c i t y o f g r e e n s b o r o • n o r t h c a r o l i n a
Comprehensive Annual Financial Report
f o r t h e f i s c a l ye a r e n d e d j u n e 30, 2020
Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2020
Prepared by the City of Greensboro, North Carolina Finance Department
Richard L. Lusk, NCCLGFO Finance Director Marlene F. Druga, NCCLGFO Deputy Finance Director- Financial Services Nagesh V. Annambhotla, NCCLGFO Principal Analyst Kathryn K. Hayes, NCCLGFO Principal Analyst Linda R. Jones Administrative Assistant
Sarah M. Rupp, NCCLGFO Financial Reporting Manager Christina N. Smith, NCCLGFO Financial Analyst Donna H. Craig Financial Analyst Arthur D. Lands, NCCLGFO Accountant
Anita B. Wilson, NCCLGFO Accounting Manager Jeanne E. Tyndall, NCCLGFO Business Analyst Emanual V. Hill Business Process Analyst Elizabeth Y. Lewis, NCCLGFO Accountant Evin B. Sims, NCCLGFO Accountant
Amanda J. Cartrette, NCCLGFO Treasury Manager James R. Holfield, NCCLGFO Assistant Treasury Manager Jeffery L. Roberts, NCCLGFO Accountant
CITY OF GREENSBORO Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2020
Table of Contents
Exhibit Page Number Number Introductory Section
Letter of Transmittal...... I
Certificate of Achievement for Excellence in Financial Reporting...... XXIII
Organizational Chart...... XXIV
City Officials...... XXV
Financial Section
Report of Independent Auditor...... 1
Management’s Discussion and Analysis ...... 2
Basic Financial Statements:
I. Government-Wide Financial Statements:
Statement of Net Position...... A-1...... 3
Statement of Activities...... A-2...... 5
II. Fund Financial Statements:
Balance Sheet-Governmental Funds...... A-3...... 7
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position...... A-4...... 8
Statement of Revenues, Expenditures, and Changes in Fund Balances-Governmental Funds...... A-5...... 9
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities...... A-6...... 10
Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual - General Fund...... A-7...... 12
Statement of Net Position - Proprietary Funds...... A-8...... 20
Reconciliation of the Statement of Net Position of Proprietary Funds to the Statement of Net Position ……………………………..………………...A-9 ...... 24 Exhibit/ Schedule Page Number Number
Statement of Revenues, Expenses, and Changes in Net Position - Proprietary Funds...... A-10...... 25
Reconciliation of the Statement of Revenues, Expenses, and Changes in Net Position of Proprietary Funds to the Statement of Activities...... A-11...... 27
Statement of Cash Flows - Proprietary Funds...... A-12...... 28
Statement of Fiduciary Net Position - Fiduciary Funds...... A-13...... 32
Statement of Changes in Fiduciary Net Position - Fiduciary Funds...... A-14...... 33
Statement of Net Position - Component Units...... A-15...... 34
Statement of Activities - Component Units...... A-16...... 35
III. Notes to the Financial Statements...... 37
Required Supplementary Information:
Law Enforcement Officers’ Special Separation Allowance (LEOSSA) Pension Benefit Trust:
Schedule of Changes in Net Pension Liability and Related Ratios...... 1...... 38
Schedule of Employer Contributions...... 2...... 39
Schedule of Investment Returns...... 3...... 40
Other Postemployment Benefit Plan (OPEB) Trust:
Schedule of Changes in Net OPEB Liability and Related Ratios...... 4...... 41
Schedule of Employer Contributions...... 5...... 42
Schedule of Investment Returns...... 6...... 43
Local Government Employees’ Retirement System:
Employer’s Proportionate Share of Net Pension Liability (Asset) and Employer Contributions...... 7...... 44
Combining and Individual Fund Statements and Schedules:
Combining Balance Sheet - Nonmajor Funds:
Governmental Funds...... 8...... 45
Special Revenue Funds...... 9...... 46
Capital Projects Funds...... 10...... 49
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor Funds:
Governmental Funds...... 11...... 54
Special Revenue Funds...... 12...... 55
Capital Projects Funds...... 13...... 58
Schedule of Changes in Long-Term Debt-Enterprise Funds and Water Resources Capital Assets...... 14...... 63
Schedule Page Number Number
Schedules of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual:
Special Revenue Funds:
State Highway Allocation...... 15...... 66
Cemetery...... 16...... 67
Hotel/Motel Occupancy Tax...... 17...... 68
Economic Development...... 18...... 69
Special Tax Districts...... 19...... 70
Housing Partnership Revolving...... 20...... 71
Community Development...... 21...... 72
HOME Program...... 22...... 74
Workforce Investment Act...... 23...... 75
State and Federal Grants...... 24...... 76
State and Federal Grants (ARRA)...... 25...... 79
Emergency Telephone System...... 26...... 80
Debt Service Fund...... 27...... 82
Capital Projects Funds:
Street and Sidewalk...... 28...... 84
State Highway Allocation...... 29...... 85
General Capital Improvements...... 30...... 86
General Capital Improvements II...... 31...... 87
Neighborhood Redevelopment Bond — Series 2005 and 2006A...... 32...... 88
Library Facilities Bond — Series 2008...... 33...... 89
Historical Museum Bond — Series 2008...... 34...... 90
Parks and Recreation Bond — Series 2008...... 35...... 91
Economic Development Bond — Series 2008...... 36...... 92
Fire Station Bond — Series 2008...... 37...... 93
War Memorial Stadium Bond — Series 2008...... 38...... 94
Street Improvements Bond — Series 2010...... 39...... 95
Parks and Recreation Bond — Series 2010...... 40...... 96
Housing Bond — Series 2010...... 41...... 97
Greensboro Science Center Bond — Series 2010...... 42...... 98
Transportation Bond — Series 2016...... 43...... 99
Parks and Recreation Bond — Series 2016...... 44...... 100
Schedule Page Number Number
Housing Bond — Series 2016...... 45...... 101
Community & Economic Development Bond — Series 2016...... 46...... 102
Fire Station Bond — Series 2019...... 47...... 103
Perpetual Care Fund...... 104
Enterprise Funds:
Schedules of Revenues and Expenses-Budget and Actual (Non-GAAP):
Water Resources...... 48...... 107
Water Resources Bond — Series 2014...... 49...... 109
Water Resources Bond Fund — Series 2018...... 50...... 110
Guilford County Construction Project...... 51...... 111
Water Resources Capital Improvement...... 52...... 112
Water Resources Extension Project...... 53...... 113
Stormwater Management...... 54...... 114
Stormwater Capital Improvement...... 55...... 116
Coliseum...... 56...... 117
Performing Arts Fund...... 57...... 119
Performing Arts Center Capital Project...... 58...... 121
Coliseum Capital Improvement Bond...... 59...... 122
Coliseum Capital Improvement...... 60...... 123
Solid Waste Management...... 61...... 124
Solid Waste Capital Improvement...... 62...... 126
Greensboro Transit Advisory Commission...... 63...... 127
Greensboro Transit Advisory Commission Grand Fund...... 64...... 129
Parking Facilities...... 65...... 130
Parking Facilities Capital Project...... 66...... 132
Parking Facilities Bond...... 67...... 133
Internal Service Funds:
Combining Statement of Net Position...... 68...... 135
Combining Statement of Revenues, Expenses and Changes in Net Position...... 69...... 137
Combining Statement of Cash Flows...... 70...... 139
Schedule of Changes in Long-Term Debt...... 71...... 141 Schedule/ Table Page Number Number
Schedules of Revenues, Expenses, and Changes in Fund Balance-Budget and Actual (Non-GAAP):
Equipment Services...... 72...... 143
Technical Services...... 73...... 145
Technical Services Capital Project...... 74...... 147
Information Systems...... 75...... 148
Graphic Services...... 76...... 150
Guilford Metro Communications...... 77...... 152
Employee Risk Retention...... 78...... 154
General Risk Retention...... 79...... 156
Capital Leasing...... 80...... 158
Fiduciary Funds:
Statement of Fiduciary Net Position – Fiduciary Funds...... 81...... 161
Statement of Changes in Fiduciary Net Position – Fiduciary Funds...... 82...... 162
General Capital and Debt Schedules:
Schedule of General Capital Assets by Source...... 83...... 163
Schedule of General Capital Assets by Function and Activity...... 84...... 164
Schedule of Changes in General Capital Assets by Function and Activity...... 85...... 166
Schedule of Long-Term Debt...... 86...... 168
Schedule of Changes in General Long-Term Debt...... 87...... 170
Statistical Section (unaudited)
I. Financial Trends:
Net Position by Component...... I...... 173
Changes in Net Position, Expenses, Program Revenues, and Net (Expenses)/Revenue...... II...... 175
Changes in Net Position, General Revenues and Total Changes in Net Position...... III...... 177
Fund Balances, Governmental Funds...... IV...... 179
Changes in Fund Balances, Governmental Funds...... V...... 181
II. Revenue Capacity:
Tax Revenues by Source, Governmental Funds...... VI...... 183
Schedule of Ad Valorem Taxes Receivable...... VII...... 184
Analysis of Current Tax Levy...... VIII...... 185
Assessed Value and Estimated Actual Value of All Taxable Property...... IX...... 186
Schedule/ Table Page Number Number
Direct and Overlapping Property Tax Rates...... X...... 188
Principal Property Taxpayers...... XI...... 189
Property Tax Levies and Collections...... XII...... 191
III. Debt Capacity:
Ratios of Outstanding Debt by Type...... XIII...... 193
Ratio of Net General Obligation Bonded Debt...... XIV...... 195
Computation of Direct and Overlapping Bonded Debt...... XV...... 197
Legal Debt Margin Information...... XVI...... 198
Pledged Revenue Coverage...... XVII...... 200
IV. Demographic and Economic Information:
Demographic and Economic Statistics...... XVIII...... 202
Principal Employers...... XIX...... 203
Full-Time Equivalent City Government Employees by Function/Program...... XX...... 205
V. Operating Information:
Operating Indicators by Function...... XXI...... 206
Capital Asset Statistics by Function...... XXII...... 208
Single Audit Section
Report of Independent Auditors on Internal Control Over Financial Reporting and On Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards...... 211
Report of Independent Auditors on Compliance For Each Major Federal Program and Internal Control Over Compliance In Accordance with OMB Uniform Guidance and the State Single Audit Implementation Act...... 213
Report of Independent Auditors on Compliance For Each Major State Program and Internal Control Over Compliance In Accordance with Uniform Guidance and the State Single Audit Implementation Act...... 215
Schedule of Findings and Questioned Costs...... 217
Summary Schedule of Prior Year Findings...... 219
Schedule of Expenditures of Federal Awards...... 220
Schedule of Expenditures of State Awards...... 223
Notes to the Schedule of Expenditures of Federal and State Awards...... 224
October 28, 2020
The Honorable Mayor And Members of the City Council Greensboro, North Carolina
The Comprehensive Annual Financial Report of the City of Greensboro, North Carolina for the fiscal year ended June 30, 2020, is submitted for your review. This report was prepared by the City's Finance Department and it is the comprehensive publication of the City's financial position and results of operations for the fiscal year ended June 30, 2020, for all funds and component units of the City. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with City management. To provide a reasonable basis for making these representations, we have established a comprehensive internal control framework that is designed both to protect the government’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City of Greensboro’s financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Because the cost of internal controls should not outweigh their benefits, the City’s comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. As management, we believe the data, as presented, is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds and component units of the City. All disclosures necessary to enable the reader to gain an understanding of the City's financial activities have been included.
The City is required by state law to have an annual independent financial audit. A compliance audit on federal and state financial assistance programs is also required under the Federal Single Audit Act of 1984, as amended, and the State Single Audit Implementation Act. Uniform Guidance has also been considered in these financial statements. The independent auditors’ report on the Basic Financial Statements is included in the Financial Section of this report. The independent auditor concluded, based upon the audit that the financial statements of the City of Greensboro present fairly in conformity with GAAP, in all material respects, the financial position of the City of Greensboro, North Carolina, as of June 30, 2020. In addition, the auditors’ reports, required as part of a single audit, are found in the Single Audit Section of this report. This report focuses not only on the fair presentation of the financial statements, but also on the City’s internal controls and compliance with legal requirements involving the administration of state and federal awards.
GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the Basic Financial Statements in the form of the Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it.
In conformity with the standards of the Governmental Accounting Standards Board, this report includes all funds of the City, as well as all of its component units. Component units are legally separate entities, for which the City is financially accountable. Discretely presented component units are not considered to be part of the City’s primary operations and, therefore, are reported in total as a separate column to differentiate their financial position, results of operations and cash flows from those of the City. The Greensboro Housing Development Partnership, Inc., the Greensboro Redevelopment Commission, and the Greensboro ABC Board are presented as discrete component units.
Additional information on the discretely presented component units can be found in Note I. A.
PROFILE OF THE GOVERNMENT
The City of Greensboro is located in central piedmont North Carolina, midway between Washington, D.C. and Atlanta. The Town was incorporated in 1808 and is the county seat of Guilford County. Greensboro has a population of 296,725 and presently covers a land area of approximately 135 square miles. In the past 10 years, population growth has averaged 1 to 2 percent per year. Since 2000, 16,438 acres were added or 26 square miles, an increase of 24 percent.
The City is empowered to levy a property tax on the appraised value of all real and certain categories of tangible personal property located in the City. The County is the only other unit levying such taxes within the City's corporate limits. The City is also empowered by state statute to extend its corporate limits by annexation, which occurs periodically when deemed appropriate by the governing council. Approximately 336 acres were annexed during the fiscal year 2019-20.
The City operates as a Council-Manager form of government. The Council is the policy-making and legislative body of City government and includes a Mayor and eight Council members who serve four-year concurrent terms. The Mayor and three Council members are elected at-large and the remaining five Council members are elected from districts within the City. The Mayor is a voting member and the presiding officer of the Council. A Mayor Pro Tempore is selected by the Council from its members.
The City Manager is appointed by the Council as Chief Executive Officer and is responsible for carrying out the policies and ordinances of the Council and administering the daily operations and programs of the City through appointed department directors and staff members.
The City provides services to its citizens in the following areas: police, fire, transportation, waste collection and disposal, water resources, parks and recreation, libraries, neighborhood development, public improvements and general administration. The City also operates an arena, exhibition building complex, aquatic center, performing arts center, golf course facilities, downtown parking facilities and government access cable television.
The budget serves as the foundation for the City’s financial planning and control. Annually, the City Manager presents a proposed budget to Council for review as well as to the citizens of Greensboro for questions and/or concerns. North Carolina General Statutes require all governmental units to adopt a balanced budget by July 1 of each year for all funds for which a budget is required. Activities of the General Fund, Special Revenue Funds (except for Grant Project Funds), Debt Service Fund, and Proprietary Funds are included in the annual appropriated budget. Project-length financial plans are adopted for Grant and Capital Projects Funds. The City Manager may make transfers of appropriations within funds and department heads may make transfers of appropriations within a department. Transfers of appropriations between funds, however, require approval by the City Council. Budget- to-actual comparisons are provided in this report for each individual governmental fund for which an appropriated II annual budget has been adopted. Budgetary control is facilitated by the use of a personnel/payroll data system that requires every position, including applicable fringe benefits, be budgeted. In addition, the North Carolina General Statutes require an encumbrance system and a finance officer’s “preaudit” certification that budgeted funds are available prior to the placement of all purchase orders, contracts and electronic payments. Outstanding purchase orders and contracts are reported as a restriction of fund balance at June 30, 2020 in the category “Stabilization by State Statute.” The appropriated budget is prepared by fund, function (e.g., public safety), and department (e.g., police). A budgetary comparison for the General Fund is presented beginning on page 11 as part of the Basic Financial Statements. Detailed budget to actual comparisons for other funds with annual and project-length budgets are presented in the supplementary information subsection of this report, which starts on page 66.
COUNCIL BUDGET PRIORITIES
Four strategic goals are the primary focus of funding within the City’s budget: • Economic Development and Job Creation – The City’s approach to economic development focuses on creating an environment that promotes job creation, facilitates private business expansion, utilizes community development grants, bonds and other resources to advance economic and infrastructure development. PLANIT GSO is the City’s Comprehensive Plan and guiding document that articulates the vision, goals, growth policy and action plans for Greensboro through 2025. In June 2020, Greensboro City Council adopted the updated plan, now called GSO2040. As part of this plan, the City completed over 150 public events that included dozens of public engagement initiatives ranging from workshops, pop-ups at public events, focus groups and on-line discussions netting over 6,000 individual contributions of input on the long-term vision and goals for the next twenty years. The Minority-owned and Women-owned Business Enterprise (MWBE) program is a critical element of the City’s economic development initiatives. In February 2019, City Council adopted enhancements to the MWBE Program Plan to intentionally incorporate the utilization of minority and women owned businesses as an integral part of the City contracting process. While the program continues to improve, the City achieved overall MWBE utilization of 20.27% for 2019. In November 2016, Greensboro citizens authorized $38.5 million general obligation bonds dedicated to economic development efforts. The Downtown Streetscape Master Plan has been completed through a significant public involvement effort. Design work is underway for downtown streetscape improvements for Greene Street, Summit Avenue, Eugene Street, David Street and Bellemeade Street. These projects are expected to begin construction by spring 2021 and will create a safe, comfortable and well-connected streetscape system. The FY 20-21 budget includes economic development incentive payments to HAECO, Charles Aris, Coca-Cola Bottling Company, Qorvo, and Centric Brands for existing industry expansion projects that have created at least 954 new jobs and capital investment of $170 million. Investment funds are also included for Self Help Ventures Fund to support the redevelopment of Revolution Mill that has supported a capital investment of more than $82 million. City Council has approved economic development incentive support for The Fresh Market, Syngenta and PACTIV, as well as a new industry to Greensboro, Sunlight Batteries USA, Inc. These new projects have a combined estimated investment of $87 million with at least 124 new jobs and 1,024 retained jobs.
• Public Safety – The Greensboro Police Department (GPD) continues to lead robust community engagements by hosting a number of community collaborations geared at increasing awareness and education on critical topics affecting our community. Topics included Opioid Abuse, Active Shooters Responses and Gang Awareness. Over 850 children participated in the “Students Overcoming Situations” program, a partnership with Guilford County Schools to teach the value of safety and decision making through social and emotional learning competencies. The Police Foundation manages 300 speaker requests, educating over 5,000 people on general topics including personal safety, children’s safety, active shooters III
preparedness, elder abuse and online bullying. The department remains focused on violent and property crime reductions through creative policing strategies that combine evolving technology with innovative police initiatives, allowing the department to remain at the forefront of its profession. GPD and its community partners successfully launched the next efforts of the Safer City Summit initiative, focusing on employment, housing, and gang concerns in an effort to further reduce violent crime through nontraditional policing approaches. City funding to support the efforts of the Cure Violence program continue in FY 2020- 21, as does funding to support the new Behavioral Health Response program. Fire facility growth and maintenance continues with the opening of Fire Station #63 in April 2019 and replacement of Fire Station #7 and #56 that are currently under construction. The Public Safety Training Facility’s 60 year-old buildings were replaced during summer 2020 with a new five-story drill tower and three-story burn building, funded by bonds.
• Infrastructure/Growth – The successful 2016 bond referendum totaling $126 million includes $34.5 million for new parks capital improvements. Five million is programmed for the initial development of the Battleground Parks District, an innovative concept that will integrate the current recreation options at the City’s Country Park with nearby Guilford Courthouse Military Park and the Greensboro Science Center. $3.0 million are allocated to citywide improvements to Greensboro’s many public tennis courts, and $4.5 million are included for further development at Gateway Gardens and Barber Park. For transportation enhancements, $4.5 million are allocated to new transit buses, $5.0 million for new sidewalk and intersection improvements, $500,000 for renovations to the Galyon Depot and $18 million for street resurfacing. In 2016, voters approved $25 million in Housing Bonds to support the development and repair of an estimated 1,007 housing units and to leverage approximately $54 million from other funds. To date, $9.13 million in Housing Bond funds have been committed to 917 units with over $100 million in anticipated leverage funds. The City’s proposed FY 2021-2030 Capital Improvements Plan (CIP) totals $1.5 billion in identified projects and outlines a future financing plan to maintain our current infrastructure and develop new facilities as needed. The proposed CIP includes $658 million in water and sewer infrastructure projects, nearly 44% of the total capital improvement plan.
• Customer Service/Diverse Workforce and Fiscal Management – The City’s focus on customer service, a diverse workforce and fiscal stewardship, transparency and accountability ensures the City has the right people doing the right job. The budget continues a variety of employee development initiatives, including MentorMe (employee-to-employee mentoring program), Toastmasters, and development programs, such as Leadership Edge and Leadership Prime, designed for employees wishing to pursue supervisory roles in the organization. The FY2020-21 budget includes a 2.0% cost of living increase for all eligible employees. The recommended budget includes funding to advance sworn police and fire personnel to the appropriate next steps in the Public Safety Step Program. Finally, this budget maintains external competitiveness by adjusting general and executive pay range structures by two percent.
FACTORS AFFECTING FINANCIAL CONDITION
A. Local Economy
Greensboro's diverse economy is attributed to its unique blend of trade, manufacturing and service businesses as well as its universities and colleges. Local industry is characterized by the production of a wide range of products, including aircraft, machinery, electronics equipment, textiles, apparel and tobacco, and expansion in the aircraft maintenance, transportation and financial services industries. Five of the top 50 companies on the Fortune 500 list have operations in the Greensboro area; these include UnitedHealth Group, AT&T, UPS, FedEx and Procter & Gamble.
This area experiences an excellent market location that has access to all major domestic and international markets from Interstate Highways 40, and 85 and the Piedmont Triad International Airport (PTIA). Construction is underway for a new interstate system (I-73) that will span North Carolina, joining Detroit and IV
Charleston, including Greensboro en route. In northern Greensboro, U.S. 29, between Danville and Greensboro, has also been designated as Interstate 785.
Located at the center of North Carolina and the midpoint of the East Coast, Greensboro is strategically positioned at the hub of a dynamic region for major transportation, logistics, manufacturing and service industries. In addition, half of the U.S. population is within 650 miles (1,046 km.), another major advantage. With the significant presence of Federal Express and Honda Aircraft, the region continues to build on the strengths of its geographic location positioning the Triad as a global “aerotropolis” and logistics center on the U.S. East Coast.
The Urban Loop, a 44-mile state- constructed beltway around Greensboro, is in progress at a cost of approximately $1 billion, funded by the N.C. Legislature. There are two projects in various stages of construction that will complete the loop around the city, starting at the western end at Lawndale Drive and working eastward to U.S. 29. The Southern, Eastern and Western portions of the loop have been completed and are currently open. The Northern section, with just 5.3 miles remaining, will conclude the entire project with anticipated completion by 2021.
Major industrial and business parks, with fully developed infrastructure, continue to develop in and around PTIA. Existing office and industrial facilities located within 2½ miles of the I-40 airport exit include more than three million square feet of office, office/showroom, warehouse/distribution, light industrial and hotel space. The Federal Express air and ground facilities continue to generate more demand for office and other tenants associated with operations that need to be close to a logistics hub. Eight tracks of developable land, either with current or future runway access are being offered, with all utilities to the sites already installed. The developed area adjoining PTIA is anticipated to produce nearly 18,500 jobs, $3.2 billion in economic impact and more than $113 million annually in state and local tax revenue.
City leaders continue to work with economic development officials in the region related to development of potential “Megasites”, those locations typically greater than 1,000 acres that could house a large manufacturing facility, such as an auto assembly operation. In particular, two sites within twenty-five miles of Greensboro in nearby Randolph and Chatham counties could offer 1,825 and 1,800 acres, respectively. In June 2016, the Greensboro-Randolph megasite received industrial site certification designating the site as construction ready for a large-scale industrial user. The City of Greensboro has been working to provide needed water and sewer infrastructure to the Randolph site. The first phase of this project began in fall of 2020. The Chatham site received official state certification as a megasite in June 2014 and was selected to participate in Duke Energy’s Site Readiness Program that helps officials recruit major industries. In support of these initiatives, a nonprofit foundation, Golden Leaf, awarded $11 million in grant funding - $7 million allocated to water and sewer line construction for the Greensboro-Randolph Megasite, and $4 million for water and wastewater infrastructure at the Chatham-Siler Megasite.
Piedmont Triad International Airport (PTIA), located just eight miles from the City’s downtown area, is a major commercial and private aviation center that is owned and operated by the Piedmont Triad Airport Authority (the “Authority”). Situated along an aerospace-heavy corridor of Interstate 40, PTIA is at the center of a job-rich region for aircraft, manufacturing, aircraft parts supply and aviation repair and maintenance. The V
Piedmont Triad is home to nearly 200 aerospace companies including; Honda Aircraft, HAECO Americas, Cessna, North State Aviation, B/E Aerospace, Honda Aero and Federal Express. The Authority provides a complete line of aviation services, including air taxi service, aviation training and aircraft sales. Major passenger carriers include Delta, United, American, Allegiant and Spirit. The number of people flying from PTIA in 2019 continued to grow, resulting in a 14.8% increase. For the calendar year ending December 31, 2019, PTIA boarded 1,078,247 passengers, marking 2019 the first time PTIA surpassed 1 million since 2008, when 1,109,100 passengers were boarded. Cargo traffic at the airport was up 36% in 2019, largely due to added service at the PTIA Mid-Atlantic FedEx hub. Passenger and cargo traffic for the six months ended June 30, 2020 were down 58% and 27%, respectively, compared to the same period last year, as a result of the impact from the coronavirus pandemic. Despite decreased passenger count, PTIA is moving forward with jet way foundation construction and installation of five used jet ways purchased for approximately $1.1 million. The jet ways will be installed at gate locations that currently operate without the use of enclosed pedestrian bridges from terminal to aircraft.
The aviation industry is one of the critical business sectors of the Triad’s economic development strategy. With the ongoing collaboration of the public and private sector organizations and the educational community, the Triad is poised for strong future growth in aeronautics. Local aviation-related businesses draw heavily from the aviation workforce-training program at Guilford Technical Community College (GTCC) whose program has grown steadily in recent years. In 2014, GTCC completed a $10 million facility on a 23-acre campus at PTIA called Aviation III, to house its aviation management and pilot programs as well as customized industry training. The addition of the new facility allows GTCC to expand training to approximately 900 students each semester. GTCC’s aviation program is one of the largest in North Carolina and serves as a model for other community colleges. The college recently added a fifth degree program to GTCC’s aviation training, aero structures manufacturing and repair, that will prepare students for specialization in an industrial and advanced manufacturing setting.
Honda Aircraft Company, a division of Honda Motor Company, has invested $155 million to establish its world headquarters at the 130-acre campus at PTIA in Greensboro and a total capital investment in its North Carolina operations of more than $245 million. With manufacturing, testing, training, maintenance and customer service facilities, the company is headquartered at its PTIA campus. Following 12 years of design and testing, the HondaJet HA-420, a lightweight 7-passenger jet, received all required FAA certifications and sold its first HondaJet in 2015. Subsequently, HondaJet has received certifications worldwide and has established a dealer and sales network to provide service and support globally. In 2018, HondaJet unveiled and began delivery of their latest aircraft, the HondaJet Elite. The new aircraft provides improved flight range with an auxiliary fuel tank, increased payload, reduced vibration and cabin noise, enhanced avionics, and greater cabin space. The company is currently constructing a $15.5 million, 83,000 square-foot facility that will house the new wing-assembly process for the HondaJet Elite, said to be the fastest, farthest and highest-flying plane in its class. The new facility will provide capacity for more wings to be assembled concurrently and allow for additional storage of service parts for the growing fleet of HondaJets worldwide. In 2019, the company embarked on diversification of uses for the HondaJet Elite with the inclusion of medevac configurations in air ambulances. For 2019, HondaJet was named the most-delivered jet in its category for the third consecutive year by the General Aviation Manufacturers Association, delivering 36 aircraft to its
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customers around the globe, bringing the total number of manufactured aircraft, since it started production, to about 157.
