.000.000.0000.000.000.000.000.000.00
            Public utilities00.000.0000.130.000.000.0000.000.000.000.000.000.00
            Other selective sales13,286189.682.5600.130.001,462.46558.19440,23440.750.694.653.730.000.00
        Individual income tax00.000.0000.130.000.000.0000.000.000.000.000.000.00
        Corporate income tax00.000.0000.130.000.000.0000.000.000.000.000.000.00
        Motor vehicle license1412.010.0341353.571.890.040.01116,90810.820.180.190.154.9510.39
        Other taxes11,728167.442.26779.990.3516.776.40587,48954.380.923.082.470.180.39

      Charges & misc general revenue225,6773,221.9843.504,683607.3921.485.302.0217,209,8361,593.0826.842.021.620.380.80
        Current charges205,5032,933.9539.614,215546.6919.345.372.0514,948,9981,383.7923.322.121.700.400.83
          Education2,09729.940.4028036.321.280.820.31386,96135.820.600.840.671.012.13
            Institution of higher education1,98628.350.3800.130.00218.6183.44257,06723.800.401.190.950.000.00
            School lunch sales (gross)851.210.02222.850.100.430.1641,7193.860.070.310.250.741.55
          Hospitals186,4652,662.1535.9400.130.0020,525.187,834.1010,037,795929.1815.662.872.300.000.00
          Highways00.000.0000.130.000.000.003,4480.320.010.000.000.000.00
          Air transportation (airports)3074.380.06729.340.330.470.18599,21555.470.930.080.060.170.35
          Parking facilities6999.980.1300.130.0076.9429.3753,9024.990.082.001.600.000.00
          Sea and inland port facilities00.000.0000.130.000.000.0000.000.000.000.000.000.00
          Natural resources3715.300.0700.130.0040.8415.5920,1821.870.032.842.270.000.00
          Parks and recreation91713.090.18121.560.068.413.21251,33923.270.390.560.450.070.14
          Housing and comm development4095.840.0800.130.0045.0217.18110,31710.210.170.570.460.000.00
          Sewerage4,27060.960.82806104.543.700.580.221,899,076175.792.960.350.280.591.25
          Solid waste management7,519107.351.453,039394.1613.940.270.10720,10266.661.121.611.295.9112.41
          Other charges2,44934.960.4760.780.0344.9317.15866,66180.221.350.440.350.010.02

        Miscellaneous general revenue20,174288.023.8946860.702.154.741.812,260,838209.283.531.381.100.290.61
          Interest earnings1,96728.080.3814318.550.661.510.58152,41914.110.241.991.591.312.76
          Special assessments781.110.02455.840.210.190.0717,0081.570.030.710.573.717.78
          Sale of property2,30932.970.45607.780.284.241.62114,29410.580.183.122.500.741.54
          Other general revenue15,820225.863.0522028.531.017.923.021,977,117183.023.081.230.990.160.33

  Utility revenue8,435120.431.6336647.471.682.540.974,997,179462.587.790.260.210.100.22
    Water supply8,266118.011.5936647.471.682.490.951,913,317177.112.980.670.530.270.56
    Electric power00.000.0000.130.000.000.002,885,932267.144.500.000.000.000.00
    Gas supply00.000.0000.130.000.000.00154,72414.320.240.000.000.000.00
    Transit1692.410.0300.130.0018.607.1043,2064.000.070.600.480.000.00

  Liquor store revenue17,572250.873.3900.130.001,934.24738.271,282,104118.682.002.111.690.000.00

  Insurance trust revenue00.000.0000.130.000.000.0000.000.000.000.000.000.00
    Unemployment compensation00.000.0000.130.000.000.0000.000.000.000.000.000.00
    Employee retirement00.000.0000.130.000.000.0000.000.000.000.000.000.00
    Workers' compensation00.000.0000.130.000.000.0000.000.000.000.000.000.00
    Other insurance trust revenue00.000.0000.130.000.000.0000.000.000.000.000.000.00

Expenditure469,8486,707.99100.0029,6103,840.47100.001.751.0062,722,8515,806.11100.001.161.000.661.00