In 2018, two former Honda Aircraft executives created Jet It, a Greensboro-based business providing fractional ownership of HondaJets to clients. Within the first 18 months, Jet It acquired and put into service six HondaJet Elite aircrafts. Over the next 18 months, the fleet is set to triple, having placed an order for 10 more HondaJet Elites in August 2020, representing an investment of $60 million. Jet It has grown its workforce from an initial three to 59 employees and is beginning the second phase of its business model, JetClub. Key factors of Jet It’s business are private air travel, fractional ownership of an aircraft and increased health security of private terminals, aircrafts and reduced number of passengers. HondaJets are assembled at Honda Aircraft’s headquarters and manufacturing facility at PTI airport. Jet It now ranks among Honda Aircraft’s largest purchasers of HondaJet Elite aircrafts.
HAECO Americas’, formerly known as TIMCO Aviation Services, corporate headquarters is located at PTIA. HAECO provides aircraft maintenance, repair and overhaul services, and acquired TIMCO Aviation services for $388 million in 2014. The company has 2,200 employees at its five-hangar footprint at PTIA as well as additional employees at its interiors manufacturing facility in neighboring Davidson County. It services both wide-body and small body aircraft and is able to provide both high-end interiors for luxury airliners as well as more modest coach configurations. In addition to the four existing hangars in operation, HAECO completed a new $60 million, 250,000 square-foot hanger at PTIA in 2018. The City has offered an economic incentive grant of $400,000 to be paid out over five years if certain jobs are created. The new hanger could create up to 500 jobs when fully occupied.
Federal Express began operating its Mid-Atlantic Hub, a major U.S. air hub and cargo handling facility, in 2009. The one million square-foot cargo handling facility is located at PTIA on an approximately 160-acre site and has been leased by the Authority to Federal Express for an initial term of 25 years. Federal Express funded the cost of the $500 million cargo handling facility, and the Authority constructed a new 9,000-foot public runway parallel to an existing runway, as well as related taxiway, airfield and road improvements. Since fall 2019, the Federal Express Mid-Atlantic air hub, has nearly double existing operations, adding eight net new flights and approximately 400 new jobs bringing total employment at the PTIA hub to more than 800 employees. This facility features the latest in automated handling technology. In nearby Kernersville, the $110 million, 415,000 square-foot FedEx Ground “super hub” sorting and distribution center opened in 2011 and has a workforce of 550 full and part-time employees and about 200 independent contractor opportunities. At full capacity, the ground hub is capable of sorting 45,000 packages per hour serving the Southeast Region. The extensive FedEx air and ground distribution centers in the Greensboro area are part of an ongoing nationwide network expansion and transit time acceleration plan to boost daily package volume capacity and further enhance the speed and service capabilities of its network. In February 2020, FedEx Corp. announced plans to team up with FedEx Ground to transport and deliver select, last-mile residential shipments in an effort to increase efficiency and lower cost of e-commerce deliveries. FedEx Corp. selected Greensboro as the launch location and the first market for its new last-mile delivery program. In addition, FedEx Ground is hiring 1,900 seasonal workers at its Triad facilities to service an anticipated record holiday season.
To further augment this growing logistics network, United Parcel Service (UPS), one of the region’s largest employers with more than 3,200 employees including UPS Ground and Freight, continues to grow. In October 2020, UPS announced two major projects in the area; a $54 million equipment expansion at its distribution facility in Greensboro and plans to construct a $262 million, 510,000-square-foot distribution center 16 miles east of Greensboro. In June 2020, Greensboro City Council approved a $314,717 incentive package to create an additional 141 jobs paying an average annual salary of $65,147. In addition, in October 2020, the North Carolina Economic Investment Committee approved incentives for UPS valued at more than $10 million. Currently, the Triad is in the top five in terms of size of sorting and distribution facilities in the country. UPS’s expansion plans will further strengthen the area’s global logistics presence.
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On July 19, 2020, online retailer Amazon Inc. marked its first day of operations at its 1 million-square-foot fulfillment center at Triad Business Park in Kernersville. When fully staffed, the facility will employ more than 1,000 full-time employees. The new facility is within a couple miles of the FedEx Ground operation and within 10 miles of the Federal Express air and sorting hub at PTIA in Greensboro. Additionally, Amazon signed a second lease in April 2019 for 38 acres in the Piedmont Corporate Park. The ten-year lease begins in August 2019 and includes five additional options to extend the lease by five years. Since fall 2019, Amazon has opened last-mile delivery facilities in Kernersville and High Point, employing between 100 to 200 at each location and is planning to open a third last-mile center in Whitsett, 14 miles east of Greensboro.
In the City’s downtown area, a Business Improvement District (BID) was established in FY 2005 with an additional separate tax rate assessed for properties within the district boundaries. Currently the district tax is $.08 per $100 valuation. The BID contributed approximately $994,000 in the fiscal year ended June 30, 2020 for downtown improvement projects. A variety of activities have been completed, including new housing developments, business location loans, business facade improvements, landscaping and public safety programs. In FY 2013, City Council adopted aspects of a “Good Repair” Ordinance to further enhance the attractiveness of downtown sites.
In 2005, a $20 million minor league baseball stadium with a 7,499- seat capacity, opened with annual attendance averaging 335,000 for the past five years (2015 through 2019). The Greensboro “Grasshoppers”, a South Atlantic League member, are a Class A affiliate team with the Pittsburgh Pirates. The owners of the “Grasshoppers”, Greensboro Baseball LLC, purchased the First National Bank Field for $12.8 million, becoming one of just a handful of groups that own the park where their team plays.
Just south of First National Bank Field is the planned $140 million Carroll South of Ballpark mixed-use impact project that includes a proposed 20-story office tower, hotel, 280 apartment units, restaurants, conference center and street level retail shops. Phase 1 is anticipated to start by the end of 2020. An adjacent downtown development project includes a $24 million, nine-story office building, named “Project Slugger”, opening by the end of 2020. The building will be integrated into the ballpark’s entrance and overlook the stadium, maintaining many of the thematic elements of the ballpark. First National Bank will have its new market headquarters in the tower, along with retail space and a restaurant on the first floor and approximately 110,000 square feet of office space.
Carroll at Bellemeade, a luxury mid-rise hotel and apartment project also located next to the First National Bank Field, opened in March 2019 with a 110-room Hyatt Hotel and 289 apartment units. Both projects include upscale apartments and amenities with millennials in mind and are within walking distance of the baseball stadium and the Steven Tanger Center for the Performing Arts. In addition to the Hyatt Place Hotel that is part of the Carroll at Bellemeade mixed-use project, CN Hotels is well under construction of its 120-room Hampton Inn & Suites near the governmental plaza at the intersection of South Greene and West McGee Streets.
To accommodate increasing demand for additional downtown parking, two new City owned and operated parking decks are under construction. The City purchased property from Guilford County to construct the Eugene Street parking deck adjacent to First National Bank baseball park. This deck will support existing and projected parking demand for the nearby hotels, retail and the office complex known as “Project Slugger.” The deck is scheduled for completion in January 2021. The second parking deck, February One, will connect to proposed hotel and or office, residential and retail space. The two parking decks will provide approximately 1,570 additional parking spaces and cost an estimated $61 million. The debt on these projects will be paid with VIII
revenue generated from parking fees and property/sales taxes generated from new downtown development of approximately $170 million.
Many of the downtown developments are along Greensboro’s Downtown Greenway, a “linear park” that allows residents to walk or bike safely across the city, encompassing neighborhoods, restaurants, hotels, entertainment venues and historic sites. This greenway, a collaborative project of the City and Action Greensboro, is part of Greensboro’s Parks and Recreation master plan, Plan2Play. The four-mile downtown pedestrian and cycling loop, funded through a public-private partnership, connects over 100 miles of existing and 460 miles of planned greenways throughout the area, serving as the hub of the greenway system. Construction costs are estimated at $43 million, with approximately $13 million in private donations and $30 million in public funds from both local bond referendums and state and federal funding. The final installation of the Downtown Greenway is underway with the City’s purchase from Norfolk Southern of rights to install greenway sections both within and extending beyond downtown. The full project is expected to be completed by late 2021. The Greenway has been a top priority of the Greensboro Downtown Economic Development Strategy with more than $215 million in private investment projects attributing the Greenway as a reason for their location and investment. Economic development studies related to greenway projects in Charlotte and Apex, North Carolina as well as other states have shown that property values in close proximity to a greenway or park were valued higher and homes in these areas were reported to sell quicker. The greenways have also contributed to increases in adjacent commercial investment and real estate absorption, which the Greensboro Greenway is already experiencing.
On the eastern edge of downtown near NC A&T University and Bennett College, plans for a new large-scale multi-unit residential and commercial retail development were announced in fall 2018. Aptly named “Greensboro East”, the proposed development would include up to 200 apartments, townhomes, row houses and an anchor grocery store. United House of Prayer, a national Washington D.C. based Church, has had the development in consideration since 2007 when it bought the 14-acre site on East Market Street. The local business community sees this as a much needed boost to the neighborhood, providing services and additional housing options to university students, staff, and local residents. Situated a block away from the future Downtown Greenway, the development would also help to more seamlessly integrate the neighborhood to the rest of downtown Greensboro. Project costs and timelines have not yet been announced.
Also on the east side of Greensboro, a $14 million, 300,000 square-foot speculative industrial building was completed at the McConnell Center industrial park. The City of Greensboro extended a $600,000 loan as part of the City’s shovel-ready site program designed to encourage industrial and commercial development. Since its opening in 2016, the building has been occupied by two tenants – Wayfair and R.J. Schreiner Co – for a total of 77 employees on the site. In 2018, Coca-Cola Bottling Company became a third tenant, occupying a 135,000 square-foot space with an investment of $4 million into its operation. Increased demand has caused more speculative building in the City.
North of the City’s downtown area, a $100 million redevelopment project on the historic 45-acre Revolution Mill campus continues its expansion with the first phase of construction completed. Notable as the first flannel textile mill in the South and registered on the National Register of Historic Places, the mixed-use site includes 140 apartment units, 100 businesses with 240,000 square-feet of office space, three restaurants, 40 artist studios and open outdoor spaces for live music and movies. Two event centers were also completed with accommodations for up to 475 guests. The planning concept is to create a live-work-play community that IX
supports the culture of arts in Greensboro. The extensive historic restoration project will also connect the campus to Downtown Greensboro via the City’s Greenway trails. The project takes advantage of State historic preservation tax credits to aid in financing the investment.
Tenants in the Revolution Mill development include LT Apparel Group, a New York based apparel designer and marketer, was the first major business tenant, occupying a 12,000 square-foot space with 30 employees. LT Apparel Group plans to make Greensboro its headquarters for the design and artwork for Adidas and Carhartt children’s lines. Eateries can also be found at Revolution Mill including the Kau Restaurant, Bearded Goat, Cugino Forno Pizzeria and Café at Revolution.
Another nearby historic mill was purchased in 2018 with similar plans for conversion to a mixed-use development on 18 acres of land just east of Revolution Mill. The former Proximity Printworks Mill, now on the National Register of Historic Places, served as the first textile printer in the South. A Wisconsin company specializing in urban redevelopment has plans to take advantage of federal historic tax credits and invest an estimated $54 million to convert the 470,000 square-foot mill into an “adaptive reuse project” with 217 mixed- income apartments, 90,000 square-feet of retail and restaurant spaces, and climate-controlled self-storage. The mill project was designed with affordable housing in mind and qualifies for historic tax credits, allowing for 143 of the 217 apartments to be available at 60% of area median income levels and the remaining 74 units at market rate. With groundbreaking in 2018, Printworks Mill completed 54 apartments in fall 2020 and anticipates completion of the remaining units in early 2021. Together with Revolution Mill, these developments will connect to the City’s greenway to form an integrated mill community.
In keeping with Council’s strategic focus on spurring economic improvement, the City solicited proposals to develop strategies for economic development in Greensboro that will result in new jobs, investment and business opportunities. This challenge is part of the $1 million grant received by the City from the U.S. Department of Commerce and Economic Development Administration’s Strong Cities, Strong Communities (SC2) program. Greensboro was one of three cities nationwide to receive the grant. The transformative economic development plans for Greensboro were received and checks awarded to six recipients in September 2015. The first place award of $500,000 was presented to a local team of educators and business professionals for proposing the Global Opportunities Center in Greensboro that would connect and educate students and businesses in innovative ways to create global business and career opportunities. With the support of SC2 grant funds, the Global Opportunities Center opened its office in downtown Greensboro in 2016. Greensboro and North Carolina in general are transforming from the traditional manufacturing base noted in the late 80’s and early 90’s to a strong service sector and high-tech presence with significant business diversification in recent years.
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The Greensboro-High Point metropolitan area ranked in the top ten for the past nine years for regions of its size by Site Selection magazine for metro areas enriched by corporate capital investment. The ranking is based on the number of projects with capital investments of at least $1 million, related floor-space expansion, and the number of new jobs created.
In 2018, Publix Super Markets announced plans to open a new distribution center in eastern Greensboro bringing 1,000 new jobs paying an average annual salary of $44,000. In February 2020, construction began on the 1.8 million-square-foot distribution center, the largest distribution facility in the region. Construction is expected to be completed in 2021. To secure the estimated $400 million investment, the NC State Economic Investment committee approved a $15.9 million incentives package requiring a $300 million investment and 1,000 new jobs created by 2025. In addition, Guilford County has committed to an estimated $17 million in property tax incentives and Greensboro’s City Council has approved up to $20 million in similar incentives. The distribution center will produce an estimated incremental increase in tax revenue of $19.9 million over 10 years and have an economic impact of $1.38 billion over 12 years. Publix is a privately held, employee-owned company with operations throughout the southeastern United States, including nine distribution centers. Fortune magazine ranked Publix number one on their 2018 list, number two on their 2019 list and again number one on their 2020 list of World's Most Admired Companies in the food & drug stores sector.
In 2016, Kay Chemical, a division of Ecolab, completed construction of a new 36,000 square-foot office building and existing building renovations in Greensboro. The $11 million investment allowed the company to retain 225 administrative positions at risk of being moved to corporate headquarters in St. Paul, MN. Additionally, 45 new administrative jobs were added over a three-year period. The company expansion included a 12,000 square-foot cleanroom manufacturing facility and the purchase of the former Coca-Cola building adjacent to its campus for additional storage space. Kay Chemical specializes in customized programs to meet the unique food safety and sanitation requirements of the Quick Service Retail and grocery markets to global customers such as McDonald’s and Walmart.
Communications industry leader, Qorvo, has expanded by buying Amalfi Semiconductor, another cell phone component manufacturer located in California. In December 2015, the company added an additional 100 new jobs over a period of 3 years as part of a $25 million expansion of its Guilford county operations, primarily in research and development. One of the area’s largest employers and few locally headquartered public companies, Qorvo currently employs approximately 1,400 workers in Guilford County. Qorvo is the outcome of a $2 billion merger between RF Micro Devices and TriQuint Semiconductor, an Oregon-based microchip products company. In August 2016, the Greensboro site was named the sole headquarters location.
Cone Health received State approval in 2016 for plans to pursue a $100 million project to relocate the standalone Women’s Hospital to a 196,000 square-foot, 6-story new construction addition on the south side of the existing Moses H. Cone Memorial Hospital. The new facility opened in February 2020. Cone Health has invested $38 million in renovations of operating suites at Wesley Long Hospital and $23.5 million for an emergency MedCenter in Northwest Greensboro to meet the expanding need for emergency medical services in the area. In early 2020, Cone Health began construction on an estimated $64.8 million facility to provide emergency response, radiology, primary care and wellness services. The 150,000-square-foot facility, expected to be completed in early 2021, is located next to the northern section of the new Greensboro Urban Loop. These projects continue to ensure long–term sustainability and transform health care services for the community and add to the substantial investment Cone Health made in its North Tower project, which opened in June 2013. Cone’s Triad Healthcare Network ranks among the top-performing Medicare accountable care organizations in the U.S., according to federal data. Established in 2012, the network includes about 2,000 providers. Business North Carolina Magazine recently released their list of best hospitals in North Carolina with Cone Health tied for the number 1 best hospital in the State for both 2019 and 2020. The ranking identifies organizations that excel in patient satisfaction, safety, and low readmission and mortality rates for common conditions and procedures.
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The City created the South Elm Street Redevelopment District as part of an initial $11 million redevelopment project on 10 acres of abandoned property located on the south side of town. In 2011, the Redevelopment Commission of Greensboro selected South Elm Development Group as the master developer to oversee the development components of the project. The plan includes a collaborative teaching facility with nearby universities, mixed- use commercial, retail and residential buildings complemented with generous pedestrian plazas, passageways and sidewalks linking area buildings creating a vibrant community. One of the first developments in the district was the Union Square Campus. In 2017, the Construction Professionals Network of North Carolina announced Union Square Campus as the winner of the annual Star Award, given for an outstanding construction project between $10 million and $25 million. Phase I of the downtown university campus project was completed in August, 2016 with the opening of an 85,000 square-foot building to house the Bachelor and Doctor of Nursing programs and a simulated surgical lab. The $37 million healthcare-related project was jointly planned by NC A&T State University, UNC Greensboro, Guilford Technical Community College and Cone Health. A 7.5 acre site was selected in Greensboro’s South Elm Redevelopment area, of which 2 acres was donated by the City for this first phase of the project. City leaders also authorized funding up to $500,000 in other infrastructure improvements as well as building parking spaces associated with the building. Phase II of this project will focus on cybersecurity and product design while promoting global business and other areas of economic development and will include construction of adjoining office and retail space and apartments. Funds for Phase II of Union Square Campus will come from the companies that take part in this phase and is projected to be at least three years away before ground breaking begins. The fully developed project is envisioned to involve seven educational institutions and to be funded with public, private, state and federal grant contributions. The estimated long-term economic impact of this project is more than $500 million, according to a recent economic analysis study. Across from Union Square Campus, developers announced plans to build more than 90 apartments, town homes, and row houses. The proposed $27 million Southside Redevelopment Project will be instrumental in helping to revitalize the neighborhood that has been a major focus for City planners for over a decade. The City of Greensboro has required the developer to offer 51 percent of its units as affordable housing for people who earn up to 80 percent of the area’s median income. Other town homes and condominiums are expected to sell for between $150,000 and $250,000, providing an opportunity for more people to own real estate in downtown Greensboro. The project is expected to be completed in 2021.
In April 2019, the Gateway University Research Park unveiled its new name of Gateway Research Park, creating a shorter name with a broader community reach. In December 2011, the Gateway University Research Park opened the Joint School of Nanoscience and Nanoengineering (JSNN) located in east Greensboro. The 105,000 square-foot, $65 million building houses the most significant academic collaboration to date between UNC Greensboro and NC A&T State University. The program and the building itself were designed to foster interaction among the students and across specialties such as biology, engineering, and technology. The JSNN offers graduate degrees in nanoscience and nanoengineering which is expected to generate as much as $500 million in economic activity. The school has also formed the Nanomanufacturing Innovation Consortium, a partnership between JSNN and area businesses, which has grown to twenty-five members. In fall 2018, the research park opened its third facility; a new 70,000 square-foot clean room. This $12 million building is anchored by Core Technology Molding Corporation, a minority-owned innovative company that manufactures plastics, including injection molding for major companies around the world such as Merck Inc. Core Tech’s XII
manufacturing operations supports the auto, aerospace and medical industries. With Core Tech already manufacturing vaccine plunger rods for plastic syringes in the millions, production is projected to climb into the hundreds of millions to support future vaccines thereby doubling Core Tech’s annual revenue. The company’s close collaboration with various industries as well as the Joint School of Nanoscience and Nanoengineering located next door, continues to attract both global customers as well as local commercial and corporate entities. The City of Greensboro funded $1.2 million for the project. The projections for Gateway’s 75-acre South Campus include 10-12 additional buildings, driving greater economic growth.
Several of the area colleges and universities are also experiencing significant capital construction. In 2016, North Carolina voters approved NC A&T State University (A&T) and UNC Greensboro (UNCG) for a combined $195 million in Connect NC Bond funding. Following the opening of its $90 million newly constructed 150,000 square-foot student center, A&T is investing $90 million for construction of a new 130,000 square-foot, four-story Engineering Research and Innovation Complex (ERIC). A&T began the bidding process for the construction of ERIC in April 2019 and is on track to complete the project in 2021. UNCG is in the construction phase of a new $105 million, five-story Nursing and Instructional building with occupancy expected by spring 2021. The $76 million state-of-the-art chiller plant, built in coordination with the Nursing and Instructional building, was completed in 2020. In addition, UNCG completed a $51 million student residence hall in 2019 as the final piece of its Spartan Village student housing development. The mixed-use project includes retail space and pedestrian walkways connecting residence halls and the Kaplan Center for Wellness. At Guilford Community Technical College (GTCC), $34 million in renovations for the new Center for Advanced Manufacturing has now been completed. The school’s transportation and welding programs will be located in the 250,000 square-foot building and will include a flex lab for use by companies for employee training. Overall, the Piedmont Triad region received $355 million in funding from the $2 billion state bond package, approved in March 2016.
Since September 2014, A&T has ranked number one as the largest historically black college and university in the country. Fall 2020 enrollment numbers marked A&T’s fifth consecutive year of record enrollment at 12,754 students, an increase of 1.6% over the 2019-20 academic year and 2,029 students or 19% since 2014. Much of the increase in enrollment numbers can be attributed to the institution’s newly revised strategic plan, A&T Preeminence: Taking the Momentum to 2023. The plan sets an enrollment goal of 14,000 students by its conclusion.
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The Greensboro area economy remained stable. The Gross Metropolitan Product (GMP), measuring the total output of goods and services ranked the Greensboro/High Point metro in the top 20% nationally with total GMP of $43.2 billion, up 13.3% in the past five years (U.S. Bureau of Economic Analysis).
The Greensboro/High Point metro area unemployment rate steadily decreased from 10.1% in 2000 to a low of 3.8% in February 2020. The national average unemployment rate in February 2020 was 3.5%. Beginning in March 2020, rates rapidly increased due to the coronavirus pandemic to a peak in April 2020 of 15.4% for Greensboro/High Point metro area and 14.7% nationally. The unemployment rates have decreased since April 2020 with August 2020 rates at 7.7% for Greensboro/High Point metro area and 8.4% nationally. (U.S. Bureau of Labor Statistics)
The most recent Census Bureau data indicates that Median Household Income in Greensboro was $49,748, a 21.9% increase over the past five years from $40,827. (U.S. Census Bureau)
In fourth quarter 2019, there were 900 single-family home closings in Greensboro, a 30.1% increase compared to the same period last year. The fourth quarter 2019 median home sales price in Greensboro was $234,535, a 5.6% increase compared to the same period last year. (Greensboro Regional REALTORS® Association)
There are currently 10,945 hotel/motel rooms throughout the City comprising 92 hotels. Receipts from the City’s 3% occupancy tax totaled $3,601,730 in FY 2019-20. The Tourism Authority receives 20% of the City’s 3% occupancy tax, with the balance dedicated to debt service related to Coliseum complex improvements and maintenance on the facility. A portion of the County’s 3% occupancy tax is remitted to the City for tourism development activities.
Guilford County has a robust and growing tourism industry, maximizing economic impact and vitality in the region. In 2018, Guildford County was the third in visitor spending at $1.49 billion among all North Carolina counties.
From 2010 through 2019, the Greensboro Coliseum Complex substantially completed an estimated $85 million in capital improvements, financed by Limited Obligation Bonds and funded by Hotel/Motel occupancy tax collections and $8 million in grant funds. The venues renovated at the Coliseum Complex include the Arena, XIV
Special Events Center, Greensboro Aquatic Center (GAC) and an auxiliary building that houses the Greensboro Convention and Visitor’s Bureau. The projects consisted of replacing and realignment of arena seating, widening concourse areas and concessions, scoreboard and lighting updates, new viewing platform and lounge, new entrances for accessibility, and enclosing entrances for energy savings and security control.
More recent improvements include roof replacements, renovations to the Convention & Visitors Bureau, a new $8.2 million pool at the GAC, $2 million in technology improvements, and $1.2 million for improvements to the North Lobby and parking facilities. Funding was also used for housing the NBA Charlotte Hornets G- League team, the Greensboro Swarm. The Coliseum Complex Pavilion has been home court for the team with $6 million in renovations completed in October 2016. The project encompassed a complete transformation of the existing 30,000 square foot pavilion structure into a classic 2,300 seat basketball Fieldhouse, including construction of a new standing seam metal roof, new exterior glass storefront, new exterior architectural facade finishes, and approximately 10,000 square feet of additional team support space for locker rooms and showers. The venue is also designed to accommodate other Coliseum events.
The Coliseum Arena hosted the 2016 USA Masters Games and the 2015 U.S. Figure Skating Championships, an event that made a highly successful North Carolina debut in 2011 and again in January 2020. The Coliseum has hosted the ACC Women’s Basketball Tournament since 2000, with the exception of 2017, including successfully hosting the tournament in early March 2020 and will continue to do so through 2023. The Coliseum also hosted the Atlantic Coast Conference (ACC) Men’s Basketball Tournament for three seasons from 2013 to 2015 and was scheduled to host again in 2020. The first two days of the five-day tournament, planned for March 10- 14, were played as scheduled, while the remaining three days were cancelled due to the coronavirus pandemic. In addition, the Coliseum was scheduled to host the first and second rounds of the 2020 NCAA Men’s Basketball Tournament the weekend following the ACC Men’s Basketball Tournament, which were also cancelled due to the pandemic. Of the projected $20 million economic benefit from the combined 2020 ACC and NCAA tournaments, Greensboro hotels and restaurants were predominately impacted by the cancellations. In April 2020, the conference announced that the ACC Men’s Basketball tournament will again return to Greensboro Coliseum in 2023. A second announcement came in October 2020 to again host the first and second rounds of the NCAA Men’s Basketball tournament in 2023. With these announcements, along with the previously scheduled ACC Women’s Basketball Tournament, Greensboro will host all three major tournaments in 2023.
The White Oak Amphitheatre is located on the southern end of the Greensboro Coliseum Complex campus. The Amphitheatre features a seating capacity of 7,061, including more than 2,000 reserved seats and general admission lawn seating for more than 5,600 patrons. This facility hosts a diverse selection of community events, music, arts and crafts and festival type events. The venue also supports entertainment at the annual Central Carolina Fair. The name White Oak was selected in honor of the City of Greensboro’s “official” tree and a grove of white oaks surround the venue’s seating area. The traditional amphitheater season is a six-month schedule of events running from May through October.
The ACC Hall of Champions opened in 2011 and honors the league’s schools, athletes and coaches with displays of sports memorabilia and interactive games to celebrate the storied history of the ACC conference. The facility is open three days per week to the public and hosts special group tours. Funding of the $2.3 million XV
project was provided by the State of North Carolina for tourism and economic development activities. The ACC Hall of Champions strengthens the bond between Greensboro and the ACC, enhancing Greensboro’s efforts to secure future tournament dates.
Greensboro Aquatic Center, a state-of-the-art, 78,323 square-foot indoor swimming facility, with seating capacity of 1,850 and total capacity of 2,500 has been in operation since September 2011. Featuring leading edge concepts in aquatic design, the GAC brings together all major aquatic sports - competitive swimming and diving, water polo, synchronized swimming and other unique sports all in one venue. The GAC has provided Greensboro the opportunity to host high school and collegiate events, USA swimming meets, Master’s swimming and U.S. Water Polo events as well as many local, regional, national and international competitions. The GAC has previously hosted NCAA Swimming & Diving Championships in 2015 (Division I Women’s) and 2016 (Division III Women’s & Men’s). The GAC was also previously awarded the 2018 NCAA Division II Women’s & Men’s Championships and thus will now host NCAA Championships for five consecutive years (2018-2022). With this increase in demand, the GAC has completed a fourth pool that provides 19 additional short course lanes and 8 long course lanes. The facility has had an estimated economic impact of over $150 million since it opened in 2011.
Greensboro was selected from among thirty-two applications to host the annual National Folk Festival from 2015 to 2017. The free, three-day outdoor event attracted roughly 400,000 visitors over its three-year run, generating an economic impact between $12 to $15 million per year, based on audience surveys and other data. The 2017 event drew more than 162,000 attendees, an increase of 58% from 2015. The legacy festival included over 30 acts of music, dance, and other events at seven locations across downtown Greensboro. The event also utilized the LeBauer Park as one of eight venues across downtown Greensboro, located across from the Steven Tanger Center for the Performing Arts. With the success of the national festival, the City has continued the event as a statewide, admission free festival, funded by sponsorships, donations and fees paid by participating vendors. The City celebrated with the three-day North Carolina Folk Festival in 2018 and 2019 and again in 2020 being held virtually due to the coronavirus pandemic.
The eastern entrance to the City showcases the newest addition to Greensboro’s collection of beautiful parks and gardens, Gateway Gardens, another public/private venture. Phase I of the $8 million project has been completed and includes the main entrance and a 5,100 square-foot Visitor’s Center along with rain garden, pond, children’s garden and heritage garden with unique public artwork displayed throughout the park. Phase II will include a Japanese garden, wedding and special event garden and white oak forest. This project is funded with $2.5 million in City bond funds, $2 million in private contributions and a $500,000 grant.
In 2017, 2018 and 2019, the City of Greensboro ranked in the top 10 by the Center for Digital Government (CDG) in its annual Digital Cities Survey for cities with a population of 250,000 to 500,000. The CDG is a national research and advisory institute focused on information technology policies and best practices for state XVI
and local governments. The survey recognizes cities that use technology to improve services and boost efficiencies. In 2018, Greensboro stood out for its mobile progress, including the TransLoc Rider app that allows real-time tracking of city buses and its Parkmobile app that allows drivers to pay to park at all meters and parking lots using the online mobile payment system. In 2019, Greensboro was recognized for using technology to tackle social challenges, enhance services and strengthen cybersecurity. This is the fifth Digital Cities Survey Award for Greensboro.
In July 2019, the Piedmont Discovery App was launched. This mobile application, designed and managed by the City of Greensboro, City of High Point and Guilford County, is an interactive park and trail app created to search hundreds of local parks, trails and recreational opportunities. The app allows users to find outdoor amenities like trails, playgrounds or dog parks, as well as indoor recreational facilities. App users can search for parks and trails near them, find directions, connect with websites and explore trails based on difficulty and terrain. The City’s Parks and Recreation Department has been accredited by the Commission for Accreditation of Parks and Recreation Agencies (“CAPRA”) since 2006. The Department is currently one of only 166 agencies in the United States to receive the national accreditation, which shows the City’s high level of commitment to developing a standard of excellence throughout the organization that meets or exceeds National Recreation and Park Association and CAPRA national standards. The City has over 3,000 acres of developed park sites and over 8,000 acres of undeveloped land from open space dedications. There are five regional parks and two public golf courses that represent over one-half of the City’s park system at over 3,500 acres.
Greensboro has also been recognized for its effort in forming the Tri-Gig High Speed Broadband Initiative. The regional partnership plans to take advantage of existing fiber optic cable infrastructure previously installed for Greensboro’s traffic-light system. The partnership hopes to provide the next-generation of high-speed broadband infrastructure needed to meet the technological needs of current and future businesses, public institutions, educational institutions, and local residents at a substantial discount from current market prices. The Piedmont Triad Regional Council selected North State Communications as its preferred vendor for delivering high-speed internet services to the region.
The Greensboro region is well suited for sizeable computing centers and high tech companies due to the significant electric power grid developed in previous years to accommodate large textile manufacturing operations, along with existing fiber optic and advanced telecommunications infrastructure. In addition, legislation was passed that extends tax incentives to smaller data center customers in North Carolina and makes it a state with one of the lowest investment thresholds. AT&T, Facebook, Apple, Google and IBM among other large-scale data centers and tech companies, have operations in North Carolina.
FY 2020 General Fund revenues are reported at 99.6% of budgeted amounts with 96.3% of budgeted expenditures spent. General fund revenues and transfers in totaling $299.1 million were less than budgeted amounts by $1.2 million while expenditures and transfers out were $297.9 million. The fiscal year 2019-20 budget provided for a $9.2 million General Fund balance appropriation; however, the use of the appropriation was not needed. The fund balance policy target of 9% of the subsequent General Fund budget was maintained ($27.7 million) and the General Fund reserve for capital projects increased from $5.0 million to $6.5 million. This reserve amount is recorded directly within the General Fund accounts. Property tax collections were 99.4% of the current year’s levy, slightly higher than at the same time last year, with overall collections approximating close to 100% over a two to three year period from levy date. The continued high collection rate is further bolstered by the motor vehicle property tax system implemented by the State of North Carolina in 2013 called “Tax and Tag Together”. North Carolina’s vehicle registration program only allows a vehicle to be registered by the State with corresponding payment of local property tax due.
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The City of Greensboro’s total budget for the 2020-21 fiscal year has been approved for $602.4 million. The budgeted property tax rate remains the same at 66.25 cents per $100 property value. The City’s last property tax increase was a year ago for the fiscal year 2019-20 budget with an increase of three cents from 63.25 to 66.25 cents per $100 property value, primarily to support debt service.
Water and sewer rates will remain the same for FY 2020-21, with a rate increase of 4.5% projected for FY 2021-22. Residents still maintain one of the lowest water and sewer rates in North Carolina. The budget also includes a $2.50 per household fee allowing the City to continue its recycling program.
B. Long-Term Financial Planning
As of June 30, 2020, the City has $43,785,000 in authorized (2016) and unissued general obligation bonds in the following functional areas to fund various governmental projects. We anticipate phasing the issuance of these bonds over the next five years in accordance with Greensboro’s capital improvement program, Council’s strategic priorities and the economic outlook, and as current bonds mature:
Economic Development $14,635,000 Parks and Recreational Facilities 12,595,000 Transportation 9,955,000 Housing 6,600,000
The City continues to use a construction-draw note program to fund significant capital improvements with conversion to permanent financing typically within two to three years. This includes an $85 million note, issued in June 2020, for the water and sewer improvements for 2020-2022 capital projects.
The $90.4 million project for the Steven Tanger Center for the Performing Arts (Tanger Center), with seating capacity of approximately 3,000, is located in downtown Greensboro and was completed in March 2020. The project was funded by a public/private partnership with $43.4 million in public funds provided by the City and $41.8 million in private funds raised by the Community Foundation of Greater Greensboro and approximately $5.2 million in other contributions. The facility, designed as a multi-use venue with diverse programming for all ages, is estimated to attract 300,000 patrons annually, extending educational opportunities for families through exposure to high quality performances in a local setting. Donor pledges towards funding of the project exceeded $40 million, including a single private pledge of $7.5 million from Steven Tanger, granting naming rights for the facility. Inside the Tanger Center are large lobbies, grand stairs, multiple elevators, pre-functionary spaces, a patio overlooking Lebauer Park and an expansive backstage working space to support the largest Broadway and traveling performing arts shows. The Tanger Center includes a first class performance line array sound system, an electronic acoustical enhancement sound system for symphonic events, and an LED lighting stage plot to bring the latest in technological enhancements to the state-of-the-art facility. The City plans to pay the debt service associated with such financing from a portion of the County’s hotel/motel occupancy tax revenues, facility fees and parking-related revenues. Although the new facility is completed, opening has been delayed due to pandemic restrictions imposed by the state.
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The footprint design of the Tanger Center has been coordinated with the new LeBauer Park, a $10 million privately built facility that was gifted to the City and opened in August 2016. The park site is in proximity to the Tanger Center and features the largest outdoor art sculpture in the Southeast, funded by a $1 million dollar grant and designed by internationally recognized artist, Janet Echelman. The park includes a 17,000 square- foot event lawn space with its aerial sculpture, a children’s garden with reading materials from a book cart, an interactive water feature that will serve as an ice skating rink in the winter, and a dog park equipped with specially engineered turf and anti-microbial backing. The garden pavilion can accommodate concerts and other events with a nearby putting green where visitors can practice their golf skills. This entire project is considered by many to be a key component to vibrancy of the arts community as a whole in the City.
The Greensboro Science Center (GSC) is a three-in-one science destination that includes an aquarium, zoo, and science museum. The zoo was added in 2008 and the aquarium in 2013, with an extension completed in 2017. The 119,500-gallon aquarium showcases diverse species of marine life while highlighting ocean conservation. The science museum features an OmniSphere Theater, human health and biology wing, interactive dinosaur experience, and the Science Advancement through Innovative Learning (SAIL) Center. Along with the zoo’s captivating animal exhibits, it also features a hands-on farmyard and SKYWILD, an aerial attraction of ropes, platforms, and zip lines. The aerial obstacle course is designed for education, entertainment, physical fitness, team building, leadership training, and pure thrill seeking.
The GSC is on course to realize its original core vision, in part through their “Think BIG Together!” campaign which raised $13 million in private donations to supplement funds from the previously approved $20 million City bond referendum. This will help GSC complete a major expansion named Revolution Ridge: Life on the Edge, a zoological experience that will be “revolutionary” in terms of zoo design, educational technology and dedication to species preservation. In addition to various improvements made over the past few years, the expansion will double the size of the zoo and add an animal health center, butterfly house and Monarch conservation project, endangered cat complex, Okapi giraffe forest, aquatic water garden, and greenhouse. The Revolution Ridge expansion is currently under construction and expected to be completed during 2021.
In September 2019, GSC announced the addition of a Tree House Adventure, a treetop science exploration playground connected by interactive adventure bridges. This new addition will connect the existing Animal Discovery Zoo with the future Revolution Ridge Zoo. The tree house playground is currently under construction and expected to open in early 2021. In addition, a handcrafted carousel with Greensboro themed figures opened to the public in August 2020. XIX
In summer 2019, the GSC announced it 10-year master plan for 2020-2030, “The Gateway Project: The Art and Science of Imagination”. The plan sets forth a fully immersive experience including the construction of Wunderworld, a captivating underground experience of nature and science. The journey will descend into a reptilian encounter, continuing onto aquatic exhibits and a crystal cave demonstrating, through state-of-the-art technology and architecture, the science behind these natural geological wonders. The 10-year plan will also incorporate an artful and technology-infused linkage to connect attractions throughout the 400 acres of the Battleground Parks District that include the GSC, Guilford Courthouse National Military Park, Country Park, Jaycee Park and Lewis Recreation Center. The plans incorporate a hillside amphitheater, boardwalk and park pathways, public art and outdoor educational venues, and a lakeside promenade.
Since 2014, GSC has been accredited by the Association of Zoos and Aquariums, an award that only 223 of the more than 2,000 qualified national facilities receive. GSC is the only facility in the state to offer an accredited science museum, zoological park, and aquarium in a single destination. It is ranked number three in North Carolina as the top field trip attraction, receiving students, visitors and educators from throughout the state. The GSC attendance numbers have more than doubled during the past six years, 2013 to 2019, to over 400,000 annually, representing $77 million in annual economic impact from operational and associated visitor spending.
The City of Greensboro’s proposed ten-year Capital Improvements Program (CIP) includes approximately $1.5 billion for projects that will be undertaken during FY 2021-2030 and outlines a future financing plan to maintain the City’s current infrastructure and develop new facilities where needed to help achieve the City Council’s strategic service priorities. A substantial portion of the CIP relates to Street Improvements and Water Resources projects. Additional amounts are planned for Parks and Recreation projects, Libraries and Fire Stations. While the substantial portion of the CIP is funded by bonds and Enterprise Fund operations, the CIP is also funded by grant revenue, including community contributions, community development efforts, transit and other sources. During the 10-year planning period, grants are projected to be available to support a variety of Transportation projects, including sidewalk construction, greenway projects, road projects, and transit improvements. Total Grants funding in the CIP equates to $182 million, approximately 11.9% of the total CIP.
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Unauthorized bond funding represents $466 million or 30.4% of the current plan. The CIP also includes $72 million categorized as other revenue.
C. Awards and Special Recognition
The Greensboro Parks and Recreation Department received the 2019 North Carolina Marvin Collins Planning Award in the “Outstanding Planning Award – Innovation in Planning Services, Education and Public Involvement” category for its Master Plan, Plan2Play. This system-wide comprehensive master plan, adopted in February 2019, provides not only the vision, goals, strategies and recommendations for enhancing and expanding park and recreational opportunities for residents, but also includes a maintenance management plan for the next 20 years. During the community engagement period from March to June 2018, the City received over 3,000 online surveys, 870 ideas from 11 community events and over 2,000 ideas from public participation boards at local libraries and recreation centers.
Greensboro’s Parks and Recreation Department was one of four finalists for the 2019 National Gold Medal Awards for Excellence in Park and Recreation Management, awarded by The American Academy for Park and Recreation Administration. The City is also a three-time winner of the National Gold Medal for Excellence in Leisure Services.
The City of Greensboro won a 2018 Silver Circle Award from the City-County Communications and Marketing Association, a recognized network of local government communications. Greensboro ranked second among cities with a population of more than 180,000. This award recognizes the City’s website (Greensboro- nc.gov) for its digital interactivity of the overall website in the Communication and Marketing Tools category.
Greensboro's Procurement Services Division, a section of the Financial and Administrative Services Department, has received the Sustained Professional Purchasing Award (SPPA) for eleven of the past twelve years, from 2007-18. The award is presented by the Carolinas Association of Governmental Purchasing to agencies having demonstrated overall excellence in a variety of purchasing standards including staff education, technology integration, product innovation, vendor relations, and exceptional stewardship of taxpayer funds. The award exemplifies the Purchasing Division's commitment to its profession and the residents it serves.
For the third consecutive year, the City of Greensboro ranked in the top 20 of WalletHub’s Best-Run Cities in America report. To determine the effectiveness of local leadership, 150 of the largest US cities were compared based on their operating efficiency. For each city, A “Quality of City Services” score was constructed, comprising 37 key performance indicators grouped into six services categories and measured against the city’s total per-capita budget.
As the result of a collaborative effort between the City of Greensboro, local university students and the FBI, the City of Greensboro received the 2019 Cyber Security CS050 Award by COS, a security media brand and website that specializes in IT and corporate security, compliance and risk concerns. The City was recognized for its work in connecting security initiatives to business value.
The City of Greensboro received the highest Human Rights Campaign’s Municipal Equality Index (MEI) score among all North Carolina cities for the fifth consecutive year. The MEI evaluates the laws, policies and services of municipalities and rates them based on their inclusivity of lesbian, gay, bisexual and transgender (LGBT) people who live and work in the city.
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The Greensboro Television Network (GTN), the City’s government cable channel, received three awards in 2020 from the Telly Awards, a national television competition recognizing excellence in broadcast production. These three awards were; Silver award for Inside Discovery at the Science Center, Bronze award for Historic Hillside home renovation and Bronze award highlighting the public information process. GTN has won 24 Telly Awards since 2000.
In 2020, the City of Greensboro earned the LEED Silver® certification from the US Green Building Council for its sustainability efforts. Leadership in Energy and Environmental Design (LEED) is the world’s most widely used green building rating system and promotes strategies to reduce environmental harm, enhance human health and support economic development. As part of the LEED certification process, the City tracks and verifies performance on a wide range of sustainability indicators including energy, water, transportation, education, health and more. LEED provides a consistent rating system and independently verified data analysis, allowing for comparison across peer cities.
CERTIFICATE OF ACHIEVEMENT
The City has participated in the Government Finance Officers Association of the United States and Canada (GFOA) Certificate of Achievement for Excellence in Financial Reporting program since 1975. Through the annual recertification process, the GFOA recognizes governmental units that issue their comprehensive annual financial reports (CAFR) substantially in conformity with the standards of the Governmental Accounting Standards Board. The City has received the Certificate of Achievement for forty-five consecutive years, (1975 through 2019). We believe our CAFR continues to conform to the Certificate of Achievement Program requirements, as an easily readable and efficiently organized financial report, and are submitting it to GFOA to determine its eligibility for this year’s Certificate of Achievement.
To conclude, a review of the financial statements of the City will indicate a sound financial position. The financial outlook for FY 2020-21 is stable; with moderate revenue growth forecasted and continued cost-saving measures. Present management efforts in long-range strategic and comprehensive planning should enable the City to generate adequate resources to meet future service demand levels, afford a stable financial position, protect the City's credit ratings, and maintain realistic tax burdens on the public. City staff is preparing to meet the challenges of the twenty-first century to exceed the expectations of citizens for service delivery.
The preparation of this report on a timely basis could not be accomplished without the efficient and dedicated services of the Administration, Financial Reporting, Treasury and Accounting Divisions of the Financial and Administrative Services Department. We would like to express our appreciation to all personnel who assisted and contributed to the preparation of this report. We would also like to thank the members of the City Council for their interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner.
Respectfully submitted,
David Parrish City Manager
Richard L. Lusk Finance Director
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Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting
Presented to City of Greensboro North Carolina
For its Comprehensive Annual Financial Report For the Fiscal Year Ended
June 30, 2019
Executive Director/CEO
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Greensboro City Council
Nancy Vaughan Yvonne Johnson Marikay Abuzuaiter Michelle Kennedy Mayor Mayor Pro Tem At Large At Large
Sharon Hightower Goldie Wells Justin Outling Nancy Hoffmann Tammi Thurm District 1 District 2 District 3 District 4 District 5
David Parrish Richard L. Lusk City Manager Finance Director
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Report of Independent Auditor
To the Honorable Mayor and Members of the City Council City of Greensboro, North Carolina
Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, the discretely presented component units, each major fund, and the aggregate remaining fund information of the City of Greensboro, North Carolina (the “City”) as of and for the year ended June 30, 2020, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the City of Greensboro ABC Board (the “Board”), a discretely presented component unit, which represents 71.75%, 74.04%, and 98.33% of the assets, net position, and revenues, respectively, of the City’s component units as a whole. We also did not audit the financial statements of the Greensboro Housing Development (the “Partnership”), a discretely presented component unit, which represents 8.19%, (0.24%), and 0.00% of the assets, net position, and revenues, respectively, of the City’s component units as a whole. Those financial statements were audited by other auditors whose reports thereon have been furnished to us, and our opinion, insofar as it relates to the amounts included, is based solely on the report of another auditor. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. The financial statements of the Board and the Partnership were not audited in accordance with Government Auditing Standards.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the City’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
1a cbh.com Opinions In our opinion, based on our audit and the reports of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the discretely presented component units, each major fund, and the aggregate remaining fund information of the City as of June 30, 2020, and the respective changes in financial position and cash flows, where appropriate, thereof and the respective budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Other Matters
Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis and the required supplementary information, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Supplementary and Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The introductory section, combining and individual fund financial statements and schedules, statistical section, and Schedule of Expenditures of Federal and State Awards, as required by Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), and the State Single Audit Implementation Act, are presented for purposes of additional analysis and are not a required part of the basic financial statements.
The combining and individual fund financial statements and schedules, and the schedule of expenditures of federal and state awards are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, based on our audit and the procedures performed as described above, the combining and individual fund financial statements and schedules, and the schedule of expenditures of federal and state awards are fairly stated, in all material respects, in relation to the basic financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.
1b Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 28, 2020, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.
Raleigh, North Carolina October 28, 2020
1c MANAGEMENT’S DISCUSSION AND ANALYSIS
As management of the City of Greensboro, we offer readers of our financial statements this narrative overview and analysis of the financial activities of the City of Greensboro for the fiscal year ended June 30, 2020. The Management Discussion and Analysis (MD&A) section is designed to assist the reader in focusing on significant financial issues, provide an overview of the City’s financial activity, identify changes in the City’s financial condition, identify material deviations from the financial budget, and identify individual fund issues or concerns.
Since the MD&A is structured to focus on the current year’s activities, resulting changes and currently known facts, we encourage readers to consider the information presented here in conjunction with the transmittal letter, which can be found beginning on page I of this report, and the City’s financial statements, which follow this section.
FINANCIAL HIGHLIGHTS
The assets and deferred outflows of the City of Greensboro exceeded its liabilities and deferred inflows at the close of the fiscal year by $1.14 billion (net position).
The City’s net position increased by $72.1 million (6.8%) compared to FY 2019. The governmental net position increased $17.0 million (7.2%) primarily due to increased transportation revenue related to capital grants and business-type net position increased $55.0 million (6.6%) primarily due to private donations related to the construction of the Steven Tanger Center for the Performing Arts. Growth in assessed property value along with the increase in the property tax rate also attributed to the increase in the city’s net position.
The governmental activities program revenue was higher than last year’s results by approximately $15.4 million at $78.5 million. The difference is primarily related to FY 2020 transportation capital grants, an increase over prior year of $12.2 million mainly coming from an increase in street and sidewalk projects in FY 2020. General governmental revenues increased by $11.2 million (4.2%), primarily due to increased property tax. The property tax rate for the FY 2020 adopted budget is $.6625 per $100 assessed valuation, three cents higher than the FY 2019 budgeted rate. Base property values are projected to grow at 1.87% in FY 2021. Sales tax receipts increased by 2.95% or approximately $1.7 million not showing signs that sales were negatively impacted by the effects of the coronavirus pandemic during the 4th quarter of FY 2020. Investment earnings were the equivalent of 3.28 cents on the property tax rate compared to 2.85 cents last year. For budgeting purposes, management projects interest earnings to stay flat for the near-term planning cycle for conservatism. In the City’s business-type activities, total revenues increased by about $31.3 million primarily due to private donations received for the Steven Tanger Center for the Performing Arts.
During the year, the City’s governmental expenses at the entity-wide level were $331.5 million, an increase of $5.2 million or 1.6% more than last year, primarily due to increased expenses related to the demolition and the reconstruction of two fire stations as well as increased expenses related to the coronavirus pandemic. In all, expenses increased $17.1 million or 3.3% citywide with approximately $11.9 million of the increase affecting business-type activity. Increased expenditures in the proprietary funds were primarily due to the coliseum’s increased maintenance and operations from larger events and initial costs for the new Steven Tanger Center of the Performing Arts facility. Water operations also had an increase in expenditures due to debt issuance cost relating to the issuance of bonds and bond anticipation notes. Of the City’s various
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business-type service areas, water and sewer operations, coliseum operations, and the parking enterprise fund generated sufficient revenues in their programs to cover expenses.
As of the close of the current fiscal year, the City’s governmental funds reported combined ending fund balances of $244.2 million, a net increase of approximately $6.2 million in comparison with the prior year fund balance. Approximately 77.7% of this total amount or $189.7 million is restricted or non-spendable and 22.3% or $54.6 million is Committed, Assigned or Unassigned, including $16.0 million appropriated for next year’s budget.
At the end of the current fiscal year, the total fund balance for the General Fund specifically was $72.0 million. Approximately 44.9% or $32.3 million of this balance is restricted for accounts receivable and encumbrances and $4.3 million is assigned for appropriation next year. It is also the City’s policy to hold aside 9% of the subsequent year’s General Fund budget as “unassigned” to remain available for working capital, but it may also be appropriated for emergencies. This amounted to $27.7 million as of June 30, 2020. Amounts remaining that are either non-spendable, committed or assigned for other purposes totaled approximately $7.9 million.
Charges for services for the City’s largest enterprise activity, the Water Resources Fund, comprising water and sewer operations increased $2.8 million or 2.4% in FY 2020. Rate increases of 4.0% for customers both inside and outside the city limits were in effect as of July 1, 2019. The cost of the City’s water supply purchased from three neighboring municipalities in the current year was approximately $2.8 million compared to $3.0 million last year, and is budgeted at $2.9 million in FY 2021 for purchases from Reidsville, Winston-Salem, and Burlington. These interlocal arrangements will continue to be in place to keep the water lines “fresh” and to ensure additional supply in emergency or drought conditions. Current year contributions of $938,394 were made to the Piedmont Triad Regional Water Authority (“PTRWA”) for certain ongoing administration and operations associated with the Randleman Dam, which is fully operational. This project is being funded by a group of local government units and will supplement Greensboro’s water supply needs for the long term. The City’s total water rights in the Randleman Dam project, recorded as an Intangible Asset, are approximately $74.3 million, net of $17.6 million in amortization, as of June 30, 2020. Amortization of the water rights is calculated over a 50 year period. The City began receiving water from the PTRWA in October 2010, culminating a 20-year project that will ensure the City’s long-term water supply. Water purchases totaling $2.7 million were paid to the PTRWA in Fiscal Year 2020 and are budgeted at $2.7 million in FY 2021. At June 30, 2020, Revenue Bond debt service coverage was 2.13 times, exceeding the targeted goal of 2.0 times coverage.
Certain deficit fund balances were reported in the State/Federal/Other Grants Fund ($2,521,807), Street and Sidewalk Capital Project Fund ($4,798,498), and the Performing Arts Operating Fund ($2,920,536), respectively, as of the end of the fiscal year. The project fund deficits are from current expenses that were incurred at the end of the fiscal year but reimbursement had not yet been received from the federal and state granting agencies. These project fund deficits will be eliminated with the future reimbursements of federal and state grants. The opening of the new performance venue has been delayed due to state-imposed coronavirus restrictions and once the facility is opened, revenue generated from the facility and from County occupancy tax are planned to eliminate the deficit going forward.
The General Fund budget for the fiscal year ended June 30, 2020 was adopted with a $.6156 per $100 assessed valuation property tax rate. The total FY 2020 general levy tax rate increased three cents from prior year at $.6625 and includes $.0069 for housing initiatives, $.0050 for economic development purposes and $.0350 for public transit. Two special historic district taxes and a 2b
downtown business district tax for certain additional improvements are also taxed as “special district” rates.
As of June 30, 2020, the City had collected approximately $299.1 million or 99.6% of its amended budgeted General Fund revenues and had incurred $297.9 million or 96.3% of its amended budgeted expenditures. The net effect on General Fund fund balance was an increase of approximately $1.2 million this year.
The City’s net OPEB liability was $131,940,179 at June 30, 2020, as reflected in the Statement of Net Position. The plan’s fiduciary net position increased by $3.1 million due to additional contributions beyond benefit payments ($2.0 million) and investment income.
The State of North Carolina’s pension system, a multi-employer defined benefit plan in which the City participates, had an overall net pension liability as of June 30, 2020. The City’s total prorata share was $68,298,994 as reflected in the Statement of Net Position.
The City’s Law Enforcement Special Separation Allowance (LEOSSA) net pension liability was $22,410,694 at June 30, 2020, as reflected in the Statement of Net Position.
In FY 20 the City spent $40.0 million and $14.8 million for federal and state-funded grant programs, respectively, compared to $27.2 million in federal and $10.4 million in state funding last year.
Key Ratios
2020 2019 2018 2017 2016 $ Bonded Debt Per Capita $1,050 $940 $655 $631 $563
Legal Debt Margin as a % of Debt Limit 82.34% 81.55% 79.21% 76.90% 83.47%
% of Property Tax Levy Collected 99.36% 99.35% 99.54% 99.41% 99.32%
% Increase (Decrease) in Assessed Property Valuation 4.1% 1.6% 5.5% 1.6% 1.6%
Guilford County property tax revaluation occurs every five years. The most recent revaluation occurred in 2017, effective in FY 2018, noting a gain in the property base of approximately 5.5% above FY 2017 values. The next scheduled revaluation is planned for 2022, effective in FY 2023 and is expected to be within normal range of growth estimated around 5%.
The City’s net governmental general obligation bonded debt (General bond debt outstanding less amount available in debt service fund) increased by $34.4 million following the scheduled annual debt service payments and the issuance of tax exempt and taxable public improvement general obligation bonds for $63,140,000 and $13,440,000, respectively; increasing the debt per capita to $1,050. 2c
The City of Greensboro maintained its AAA general obligation credit rating from Standard and Poor’s and Fitch Ratings along with its Aaa rating from Moody’s Investors Service.