  Intergovernmental expenditure00.000.0000.130.000.000.0000.000.000.000.000.000.00
  Direct expenditure469,8486,707.99100.0029,6103,840.47100.001.751.0062,722,8515,806.11100.001.161.000.661.00
    Current operation414,0055,910.7388.1117,6622,290.7959.652.581.4853,847,0114,984.5085.851.191.030.460.69
    Capital outlay50,778724.9510.8111,0381,431.6537.280.510.297,267,518672.7411.591.080.932.133.22
      Construction50,778724.9510.8111,0381,431.6537.280.510.297,267,518672.7411.591.080.932.133.22
    Assistance and subsidies1,74924.970.3700.130.00192.52110.22144,03613.330.231.871.620.000.00
    Interest on debt3,31647.340.71910118.033.070.400.231,464,286135.552.330.350.300.871.32
    Insurance benefits and repayments00.000.0000.130.000.000.0000.000.000.000.000.000.00
    Exhibit: salaries & wages126,7571,809.7026.987,9031,025.0326.691.771.0111,963,0181,107.3919.071.631.410.931.40

  Direct expenditure by function469,8486,707.99100.0029,6103,840.47100.001.751.0062,722,8515,806.11100.001.161.000.661.00
    Direct general expenditure445,5876,361.6294.8428,5443,702.2096.401.720.9856,028,7025,186.4589.331.231.060.711.08
      Capital outlay48,370690.5810.2910,4581,356.4235.320.510.296,113,334565.909.751.221.062.403.62


Education services:
      Other direct general expenditure397,2175,671.0484.5418,0862,345.7861.082.421.3849,915,3684,620.5579.581.231.060.510.77
      Education129,1871,844.4027.5018,3642,381.8462.020.770.4421,177,5191,960.3533.760.940.811.221.84
          Capital outlay5,01871.641.0710,1521,316.7334.290.050.031,950,260180.533.110.400.347.2911.03
        Higher education18,450263.413.9300.130.002,030.891,162.732,231,472206.563.561.281.100.000.00
          Capital outlay2543.630.0500.130.0027.9616.01330,41130.590.530.120.100.000.00
        Elementary & Secondary education108,9881,556.0223.2018,3642,381.8462.020.650.3718,802,0111,740.4629.980.890.771.372.07
          Capital outlay4,76468.021.0110,1521,316.7334.290.050.031,619,849149.952.580.450.398.7813.28
        Other education1,74924.970.3700.130.00192.52110.22144,03613.330.231.871.620.000.00
      Libraries1,54122.000.33719.210.242.391.37289,82226.830.460.820.710.340.52


Social services and income maintenance:
      Public welfare14,406205.673.0700.130.001,585.74907.871,939,534179.543.091.150.990.000.00
        Other public welfare14,406205.673.0700.130.001,585.74907.871,939,534179.543.091.150.990.000.00
      Hospitals185,0052,641.3139.3881.040.032,545.561,457.3910,497,061971.6916.742.722.350.000.00
        Capital outlay28,134401.675.9900.130.003,096.861,773.02826,52276.511.325.254.540.000.00
      Health6,05586.451.2957975.101.961.150.664,194,344388.266.690.220.190.190.29
      Social insurance administration00.000.0000.130.000.000.0000.000.000.000.000.000.00
      Veterans' services00.000.0000.130.000.000.0000.000.000.000.000.000.00

Transportaion:
      Highways2,37233.860.5060278.082.030.430.25733,88267.931.170.500.431.151.74
        Capital outlay2062.940.0400.130.0022.6812.98296,36827.430.470.110.090.000.00
      Air transportation (airports)3,96556.610.8415820.490.532.761.58797,02273.781.270.770.660.280.42
      Parking facilities00.000.0000.130.000.000.0067,3836.240.110.000.000.000.00
      Sea and inland port facilities00.000.0000.130.000.000.0000.000.000.000.000.000.00