S&P Global Ratings (S&P) General Obligation Bonds Currently AAA Target AAA Enterprise System Revenue Bonds Currently AAA Target AAA Limited Obligation Bonds Currently AA+ Target AA+
Moody’s Investors Service (Moody’s) General Obligation Bonds Currently Aaa Target Aaa Enterprise System Revenue Bonds Currently Aa1 Target Aaa Limited Obligation Bonds Currently Aa2 Target Aa1
Fitch Ratings (Fitch) General Obligation Bonds Currently AAA Target AAA Enterprise System Revenue Bonds Currently AAA Target AAA Limited Obligation Bonds Currently AA+ Target AA+
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the City of Greensboro’s basic financial statements. The financial statements include two kinds of statements that present different views of the City: 1) Government-Wide Financial Statements and 2) Fund Financial Statements. Both perspectives, however, are essential and complementary components that allow the user to address relevant questions, broaden a basis for comparison, and enhance the City’s accountability. Another element of the basic financial statements is the notes to the financial statements. In addition to the basic financial statements, this report contains other supplemental information that will enhance the reader’s understanding of the financial condition of the City of Greensboro. (See Figure 1)
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Figure 1 Required Components of Annual Financial Report
Management’s Basic Discussion and Financial Analysis Statements
Government- Notes to W ide Fund the Financial Financial Financial
Statements Statements Statements
Summary Detail
A. Government-Wide Financial Statements
The government-wide statements report both short-term and long-term information about the financial condition of the City as a whole, focusing on the government’s operational accountability. The accounting methods of these statements reflect that of private sector companies in that all governmental and business-type activities are consolidated into columns that add to a total for the primary government. The statement of net position reports the City’s net position and includes all, both current and non-current, assets and liabilities of the government. The difference between the two is reported as net position. Over time, increases or decreases in the City’s net position are one indicator of whether its financial health is improving or deteriorating. You will also need to consider other non-financial factors, such as changes in the City’s property tax base, local economy and service levels, to assess the overall health of the City. On the other hand, the statement of activities reports how net position has changed and includes all of the current year’s revenues and expenses regardless of when cash is received or paid.
The government-wide financial statements of the City are divided into three categories:
Governmental Activities - Most of the City’s basic services are included here, such as police, fire, transportation, environmental services, libraries, planning, neighborhood development, public improvements, parks and recreation and general administration. Property taxes along with sales and certain state-shared taxes and state and federal grants finance most of these activities.
Business-Type Activities - The City charges fees to customers to help cover the costs of certain services it provides. The City’s water and sewer system and other stormwater resources, parking facilities, solid waste facilities, coliseum and transit activities are included here.
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Component Units - The City includes three discretely presented component entities in its report— Greensboro Housing Development Partnership, Inc., the Alcoholic Beverage Control Board (ABC), and the Redevelopment Commission of Greensboro. Although legally separate, these “component units” are important because of certain financial transactions that exist between the entities and the City and from extensive board member appointments by City officials.
The government-wide financial statements can be found on pages 3-6 of this report.
B. Fund Financial Statements
The fund financial statements provide more detailed information about the City’s major funds while focusing on fiscal accountability. Funds are accounting devices that the City uses to keep track of specific sources of funding and spending for particular purposes, as required by state law and bond covenants. City Council establishes many funds to assure control as well as good management and to exhibit proper usage of certain taxes and grants. The City of Greensboro, like all other governmental entities in North Carolina, also uses fund accounting to ensure and reflect compliance (or non- compliance) with finance-related legal requirements, such as the General Statutes or City ordinances.
The City has three types of funds:
Governmental Funds - Most of the City’s basic services are included in governmental funds, which focus on 1) how cash and other financial assets can readily be converted to cash flow in and out (that is, their liquidity) and 2) the balances left at year-end that are available for spending. This is the manner in which the financial budget is typically developed. Because this information provides a short-term view that helps determine whether there are more or fewer financial resources that can be spent in the near future to finance the City’s programs, as opposed to the government-wide statements which provides both a short and a long-term focus, a reconciliation is provided on the page following the fund statements that explains the relationship or differences between the two views.
The governmental fund financial statements can be found on pages 7-19 of this report.
Proprietary Funds - Services for which the City charges customers a fee are generally reported in proprietary funds. Accounted for like the government-wide statements, proprietary funds provide both long and short-term financial information and in addition include the statement of cash flows. A reconciliation statement is once more provided following these funds to explain the differences between them. The Internal Service Funds are an accounting device used to accumulate and allocate costs internally among the City’s various functions. Because these services predominantly benefit governmental rather than business-type functions, they have all been included within governmental activities in the government-wide statements. Individual fund data for the Internal Service Funds is provided in the form of combining statements located on pages 135-159.
The proprietary fund financial statements can be found on pages 20-31 of this report.
Fiduciary Funds - The City is the trustee, or fiduciary, for its LEOSSA Pension Trust, with all assets held and administered in a trust account invested with the State Treasurer. In addition, the Other Post- Employment (OPEB) Trust Fund was established as an irrevocable trust in FY 2009. The City is responsible for ensuring that the assets reported in these funds are used only for their intended purposes. All of the City’s fiduciary activities are reported in a separate statement of fiduciary net position and a statement of changes in fiduciary net position. We exclude these activities from the government-wide financial statements because the City cannot use these assets to finance its operations. The basic fiduciary fund financial statements can be found on pages 32-33 of this report. 2f
C. Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found starting on page 37a of this report.
D. Required Supplementary Information
In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the City of Greensboro’s progress in funding its obligation to provide pension benefits and other post-employment benefits other than pensions to certain of its retirees. Required supplementary information can be found on pages 38-44 of this report.
E. Other Supplementary Information
The combining statements referred to earlier in connection with nonmajor governmental funds and Internal Service Funds are presented immediately following the required supplementary information on pensions and other post-employment benefits. Combining and individual fund statements and schedules can be found starting on page 45 of this report.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
Net position may serve over time as a useful indicator of a government’s financial position. In the case of the City of Greensboro, assets and deferred outflows exceeded liabilities and deferred inflows by $1,138,122,626 at the close of June 30, 2020 compared to $1,066,070,292 in the previous year. The net position for the City as a whole increased 6.8% at June 30, 2020, or $72.1 million. The increase in governmental activities was primarily driven by the $12.3 million increase in property tax revenue, due to the increase in the tax rate, and $33 million of the increase in business type activities driven by increased water and sewer rates, as well as private contributions to the Steven Tanger Center of the Performing Arts.
The largest portion of the City of Greensboro’s net position $988,263,103 (86.8%) represents its investment in capital assets (e.g. land, building, machinery, and equipment) less any related debt used to acquire those assets that are still outstanding. The resources needed to repay the debt must be provided from sources other than capital assets, since they cannot be used to liquidate the liabilities.
An additional portion of the City of Greensboro’s net position $230,060,991 (20.2%), represents resources that are subject to enabling legislation or external restrictions on how they may be used. Unrestricted net position, the residual amount of assets that can be used without constraints established by debt covenants, enabling legislation, or other legal requirements changed from ($53,952,466) at June 30, 2019 to ($80,201,468) (-48.7%), down approximately $26.2 million at the end of this year, with the decrease largely attributable to the increase in General Obligation, Limited Obligation, and Revenue bond issuances in FY 2020. The City’s overall unrestricted cash levels increased by approximately $7.7 million as well to approximately $237.8 million. However, it should be noted that of the total reported “unrestricted” amount, only approximately $27.7 million is available and unobligated in the General Fund to provide working capital to finance day-to-day governmental activities and fund unforeseen circumstances in the future.
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Table A-1 City of Greensboro’s Net Position (In thousands of dollars)
Governmental Business-Type Activities Activities Total % change 2020 2019 2020 2019 2020 2019 2019-2020 Current and Other Assets $ 361,129 $ 329,962 $ 244,797 $ 230,698 $ 605,926 $ 560,660 8.1% Capital Assets, Net 531,710 488,386 1,134,173 1,050,355 1,665,883 1,538,741 8.3% Total Assets 892,839 818,348 1,378,970 1,281,053 2,271,809 2,099,401 8.2%
Deferred Outflows of Resources 51,575 47,130 12,487 11,846 64,062 58,976 8.6%
Long-Term Debt Outstanding 415,566 378,283 384,498 336,728 800,064 715,011 11.9% Other Liabilities 253,454 223,585 117,309 120,819 370,763 344,404 7.7% Total Liabilities 669,020 601,868 501,807 457,547 1,170,827 1,059,415 10.5%
Deferred Inflows of Resources 22,395 27,627 4,527 5,265 26,922 32,892 -18.2%
Net Position $ 252,999 $ 235,983 $ 885,123 $ 830,087 $ 1,138,122 $ 1,066,070 6.8%
Net Investment in Capital Assets $ 230,445 $ 217,997 $ 757,818 $ 721,374 $ 988,263 $ 939,371 5.2% Restricted 142,759 104,823 87,301 75,828 230,060 180,651 27.4% Unrestricted (120,205) (86,837) 40,004 32,885 (80,201) (53,952) 48.7% Total Net Position $ 252,999 $ 235,983 $ 885,123 $ 830,087 $ 1,138,122 $ 1,066,070 6.8%
For more detailed information, see the Statement of Net Position on pages 3-4.
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Table A-2 City of Greensboro’s Changes in Net Position (In thousands of dollars) Governmental Business-Type Activities Activities Total 2020 2019 2020 2019 2020 2019 Revenues: Program Revenues: Charges for Services $ 35,261 $ 35,447 $ 181,464 $ 179,259 $ 216,725 $ 214,706 Operating Grants and Contributions 23,541 21,096 4,538 4,420 28,079 25,516 Capital Grants and Contributions 19,737 6,564 48,760 9,930 68,497 16,494 General Revenues: Property Taxes 179,387 167,270 9,922 9,702 189,309 176,972 Other Taxes 88,898 88,084 3,562 1,351 92,460 89,435 Investment Income 5,103 7,891 4,308 6,411 9,411 14,302 Other 7,175 6,129 1,704 11,932 8,879 18,061 Total Revenues 359,102 332,481 254,258 223,005 613,360 555,486
Expenses: General Government 27,958 23,526 27,958 23,526 Public Safety 157,913 149,605 157,913 149,605 Transportation 27,750 33,174 27,750 33,174 Engineering and Building Maintenance 15,738 16,392 15,738 16,392 Field Operations 38,896 37,713 38,896 37,713 Environmental Services 25 204 25 204 Culture and Recreation 37,732 35,833 37,732 35,833 Neighborhood Development 6,096 10,632 6,096 10,632 Economic Opportunity 8,253 8,290 8,253 8,290 Interest, Fees on Long Term Debt 11,160 10,975 11,160 10,975 Water Resources 108,097 105,958 108,097 105,958 Stormwater Management 10,571 9,713 10,571 9,713 Coliseum 45,529 37,862 45,529 37,862 Solid Waste Management 14,481 13,979 14,481 13,979 Greensboro Transit Advisory Commis s ion 28,576 27,598 27,598 Parking Facilities 2,533 2,802 2,533 2,802 Total Expenses 331,521 326,344 209,787 197,912 541,308 524,256
Net, Before Transfers $ 27,581 $ 6,137 $ 44,471 $ 25,093 $ 72,052 $ 31,230 2i
Governmental Business-Type Activities Activities Total (Continued) 2020 2019 2020 2019 2020 2019
Transfers $ (10,565) $ (19,296) $ 10,565 $ 19,296 $ $
Change in Net Position 17,016 (13,159) 55,036 44,389 72,052 31,230
Beg. Net Position 235,983 249,142 830,087 727,929 1,066,070 977,071 Prior Period Restatement 57,769 57,769 Beg. Net Position, restated 235,983 249,142 830,087 785,698 1,066,070 1,034,840
Ending Net Position $ 252,999 $ 235,983 $ 885,123 $ 830,087 $ 1,138,122 $ 1,066,070
Table A-3 Summary of Financing/Interest Earnings - Governmental Activities (In thousands of dollars)
FY 2020 FY 2019 $ Change % Change Interest Revenue $5,103 $7,891 ($2,788) -35.3% Interest Expense 11,161 10,975 186 1.7% Net ($6,058) ($3,084) ($2,974) -96.4%
Summary of Financing/Interest Earnings - Business Activities (In thousands of dollars)
FY 2020 FY 2019 $ Change % Change Interest Revenue $4,308 $6,411 ($2,103) -32.8% Interest Expense 8,510 7,603 907 11.9% Net ($4,202) ($1,192) ($3,010) -252.5%
A. Governmental Activities
Governmental activities increased the City’s net position by approximately $17.0 million, up from an approximate $13.2 million decrease last year. Contributing to the increase was increases in property tax revenue from a tax rate increase and increases in federal and state grant revenue for reimbursement for street and sidewalk capital improvements. The Internal Service Funds are combined with governmental activities at the entity-wide level.
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Figure 2 Expenses and Program Revenues – Governmental (In thousands of dollars)
Table A-4 Net Cost – Governmental Activities (In thousands of dollars)
Total Cost Net Cost of Services of Services 2020 2019 % Change 2020 2019 % Change General Government $ 27,958 $ 23,526 18.8% $ (18,232) $ (14,208) -28.3% Public Safety 157,913 149,605 5.6% (148,116) (139,379) -6.3% Transportation 27,750 33,174 -16.4% (7,546) (21,568) 65.0% Engineering and Building Maintenance 15,738 16,392 -4.0% (11,433) (14,689) 22.2% Field Operations 38,896 37,713 3.1% (24,098) (24,557) 1.9% Environmental Services 25 204 -87.7% 924 935 1.2% Culture and Recreation 37,732 35,833 5.3% (29,305) (28,821) -1.7% Neighborhood Development 6,096 10,632 -42.7% (427) (5,893) 92.8% Economic Opportunity 8,253 8,290 -0.4% (3,588) (4,082) 12.1% Total $ 320,361 $ 315,369 1.6% $ (241,821) $ (252,262) 4.1%
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B. Business-Type Activities
Business-type activities increased the City of Greensboro’s net position by $55 million, largely attributable to net income generated in the City’s water and sewer utility, primarily from rate increases and continued cost containment to budget, as well as coliseum’s private contributions to the Steven Tanger Center for the Performing Arts. The General Fund continued to support the Coliseum and solid waste operations; water, sewer, and parking fees were sufficient to cover operations.
1) Enterprise Funds
There are six separate and distinct operations accounted for in the Enterprise Funds: the Water Resources Utility Operations, Stormwater Management Services, Coliseum Complex, Solid Waste Management, Greensboro Transit Advisory Commission and Parking Facilities (Other Non-Major Fund).
Depreciation is computed on all depreciable plant and equipment and is reflected as an operating expense. Depreciation expense also includes amortization of software and licenses and other intangible assets, such as water rights. The following schedule reflects the change in net position before and after depreciation/amortization for each of the enterprises compared to the preceding year.
Table B-1 Change in Net Position– Business-Type Activities (In thousands of dollars)
Change in Net Position Change in Net Position Before After Depreciation/Amortization* Depreciation/Amortization* Enterprise Activities 2020 2019 2020 2019 Water Resources $ 49,783 $ 48,269 $ 19,782 $ 19,189 Stormwater Management 1,950 2,867 (38) 880 Coliseum 31,945 23,908 26,109 20,673 Solid Waste Management 637 1,605 237 1,171 Greensboro Transit Advisory Commis s ion 10,611 5,287 6,943 1,855 Parking Facilities 1,763 1,145 1,193 576 Total $ 96,689 $ 83,081 $ 54,226 $ 44,344
*Excludes the effect of Internal Service Fund chargebacks.
Major activities and/or changes in the Enterprise Fund operations are presented in the following comments.
2) Water Resources Fund Charges for current services totaled $119,676,814 compared to $116,906,359 for the preceding year, an increase of 2.4%. Operating expenses (excluding depreciation) increased by 2.1% and totaled $71,048,740 as compared to $69,602,670 for the preceding year. On July 1, 2019, water and sewer rates for average residential customers increased by 4.0% for customers both inside 2l
and outside the City limits, largely causing the improved revenue results. On July 1, 2020, water and sewer rate increases were suspended due to the economic impact of the coronavirus pandemic, however a higher rate increase of 4.5% will be necessary in FY22 in keeping with debt service coverage covenant targets of 2.0x coverage. Actual debt service coverage has exceeded 2.0x coverage in each of the past ten years, with a current coverage of 2.13x as of June 30, 2020.
The City continues to make a significant investment in water resource needs to replace and expand existing infrastructure and to meet new environmental regulations. The Water and Sewer utility comprises approximately one-third of the City’s overall capital improvement plan, with estimated $540 million in planned capital expenditures over the next ten year period. Ongoing system improvements are expected and are included in our long-range planning. Major projects include continued work at the Osborne Water Reclamation Facility to increase capacity, major electrical improvements to the Mitchell Pumping Station, customer service billing meter change out, ongoing water and sewer line rehabilitation, and expansion and renovations. The City utilizes the issuance of revenue bonds and pay-go funding to fund these projects. Pay-go funding is expected to be a little less than 50% and should cover a large part of anticipated future costs. The City has also established a capital reserve account to provide for future needs of the water and sewer system, with an account balance of approximately $17.1 million available in the restricted assets total of the Water Resources Fund as of June 30, 2020.
The Randleman Dam, Lake and Water Plant Project (managed by the Piedmont Triad Regional Water Authority, “PTRWA”) is designed to meet long-term future water needs. PTRWA constructed a 14.7 MGD Water Treatment Plant (expandable to 48 MGD) which began pumping treated water to Greensboro in early October 2010. Approximately $2.7 million was paid to PTRWA in FY 2020 for current water purchases from this supply. Greensboro has acquired certain water rights in this project, along with five other governmental units. Due to ongoing interlocal water purchase agreements with neighboring communities, conservation measures, the purchase of a small dam on the Haw River, along with approximately 7.83 million gallons of water per day available to be piped from Randleman, the City has been able to adequately manage its water supply with an annual average production capacity of 48 MGD.
3) Stormwater Management Fund Charges for current services totaled $10,163,995 as compared to $9,896,486 for the preceding year, an increase of 2.7%. Operating expenses (excluding depreciation) increased by 11.1% and totaled $8,582,788 as compared to $7,725,906 for the preceding year, the increase is largely attributed to increased personnel and benefit expense. The stormwater program monitors and manages the quality and quantity of stormwater runoff and helps protect limited water resources throughout the City. Residential stormwater fees range from $1.50 to $3.90 based on the square footage of impervious property area owned and fund program operations as well as related capital improvement projects.
4) Coliseum Fund Charges for current services totaled $30,867,027 as compared to $29,687,289 for the preceding year, an increase of 4.0%. The total number of events in FY 2019-20 decreased from 941 to 739 due to state-imposed coronavirus restrictions. The overall facility attendance decreased from 1.1 million to 1.0 million in FY 2020; revenues increased due to large entertainment events yielding more admission and concession revenue. The Greensboro arena has hosted twelve Men’s ACC Basketball Tournaments from 1995 to 2020, and Greensboro is scheduled to again host in 2023. In 2020 the Men’s ACC tournament was canceled after two days of play. Along with hosting the Women’s ACC Basketball Tournament from 2000 to 2020, the arena has hosted other NCAA Regional events. Greensboro is widely recognized as the “Tournament Town”. Operating 2m
expenses (excluding depreciation) totaled $38,221,661 as compared to $32,980,178 for the preceding year, an increase of 15.9%. The General Fund contributed $2,900,000 toward Coliseum activities this year, the same subsidy amount as last year, mainly for operations. The General Fund also contributed $190,371 for start-up expenses related to the Steven Tanger Center for the Performing Arts which is included in the Coliseum fund for reporting purposes. The Steven Tanger Center for the Performing Arts had an anticipated grand opening in March 2020, but due to state-imposed coronavirus restrictions, this has been delayed. Revenues and expenses for a given year may fluctuate based on the nature of the associated event agreements.
5) Solid Waste Management Fund Charges for current services totaled $12,240,582 as compared to $12,618,701 for the preceding year, a decrease of 3.0%. Operating expenses (excluding depreciation) totaled $14,127,837 as compared to $13,499,214 for the preceding year, an increase of 4.7% primarily due to an increase in contracted services for hauling services and landfill fees. The decrease in charges for current services is due to decrease in refuse and compost disposal fees.
In October 2006, the City completed construction of a solid waste transfer station as an alternative to the White Street Landfill, at an estimated cost of $9 million. The City issued $8.4 million in special obligation bonds in November 2005 associated with this new facility, supported with a pledge of local sales tax revenue. The final maturity of the Special Obligation Bond occurred in June, 2020. Debt service coverage by the local sales tax revenue well exceeds the 2.00 times covenant requirement, currently at more than 28 times covered.
6) Greensboro Transit Advisory Commission Charges for current services totaled $1,498,173 as compared to $2,045,903 in the preceding year, a decrease of 26.8% primarily due to transit free fares starting in March 2020 due to the coronavirus pandemic. Operating expense (excluding depreciation) totaled $24,823,714 as compared to $24,166,476, an increase of 2.7%. This operation is primarily funded with grants, property, motor vehicle and local option sales tax.
7) Parking Facilities Fund Charges for current services totaled $3,302,276 as compared to $3,237,112 in the preceding year, an increase of 2.0%. Beginning on January 1, 2020 monthly parking rates in downtown parking decks increased $8 per month, from $85 per month to $93 per month, which has contributed to the improved revenue. Operating expenses (excluding depreciation) totaled $1,783,916 as compared to $2,128,306 for the preceding year, a decrease of 16.2% due to decrease in maintenance and repair as repairs to the Greene Street and Davie Street parking decks were done in the previous year. At the end of October 2019, the City issued $29,685,000 in Limited Obligation Bonds for a downtown parking deck. A second downtown parking deck is planned for fiscal year 2021 and will also be financed with additional Limited Obligation Bonds. The debt service for both Limited Obligation Bonds will be repaid through parking fee revenue as well as property and sales tax from related downtown development.
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Figure 3 Expenses and Program Revenues – Business-Type (In thousands of dollars)
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Figure 4 Revenues by Source – Business-Type Activities
FINANCIAL ANALYSIS OF THE CITY’S FUNDS
A. Governmental Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. As of June 30, 2020, governmental funds reported a combined fund balance of $244.2 million, an increase of approximately $6.2 million or 2.6% of the FY 2019 amount. The General Fund net results increased fund balance by $1.2 million, due primarily to an increase in property tax from a property tax increase. Internal Service Funds are reported with the governmental activities in the Statement of Net Position. Overall operating expenditures (excluding debt service) have increased approximately $30.6 million or 9.7% primarily due to increased spending for capital project relating to the construction of two new fire stations, road widening, sidewalk projects, updates to parks and the continuation and updates to the Downtown Greenway. Debt service expenditures at $37.0 million are up by approximately $10.8 million from the previous year. The current year transfers out exceeded transfers in by $17.9 million to support other operations including governmental debt proceeds transferred to support Coliseum capital improvements recorded in the Coliseum enterprise fund and matching support for state and federal grants. Fund balance of $189.7 million or 77.7% of the total amount is non-spendable or restricted to indicate that it is not available for spending due to GASB No. 54 classifications of (1) Non-Spendable which includes inventories, prepaid expenses, perpetual maintenance or assets held for resale (2) Restricted which includes amounts to liquidate contracts and purchase orders of the previous year, adherence to Stabilization for State Statute, amounts bound by debt covenants and third party grantor requirements. The adherence to State Statute limits the amount that may be appropriated by the governing board or for other restricted purposes. The remainder of fund balance represents amounts committed 2.6%, assigned 17.2% and unassigned 2.5% funds.
The General Fund is the chief operating fund of the City. At the end of the current fiscal year, total fund balance of the General Fund was $72.0 million. Of this amount, $1.4 million is non-spendable, $32.3 million is restricted, $4.3 million is assigned for appropriation in next year’s budget, $6.5 million is assigned for capital projects and $27.7 million or 9% of the subsequent years’ budget is 2p
unassigned and retained for working capital purposes as well as unforeseen emergencies. General fund balance increased by $1.2 million due primarily to an increased amount of property tax received in FY 20 due to the tax increase.
The Debt Service Fund has a fund balance of $26.0 million, $2.6 million less than last year, with a target level of $10 million. The fund covered debt service expenditures (principal and interest) of approximately $33.1 million, amounting to approximately 11.4 cents of the general property tax rate. The total fund balance at June 30, 2020 is assigned for debt service in next year’s budget with the balance to be used to stabilize property tax rates from year to year, despite future increases in debt service amounts due to new voter-approved bonds, as well as to support the City’s fund balance goals.
Revenues for general governmental functions (General, Special Revenue, Capital Project and Debt Service Funds) amounted to $342,401,070 for the fiscal year ended June 30, 2020 and are comprised of various sources as shown in the following graph:
Figure 5 Revenues by Source – Governmental Activities
Property tax collections for the current City levy amounted to $194,247,239. The rate of collection as of the end of the fiscal year was 99.36% for the current year levy, with collections for levies in previous years approximating close to 100%. We expect the collection rate to remain at high levels due to the statewide motor vehicle “Tax and Tag Together” system, implemented by North Carolina effective July 1, 2013. The State of North Carolina now collects property taxes on motor vehicles and remits to the City rather than collected by Guilford County under the old system.
The overall property tax rate for the FY 2020 budget is $.6625 per $100 valuation, three cents higher than the FY 2019 budgeted rate of $.6325. The FY 2020 budget was adopted with $0.0069 directly recorded in the Housing Partnership Fund. This amount replaces the General Fund transfer to the housing fund that was budgeted in previous years and allows the Housing Partnership Fund to remain
2q a Special Revenue Fund in accordance with GASB Statement No. 54. The FY 2020 budget also provides for $0.0050 for economic development purposes and $.0350 for public transit support. The resulting General Fund tax rate was 61.56 cents per $100 valuation in FY 2020.
Tax rates for the current and three preceding fiscal years were adopted, as follows, at the same overall rate, however, different allocations among purposes are noted:
2020 2019 2018 2017 General Fund $.6156 $.5856 $.5856 $.5856 Economic Development .0050 .0050 .0050 .0050 Housing Partnership .0069 .0069 .0069 .0069 Transit Authority .0350 .0350 .0350 .0350 Total Tax Rate $.6625 $.6325 $.6325 $.6325
The local option sales tax collection amounted to $58,379,799 as compared to the previous year's collection of $56,704,224, an increase of $1.7 million or 2.95% from last year, however, we note a 59.0% gain in the ten year trend for this revenue source. In FY 2020 it was determined that since Greensboro Transit Advisory Commission received a portion of property taxes it should also receive a sale tax allocation that amounted to $2,522,000. Guilford County uses the “ad valorem” (property tax) method to distribute its allocated sales tax receipts to municipalities within the County and as a result, sales tax receipts for Greensboro may fluctuate from year to year, depending on the proportion of property tax levies of each of the municipalities within the County, compared to the total collected. Local option sales taxes represent approximately 18.6% of overall general fund revenues in FY 2020.
The total sales tax rate in Guilford County is 6.75% with 4.75% charged for the general state rate and 2.00% charged for the local option. The local option sales tax currently in effect is distributed by the State to the County as follows, with subsequent distribution to Greensboro and the other municipalities in the County, based on the “ad valorem” method:
Article 39 (1%) Point of Origin Article 40 (1/2%) Per Capita Article 42 (1/2%) Point of Origin
Greensboro’s occupancy tax collection of $3,601,730 has increased 26.9% over the ten-year period ending June 30, 2020. In FY 2020 there was a 23.1% decrease from the prior year due to traveling concerns pertaining to the coronavirus pandemic.
Intergovernmental Revenues amounted to $60,949,727 as compared to previous year revenues of $56,923,120. State-shared and grant revenues are a major source of funding for municipal operations and services, with intergovernmental revenues comprising 17.8% of total governmental revenues, as compared to 17.4% in the previous year.
Licenses and permits amounted to $4,169,072 compared to previous year revenues of $3,683,537 an increase of 13.2%. The increase is primarily due to an increase in the number of building permits during FY 2020.
Fines and forfeitures amounted to $1,945,934 as compared to the previous year's collection of $1,896,318, an increase of 2.6% over last year. The increase was primarily due to an increase in city code violation collections, partially offset by a decrease in parking violation collections and library fines. 2r
Charges for current services amounted to $26,626,110 as compared to the previous year's revenue of $25,177,520 an increase of 5.6%. The increase is primarily due to an increase in general fund waste/trash collection from the prior year due to a $2.50 monthly solid waste fee that was administered to all single-family dwellings in FY 2020.
Cash Management
The City's investment policy is to minimize credit and market risks while maintaining a competitive yield on its portfolio. Accordingly, deposits were either insured by federal depository insurance or collateralized. All collateral on deposits was held either by the City or its agent. All investments held by the City during the year and at June 30, 2020 are classified in various levels of fair value hierarchy as defined by the Governmental Accounting Standards Board.
The City's cash management program provided the City with interest earnings excluding fair market value adjustments totaling $9,487,999 for the fiscal year ended June 30, 2020 as compared to $7,906,665 in the prior year. Cash balances are analyzed daily to forecast the amount of funds required and amounts available for investment. The average amount of funds invested per month totaled $373,016,381 during the year. The City's average yield on investments for the year was 2.54%, up from 2.31% in the prior year. Interest earnings were the equivalent of nearly 3.28 cents on the tax rate for FY 2020 compared to 2.85 cents last year.
B. Proprietary Funds
Proprietary Funds provide the same type of information found in the government-wide financial statements but in more detail. Other factors concerning the finances of the proprietary funds have already been addressed in the discussion of the City of Greensboro’s business-type activities.
General Fund Budgetary Highlights
The General Fund budget for FY 2020 was adopted at $305,020,725 (excluding carry-forward encumbrances) and represents an increase of approximately 4.5% compared to the adopted FY 2019 budget. Encumbrances of $3,689,130 were carried forward from FY 2019 commitments. There were no significant variances from the original and final amended budgets for FY 2020.
As of June 30, 2020, the City had collected $299.1 million or 99.6% of its budgeted General Fund revenues and had incurred $297.9 million or 96.3% of its budgeted expenditures. Significant differences between actual results and the final amended budget are highlighted below:
• Overall General Fund revenues were less compared to the final amended budget by approximately $1.2 million primarily due to decrease in intergovernmental charges, construction permits and charges for current services, specifically waste/trash collection, and Parks and Recreations admissions and charges. Revenue generated from waste and trash collection was lower than the final amended budget by approximately $1.35 million.
• Actual expenditures compared to final budget were less by $11.6 million or approximately 3.7%, noting approximately $3.4 million savings in police operations, $2.4 million savings in engineering and building maintenance and approximately $2.5 million savings in culture and recreation.
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FY 2020 included a 3% average merit increase for employees, along with further implementation of compensation study recommendations.
Capital Asset and Debt Administration
A. Capital Assets
The City’s investment in capital assets including intangible assets for both its governmental and business-type activities as of June 30, 2020, amounts to $1,665,883,226 (net of accumulated depreciation/amortization). These assets include buildings, roads and bridges, land, machinery and equipment, park facilities, vehicles and intangible assets such as easements, software and licenses and water rights among other types of assets. This investment represents an increase of $127,141,776 or 8.3% over the prior year.
Table C-1 Capital Assets (Net of Depreciation/Amortization - in thousands of dollars)
Governmental Business-Type Activities Activities Total 2020 2019 2020 2019 2020 2019 Land$ 113,678 $ 101,581 $ 61,666 $ 62,151 $ 175,344 $ 163,732 Construction in Progress 25,193 15,621 175,237 178,863 200,430 194,484 Intangible Assets - Easements 26,240 25,049 26,240 25,049 Buildings 96,583 101,729 300,652 229,552 397,235 331,281 Land Improvements 23,652 22,459 23,053 24,676 46,705 47,135 Improvements other than Buildings 80 82 3,894 4,052 3,974 4,134 Furniture, Fixtures, Machinery and Equipment 58,007 59,938 61,025 52,807 119,032 112,745 Infrastructure 214,509 186,963 407,736 397,470 622,245 584,433 Intangible Assets 8 13 74,670 75,735 74,678 75,748 Total Capital Assets$ 531,710 $ 488,386 $ 1,134,173 $ 1,050,355 $ 1,665,883 $ 1,538,741
This year’s major capital asset additions included:
• Business Activities asset net additions totaled over $84 million, with nearly all of the increase due to new construction for the completion of Steven Tanger Center for the Performing Arts facility and construction in progress for utility system improvements. Developers also donated approximately $2.8 million of the additional water and sewer infrastructure line improvements.
• General government additions were mainly furniture, fixtures, machinery and equipment at $8.6 million, right-of-ways, sidewalks, and at $35.4 million, $6.5 million for improvements at the Natural Science Center, $8.5 million in land for the Downtown Greenway and $1.7 million for improvements at Keeley Park, most of which are bond funded.
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Construction in progress for governmental-type and business-type capital assets totaled $25,192,612 and $175,237,008 respectively as of June 30, 2020 compared to $15,620,930 and $178,863,571 last year.
The City adopted the FY 2021-2030 Capital Improvements Program (CIP) totaling $1,505,000,436 for projects as outlined below:
Table C-2 CIP Expenditures – 10 Year Plan
CIP Expenditure Category by Service Area % of Total CIP Infrastructure 78.7% Community Services 19.0% Public Safety 2.3% 100.0%
Table C-3 CIP Funding Sources – 10 Year Plan
CIP Funding Source % of Total CIP Authorized Bonds 8.2% Revenue Bonds 22.1% Enterprise Funds 20.9% Grants/Other 18.4% Unauthorized Bonds 30.4% 100.0%
Additional information on the City’s capital assets can be found in Note I.D.5 and IV.C of this report.
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B. Long-Term Debt
As of June 30, 2020, the City had total bonded debt outstanding (at par) of $726,260,810 with $303,680,000 backed by the full faith, credit and taxing power of the City, $52,380,000 backed by Hotel/Motel occupancy tax of the City, $43,450,000 backed by Tanger Center parking fees, ticket fees, and hotel motel tax from the county, $29,685,000 backed by revenue generated from parking fees and property and sales tax generated from the new downtown development, $12,755,000 backed by property tax revenue, $284,310,810 backed by a revenue pledge of the Combined Enterprise System (currently Water Resources utility system).
Table D-1 General Obligation, Limited Obligation, Special Obligation and Revenue Bonds – Outstanding Debt (In thousands of dollars)
Governmental Business-Type Activities Activities Total 2020 2019 2020 2019 2020 2019 General Obligation Bonds $ 303,680 $ 284,005 $ $ $ 303,680 $ 284,005 Limited Obligation Bonds 65,135 54,060 73,135 43,450 138,270 97,510 Special Obligation Bonds 785 785 Revenue Bonds 281,730 241,650 281,730 241,650 Revenue BANS 2,581 37,172 2,581 37,172 Total $ 368,815 $ 338,065 $ 357,446 $ 323,057 $ 726,261 $ 661,122
The City’s total overall outstanding bonded long-term liabilities increased approximately $65.1 million during the current fiscal year due to the issuance of $76.6 million General Obligation Bonds for public improvements, $12.8 million of Limited Obligation Bonds related to construction of two fire stations, $29.7 million of Limited Obligations Bonds related to construction of the Eugene Street Parking Deck, and $116.3 million of Combined Enterprise System Revenue Bonds. As of June 30, 2020 the City had one outstanding construction period type note agreement that provides a privately placed commitment to fund capital projects as the expenditures are being incurred, effectively delaying actual long-term debt issuances for several years. An $85 million Combined Enterprise System Revenue BAN has a variable interest rate and will be refinanced in fiscal year 2022.
The City of Greensboro has a general obligation bond rating of Aaa from Moody’s Investors Service and a AAA rating from both S&P Global Ratings and Fitch Ratings. These bond ratings are a clear indication of the sound financial condition of the City of Greensboro. Greensboro’s credit worthiness is a major factor in securing the highest possible general obligation bond rating. This credit worthiness, according to recent rating reports, is the result of diversifying businesses, a stable and consistent growth in the taxpayer base, the conservative fiscal policies for reserve and debt management and the operating performance, as well as financial flexibility. Other factors considered and affecting the high-grade credit position is the history of budgeting, the moderate debt position and the oversight provided by the North Carolina Local Government Commission.
North Carolina general statutes limit the amount of general obligation debt that a unit of government can issue to 8 percent of the total assessed value of taxable property located within that government’s boundaries. The legal debt margin for the City of Greensboro is $1,916,450,559. The City has $43,785,000 in authorized, but unissued bonds at June 30, 2020 which includes $9.955 million for Transportation Bonds, $12.595 million for Parks and Recreational Facilities, $6.600 million for Housing 2v
Bonds and $14.635 million for Community and Economic Development. Each referendum item was voted on separately.
More detailed information about the City’s long-term liabilities is presented in Note IV.G.
Economic Factors and Next Year’s Budgets and Rates
The Greensboro area economy continued to gain strength in several areas including median household income and housing activity. Retail sales grew more than 2.5% compared to FY 2019. Unemployment increased from 4.6% in June 2019 to 9.4% in June 2020, hotel/motel occupancy taxes decreased 23% to $3.6 million from $4.7 million in FY 2019 due to the nationwide impact of the coronavirus pandemic.
The City’s adopted FY 2021 budget for all funds increased $35.8 million or 6.3% to approximately $602.4 million, primarily in the infrastructure area for Water Resources improvements, construction of parking decks and field operations funding for residential and commercial recycling programs due to changes in the secondary market for recycled materials. The assessed base value of all real and personal property is projected to grow approximately 1.9% in FY 2021. The FY 2021 budget was adopted with a property tax rate of $.6625 cents per $100 of assessed value (same as prior year) and includes allocations of $.0350, $.0069 and $.6206 to fund transit, housing and general government initiatives, respectively.
City Council has reaffirmed its intention to continue to maintain the unassigned fund balance of the General Fund at 9% of the 2021 fiscal year budget, or approximately $27.7 million.
Budget Highlights for the Fiscal Year Ending June 30, 2021
Governmental Activities:
The General Fund budget for FY 2021 was adopted at approximately $307.4 million (up 0.8%) with approximately $8.7 million in increased appropriations over the amended FY 2020 budget. Overall the General Fund budget shows a net increase of less than one full-time equivalent positions, several position changes are included in a variety of General Fund departments. The budget projects decreases in projected revenue primarily from sales tax due to uncertainties related the coronavirus pandemic. Sales tax revenue is projected to decrease by $3.4 million compared to previous year’s budget. Major budgeted initiatives continue to include economic development and job creation.
Appropriated General Fund fund balance is $4.3 million, or 0.9% of the total budget, but has historically been mostly unused.
The budget includes many programmatic reductions and delays for the next year based on the uncertainties for revenues due to the coronavirus pandemic. The budget included a 2.0% cost of living adjustment for employees.
When city staff was preparing the city budget in early April and May we had budgeted conservatively for FY 2021, based on how final actual revenue came in.
The second year budget for FY 2022 is balanced with a 66.25 cent tax rate, unchanged from the adopted FY 2021 rate.
In FY 2021, the Debt Service Fund budget increased from the prior adopted budget to approximately $37.2 million. The amount of general obligation debt service as a percentage of General Fund expenditures is projected to be 12.0% in FY 2021. 2w
Business-Type Activities:
The Water Resources budget increased approximately $1.9 million or 1.3% for the FY 2021 budget as compared to the previous budget. Transfers of $27.8 million to the Water Resources Capital Improvements Fund are budgeted to allow for capital expenditure needs in accordance with the long-term Capital Improvement Plan as well as improve the City’s water and sewer system, including rehabilitation of older water and sewer lines. The budget does not include a water rate increase in FY 2021, however a higher rate increase of 4.5% will be necessary in FY 2022 to ensure debt coverage projections are considered adequate by management. Debt service payments will increase slightly from $29.7 million to $31.2 million, supporting the enterprise’s planned debt program. Greensboro has the second lowest water rates among North Carolina cities, (January 2020) with a water bill of 1.21% of the Median Household Income (MHI). Rates of less than 2% of MHI are considered to be favorable. Approximately 95% of all of the utility’s customers reside within the City limits.
Requests for Information
This financial report is designed to provide a general overview of the City of Greensboro’s finances and to demonstrate the City’s accountability for the money it receives. Questions concerning any information provided in this report or requests for additional information should be addressed to City of Greensboro Financial and Administrative Services Department, P.O. Box 3136, Greensboro, North Carolina 27402- 3136 or by calling (336) 373-2077, or by visiting our website at www.greensboro-nc.gov.
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City of Greensboro -3- Statement of Net Position Exhibit A-1 June 30, 2020 Page 1 of 2
Primary Government
Governmental Business-Type Component ASSETS Activities Activities Total Units
Cash and Cash Equivalents/Investments$ 149,698,905 $ 88,120,252 $ 237,819,157 $ 4,680,196 Receivables, Net Taxes 3,825,006 362,444 4,187,450 Accounts, Notes and Mortgages 40,949,942 18,713,935 59,663,877 16,142 Assessments 5,435 5,435 Intergovernmental 38,981,047 4,375,115 43,356,162 21,306 Interest 363,068 929,453 1,292,521 Real Estate Foreclosed 741,024 741,024 Internal Balances (8,683,681) 8,683,681 Due from Component Unit 883,661 883,661 Inventories 2,072,505 5,116,189 7,188,694 3,780,221 Miscellaneous 135,860 539,446 675,306 137,755 Assets Held for Resale 695,180 695,180 5,192,601 Self-Funded Retention Deposits 16,563,280 16,563,280 Long-Term Note Receivable 8,591,098 8,591,098 2,118,711 Restricted Assets: Temporarily Restricted: Cash and Cash Equivalents/Investments 111,989,470 105,403,768 217,393,238 Receivables, (Net): Accounts, Notes and Mortgages 325,556 325,556 Assessments 481,572 481,572 Intergovernmental 3,311,891 3,311,891 Interest 168,645 168,645 Permanently Restricted: Cash and Cash Equivalents/Investments 2,582,813 2,582,813 Capital Assets, Net Non-Depreciable: Land 113,678,240 61,666,163 175,344,403 4,179,181 Construction in Progress 25,192,612 175,237,008 200,429,620 Intangible Assets - Easements 26,239,893 26,239,893 Depreciable: Land Improvements 49,473,244 51,158,494 100,631,738 Accumulated Depreciation (25,820,588) (28,105,055) (53,925,643) Buildings 192,298,813 486,563,382 678,862,195 6,958,191 Accumulated Depreciation (95,716,277) (185,911,122) (281,627,399) (1,498,155) Improvements Other than Buildings 94,000 10,083,240 10,177,240 521,205 Accumulated Depreciation (14,100) (6,189,418) (6,203,518) (498,699) Furniture, Fixtures, Machinery and Equipment 190,984,747 123,153,369 314,138,116 3,024,815 Accumulated Depreciation (132,977,320) (62,128,785) (195,106,105) (2,492,185) Infrastructure 384,657,457 775,062,595 1,159,720,052 Accumulated Depreciation (170,148,928) (367,326,530) (537,475,458) Intangible Assets 4,168,935 98,039,270 102,208,205 Accumulated Amortization (4,160,548) (23,369,565) (27,530,113) Total Assets 892,839,358 1,378,970,428 2,271,809,786 26,141,285 DEFERRED OUTFLOWS OF RESOURCES Unamortized Bond Refunding Charges 517,468 2,535,105 3,052,573 Pension Deferrals 22,441,876 4,113,191 26,555,067 316,512 Current Year Pension Contributions 14,419,042 2,577,178 16,996,220 251,670 OPEB Deferrals 14,196,444 3,261,399 17,457,843 1,086 Total Deferred Outflows of Resources 51,574,830 12,486,873 64,061,703 569,268
The notes to the financial statements are an integral part of this statement. Primary Government -4- Exhibit A-1 Governmental Business-Type Component Page 2 of 2 LIABILITIES Activities Activities Total Units Accounts Payable $ 27,793,975 $ 19,167,183 $ 46,961,158 $ 3,032,127 Contracts/Retainage Payable 4,861,480 1,065,499 5,926,979 Intergovernmental Payable 4,219,321 18,627 4,237,948 883,661 Customer Deposits Payable 947,460 4,763,423 5,710,883 Pollution Remediation Payable 1,303,708 150,024 1,453,732 Accrued Interest Payable 3,542,498 736,337 4,278,835 Accrued Landfill Liability 500,000 500,000 Miscellaneous 98,814 98,814 106,351 Prepaid Privilege License Fees 12,191 12,191 Unearned Grant Revenues 1,846,743 1,846,743 Unearned Contributions/Donations 252,696 252,696 Unearned Revenues 1,424,308 1,424,308 Liabilities Payable from Restricted Assets: Accounts Payable 35,496 40,000 75,496 Contracts/Retainage Payable 6,023,031 19,225,696 25,248,727 Accrued Interest Payable 151,805 151,805 Miscellaneous 1,564,239 1,564,239 Noncurrent Liabilities: Due Within One Year: General Obligation Bonds Payable 27,452,572 27,452,572 Lease Purchase and Other Financing Agreements Payable 5,190,066 5,190,066 Revenue Bonds Payable 22,396,984 22,396,984 Limited Obligation Bonds Payable 2,923,967 1,280,000 4,203,967 Compensated Absences 7,587,776 1,578,424 9,166,200 Note Payable 239,516 Due in More Than One Year: General Obligation Bonds Payable 300,827,869 300,827,869 Limited Obligation Bonds Payable 66,921,971 71,855,000 138,776,971 Lease Purchase and Other Financing Agreements Payable 12,249,184 12,249,184 Revenue Bonds Payable 286,385,072 286,385,072 Revenue BANS Payable 2,580,810 2,580,810 Notes Payable 6,266,673 Compensated Absences 6,832,999 1,117,886 7,950,885 Pollution Remediation Payable 4,097,051 4,097,051 Accrued Landfill Liability 27,154,593 27,154,593 Net OPEB Liability 107,291,689 24,648,490 131,940,179 Net Pension Liability 79,239,556 11,470,132 90,709,688 882,634 Unearned Revenues 2,118,711 Miscellaneous 1,228,081 Total Liabilities 669,019,301 501,807,344 1,170,826,645 14,757,754 DEFERRED INFLOWS OF RESOURCES Prepaid Taxes 25,063 25,063 Prepaid Assessments 12,982 12,982 Pension Deferrals 3,408,498 173,498 3,581,996 31,793 OPEB Deferrals 18,948,962 4,353,215 23,302,177 Total Deferred Inflows of Resources 22,395,505 4,526,713 26,922,218 31,793
NET POSITION Net Investment in Capital Assets 230,444,988 757,818,115 988,263,103 5,858,218 Restricted for: Assets Held for Resale 695,180 695,180 3,070,890 Stabilization by State Statute 81,029,792 81,029,792 Highway Improvements 818,915 818,915 Culture and Recreation 2,519,463 2,519,463 Capital Projects 87,301,447 87,301,447 Neighborhood Development 9,828,601 9,828,601 21,306 Economic Opportunity 27,961,370 27,961,370 Public Safety 760,130 760,130 Self-Funded Retention Deposits 16,563,280 16,563,280 Perpetual Care: Perpetual Maintenance - nonexpendable 2,582,813 2,582,813 Greensboro ABC Board Working Capital 1,747,887 Unrestricted (120,205,150) 40,003,682 (80,201,468) 1,222,705 Total Net Position $ 252,999,382 $ 885,123,244 $ 1,138,122,626 $ 11,921,006
The notes to the financial statements are an integral part of this statement. -5- Exhibit A-2 City of Greensboro Page 1 of 2 Statement of Activities For the Fiscal Year Ended June 30, 2020
Program Revenues Operating Capital Charges for Grants and Grants and Expenses Services Contributions Contributions
Functions/Programs Primary Government: Governmental Activities: General Government $ 27,958,495 $ 9,708,787 $ 17,380 $ Public Safety 157,912,517 6,369,337 1,994,067 1,433,459 Transportation 27,749,651 1,992,915 1,833,048 16,378,119 Engineering and Building Maintenance 15,737,778 4,304,895 Field Operations 38,896,306 7,475,799 7,322,620 Environmental Services 24,522 682,549 265,774 Culture and Recreation 37,732,387 4,576,234 1,925,176 1,925,800 Neighborhood Development 6,095,644 118,349 5,549,793 Economic Opportunity 8,253,264 31,749 4,633,255 Interest, Fees on Long-Term Debt 11,160,574
Total Governmental Activities 331,521,138 35,260,614 23,541,113 19,737,378
Business-Type Activities: Water Operations 56,265,333 58,896,069 1,928,328 Sewer Operations 51,831,233 63,582,176 1,928,328 Stormwater Management 10,570,698 10,163,516 Coliseum Operations 45,529,269 30,867,027 31,476,360 Solid Waste Management 14,481,292 12,240,582 Greensboro Transit Advisory Commission 28,576,213 2,412,658 4,537,870 13,426,698 Parking Facilities 2,532,664 3,302,276
Total Business-Type Activities 209,786,702 181,464,304 4,537,870 48,759,714
Total Primary Government $ 541,307,840 $ 216,724,918 $ 28,078,983 $ 68,497,092
Component Units: Greensboro Housing Dev. Partnership $ 10,528 $ $ $ Greensboro Redevelopment Commission 781,341 762,648 Greensboro ABC Board 44,045,021 44,756,481
Total Component Units $ 44,836,890 $ 44,756,481 $ 762,648 $
General Revenues: Property Tax Local Option Sales Tax Vehicle Gross Receipts Tax Motor Vehicle Tax Hotel/Motel Occupancy Tax Electric Utility Sales Tax Piped Natural Gas Sales Tax Telecommunications Sales Tax Beer and Wine Tax Payment in Lieu of Taxes ABC Profit Distribution-unrestricted Intergovernmental - unrestricted Investment Income Gain on Sale of Capital Assets Miscellaneous Total General Revenues
Transfers In (Out) Total General Revenues Including Transfers
Change in Net Position
Net Position - July 1
Net Position - June 30
The notes to the financial statements are an integral part of this statement. -6- Exhibit A-2 Page 2 of 2
Net (Expenses) Revenue and Changes in Net Position Primary Government Governmental Business-Type Component Activities Activities Total Units
$ (18,232,328) $ $ (18,232,328) $ (148,115,654) (148,115,654) (7,545,569) (7,545,569) (11,432,883) (11,432,883) (24,097,887) (24,097,887) 923,801 923,801 (29,305,177) (29,305,177) (427,502) (427,502) (3,588,260) (3,588,260) (11,160,574) (11,160,574)
(252,982,033) (252,982,033)
4,559,064 4,559,064 13,679,271 13,679,271 (407,182) (407,182) 16,814,118 16,814,118 (2,240,710) (2,240,710) (8,198,987) (8,198,987) 769,612 769,612
24,975,186 24,975,186
(252,982,033) 24,975,186 (228,006,847)
(10,528) (18,693) 711,460
682,239
179,387,017 9,921,648 189,308,665 55,857,799 2,522,000 58,379,799 343,809 343,809 5,164,117 1,040,390 6,204,507 3,601,730 3,601,730 16,813,088 16,813,088 1,022,548 1,022,548 4,837,203 4,837,203 1,257,226 1,257,226
4,902,116 4,902,116 42,825 42,825 5,103,495 4,308,221 9,411,716 3
2,230,342 1,703,607 3,933,949 13,540 280,563,315 19,495,866 300,059,181 13,543
(10,565,039) 10,565,039
269,998,276 30,060,905 300,059,181 13,543
17,016,243 55,036,091 72,052,334 695,782
235,983,139 830,087,153 1,066,070,292 11,225,224
$ 252,999,382 $ 885,123,244 $ 1,138,122,626 $ 11,921,006
The notes to the financial statements are an integral part of this statement. -7- Exhibit A-3 BALANCE SHEET Governmental Funds June 30, 2020 OTHER TOTAL (1) DEBT GOVERNMENTAL GOVERNMENTAL ASSETS GENERAL SERVICE FUNDS FUNDS Cash and Cash Equivalents/Investments$ 52,813,437 $ 25,702,448 $ 13,075,543 $ 91,591,428 Receivables: Taxes 3,675,753 149,253 3,825,006 Accounts, Notes and Mortgages 4,235,355 35,098,507 39,333,862 Assessments 5,435 5,435 Intergovernmental 22,700,075 298,616 14,798,536 37,797,227 Real Estate Foreclosed 741,024 741,024 Internal Receivables 35,500 35,500 Due from Component Unit 883,661 883,661 Inventories 1,236,548 1,236,548 Miscellaneous 135,859 135,859 Assets Held for Resale 95,180 95,180 Restricted Assets: Cash and Cash Equivalents/Investments 1,564,239 113,008,044 114,572,283 Receivables: Accounts, Notes and Mortgages 325,556 325,556 Total Assets$ 88,021,451 $ 26,001,064 $ 176,556,054 $ 290,578,569 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES Liabilities: Accounts Payable$ 3,470,191 $ 1,050 $ 5,717,040 $ 9,188,281 Contracts/Retainage Payable 405,651 4,431,173 4,836,824 Intergovernmental Payable 4,217,891 1,430 4,219,321 Customer Deposits Payable 901,410 901,410 Internal Payables 630,500 35,500 666,000 Miscellaneous 98,814 98,814 Prepaid Privilege License Fees 12,191 12,191 Unearned Grant Revenues 11,578,291 11,578,291 Unearned Contributions/Donations 252,696 252,696 Liabilities Payable From Restricted Assets: Accounts Payable 35,496 35,496 Contracts/Retainage Payable 6,023,031 6,023,031 Miscellaneous 1,564,239 1,564,239 Total Liabilities 11,454,769 1,050 27,920,775 39,376,594 Deferred Inflows of Resources: Property Taxes Receivable 3,675,753 149,253 3,825,006 Notes and Mortgages Receivable 2,288,360 2,288,360 Other Accounts Receivable 819,003 5,435 824,438 Prepaid Taxes 25,063 25,063 Prepaid Assessments 12,982 12,982 Total Deferred Inflows of Resources 4,519,819 2,456,030 6,975,849 Fund Balances: Non-Spendable: Inventories 1,236,548 1,236,548 Miscellaneous Prepaid Expenditures 135,859 135,859 Perpetual Maintenance 2,582,813 2,582,813 Total Non-Spendable Fund Balance 1,372,407 2,582,813 3,955,220 Restricted: Stabilization by State Statute 32,262,485 388,666 48,378,641 81,029,792 Debt Covenants 103,559,010 103,559,010 Assets Held for Resale 95,180 95,180 Grantor Requirements - Highway Improvements 1,028,686 1,028,686 Total Restricted Fund Balance 32,262,485 388,666 153,061,517 185,712,668 Committed: For 911 Program 534,082 534,082 For Cemetery Maintenance 283,511 283,511 For Special Tax Districts 912,437 912,437 For Neighborhood Development 1,977,839 1,977,839 For Economic Opportunity 458,046 458,046 For Debt Service/Capital Projects 2,076,469 2,076,469 Total Committed Fund Balance 6,242,384 6,242,384 Assigned: Appropriated for Subsequent Year's Expenditures 4,260,650 8,807,010 2,887,609 15,955,269 For Debt Service 16,804,338 16,804,338 For Capital Projects 6,485,421 2,622,579 9,108,000 For Neighborhood Development 84,746 84,746 Total Assigned Fund Balance 10,746,071 25,611,348 5,594,934 41,952,353 Unassigned 27,665,900 (21,302,399) 6,363,501 Total Fund Balances 72,046,863 26,000,014 146,179,249 244,226,126 Total Liabilities, Deferred Inflows of Resources and Fund Balances$ 88,021,451 $ 26,001,064 $ 176,556,054 $ 290,578,569 (1) After internal receivables and payables have been eliminated.