Public safety:
      Police protection22,397319.764.771,597207.135.391.540.883,313,854306.765.281.040.900.681.02
      Fire protection12,116172.982.5813116.990.4410.185.831,379,966127.742.201.351.170.130.20
      Correction4,71567.321.0072794.292.460.710.41674,67062.451.081.080.931.512.28
        Capital outlay00.000.0000.130.000.000.0036,7583.400.060.000.000.000.00
      Protective inspection & regulation1,18716.950.2500.130.00130.6674.81144,04313.330.231.271.100.000.00

Environment and housing:
      Natural resources3,28546.900.7023830.870.801.520.87210,56819.490.342.412.081.582.39
        Capital outlay3955.640.088811.410.300.490.2837,4143.460.061.631.413.304.98
      Parks and recreation5,75082.091.2200.130.00632.93362.371,232,047114.051.960.720.620.000.00
        Capital outlay6018.580.1300.130.0066.1637.88343,94431.840.550.270.230.000.00
      Housing and comm development8,748124.891.8600.130.00962.94551.301,825,874169.022.910.740.640.000.00
      Sewerage2,89141.270.6200.130.00318.23182.191,709,529158.252.730.260.230.000.00
        Capital outlay00.000.0000.130.000.000.00806,70374.671.290.000.000.000.00
      Solid waste management6,42691.741.372,827366.679.550.250.14928,85385.981.481.070.924.266.45
        Capital outlay1822.600.048911.540.300.230.1369,4136.430.110.400.351.802.72

Governmental administration:
      Financial administration5,62880.351.2045258.631.531.370.78563,15752.130.901.541.331.121.70
      Judicial and legal1492.130.0345759.271.540.040.02172,85616.000.280.130.123.705.60
      General public buildings10,162145.082.1622529.180.764.972.85576,25653.340.922.722.350.550.83
      Other governmental administration4,80168.541.02859111.412.900.620.35794,09373.511.270.930.811.522.29
      Interest on general debt3,01443.030.64910118.033.070.360.211,282,705118.742.050.360.310.991.50

General expenditures, n.e.c.:
      Misc commercial activities00.000.0060.780.020.000.0015,3111.420.020.000.000.550.83
      Other and unallocable11,787168.282.5133343.191.123.902.231,508,353139.622.401.211.040.310.47

Utility expenditures:
    Utility expenditure10,191145.502.171,066138.263.601.050.605,632,063521.358.980.280.240.270.40
        Capital outlay2,40834.380.5158075.231.960.460.261,154,184106.841.840.320.280.701.06
      Water supply6,85797.901.461,066138.263.600.710.412,026,286187.573.230.520.450.741.11
      Electric power00.000.0000.130.000.000.002,541,405235.254.050.000.000.000.00
      Gas supply00.000.0000.130.000.000.00131,06112.130.210.000.000.000.00
      Transit3,33447.600.7100.130.00366.99210.11933,31186.391.490.550.480.000.00

Liquor store expenditures:
    Liquor store expenditure14,070200.882.9900.130.001,548.76886.701,062,08698.311.692.041.770.000.00

Insurance trust expenditures:
    Insurance trust expenditure00.000.0000.130.000.000.0000.000.000.000.000.000.00
      Unemployment compensation00.000.0000.130.000.000.0000.000.000.000.000.000.00
      Employee retirement00.000.0000.130.000.000.0000.000.000.000.000.000.00
      Workers' compensation00.000.0000.130.000.000.0000.000.000.000.000.000.00
      Other insurance trust00.000.0000.130.000.000.0000.000.000.000.000.000.00

Debt outstanding70,2381,002.78100.0027,5063,567.57100.000.281.0031,805,4102,944.15100.000.341.001.211.00

  Short-term debt outstanding00.000.0000.130.000.000.0011,4751.060.040.000.000.000.00
  Long-term debt outstanding70,2381,002.78100.0027,5063,567.57100.000.281.0031,793,9352,943.0999.960.341.001.211.00

Long-term debt issued7,045NANA0NANANANA4,470,821NANANANANANA
Long-term debt retired9,513NANA2,348NANANANA4,012,492NANANANANANA


Sources: STI: PopStats and STI: Colossus