The notes to the financial statements are an integral part of this statement. -8- Exhibit A-4
City of Greensboro Reconciliation of the Balance Sheet of Governmental Funds To the Statement of Net Position June 30, 2020
Total fund balances - governmental funds $ 244,226,126
Amounts reported for governmental activities in the Statement of Net Position are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. 475,888,300
Net pension liability - LGERS Plan. (52,620,277) Net pension liability - LEOSSA Plan. (22,410,694) Net OPEB liability (98,706,296)
Contributions and pension administrative costs are deferred outflows of resources on the Statement of Net Position: LGERS Plan 11,823,031 LEOSSA Plan 1,650,401
Internal service funds are used by management to charge the costs of equipment services, technical services, information services, metro communications, graphic services, employee risk retention, general risk retention and capital leasing to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the statement of net position. 80,541,653
Earned revenues considered deferred inflows of resources and unearned revenues in fund statements due to "availability" criteria. 16,669,352
Long-term liabilities included in net position (includes the addition of long-term debt and principal payments during the year.) (416,231,495)
Pollution Remediation Payable (1,303,708)
Pension related deferrals: LGERS Plan 18,073,702 LEOSSA Plan (485,863) OPEB Plan (4,372,225)
Miscellaneous adjustments to net position includes investment income receivable not reported in the governmental funds. 257,375
Net position of governmental activities $ 252,999,382
The notes to the financial statements are an integral part of this statement. -9- Exhibit A-5
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES Governmental Funds For the Fiscal Year Ended June 30, 2020
OTHER TOTAL DEBT GOVERNMENTAL GOVERNMENTAL GENERAL SERVICE FUNDS FUNDS
Revenues: Taxes $ 231,337,214 $ $ 8,004,323 $ 239,341,537 Intergovernmental 32,388,489 28,561,238 60,949,727 Licenses and Permits 4,169,072 4,169,072 Fines and Forfeitures 1,945,934 1,945,934 Charges for Current Services 19,645,805 6,980,305 26,626,110
Investment Income 3,762,480 628,718 4,391,198 Net Increase (Decrease) in the Fair Value of Investments (88,890) (88,890) Total Investment Income 3,673,590 628,718 4,302,308
Miscellaneous 2,849,661 160,371 2,056,350 5,066,382
Total Revenues 292,336,175 3,833,961 46,230,934 342,401,070
Expenditures: Current: General Government 25,035,638 292,241 139,587 25,467,466 Public Safety 136,157,192 9,462,376 145,619,568 Transportation 9,932,620 40,449,528 50,382,148 Environmental Services 32,615 32,615 Engineering and Building Maintenance 16,368,832 76,860 16,445,692 Field Operations 38,073,695 38,073,695 Culture and Recreation 28,815,526 24,773,444 53,588,970 Neighborhood Development 172,787 6,903,409 7,076,196 Economic Opportunity 805,391 7,486,507 8,291,898 Intergovernmental 2,250,906 2,250,906 Debt Service: Principal Retirement 21,906,068 1,680,000 23,586,068 Interest, Fees on Long-Term Debt 11,219,051 2,242,268 13,461,319
Total Expenditures 257,612,587 33,417,360 93,246,594 384,276,541
Excess of Revenues Over (Under) Expenditures 34,723,588 (29,583,399) (47,015,660) (41,875,471)
Other Financing Sources (Uses): Debt Issuances: Limited Obligation Bonds Issued 12,755,000 12,755,000 General Obligation Bonds Issued 32,458,013 44,121,987 76,580,000 Premium on Debt 2,404,290 8,839,790 11,244,080 Payment to Escrow Agent for Refunding of Debt (34,560,000) (34,560,000) Transfers In 6,754,548 26,644,740 4,476,265 37,875,553 Transfers Out (40,296,344) (15,491,248) (55,787,592)
Total Other Financing Sources (Uses) (33,541,796) 26,947,043 54,701,794 48,107,041
Net Change in Fund Balances 1,181,792 (2,636,356) 7,686,134 6,231,570
Fund Balances - July 1 70,865,071 28,636,370 138,493,115 237,994,556
Fund Balances - June 30 $ 72,046,863 $ 26,000,014 $ 146,179,249 $ 244,226,126
The notes to the financial statements are an integral part of this statement. -10- Exhibit A-6
City of Greensboro Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds To the Statement of Activities For the Fiscal Year Ended June 30, 2020
Amounts reported for governmental activities in the statement of activities are different because:
Net change in fund balances----total governmental funds. $ 6,231,570
Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which capital outlays and capital contributions exceeded depreciation in the current period, including amounts for disposals. 44,724,814
Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds. 13,438,192
The issuance of long-term debt (e.g., bonds, leases) provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are unearned and amortized in the statement of activities. Includes compensated absence activities. (39,142,810)
Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds. This amount represents interest expense.(SA3)
Internal service funds are used by management to charge the costs of equipment services, technical services, information services, metro communications, graphic services, employee risk retention, general risk retention, and capital leasing to individual funds. The net revenue of certain activities of internal service funds is reported with governmental activities. 4,775,917
Some expenses reported in the Statement of Activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds. Contributions to the pension plan in the current fiscal year are not included in the Statement of Activities, as well as certain deferred inflows and outflows and pollution remediation: LGERS Plan (11,138,212) LEOSSA Plan 1,228,082 OPEB Plan 106,900
Revenues earned in prior year that first became available in the current year in the government funds have been reclassed to beginning net position in the statement of activities. (3,208,210)
Change in net position of governmental activities $ 17,016,243
The notes to the financial statements are an integral part of this statement.
General Fund
The General Fund is the principal fund of the City from which the major portion of the City's operations are financed. This fund finances the regular operation of all departments except Enterprise Fund and Internal Service Fund departments.
A summary of revenues and other financing sources and expenditures and other financing uses for the fiscal year ended June 30, 2020 is presented below:
Percent of Amount Total Revenues and Other Financing Sources
Taxes $ 231,337,214 77.3% Intergovernmental 32,388,489 10.8% Licenses and Permits 4,169,072 1.4% Fines and Forfeitures 1,945,934 0.6% Charges for Current Services 19,645,805 6.6% Miscellaneous 2,849,661 1.0% Other Financing Sources 6,754,548 2.3% Total Revenues and Other Financing Sources $ 299,090,723 100.0%
Expenditures and Other Financing Uses
General Government $ 25,035,638 8.4% Public Safety 136,157,192 45.7% Transportation 9,932,620 3.3% Engineering and Building Maintenance 16,368,832 5.5% Field Operations 38,073,695 12.8% Culture and Recreation 28,815,526 9.6% Neighborhood Development 172,787 0.1% Economic Opportunity 805,391 0.3% Intergovernmental 2,250,906 0.8% Other Financing Uses 40,296,344 13.5% Total Expenditures and Other Financing Uses $ 297,908,931 100.0%
-11- -12- Exhibit A-7 Page 1 of 8 General Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance with Final Budget- Original Final Positive Budget Budget Actual (Negative) Revenues: Taxes: Ad Valorem Taxes-Current Year $ 159,883,000 $ 159,883,000 $ 160,062,392 $ 179,392 Ad Valorem Taxes-Prior Year 922,000 922,000 955,161 33,161 State of NC RMV Taxes-Current Year 13,720,000 13,720,000 13,946,465 226,465 Interest on Past Due Taxes 390,000 390,000 378,551 (11,449) Local Option Sales Tax 55,467,750 55,467,750 55,650,836 183,086 Vehicle Gross Receipts Tax 350,000 350,000 343,809 (6,191) Total Taxes 230,732,750 230,732,750 231,337,214 604,464
Intergovernmental: State Grants: Libraries 334,667 334,667 337,505 2,838 State-Shared: Utility Taxes: Electric Utility Sales Tax 17,423,575 17,423,575 16,813,088 (610,487) Piped Natural Gas Sales Tax 1,194,755 1,194,755 1,022,548 (172,207) PEG Channel Support 102,000 102,000 102,562 562 Telecommunications Sales Tax 2,668,000 2,668,000 2,152,795 (515,205) Video Programming/Telecommunications Service Sales Tax 2,733,475 2,733,475 2,581,846 (151,629) Beer and Wine Tax 1,250,000 1,250,000 1,257,226 7,226 State Reimbursements/Other: Court Fees 53,000 53,000 42,825 (10,175) Payment In Lieu of Taxes 521,746 521,746 518,303 (3,443) Local Grants: Libraries 1,356,847 1,356,847 1,356,847 School Resource Officer Programs 1,064,051 1,064,051 1,061,054 (2,997) Environmental Programs 219,366 219,366 239,774 20,408 ABC Board Profit Distribution 4,100,000 4,100,000 4,902,116 802,116 Total Intergovernmental 33,021,482 33,021,482 32,388,489 (632,993)
Licenses and Permits: Privilege Licenses: Privilege Licenses-Current Year 18,800 18,800 18,333 (467) Privilege Licenses-Prior Years 1,200 1,200 2,715 1,515 Business Permits 4,000 4,000 3,110 (890) Motor Vehicle Tax 1,320,000 1,320,000 1,344,088 24,088 Other Licenses and Permits 121,100 121,100 85,368 (35,732) Construction Permits: Building Permits 1,116,545 1,116,545 1,215,667 99,122 Electrical Permits 726,580 726,580 572,453 (154,127) Plumbing Permits 366,055 366,055 307,850 (58,205) Mechanical Permits 696,160 696,160 619,488 (76,672) Total Licenses and Permits 4,370,440 4,370,440 4,169,072 (201,368)
The notes to the financial statements are an integral part of this statement. -13- Exhibit A-7 Page 2 of 8 General Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance with Final Budget- Original Final Positive Budget Budget Actual (Negative) Fines and Forfeitures: Parking Violations $ 600,000 $ 600,000 $ 470,490 $ (129,510) Library Fines 128,300 128,300 86,407 (41,893) City Code Violations 60,000 60,000 579,687 519,687 False Burglar Alarm Fines 800,000 800,000 809,350 9,350 Total Fines and Forfeitures 1,588,300 1,588,300 1,945,934 357,634
Charges for Current Services: Planning: Preliminary Plan Reviews 235,350 235,350 236,316 966 Final Plats/Declarations 31,320 31,320 30,740 (580) Rezoning Applications 80,955 80,955 65,210 (15,745) Other Planning Fees 45,075 45,075 44,505 (570) Police Department: Police Department Services 51,000 51,000 50,302 (698) Tow-In Services 34,482 34,482 18,222 (16,260) Off-Duty Employment 400,000 400,000 309,684 (90,316) Contracted Services 309,700 309,700 309,700 Fire Department: Hazardous Material Fees 20,000 20,000 40,495 20,495 Fire Department Plan Reviews 75,000 75,000 94,975 19,975 Fire Code Reinspections 30,000 30,000 48,400 18,400 Miscellaneous Permits 151,420 151,420 173,395 21,975 Inspections: Vacant Lot Cleaning Fees 192,000 192,000 152,901 (39,099) Junked Auto Fees 14,000 14,000 15,590 1,590 Boarding Vacant Houses 30,000 30,000 9,236 (20,764) Housing Civil Penalties 50,000 50,000 9,922 (40,078) Re-inspection Fees 6,100 6,100 18,435 12,335 Transportation: State Highway System: Signals, Signs and Lights 677,000 677,000 989,955 312,955 Monthly Parking Fees 55,400 55,400 72,969 17,569 Field Operations: State Highway System: Highway Maintenance 420,000 420,000 267,578 (152,422) Mowing Services 88,560 88,560 88,560 Waste/Trash Collection 8,172,420 8,172,420 6,826,518 (1,345,902) ABC Recycling Fees 84,000 84,000 80,460 (3,540) Engineering and Building Maintenance: Plan Review/Water and Sewer/Roadways 100,000 100,000 261,777 161,777 Environmental Services: Hazardous Waste Disposal Fees 660,000 660,000 681,549 21,549 Parks and Recreation: Admissions and Charges 1,465,535 1,465,535 1,040,382 (425,153) Rental and Lease 609,390 609,390 521,671 (87,719)
The notes to the financial statements are an integral part of this statement. -14- Exhibit A-7 Page 3 of 8 General Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance with Final Budget- Original Final Positive Budget Budget Actual (Negative) Charges for Current Services (Continued): Concessions $ 118,925 $ 118,925 $ 119,256 $ 331 Fishing, Hunting and Boating Fees 39,800 39,800 25,655 (14,145) Other Parks and Recreation Revenue 281,860 281,860 269,240 (12,620) Library Fees 28,800 28,800 41,559 12,759 Interdepartmental Charges: Administrative Charges 4,559,532 4,559,532 4,586,031 26,499 Engineering Services 1,536,000 1,536,000 1,536,000 Rents 652,616 652,616 608,617 (43,999) Total Charges for Current Services 21,306,240 21,306,240 19,645,805 (1,660,435)
Miscellaneous: Sale of Assets 65,600 65,600 39,935 (25,665) Miscellaneous Receivables Revenue 32,000 32,000 49,547 17,547 Donations and Private Contributions 141,600 141,600 219,520 77,920 Contracted Construction Projects 1,582,271 1,582,271 1,577,907 (4,364) Legal Restitutions 303 303 Other Revenue 672,435 672,435 962,449 290,014 Total Miscellaneous 2,493,906 2,493,906 2,849,661 355,755
Appropriated Fund Balance 8,542,189 9,226,483 (9,226,483)
Total Revenues 302,055,307 302,739,601 292,336,175 (10,403,426)
The notes to the financial statements are an integral part of this statement. -15- Exhibit A-7 Page 4 of 8 General Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance with Final Budget- Original Final Positive Budget Budget Actual (Negative) Expenditures: General Government: Legislative: Governing Body $ 360,985 $ 360,985 $ 408,848 $ (47,863) Clerk of Governing Body 633,941 633,941 576,914 57,027 Community Relations 315,093 315,093 291,464 23,629 Total Legislative 1,310,019 1,310,019 1,277,226 32,793
Executive: City Manager 1,500,841 1,500,841 1,548,418 (47,577) Arts and Cultural Affairs 638,937 663,442 524,949 138,493 Internal Audit 446,003 446,003 443,924 2,079 Minority and Women's Business Enterprises 493,685 493,685 427,932 65,753 Office of Equity & Inclusion 292,813 274,813 244,580 30,233 Total Executive 3,372,279 3,378,784 3,189,803 188,981
Human Relations 489,385 489,385 532,419 (43,034)
Human Resources: Administration 756,288 756,288 699,477 56,811 Employment 503,611 503,611 506,814 (3,203) Benefits 497,992 497,992 494,805 3,187 HRIS/Compensation/Compliance 584,437 584,437 683,814 (99,377) Learning and Development 700,223 700,223 651,108 49,115 Total Human Resources 3,042,551 3,042,551 3,036,018 6,533
Budget and Evaluation 817,200 817,200 642,631 174,569
Planning 2,452,855 2,421,955 2,297,451 124,504
Finance: Administration 878,163 897,163 872,572 24,591 Accounting 737,482 735,482 672,294 63,188 Financial Reporting 315,636 310,636 297,959 12,677 Procurement Services 814,335 814,335 761,835 52,500 Collections 1,275,375 1,263,375 1,085,039 178,336 Treasury Management 556,451 556,451 565,866 (9,415) Total Finance 4,577,442 4,577,442 4,255,565 321,877
Legal 1,219,977 1,444,617 1,406,651 37,966
Communications 2,272,304 2,272,304 2,109,420 162,884
Information Technology: Administration 664,910 664,910 580,242 84,668 Geographic Information Services 735,140 735,140 685,243 49,897 IT - Operations 196,140 196,140 195,971 169 Application Development 675,920 675,920 432,204 243,716 Enterprise Business Solutions 1,871,427 1,871,427 1,899,617 (28,190) Total Management Information Systems 4,143,537 4,143,537 3,793,277 350,260
Other General Government: NC Metropolitan Coalition 16,400 16,400 16,176 224 Faith Action ID 25,000 12,500 12,500 Nondepartmental 1,330,454 1,177,529 2,466,501 (1,288,972) Total Other General Government 1,346,854 1,218,929 2,495,177 (1,276,248)
Total General Government 25,044,403 25,116,723 25,035,638 81,085
The notes to the financial statements are an integral part of this statement. -16- Exhibit A-7 Page 5 of 8 General Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance with Final Budget- Original Final Positive Budget Budget Actual (Negative) Public Safety: Police: Administration $ 4,166,798 $ 4,214,798 $ 4,423,323 $ (208,525) Resource Management 10,557,023 10,512,838 10,320,533 192,305 Information Services 3,441,854 3,427,854 2,684,787 743,067 Field Operations 37,668,373 38,198,212 33,883,382 4,314,830 Criminal Investigations 10,947,719 10,947,719 9,677,924 1,269,795 Special Operations 3,764,131 3,764,131 3,986,715 (222,584) Investigative Support 3,114,808 3,114,808 2,768,183 346,625 Vice/Narcotics 3,413,132 3,413,132 3,459,083 (45,951) Professional Standards 1,105,192 1,105,192 1,061,315 43,877 Organizational Development 1,275,769 1,275,769 4,296,575 (3,020,806) Total Police 79,454,799 79,974,453 76,561,820 3,412,633 Fire: Administration 2,370,791 2,369,291 2,171,080 198,211 Training 1,100,980 1,094,980 1,411,359 (316,379) Fire Prevention 2,061,101 2,059,601 2,033,643 25,958 Emergency Services 43,560,917 43,560,917 42,795,656 765,261 Regulatory/Fleet Repair Service 5,239,802 5,248,802 5,408,089 (159,287) Stations and Buildings 316,290 749,318 809,261 (59,943) Total Fire 54,649,881 55,082,909 54,629,088 453,821
Inspections: Building Inspections 3,063,323 3,063,323 3,235,348 (172,025) Code Compliance 1,913,703 1,913,703 1,489,473 424,230 Local Ordinance Enforcement 247,976 247,976 241,463 6,513 Total Inspections 5,225,002 5,225,002 4,966,284 258,718
Total Public Safety 139,329,682 140,282,364 136,157,192 4,125,172
Transportation: Administration 1,651,544 1,651,544 1,420,441 231,103 Traffic Operations 3,585,529 3,585,529 3,603,517 (17,988) Traffic Engineering 4,880,492 4,830,542 4,260,868 569,674 Transportation Planning 291,671 291,671 312,022 (20,351) Galyon Depot 379,515 379,515 335,772 43,743 Total Transportation 10,788,751 10,738,801 9,932,620 806,181
Engineering and Building Maintenance: Administration 343,706 343,706 337,680 6,026 Engineering 4,825,977 4,825,977 4,487,030 338,947 Business and Technology 834,813 834,813 835,250 (437) Central City Maintenance 3,089,729 4,322,417 3,648,567 673,850 Building Maintenance 6,359,527 7,064,166 6,171,596 892,570 Energy 4,445,291 1,422,692 888,709 533,983 Total Engineering and Building Maintenance 19,899,043 18,813,771 16,368,832 2,444,939
The notes to the financial statements are an integral part of this statement. -17- Exhibit A-7 Page 6 of 8 General Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance with Final Budget- Original Final Positive Budget Budget Actual (Negative) Field Operations: Administration $ 4,332,086 $ 4,347,586 $ 4,210,300 $ 137,286 Materials Recovery Facility 811,777 804,312 1,083,403 (279,091) Stormwater Utility Fee 1,960,104 1,960,104 1,961,708 (1,604) Solid Waste Collections 18,826,367 18,826,367 18,884,667 (58,300) Streets - Stormwater Maintenance 6,539,203 6,523,703 5,691,528 832,175 Right of Way Maintenance 5,754,919 5,754,919 5,087,761 667,158 Environmental Services 1,175,543 1,175,543 1,154,328 21,215 Total Field Operations 39,399,999 39,392,534 38,073,695 1,318,839
Culture and Recreation: Parks and Recreation: Administration 2,567,638 2,172,638 1,885,105 287,533 Planning 218,680 228,680 227,232 1,448 Gillespie Golf Course 635,780 687,780 747,698 (59,918) Greensboro Sportsplex 553,434 643,508 593,224 50,284 City Arts 176,959 176,321 176,560 (239) Program and Community Services 1,090,119 1,167,423 914,750 252,673 Neighborhood Playgrounds and Centers 2,152,967 2,191,543 2,286,116 (94,573) Swimming Pools 312,994 317,994 280,578 37,416 Memorial Stadium 3,434 2,234 2,234 Hester Park 369,671 372,671 395,537 (22,866) Country Park 457,767 439,267 454,199 (14,932) Jaycee Park 299,144 284,144 287,047 (2,903) Athletics 708,048 689,548 557,268 132,280 Turf/Athletic Field Maintenance 1,043,440 1,029,440 965,219 64,221 Regional Parks 183,640 183,640 185,576 (1,936) Lake Wardens 662,607 669,107 741,660 (72,553) Barber Park 548,816 542,836 547,557 (4,721) Equipment Maintenance 163,399 160,899 165,945 (5,046) Development and Maintenance 1,659,148 1,816,948 1,535,336 281,612 Landscape and Beautification 1,287,526 1,283,526 1,240,015 43,511 Carolyn Allen Park 608,077 620,077 638,180 (18,103) Price Park 5,209 2,709 1,348 1,361 Keeley Park Operations 457,378 449,378 518,602 (69,224) Trails and Greenways 320,167 342,267 349,231 (6,964) LeBauer Park 33,524 54,924 46,252 8,672 Tennis 134,020 130,020 121,881 8,139 Arts Center 117,140 104,533 92,138 12,395 Simkins Indoor Sports Pavilion 128,606 128,606 101,115 27,491 Senior Programs 368,342 567,333 519,681 47,652 Bryan Park Operations 993,853 901,053 786,515 114,538 Youth First 467,383 472,495 439,048 33,447 Volunteer Services 81,540 79,240 71,676 7,564 Total Parks and Recreation 18,810,450 18,912,782 17,874,523 1,038,259
The notes to the financial statements are an integral part of this statement. -18- Exhibit A-7 Page 7 of 8 General Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance with Final Budget- Original Final Positive Budget Budget Actual (Negative) Library: Administration $ 2,918,164 $ 2,918,164 $ 2,378,612 $ 539,552 Main Library 2,016,947 2,012,447 1,957,218 55,229 Extension Services 6,063 6,063 5,453 610 Collection Inventory 932,048 932,048 774,311 157,737 Benjamin Branch Library 393,047 409,615 366,093 43,522 Northeast Branch Library 408,387 447,889 407,851 40,038 Vance H. Chavis Branch Library 486,414 498,161 463,456 34,705 Hemphill Branch Library 464,456 487,791 470,639 17,152 Glenwood Branch Library 394,850 413,416 339,582 73,834 Kathleen Clay Edwards Branch Library 617,979 666,886 640,659 26,227 McGirt-Horton Branch Library 529,620 565,502 435,550 129,952 Historical Museum 986,733 967,633 852,236 115,397 Total Library 10,154,708 10,325,615 9,091,660 1,233,955
Other Culture and Recreation: Triad Stage 30,000 30,000 Reading Connections 45,000 22,500 22,500 Eastern Music Festival 20,000 5,000 15,000 Carolina Theatre 15,000 7,500 7,500 Greensboro Science Center 1,085,000 1,085,000 1,085,000 Greensboro Sports Commission 85,000 42,500 42,500 Fun Fourth - Grassroots 37,000 37,000 17,739 19,261 Children's Museum 75,000 37,500 37,500 Greensboro Jaycees 11,000 11,000 15,509 (4,509) Festival of Lights 33,500 33,500 33,008 492 Downtown Greensboro Parks, Inc. 424,972 424,972 354,591 70,381 Piedmont Triad Film Commission 8,750 (8,750) Public Access - GCTV 193,985 193,985 189,746 4,239 Total Other Culture and Recreation 1,785,457 2,055,457 1,849,343 206,114
Total Culture and Recreation 30,750,615 31,293,854 28,815,526 2,478,328
Neighborhood Development Sanctuary House 12,500 50,000 25,000 25,000 Greensboro Housing Authority 120,000 120,000 116,537 3,463 Triad Local First 25,000 6,250 18,750 Downtown Greensboro, Inc. 25,000 25,000 Total Neighborhood Development 132,500 220,000 172,787 47,213
Economic Opportunity: Economic Development 1,011,450 1,011,450 664,528 346,922 Chamber of Commerce 139,358 139,358 140,863 (1,505) Total Economic Opportunity 1,150,808 1,150,808 805,391 345,417
The notes to the financial statements are an integral part of this statement. -19- Exhibit A-7 Page 8 of 8 General Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance with Final Budget- Original Final Positive Budget Budget Actual (Negative)
Intergovernmental: Guilford County: Tax Collections $ 869,500 $ 869,500 $ 911,993 $ (42,493) Animal Shelter and Animal Control 692,000 642,250 691,857 (49,607) Environmental Health Control 5,500 5,500 5,500 State of NC RMV Collections 525,000 525,000 526,706 (1,706) Educational Access Guilford County Schools 65,200 65,200 59,831 5,369 Piedmont Triad Regional Council 61,000 61,000 60,519 481 National Guard Armory 19,500 19,500 19,500 Total Intergovernmental 2,237,700 2,187,950 2,250,906 (62,956)
Total Expenditures 268,733,501 269,196,805 257,612,587 11,584,218
Excess of Revenues Over Expenditures 33,321,806 33,542,796 34,723,588 1,180,792
Other Financing Sources (Uses): Transfers In: State Highway Allocation Fund 5,646,000 5,646,000 5,646,000 Street Improvements Bond Fund 720,000 720,000 720,000 Economic Development Fund 235,548 335,548 335,548 Information Systems Fund 53,000 53,000 53,000 Total Transfers In 6,654,548 6,754,548 6,754,548
Transfers Out: Cemetery Operating Fund 435,706 435,706 435,706 State and Federal Grants Fund 20,990 19,990 1,000 Debt Service Fund 26,644,740 26,644,740 26,644,740 General Capital Improvements II Fund 75,000 375,000 375,000 Coliseum Fund 2,900,000 2,900,000 2,900,000 Performing Arts Fund 190,371 190,371 190,371 Solid Waste Management Fund 1,830,537 1,830,537 1,830,537 Guilford Metro Communications Fund 7,900,000 7,900,000 7,900,000 Total Transfers Out 39,976,354 40,297,344 40, 296,344 1,000
Total Other Financing Sources (Uses) (33,321,806) (33,542,796) (33,541,796) 1,000
Excess of Revenues and Other Financing Sources Over Expenditures and Other Financing Uses $ $ 1,181,792 1,181,792
Fund Balance - July 1 70,865,071 70,865,071
Fund Balance - June 30 $ 72,046,863 $ 72,046,863
The notes to the financial statements are an integral part of this statement. -20- Exhibit A-8 Page 1 of 4 Statement of Net Position Proprietary Funds June 30, 2020
Business-Type Activities - Enterprise Funds Solid Water Stormwater Waste Resources Management Coliseum Management ASSETS Current Assets: Cash and Cash Equivalents/Investments $ 41,396,961 $ 4,541,969 $ 18,688,405 $ 10,234,126 Receivables (Net): Taxes Accounts, Notes and Mortgages 16,645,983 886,031 358,465 698,772 Intergovernmental 833,945 33,975 222,560 107,238 Interest 101,769 7,857 37,981 20,542 Internal Receivables Inventories 5,055,568 43,637 16,984 Prepaid Insurance Charges 23,144 Miscellaneous 1,017 515,285 Total Current Assets 64,035,243 5,469,832 19,889,477 11,077,662 Noncurrent Assets: Restricted: Cash and Cash Equivalents/ Investments 74,692,102 15,632,413 5,723,062 4,255,001 Receivables (Net): Assessments 481,572 Intergovernmental 841,357 767,272 Interest 130,724 29,380 530 7,501 Miscellaneous Assets Held for Resale Self-Funded Retention Deposits Long-Term Note Receivable Capital Assets: Non-Depreciable: Land 21,506,466 1,760,311 19,267,001 5,953,501 Construction in Progress 149,154,207 950,451 2,235,365 18,811 Intangible Assets: Easements 24,471,417 1,677,871 Depreciable/Amortizable: Land Improvements 25,647,463 4,819,659 2,708,391 17,656,208 Buildings 247,017,831 1,734 176,716,157 7,809,422 Improvements Other than Buildings 9,518,788 368,099 21,327 Furniture, Fixtures, Machinery and Equipment 64,555,515 223,330 20,851,581 1,290,944 Infrastructure 656,214,308 118,848,287 Less Accumulated Depreciation (453,329,922) (72,618,532) (62,237,356) (18,498,992) Intangible Assets: Software and Licenses 5,505,340 441,548 Water Rights 91,906,859 Less Accumulated Amortization (22,840,198) (403,148) Total Noncurrent Assets 895,473,829 71,363,304 166,400,102 18,513,723 Total Assets 959,509,072 76,833,136 186,289,579 29,591,385
DEFERRED OUTFLOWS OF RESOURCES Unamortized Bond Refunding Charges 2,535,105 Pension Deferrals 2,330,172 450,653 926,778 233,654 Current Year Pension Contributions 1,460,002 282,363 580,686 146,399 OPEB Deferrals 1,895,670 449,270 590,421 195,503 Total Deferred Outflows of Resources 8,220,949 1,182,286 2,097,885 575,556
(1) After internal receivables and payables have been eliminated.
The notes to the financial statements are an integral part of this statement. -21- Exhibit A-8 Page 2 of 4
Greensboro Other Transit Advisory Enterprise (1) Internal Commission Fund Totals Service Funds
$ 8,268,602 $ 4,990,189 $ 88,120,252 $ 58,107,477
362,444 362,444 2,277 122,407 18,713,935 1,616,080 2,986,578 190,819 4,375,115 1,183,820 752,552 8,752 929,453 105,694 630,500 630,500 5,116,189 835,957 23,144 516,302 13,002,953 5,312,167 118,787,334 61,849,028
5,101,190 105,403,768
481,572 1,703,262 3,311,891 510 168,645
600,000 16,563,280 8,317,680 273,418 8,591,098
1,670,606 11,508,278 61,666,163 1,840,011 111,970 22,766,204 175,237,008 1,782,123
90,605 26,239,893
269,833 56,940 51,158,494 974,506 35,001,382 20,016,856 486,563,382 3,289,783 9,805 165,221 10,083,240 94,000 35,162,118 1,069,881 123,153,369 166,588,899 775,062,595 (26,379,428) (16,596,680) (649,660,910) (118,747,335)
136,305 49,218 6,132,411 830,969 91,906,859 (77,001) (49,218) (23,369,565) (830,969) 55,926,532 44,452,423 1,252,129,913 72,985,267 68,929,485 49,764,590 1,370,917,247 134,834,295
2,535,105 89,151 82,783 4,113,191 1,509,198 55,859 51,869 2,577,178 945,610 60,321 70,214 3,261,399 1,135,987 205,331 204,866 12,486,873 3,590,795
(Continued) -22- Exhibit A-8 Page 3 of 4 Statement of Net Position (continued) Proprietary Funds June 30, 2020
Enterprise Funds Solid Water Stormwater Waste Resources Management Coliseum Management LIABILITIES Current Liabilities: Accounts Payable $ 1,389,385 $ $ 17,745,944 $ 31,105 Contracts/Retainage Payable 394,493 7,900 28,168 600,267 Intergovernmental Payable 2,745 8,739 Unearned Revenues 1,424,308 Revenue Bonds Payable 22,396,984 Limited Obligaton Bonds Payable 1,280,000 Lease-Purchase and Other Financing Agreements Payable Accrued Landfill Liability 500,000 Accrued Pollution Remediation Liability 150,024 Interest Payable 587,130 Customer Deposits Payable 4,206,412 497,827 Compensated Absences Payable 989,414 195,384 218,236 101,408 Total Current Liabilities 29,966,563 701,111 20,705,395 1,382,804 Noncurrent Liabilities: Payable from Restricted Assets: Accounts Payable 40,000 Contracts/Retainage Payable 13,129,667 106,490 1,341,736 19,753 Interest Payable 151,805 Revenue Bonds Payable 286,385,072 Revenue BANs Payable 2,580,810 Limited Obligaton Bonds Payable 42,170,000 Lease-Purchase and Other Financing Agreements Payable Accrued Landfill Liability 27,154,593 Accrued Pollution Remediation Liability 2,717,762 1,379,289 Compensated Absences Payable 483,205 116,045 405,866 76,188 Net OPEB Liability 14,326,799 3,395,425 4,462,194 1,477,539 Net Pension Liability 6,497,966 1,256,701 2,584,434 651,572 Total Noncurrent Liabilities 326,161,281 4,874,661 51,116,035 30,758,934 Total Liabilities 356,127,844 5,575,772 71,821,430 32,141,738
DEFERRED INFLOWS OF RESOURCES Pension Deferrals 98,289 19,009 39,092 9,856 OPEB Deferrals 2,530,281 599,672 788,076 260,951 Total Deferred Inflows of Resources 2,628,570 618,681 827,168 270,807
NET POSITION Net Investment in Capital Assets 511,692,371 55,701,511 119,340,544 14,251,221 Restricted for: Capital Projects 61,784,030 15,555,303 2,116,017 4,242,749 Assets Held for Resale Self-Funded Retention Deposits Unrestricted 35,497,206 564,155 (5,717,695) (20,739,574) Total Net Position $ 608,973,607 $ 71,820,969 $ 115,738,866 $ (2,245,604)
(1) After internal receivables and payables have been eliminated.
The notes to the financial statements are an integral part of this statement. -23- Exhibit A-8 Page 4 of 4
Greensboro Other Transit Advisory Enterprise (1) Internal Commission Fund Totals Service Funds
$ 749 $ $ 19,167,183 $ 18,605,694 33,617 1,054 1,065,499 24,656 7,143 18,627 1,424,308 22,396,984 1,280,000
4,785,066 500,000 150,024 149,207 736,337 111 59,184 4,763,423 46,050 40,731 33,251 1,578,424 601,857 82,240 242,696 53,080,809 24,063,434
40,000 1,667,041 2,961,009 19,225,696 151,805 286,385,072 2,580,810 29,685,000 71,855,000
10,910,184 27,154,593 4,097,051 29,939 6,643 1,117,886 482,721 455,884 530,649 24,648,490 8,585,393 248,608 230,851 11,470,132 4,208,585 2,401,472 33,414,152 448,726,535 24,186,883 2,483,712 33,656,848 501,807,344 48,250,317
3,760 3,492 173,498 63,659 80,515 93,720 4,353,215 1,516,280 84,275 97,212 4,526,713 1,579,939
45,905,590 10,926,878 757,818,115 40,126,737
36,221 3,567,127 87,301,447 600,000 16,563,280 20,625,018 1,721,391 31,950,501 31,304,817 $ 66,566,829 $ 16,215,396 $ 877,070,063 $ 88,594,834
-24- Exhibit A-9
City of Greensboro Reconciliation of the Statement of Net Position-Proprietary Funds To the Statement of Net Position June 30, 2020
Net position - proprietary funds $ 877,070,063
Amounts reported for business-type activities in the statement of net position are different because:
Internal service funds 8,053,181
Net position of business-type activities $ 885,123,244
The notes to the financial statements are an integral part of this statement. -25- Exhibit A-10 Page 1 of 2 Statement of Revenues, Expenses, and Changes in Net Position Proprietary Funds For the Fiscal Year Ended June 30, 2020
Business-Type Activities - Enterprise Funds Solid Water Stormwater Waste Resources Management Coliseum Management Operating Revenues: Charges for Current Services $ 119,676,814 $ 10,163,995 $ 30,867,027 $ 12,240,582 Other Operating Revenues 2,680,719 17,649 1,013,490 460,838 State and Federal Grants Total Operating Revenues 122,357,533 10,181,644 31,880,517 12,701,420
Operating Expenses: Personal Services 17,291,998 3,338,150 6,913,486 1,729,906 Fringe Benefits 8,913,208 1,960,378 3,649,148 926,942 Maintenance and Operations 44,843,534 3,284,260 27,659,027 11,439,421 Claims and Expenses 31,568 Depreciation/Amortization 30,000,980 1,987,910 5,836,093 399,956 Total Operating Expenses 101,049,720 10,570,698 44,057,754 14,527,793
Operating Income (Loss) 21,307,813 (389,054) (12,177,237) (1,826,373)
Nonoperating Revenues (Expenses): Investment Income 2,245,545 364,394 497,712 273,272 Net Increase (Decrease) in the Fair Value of Investments (112,697) (13,261) (14,958) (9,120) Total Investment Income 2,132,848 351,133 482,754 264,152
Miscellaneous Nonoperating Revenue 58,212 7,500 Property Tax Motor Vehicle Tax Local Option Sales Tax Grants/In Kind Services Donations and Contributions 31,008,252 Interest Expense (6,286,257) (1,585,892) (35,979) Inventory Gain (Loss) (62,175) (136) (16) Gain (Loss) on Disposal of Capital Assets (266,249) (479) 32 Cost Sharing Reimbursements 62,500 Miscellaneous Nonoperating Expense (1,021,765) (2,500) (2,475) Total Nonoperating Revenues (Expenses) (5,382,886) 350,654 29,902,478 233,214
Income (Loss) Before Contributions and Transfers 15,924,927 (38,400) 17,725,241 (1,593,159)
Capital Contributions 3,856,656 468,108
Transfers In 7,915,277 1,830,537 Transfers Out Change in Net Position 19,781,583 (38,400) 26,108,626 237,378
Net Position - July 1 589,192,024 71,859,369 89,630,240 (2,482,982)
Net Position - June 30 $ 608,973,607 $ 71,820,969 $ 115,738,866 $ (2,245,604)
The notes to the financial statements are an integral part of this statement. -26- Exhibit A-10 Page 2 of 2
Greensboro Other Transit Advisory Enterprise Internal Commission Fund Totals Service Funds
$ 1,498,173 $ 3,302,276 $ 177,748,867 $ 95,886,477 950,800 210,836 5,334,332 4,596,130 4,537,870 4,537,870 6,986,843 3,513,112 187,621,069 100,482,607
655,456 607,074 30,536,070 11,193,126 273,795 289,602 16,013,073 5,410,707 23,894,463 812,337 111,933,042 21,344,977 74,903 106,471 49,273,336 3,668,615 569,538 42,463,092 16,318,208 28,492,329 2,353,454 201,051,748 103,540,354
(21,505,486) 1,159,658 (13,430,679) (3,057,747)
796,830 281,470 4,459,223 1,093,980
(966) (151,002) (41,698) 796,830 280,504 4,308,221 1,052,282
794 66,506 335,094 9,921,648 9,921,648 1,040,390 1,040,390 2,522,000 2,522,000 13,426,698 13,426,698 31,008,252 (601,804) (8,509,932) (620,886) (83,884) (146,211) 57,306 (36,315) 890,274 587,263 473,398 62,500 (494,158) (1,520,898) 27,588,161 74,816 52,766,437 1,297,194
6,082,675 1,234,474 39,335,758 (1,760,553)
4,324,764
877,732 10,623,546 7,955,503 (17,600) (40,907) (58,507) (608,503) 6,942,807 1,193,567 54,225,561 5,586,447
59,624,022 15,021,829 822,844,502 83,008,387
$ 66,566,829 $ 16,215,396 $ 877,070,063 $ 88,594,834
-27- Exhibit A-11
City of Greensboro Reconciliation of the Statement of Revenues, Expenses, and Changes in Net Position-Proprietary Funds To the Statement of Activities For the Fiscal Year Ended June 30, 2020
Amounts reported for business-type activities in the statement of activities are different because:
Net change in fund balances----total proprietary funds. $ 54,225,561
Internal service funds are used by management to charge the costs of fleet management and management information systems to individual funds. The net revenue (loss) of certain activities of internal service funds is reported with business-type activities. 810,530
Change in net position of business-type activities $ 55,036,091
The notes to the financial statements are an integral part of this statement. -28- Exhibit A-12 Page 1 of 4 Statement of Cash Flows Proprietary Funds For the Fiscal Year Ended June 30, 2020
Business-Type Activities - Enterprise Funds Solid Water Stormwater Waste Resources Management Coliseum Management Cash Flows from Operating Activities: Receipts from Customers $ 120,567,897 $ 10,359,567 $ 37,538,277 $ 12,122,831 Payments to Suppliers (45,055,179) (3,281,096) (27,989,891) (10,973,915) Payments to Employees (24,202,485) (4,874,221) (8,992,956) (2,467,483) Other Operating Revenues 2,680,719 17,649 32,646,458 460,838 Other Receipts 120,712 7,500 Net Cash Provided by (Used for) Operating Activities 54,111,664 2,221,899 33,201,888 (850,229)
Cash Flows from Noncapital Financing Activities: Subsidies and Transfers In 7,915,277 1,830,537 Subsidies and Transfers Out Net Cash Provided by (Used for) Noncapital Financing Activities 7,915,277 1,830,537
Cash Flows from Capital and Related Financing Activities: Capital Debt Issued 171,098,080 Acquisition and Construction of Capital Assets (67,322,969) (1,604,451) (33,649,273) 48,195 Acquisition of Intangible Assets (938,394) Proceeds from Sale of Capital Assets 32 Payment to Escrow Agent for Refunding of Debt (132,778,546) Principal Paid on Capital Debt (15,545,000) (182,906) (785,000) Interest and Fiscal Charges Paid on Capital Debt (10,516,106) (1,588,966) (41,725) Net Cash Provided by (Used for) Capital and Related Financing Activities (56,002,935) (1,604,451) (35,421,145) (778,498)
Cash Flows from Investing Activities: Investment Income 2,488,829 381,288 497,008 285,264 Net Increase (Decrease) in the Fair Value of Investments (112,697) Net Cash Provided by Investing Activities 2,376,132 381,288 497,008 285,264
Net Increase in Cash and Cash Equivalents 484,861 998,736 6,193,028 487,074
Balances - July 1 115,604,202 19,175,646 18,218,439 14,002,053 Balances - June 30 $ 116,089,063 $ 20,174,382 $ 24,411,467 $ 14,489,127
Reconciliation of Cash and Cash Equivalents/Investments: Cash and Cash Equivalents/Investments - Current $ 41,396,961 $ 4,541,969 $ 18,688,405 $ 10,234,126 Cash and Cash Equivalents/Investments - Restricted 74,692,102 15,632,413 5,723,062 4,255,001 Total Cash and Cash Equivalents/Investments - June 30 $ 116,089,063 $ 20,174,382 $ 24,411,467 $ 14,489,127
The notes to the financial statements are an integral part of this statement. -29- Exhibit A-12 Page 2 of 4
Greensboro Other Transit Advisory Enterprise Internal Commission Fund Totals Service Funds
$ 2,271,794 $ 3,243,303 $ 186,103,669 $ 91,235,154 (26,293,943) (1,066,902) (114,660,926) (72,428,332) (911,128) (844,105) (42,292,378) (15,360,080) 31,769,700 210,836 67,786,200 128,212 4,931,224 6,836,423 1,543,132 97,064,777 8,377,966
877,732 10,623,546 7,955,503 (17,600) (40,907) (58,507) (608,503)
860,132 (40,907) 10,565,039 7,347,000
29,685,000 200,783,080 (3,107,888) (15,906,532) (121,542,918) (10,809,662) (938,394) 20,694 890,274 911,000 746,655 (132,778,546) (16,512,906) (1,059,842) (946,755) (13,093,552) (105,003)
(3,087,194) 13,721,987 (83,172,236) (11,227,852)
877,443 283,712 4,813,544 1,145,334
(112,697) 877,443 283,712 4,700,847 1,145,334
5,486,804 15,507,924 29,158,427 5,642,448
2,781,798 (5,416,545) 164,365,593 52,465,029 $ 8,268,602 $ 10,091,379 $ 193,524,020 $ 58,107,477
$ 8,268,602 $ 4,990,189 $ 88,120,252 $ 58,107,477 5,101,190 105,403,768 $ 8,268,602 $ 10,091,379 $ 193,524,020 $ 58,107,477 -30- Exhibit A-12 Page 3 of 4 Statement of Cash Flows Proprietary Funds For the Fiscal Year Ended June 30, 2020
Business-Type Activities - Enterprise Funds Solid Water Stormwater Waste (continued) Resources Management Coliseum Management
Reconciliation of Operating Income (Loss) to Net Cash Provided by (Used for) Operating Activities: Operating Income (Loss) $ 21,307,813 $ (389,054) $ (12,177,237) $ (1,826,373) Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by (Used for) Operating Activities: Depreciation/Amortization 30,000,980 1,987,910 5,836,093 399,956 Change in Assets, Deferred Outflows, Deferred Inflows and Liabilities: (Increase) Decrease in Receivables 891,083 (88,781) 3,491,871 (117,751) (Increase) Decrease in Inventories (297,825) (5,695) (2,273) (Increase) Decrease in Intergovernmental Receivables 6,626 (183,115) 22,298 (Increase) Decrease in Internal Receivables (Increase) Decrease in Miscellaneous Assets (151,958) Increase (Decrease) in Accounts Payable 104,710 280,891 9,904 7,236 Increase (Decrease) in Contracts/Retainage Payable Increase in Landfill Liability 494,036 (Increase) Decrease in Deferred Outflows of Resources - Pensions 516,917 82,958 149,321 78,530 Decrease in Deferred Inflows of Resources - Pensions (82,814) (15,301) (30,572) (9,426) Increase in Net Pension Liability 970,327 209,496 458,146 63,035 Increase in Deferred Outflows of Resources - OPEB (1,255,934) (299,104) (427,388) (129,811) Increase (Decrease) in Deferred Inflows of Resources - OPEB (440,913) (97,762) 30,883 (44,148) Increase in Net OPEB Liability 2,089,036 522,833 1,343,463 220,896 Increase (Decrease) in Compensated Absences Payable 141,627 21,187 92,892 10,289 Decrease in Pollution Remediation Liability (18,530) (24,223) Decrease in Intergovernmental Payable (428) (47,067) Increase in Customer Deposits Payable 64,903 Increase in Miscellaneous Payable 3,804,095 Increase (Decrease) in Other Receipts (Disbursements) 120,712 31,008,252 7,500 Total Adjustments 32,803,851 2,610,953 45,379,125 976,144
Net Cash Provided by (Used for) Operating Activities $ 54,111,664 $ 2,221,899 $ 33,201,888 $ (850,229)
Noncash Investing, Capital and Financing Activities: Lease-Purchase and Other Capital Assets $ $ $ $ Principal Paid by Other Funds on Debt Obligations Donated Assets 2,849,948 468,108 Total Noncash Investing, Capital and Financing Activities $ 2,849,948 $ $ 468,108 $
The notes to the financial statements are an integral part of this statement. -31- Exhibit A-12 Page 4 of 4
Greensboro Other Transit Advisory Enterprise Internal Commission Fund Totals Service Funds
$ (21,505,486) $ 1,159,658 $ (13,430,679) $ (3,057,747)
3,668,615 569,538 42,463,092 16,318,208
773,621 (58,973) 4,891,070 (940,898) 4,511 (301,282) 66,408 2,216,771 (180,715) 1,881,865 (52,187) (630,500) (630,500) (151,958) 204,182 (4,620,762) (4,218,021) (424,364) 1,054 1,054 (15,914) 494,036 (8,861) 18,056 836,921 413,978 (1,965) (2,929) (143,007) (56,966) 73,877 34,869 1,809,750 526,837 (37,463) (46,221) (2,195,921) (749,157) (25,647) (17,715) (595,302) (280,315) 18,625 71,671 4,266,524 1,185,572 (443) (3,039) 262,513 85,093 (42,753) (47,495) (528,535) 64,903 (2,122) 3,801,973 26,911,530 58,047,994 (4,316,229) 28,341,909 383,474 110,495,456 11,435,713
$ 6,836,423 $ 1,543,132 $ 97,064,777 $ 8,377,966
$ $ $ $ 4,385,065 (4,097,047) 3,318,056 $ $ $ 3,318,056 $ 288,018 -32- Exhibit A-13
Statement of Fiduciary Net Position Fiduciary Funds June 30, 2020
Pension and Benefit Trust Funds ASSETS Cash and Cash Equivalents/Investments Demand Deposits $ 5,000 Mutual Funds: NC Short Term Investment Fund 816,105 NC Equity Index Fund 20,280,493 NC Bond Index Fund 12,742,429
Total Assets $ 33,844,027
NET POSITION Net Position Restricted for: Pension Benefit - Law Enforcement Officers Special Separation Allowance 7,585,635 Net Position Restricted for: Other Postemployment Benefits Other Than Pensions 26,258,392 Total Net Position $ 33,844,027
The notes to the financial statements are an integral part of this statement. -33- Exhibit A-14
Statement of Changes in Fiduciary Net Position Fiduciary Funds For the Fiscal Year Ended June 30, 2020
Pension and Benefit Trust Funds ADDITIONS Employer Contributions $ 9,813,966 Employee Contributions 2,147,474
Interest Earnings: Investment Income 1,026,843 Net Increase (Decrease) in the Fair Value of Investments 449,447 Total Investment Income 1,476,290
Total Additions 13,437,730
DEDUCTIONS Benefits Paid 9,958,238 Administrative Expenses 7,978 Total Deductions 9,966,216
Change in Net Position 3,471,514
Net Position Restricted for Pension and Benefits - July 1 30,372,513 Net Position Restricted for Pension and Benefits - June 30 $ 33,844,027
The notes to the financial statements are an integral part of this statement.
-34- Exhibit A-15
Statement of Net Position Component Units June 30, 2020 Greensboro Greensboro Greensboro Total Housing Dev. Redevelopment ABC Component ASSETS Partnership Commission Board Units Cash and Cash Equivalents/Investments $ 20,159 $ 31,158 $ 4,628,879 $ 4,680,196 Receivables, Net Accounts, Notes and Mortgages 16,142 16,142 Intergovernmental 21,306 21,306 Inventories 3,780,221 3,780,221 Miscellaneous 137,755 137,755 Assets Held for Resale 2,121,711 3,070,890 5,192,601 Long-Term Note Receivable 2,118,711 2,118,711 Capital Assets: Non-Depreciable: Land 4,179,181 4,179,181 Buildings 6,958,191 6,958,191 Accumulated Depreciation (1,498,155) (1,498,155) Improvements Other than Buildings 521,205 521,205 Accumulated Depreciation (498,699) (498,699) Furniture, Fixtures, Machinery and Equipment 3,024,815 3,024,815 Accumulated Depreciation (2,492,185) (2,492,185) Total Assets 2,141,870 5,242,065 18,757,350 26,141,285 DEFERRED OUTFLOW OF RESOURCES Current Year Pension Contributions 251,670 251,670 Pension Deferrals 316,512 316,512 OPEB Deferrals 1,086 1,086 Total Deferred Outflow of Resources 569,268 569,268
LIABILITIES Accounts Payable 3,032,127 3,032,127 Due to Primary Government 883,661 883,661 Miscellaneous 106,351 106,351 Due Within One Year: Note Payable 239,516 239,516 Due in More Than One Year: Note Payable 2,170,054 4,096,619 6,266,673 Unearned Revenue 2,118,711 2,118,711 Miscellaneous 1,228,081 1,228,081 Net Pension Obligation 882,634 882,634 Total Liabilities 2,170,054 2,118,711 10,468,989 14,757,754
DEFERRED INFLOW OF RESOURCES Pension Deferrals 31,793 31,793 Total Deferred Inflow of Resources 31,793 31,793
NET POSITION Net Investment in Capital Assets 5,858,218 5,858,218 Restricted for: Assets Held for Resale 3,070,890 3,070,890 Neighborhood Development 21,306 21,306 Greensboro ABC Board Working Capital 1,747,887 1,747,887 Unrestricted (28,184) 31,158 1,219,731 1,222,705 Total Net Position $ (28,184) $ 3,123,354 $ 8,825,836 $ 11,921,006
The notes to the financial statements are an integral part of this statement. -35- Exhibit A-16 Page 1 of 2 Statement of Activities Component Units For the Fiscal Year Ended June 30, 2020
Program Revenues Operating Capital Charges for Grants and Grants and Expenses Services Contributions Contributions
Greensboro Housing Dev. Partnership Governmental Activities: Neighborhood Development $ 10,528 $ $ $
Total Greensboro Housing Dev. Partnership 10,528
Greensboro Redevelopment Commission Governmental Activities: Redevelopment Commission Operations 781,341 762,648
Total Greensboro Redevelopment Commission 781,341 762,648
Greensboro ABC Board Business -Type Activities: ABC Board Operations 44,045,021 44,756,481
Total Greensboro ABC Board 44,045,021 44,756,481
Total $ 44,836,890 $ 44,756,481 $ 762,648 $
General Revenues: Investment Income Miscellaneous
Total General Revenues
Change in Net Position
Net Position - July 1
Net Position - June 30
The notes to the financial statements are an integral part of this statement. -36- Exhibit A-16 Page 2 of 2
Net (Expenses) Revenue and Changes in Net Position Greensboro Greensboro Greensboro Housing Dev. Redevelopment ABC Partnership Commission Board Totals
$ (10,528) $ $ $ (10,528)
(10,528) (10,528)
(18,693) (18,693)
(18,693) (18,693)
711,460 711,460
711,460 711,460
(10,528) (18,693) 711,460 682,239
3 3 13,540 13,540
3 13,540 13,543
(10,528) (18,690) 725,000 695,782
(17,656) 3,142,044 8,100,836 11,225,224
$ (28,184) $ 3,123,354 $ 8,825,836 $ 11,921,006
NOTES TO THE FINANCIAL STATEMENTS CITY OF GREENSBORO, NORTH CAROLINA
JUNE 30, 2020
I. Summary of Significant Accounting Policies
The accounting policies of the City of Greensboro (City) and its component units conform to US Generally Accepted Accounting Principles (“GAAP”) as applicable to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the more significant accounting policies of the City:
A. The Financial Reporting Entity
The City is a municipal corporation governed by an elected Mayor and eight–member Council. As required by GAAP, these financial statements present the City (the primary government) and its component units (entities for which the City is considered to be financially accountable). Criteria used to establish financial accountability include appointment of a voting majority of the component unit’s governing board and imposition of will or a financial benefit/burden relationship, fiscal dependency or other significant operational and financial relationships.
Discretely Presented Component Units
The component unit column in the basic financial statements includes the financial data of the City’s other component units. The units are reported in a separate column to emphasize that they are legally separate from the City. Separate statements of net position and activities for the component units are presented in Exhibits A-15 and A-16.
Greensboro Housing Development Partnership, Inc (GHDP) provides first-time buyers, with low to moderate income, affordable financing. GHDP also serves as a conduit to sell surplus land to builders to develop affordable housing for City citizens. The City appoints the voting majority of the Board and guarantees support for any deficits for certain programs and loan obligations. The City also influences the operations of the GHDP by providing loan initiatives and rehabilitation of properties. City Neighborhood Development program transactions support many of the same initiatives as GHDP.
The Greensboro Redevelopment Commission (Commission) conducts studies, formulates plans, purchases and sells properties and oversees redevelopment projects in the City. The Commission performs legislative duties such as defining a redevelopment area and carries out delegated activities, subject to the consent, approval and policies of the City. The governing board is composed of five residents of the City who are appointed by City Council. No property transactions may be taken without City approval. City Council must agree before any expenditures or contracts are made by the board or any debt entered into for which the City could be liable. Budgets for the Commission are set by City Council and any changes require City approval through normal budget procedures. The City provides all staff and other resources necessary for operations and administration of the Commission. All funding is derived from City sources and federal grants and loans. The Commission’s inventory of properties and associated notes receivable are recorded as “Assets Held for Resale” and “Accounts, Notes and Mortgages” and “Unearned Revenues”. The Commission’s financial activity is recorded in the Housing Partnership Revolving Fund. The Commission is considered to almost exclusively benefit the City even though it does not provide services directly to it.
Greensboro ABC Board operates alcoholic beverage stores, regulates the sale of such beverages and enforces alcoholic beverage laws in the City. Members of the governing body are appointed by City Council. Financial benefit is provided to the City as a portion of the Greensboro ABC Board’s profits are distributed to the City, quarterly.
Each of the discretely presented component units has a June 30 year-end. Complete financial statements for the GHDP and Greensboro ABC Board component units may be obtained at their respective administrative offices. Financial transactions of the Commission are reported and audited during the City’s annual audit. No separate financial statements are prepared for this entity.
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ADMINISTRATIVE OFFICES
Greensboro ABC Board Greensboro Housing Development Attention: Vickee’ Armstrong Partnership, Inc. P.O. Box 16905 Attention: Sue Schwartz Greensboro, North Carolina 27416-0905 P.O. Box 3136 Greensboro, North Carolina 27402-3136
Greensboro Redevelopment Commission Attention: Sue Schwartz P.O. Box 3136 Greensboro, North Carolina 27402-3136
B. Governmental-Wide and Fund Financial Statements
The basic financial statements include both government-wide (based on the City as a whole) and fund financial statements.
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government and its component units. For the most part, the effect of interfund activity has been removed from these financial statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. Likewise, the primary government is reported separately from certain legally separate component units for which the primary government is financially accountable.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segments are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds, and a fiduciary fund, even though the latter is excluded from the government-wide statements. The focus of the governmental and proprietary fund financial statements is on major funds. The City’s determination of reporting major funds considered the criteria prescribed by GASB and consistency of presentation from year to year. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. Non-major funds are summarized into a single column. Internal service funds, funds that provide goods and services to other City departments and certain outside agencies on a cost- reimbursement basis, have also been eliminated to prevent “double reporting” of their transactions. Internal service funds primarily perform services for the City’s governmental funds.
The government-wide financial statements and the fund financial statements report the City’s operational and fiscal accountability. Operational accountability refers to the reporting of efficiency and effectiveness of achieved operating objectives using all resources available for that purpose, and whether additional objectives can be met in the foreseeable future. Fiscal accountability is demonstrated through additional fund information detailing compliance with finance-related legal and contractual provisions.
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. All assets and liabilities (whether current or non-current) associated with these activities are included in the government-wide financial statements, resulting in net position.
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized when they are measurable and available, or when susceptible to accrual. 37b
“Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to pay liabilities of the current period. The City considers sales taxes and state-shared revenues and reimbursements to be available if they are collected within 90 days after year-end and ad valorem taxes and profit distributions from the ABC Board to be available if collected within 60 days after year-end. Certain intergovernmental revenues, licenses and permits, fines and forfeitures, and charges for current services are recognized when cash is received, unless they are subject to deferral to a future period.
Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. Exceptions to this general rule include accumulated unpaid sick pay which is not accrued and debt service on general long-term debt and claims and judgments which are recognized when the liability is normally expected to be liquidated with available financial resources.
Only current assets and current liabilities are generally included on the balance sheets of the governmental funds. Operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current position. Accordingly, the reported fund balance presents a summary of sources and uses of “available spendable resources” during a period. Since the governmental fund statements are presented on a different measurement focus and basis of accounting than the governmental activities column in the government-wide statements, a reconciliation is presented on the page following each statement, which briefly explains the adjustments necessary to transform the fund-based financial statements into the governmental activities column of the government-wide presentation.
Proprietary funds distinguish operating revenues and expenses from non-operating items. It is the City’s policy that operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the Enterprise Funds and of the government’s Internal Service Funds are charges to customers for sales and services. Operating expenses for Enterprise Funds and Internal Service Funds include the cost of sales and services, administrative expenses, claims payments, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses.
The government reports the following major governmental funds:
General Fund - The General Fund is the primary operating fund of the City. It is used to account for all financial resources of the general government, except those required to be accounted for in another fund.
Debt Service Fund - The Debt Service Fund is used to account for and report financial resources that are restricted, committed or assigned to the accumulation of resources for, and the payment of, general long-term debt principal, interest and related costs.
The government reports the following major proprietary funds:
Enterprise Funds - Enterprise Funds account for operations that are financed and operated in a manner similar to private business enterprises where the intent of the governing body is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or where the governing body has decided that periodic determination of revenues earned, expenses incurred, and net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes.
The Water Resources Fund provides water and sewer services to more than 105,000 customers and is designed to be self- supporting. This fund also provides for principal and interest on all water and sewer debt. Outstanding Combined Enterprise System revenue bonds are recorded in this fund. The Stormwater Management Fund was established to account for the federally mandated program of stormwater system management, which is supported by a City-wide stormwater fee.
The Coliseum Fund administers operations of a complex that brings top artists in entertainment, education, and sports to the City. The Coliseum Fund operation supports debt service on the financing agreements for energy improvements at the facility as well as the bonds issued for the Steven Tanger Center for the Performing Arts. The Performing Arts Operating Fund as well as the Performing Arts Center Capital Project Fund are included in the Coliseum Fund.
The Solid Waste Management Fund accounts for waste disposal and recycling operations of the City, as well as solid waste landfill improvements. Outstanding special obligation bonds are recorded and supported in this fund.
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Greensboro Transit Advisory Commission is responsible for the operation of the mass transit system in the municipal area. These functions include Fixed Route operations, as well as specialized ADA paratransit services and HEAT, which provides transportation for students attending local colleges and universities. This fund is supported by transit taxes, which are levied under the taxing authority of the City.
The City’s parking operations are included in “Other Enterprise Fund”, a non-major fund.
Additionally, the government reports the following fund types:
Internal Service Funds - Internal Service Funds account for the financing of goods or services provided by one department or agency to other departments or agencies of the City, or to other governments, on a cost-reimbursement basis. The City also accounts for its risk-retention transactions and equipment purchases financed with lease-purchase agreements in the Internal Service Funds. Internal Service Funds of the City government (which traditionally provide services primarily to other funds of the government) are presented in summary form as part of the proprietary fund financial statements. Since the principal users of the Internal Service Funds are associated with the City’s governmental activities, financial statements of Internal Service Funds are consolidated into the governmental activities column when presented at the government-wide level. To the extent possible, the costs of these services are reflected in the appropriate functional activity. All of the City’s Internal Service Funds are considered to be governmental in nature and are recorded in the Governmental Type Activities statements.
Fiduciary Funds - The Law Enforcement Officers Special Separation Allowance Pension Benefit Trust (LEOSSA) and the Other Postemployment Benefit (OPEB) Trust Funds account for assets held by the City in a fiduciary capacity and accumulate funds to provide pension and certain health and life benefit payments to qualified law enforcement officers and retirees. Since by definition these assets are being held for the benefit of a third party (pension and retiree participants) and cannot be used to address activities or obligations of the government, these funds are not incorporated into the government-wide statements. These funds use the accrual basis of accounting and have a capital maintenance measurement focus. They are accounted for in essentially the same manner as Proprietary Funds.
As a general rule the effect of interfund activity has been eliminated from the government-wide financial statements. Exceptions to the rule are payments between the water resources and solid waste disposal funds and the General Fund. Eliminations of these charges would distort the direct costs and program revenues reported for the various functions concerned.
When both restricted and unrestricted resources are available for use, it is the City’s policy to use restricted resources first, then unrestricted resources as they are needed.
D. Assets, Liabilities, Deferred Outflows/Deferred Inflows of Resources, and Net Position or Equity
1. Cash and Cash Equivalents/Investments
The City maintains a cash and investment pool that is used by all funds except the following, which maintain separate deposits and investments: Capital Project Bond Funds and Water Resources Bond Funds. Each fund type’s equity and cash and cash equivalents/investments are displayed separately on a combined balance sheet. Interest is distributed to the various funds on the basis of equity in the cash and cash equivalent/investments pool and individual fund investments. For purposes of the statement of cash flows, investments (including restricted assets) are considered to be cash equivalents, since they represent highly liquid deposits of the cash and investment pool.
2. Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the Fiscal Year are referred to as “internal receivables/internal payables” (i.e., the current portion of interfund loans) and are reported “net”. Residual balances outstanding between the governmental activities and business-type activities are reported in the government- wide financial statements as “internal balances”.
City ad valorem taxes are billed by the Guilford County Tax Collector after July 1, the beginning of the Fiscal Year, and are due on September 1. No penalties or interest are assessed until the following January 6. The taxes levied (other than motor vehicles) are based on assessed property values as of January 1, which is the statutory lien date on real property. Liens against personal property are coincident with action taken to levy or garnish. Collections of City taxes are made by the County and remitted to the City as collected. In accordance with State law, property taxes on certain registered motor vehicles are assessed and collected throughout the year based on a staggered registration system. Effective September 1, 2013, motor vehicle taxes 37d
become due at the time the vehicles are registered. Until that date, motor vehicle taxes became due the first day of the fourth month after vehicles were registered and were collected by the County and remitted to the City. Under the current system, vehicle taxes are collected by the State of North Carolina and remitted to the City. The taxes receivable amount for the General Fund is reduced by an allowance for uncollectible of $281,184. The net General Fund receivable of $3,675,753 is shown as a deferred inflow of resources on the Governmental Funds Balance Sheet.
3. Inventories/Assets Held for Resale and Prepaid Items
Inventories consist primarily of materials and supplies held for consumption. They are stated at cost, determined principally by a moving average method. The costs of governmental fund-type inventories are recorded as expenditures when consumed rather than when purchased. Inventories of the Greensboro ABC Board are valued at the lower of cost (FIFO) or market.
Assets Held for Resale in the amount of $3,070,890 and $2,121,711 as of June 30, 2020, can be found in the statement of net position for component units, Exhibit A-15 on page 35, for the Greensboro Redevelopment Commission and the Greensboro Housing Development Partnership, respectively. Assets Held for Resale amounting to $95,180, and $600,000 are recorded in the Street and Sidewalk Capital Project Fund, and the Capital Leasing Fund, respectively, for certain other properties held by the City.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements and expensed as the items are used.
4. Restricted Assets
Certain proceeds of the City’s bonds, certain grant receipts, as well as other funds are classified as restricted assets on the balance sheet because their use is limited by applicable bonds covenants, grantor or other third party and enabling legislative restrictions and state statutes.
Powell Bill funds are classified as restricted cash because they can be expended only for the purposes of maintaining, repairing, constructing, reconstructing or widening of local streets per G.S. 136-41.1 through 136-41.4.
5. Intangible Assets
Intangible Assets of $91,906,859 as of June 30, 2020 are recorded in the Water Resources Enterprise Fund and represent rights to future raw water allocations from the Randleman Dam and reservoir project, in accordance with a joint venture agreement established in September 1987 with five other governmental entities to form a regional water supply.
The intangible asset is based on City contributions to the Piedmont Triad Regional Water Authority for construction of the dam, reservoir, water treatment plant and surrounding infrastructure improvements as well as $938,394 of contributions recorded in Fiscal Year 2020, toward the City’s administrative and operating allocation. In Fiscal Year 2011, the City began amortizing the water rights over a period of 50 years with current year related amortization expense totaling $1,838,137. Accumulated amortization totals $17,572,398.
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Other Intangible Assets are recorded as follows: Software & Accumulated Easements Licenses Amortization Governmental Activities: General Government Assets $ $ 3,337,966 $ 3,329,579 Capital Leasing Fund 830,969 830,969 Total $ $ 4,168,935 $ 4,160,548
Business-Type Activities: Water Resources Fund $ 24,471,417 $ 5,505,340 $ 5,267,800 Stormwater Fund 1,677,871 441,548 403,148 Greensboro Transit Advisory Commission 136,305 77,001 Other Non-Major Enterprise Fund 90,605 49,218 49,218 Total $ 26,239,893 $ 6,132,411 $ 5,797,167
Software and Licenses are amortized over an estimated useful life of 3 to 7 years. Easements represent non-depreciable assets.
6. Capital Assets
Capital assets, which include property, plant, equipment, infrastructure assets (e.g., roads, bridges, sidewalks and similar items) and intangible assets, are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000. One exception is intangible assets, for internally generated software, which is capitalized if greater than $100,000. All purchased capital assets of the City are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated capital assets received prior to June 15, 2015 are recorded at their estimated fair value at the date of donation. Donated capital assets received after June 15, 2015 are recorded at acquisition value. All other purchased or constructed capital assets are reported at cost or estimated historical cost. General infrastructure assets, including annexed streets that were acquired, or received substantial improvements subsequent to July 1, 1980 are reported at estimated historical cost using deflated replacement values. The cost of normal maintenance and repairs that do not add value to the asset or materially extend assets lives are not capitalized.
General capital assets and the related accumulated depreciation are reported for the City using the straight-line method over the following estimated useful lives: Buildings, 40 years; Improvements, 20 years; Equipment, 5-20 years and Infrastructure as follows: Streets, 50 years; Sidewalks, 40 years; Bridges, 50 years; Water/Sewer, 40 years and Stormwater Improvements, 30- 75 years. Depreciation of all exhaustible capital assets used by Proprietary Funds is charged as an expense against their operations.
Property and equipment of the Greensboro ABC Board are stated at cost and are depreciated over their useful lives on a straight- line basis as follows: Buildings, 50 years; Equipment, 3-5 years. Leasehold improvements of the Greensboro ABC Board are depreciated over the term of the lease agreement.
Property, furniture and equipment of the GHDP are stated at cost and are depreciated over their useful lives on a straight-line basis as follows: Buildings, 27 years; Furniture and Equipment, 3-5 years.
Capital assets also include intangible assets which are described in D. 5.
7. Deferred Outflows/Inflows of Resources and Unearned Revenues
In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, Deferred Outflows of Resources, represents a consumption of net position that applies to a future period and so will not be recognized as an expense or expenditure until then. The City has several items that meet this criterion, an unamortized loss on bond defeasance for General Obligation and Water and Sewer Refunding bonds and pension and OPEB deferrals. In addition to liabilities, the statement of financial position will sometimes report a separate 37f
section for deferred inflows of resources. This separate financial statement element, Deferred Inflows of Resources, represents an acquisition of net position that applies to a future period and so will not be recognized as revenue until then. The City has certain items that meet the criterion for this category – prepaid taxes, prepaid assessments, deferrals of pension expense, and deferrals of Other Post Employment Benefit expense. In addition, property tax, notes, and other accounts receivable are included at the fund level in the financial statements.
The City reports unearned revenue on its government-wide and fund financial statements. Unearned revenues arise when potential revenue does not meet both the “measureable” and “available” criteria for recognition in the current period (fund financial statements). Unearned revenues also arise when resources are unearned by the City and received before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures (fund financial statements and government-wide financial statements). In subsequent periods, when both revenue recognition criteria are met, or when the City has a legal claim to the resources, the liability for unearned revenue is removed from the applicable financial statement and revenue is recognized.
Deferred Outflows/Inflows of Resources and Unearned Revenues in the fund and basic financial statements at June 30, 2020 are composed of the following:
Fund Financial Statements Deferred Outflows of Resources
Proprietary Funds Unamortized Bond Refunding Charges Water Resources Fund $ 2,535,105
Pension Deferrals: Water Resources Fund $ 2,330,172 Stormwater Management Fund 450,653 Coliseum Fund 926,778 Solid Waste Management Fund 233,654 Greensboro Transit Advisory Commission Fund 89,151 Other Non-Major Enterprise Fund 82,783 Internal Service Funds 1,509,198 5,622,389
Current Year Pension Contributions: Water Resources Fund 1,460,002 Stormwater Management Fund 282,363 Coliseum Fund 580,686 Solid Waste Management Fund 146,399 Greensboro Transit Advisory Commission Fund 55,859 Other Non-Major Enterprise Fund 51,869 Internal Service Funds 945,610 3,522,788
OPEB Deferrals: Water Resources Fund 1,895,670 Stormwater Management Fund 449,270 Coliseum Fund 590,421 Solid Waste Management Fund 195,503 Greensboro Transit Advisory Commission Fund 60,321 Other Non-Major Enterprise Fund 70,214 Internal Service Funds 1,135,987 4,397,386 Total Deferred Outflows of Resources $ 16,077,668
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Fund Financial Statements Deferred Inflows of Resources
Governmental Funds Taxes Receivable: General Fund $ 3,675,753 Other Non-Major Governmental Funds 149,253 $ 3,825,006 Notes and Mortgages Receivable: Other Non-Major Governmental Funds 2,288,360 Other Accounts Receivable: General Fund 819,003 Other Non-Major Governmental Funds 5,435 824,438 Prepaid Taxes: General Fund 25,063 Prepaid Assessments: Other Non-Major Governmental Funds 12,982 Total Deferred Inflows of Resources $ 6,975,849
Proprietary Funds Pension Deferrals: Water Resources Fund $ 98,289 Stormwater Management Fund 19,009 Coliseum Fund 39,092 Solid Waste Management Fund 9,856 Greensboro Transit Advisory Commission Fund 3,760 Other Non-Major Enterprise Fund 3,492 Internal Service Funds 63,659 $ 237,157
OPEB Deferrals: Water Resources Fund 2,530,281 Stormwater Management Fund 599,672 Coliseum Fund 788,076 Solid Waste Management Fund 260,951 Greensboro Transit Advisory Commission Fund 80,515 Other Non-Major Enterprise Fund 93,720 Internal Service Funds 1,516,280 5,869,495 Total Deferred Inflows of Resources $ 6,106,652
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Fund Financial Statements Unearned Revenues
Governmental Funds Prepaid Privilege License Fees: General Fund $ 12,191 Contributions/Donations: General Fund 252,696 Grant Revenues: Other Non-Major Governmental Funds 11,578,291 Total Unearned Revenues $ 11,843,178
Proprietary Funds Prepaid Rents: Coliseum Fund $ 771,743 Promotional Fees in Advance: Coliseum Fund 652,565 Total Unearned Revenues $ 1,424,308
Government-Wide Financial Statements Governmental Business-Type Activities Activities Deferred Outflows of Resources Unamortized Bond Refunding Charges $ 517,468 $ 2,535,105 Pension Deferrals 22,441,876 4,113,191 Current Year Pension Contributions 14,419,042 2,577,178 OPEB Deferrals 14,196,444 3,261,399 Subtotal Deferred Outflows of Resources $ 51,574,830 $ 12,486,873
Deferred Inflows of Resources Prepaid Taxes $ 25,063 $ Prepaid Assessments 12,982 Pension Deferrals 3,408,498 173,498 OPEB Deferrals 18,948,962 4,353,215 Subtotal Deferred Inflows of Resources $ 22,395,505 $ 4,526,713
Unearned Revenues Prepaid Privilege License Fees $ 12,191 $ Prepaid Rents 771,743 Promotional Fees in Advance 652,565 Grant Revenues 1,846,743 Unearned contributions/donations 252,696 Subtotal Unearned Revenues $ 2,111,630 $ 1,424,308
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8. Long-Term Liabilities
Long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business- type activities, or proprietary fund-type statement of net position in the government-wide financial statements, and proprietary fund-types in the fund financial statements. Bond premiums and discounts and losses on extinguishment of debt are unearned and amortized over the life of the bonds using the effective interest method. These latter amounts are now classified as Deferred Outflows of Resources. Bond issuance costs are expensed in the reporting period in which they are incurred.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance cost during the current period. The face amount of debt issued is reported as an “Other Financing Source”. Premiums received on debt issuances are reported as “Other Financing Sources” while discounts on debt issuances are reporting as “Other Financing Uses”. Issuance cost, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures as “Fees and Other”.
9. Fund Equity
In the governmental fund financial statements, the fund balances are composed of five classifications designed to disclose the spending hierarchy of constraints placed on how fund balance can be spent. The City reports nonspendable funds, restricted, committed, assigned and unassigned fund balances. Fund balances are further segregated into the following classifications:
Nonspendable Fund Balance - This classification includes amounts that cannot be spent because they are either not in spendable form or legally or contractually required to be maintained intact. Amounts that cannot be spent due to form, include inventories, prepaid amounts, long-term amounts of loans and notes receivable funds permanently held for cemetery care and property held for resale, unless future property sale proceeds are restricted, committed or assigned.
Inventories and Miscellaneous Prepaids - This represents that portion of fund balance segregated for year-end inventories of supplies and prepaid items such as rent and postage; these are current assets and do not represent available spendable resources.
Perpetual Maintenance – This represents Cemetery resources that are required to be retained in perpetuity for maintenance of the City’s three cemeteries.
Restricted Fund Balance – This classification can be spent only for specific purposes, as stipulated by external resource providers and creditors, by constitution or through enabling legislation that is legally enforceable by an external party. Enabling legislation that creates a revenue stream must also stipulate the purposes for which that revenue can be used. Restrictions may only be changed by parties external to the entity or imposed by law.
Restricted for Stabilization by State Statute – North Carolina G.S. 159-8 prohibits units of government from budgeting or spending a portion of their fund balance. This is one of several statutes enacted by the North Carolina State Legislature in the 1930’s that were designed to improve and maintain the fiscal health of local government units. Restricted by State statute (RSS), is calculated at the end of each fiscal year for all annually budgeted funds. The calculation in G.S. 159-8(a) provides a formula for determining what portion of fund balance is available for appropriation. The amount of fund balance not available for appropriation is what is known as “restricted by State statute”. Appropriated fund balance in any fund shall not exceed the sum of cash and investments minus the sum of liabilities, encumbrances, and deferred revenues arising from cash receipts, as those figures stand at the close of the fiscal year next preceding the budget. Per GASB guidance, RSS is considered a resource upon which a restriction is “imposed by law through constitutional provisions or enabling legislation.” RSS is reduced by inventories and prepaids as they are classified as nonspendable. Outstanding encumbrances are included within RSS. RSS is included as a component of Restricted Net position and Restricted fund balance on the face of the balance sheet.
Restricted for Debt Covenants – This fund balance is derived from debt proceeds and is governed by certain covenants contained in financing agreements and is mainly restricted to finance major capital improvements.
Assets Held for Resale - This represents that portion of fund balance segregated for assets that are intended to be resold and not used in operation.
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Restricted for Grantor Requirements - Highway Improvements – This represents the amount of fund balance which can only be spent on streets, such as Powell Bill. The Powell Bill Fund is reported as a Special Revenue Fund for reporting purposes and related capital expenditures are also reported in the State Highway Allocation Capital Project Fund. These funds were established to account for Powell Bill Funds which are derived from a one and three-fourths cents per gallon motor fuel tax. The State of North Carolina collects these monies and returns a proportionate share to local governments based on local street mileage and population. Expenditures from this fund are restricted to specific highway construction and maintenance costs.
Committed Fund Balance – The portion of fund balance that can only be used for specific purposes imposed by a formal action in a majority vote by a quorum of the City of Greensboro’s governing body (highest level of decision–making authority). The governing body can, by adoption of a resolution prior to the end of the year, commit fund balance. Once adopted, the limitation imposed by the resolution remains in place until a similar action is taken (the adoption of another resolution) to remove or revise the limitation. These amounts are not subject to legal enforceability by external parties, as in restricted; however, amounts cannot be used for any other purpose unless the governing body removes or changes the limitation by taking the same form of action employed to previously impose the limitation. Formal action to commit an amount to a specific purpose must be made prior to the end of the Fiscal Year. The actual amount, however, may be computed after the year end as part of the preparation of the financial statements.
Committed for 911 Program – This portion of fund balance represents amounts committed to the continued operations of the Guilford Metro 911 Emergency Telephone System.
Committed for Special Tax Districts – This represents the portion of fund balance committed by the board for special tax districts, primarily derived from specific property taxes.
Committed for Neighborhood Development - This portion of fund balance represents amounts committed to housing partnership and community development to fund low and moderate income housing initiatives, primarily derived from a specific property tax.
Committed for Economic Opportunity – This portion of fund balance represents amounts committed to enhancing economic development within the City of Greensboro.
Committed for Cemetery Maintenance – This amount represents the portion of fund balance to be used for the maintenance and operation of the three cemeteries that are owned and operated by the City, primarily derived from cemetery lot sales.
Committed for Debt Service/Capital Projects – This represents amounts held for the future payment of general long-term debt principal and interest.
Assigned Fund Balance can be assigned either by any action of the governing body, or by designees with authority to assign. Amounts can be unassigned by the same process. Assignments calculations may be made after the end of the fiscal year during the process of preparation of the financial statements. The City may delegate to the City Manager (or his designee) the authority to assign amounts of a fund balance to promote sound financial operations of the City or to meet a future obligation.
Assigned for Subsequent Year’s Expenditures – This represents the amount of fund balance appropriated by the City Council to balance the budget for the year ending June 30, 2021.
Assigned for Debt Service – This represents amounts held for the future payment of general long-term debt principal and interest.
Assigned for Capital Projects – This represents funds used to finance all major capital improvements. The governing body approves the appropriation.
Unassigned Fund Balance represents the residual classification for the General Fund, which has not been restricted committed, or assigned to specific purposes within the General Fund. Council action is needed to affect the Unassigned Fund Balance (Unappropriated Fund Balance) in the General Fund. The ordinance must be approved by seven Council members unless an emergency exists (Section 3.23 of Greensboro City Charter). The minimum fund balance policy for the General Fund is 9% of budgeted expenditures of the subsequent year, with the remaining amounts, if any, recorded as “Assigned for Capital Projects”. Unassigned residual deficits may apply to other governmental funds to the extent fund balances are insufficient to satisfy restricted and committed balances. 37k
The City of Greensboro’s revenue spending policy provides guidance for programs with multiple revenue sources. The Finance Officer will use resources in the following hierarchy; bond proceeds, federal funds, state funds, local non-City funds, and then City funds when directing expenditures of the City.
Fund balance determination of order of expenditures – In determining the classification of total fund balance remaining at the end of the Fiscal Year when an expenditure is incurred for purposes for which both restricted and unrestricted amounts are available, expenditures will be applied first to restricted fund balance and then to unrestricted fund balance. The Finance Director has the authority to deviate from this policy if it is in the best interest of the City and promotes sound financial practices. Within unrestricted fund balance, the order in which the expenditures will be applied is as follows: Committed, Assigned, Unassigned, if multiple fund balances are reported for the same program.
10. Net Position
The government-wide and business-type fund financial statements utilize a net position presentation. Net position is categorized as net investment in capital assets, restricted and unrestricted.
Net Investment in Capital Assets is intended to reflect the portion of net position which is associated with non-liquid capital assets less outstanding capital asset-related debt.
Restricted Net Position represents liquid assets (typically generated from certain revenues and bond proceeds) which have third- party (statutory, bond covenant or granting agency) limitations on their use. Restrictions may also be imposed by law through constitutional provisions or enabling legislation.
At June 30, 2020, net position restricted by enabling legislation includes:
Water Resources Capital Reserve $ 17,124,393 Solid Waste Capital Reserve $ 3,360,105 Parking Facilities Capital Reserve $ 2,280
Unrestricted Net Position represents net position that does not meet the definitions of “Restricted” or “Net Investment in Capital Assets”. Unrestricted net position may be assigned or committed for management’s or the Board’s specific internal purposes. Unrestricted net position does not equate to net position available for appropriation which is calculated using statutory guidelines.
11. Defined Benefit Pension and OPEB Plans
The City participates in one cost-sharing, multiple-employer, defined benefit pension plan that is administered by the State: the Local Governmental Employees’ Retirement System (LGERS). The LEOSSA Plan and the OPEB Plan are single-employer Trusts administered by the City.
For purposes of measuring the net pension asset (liability), deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the LGERS and additions to/deductions from LGERS’ fiduciary net position have been determined on the same basis as they are reported by LGERS. For this purpose, plan member contributions are recognized in the period in which the contributions are due. The City of Greensboro’s employer contributions are recognized when due and the City of Greensboro has a legal requirement to provide the contributions. Benefits and refunds are recognized when due and payable in accordance with the terms of LGERS.
For purposes of measuring the net liabilities, deferred outflows and inflows of resources related to the LEOSSA and OPEB Plans and LEOSSA and OPEB expense, information about the fiduciary net position of the LEOSSA and OPEB Plans and additions to/deductions from the fiduciary net position have been determined on the same basis as they are reported by the LEOSSA and OPEB Plans. For this purpose, the LEOSSA and OPEB Plans recognize benefit payments when due and payable in accordance with the benefit terms
Investments for all plans are reported at fair value.
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Government-Wide Financial Statements Governmental Business-Type Activities Activities Deferred Outflows of Resources Pension Deferrals - LGERS $ 20,378,837 $ 4,113,191 Pension Deferrals - LEOSSA 2,063,039 Subtotal Pension Deferrals $ 22,441,876 $ 4,113,191
Current Year Pension Contributions - LGERS $ 12,768,641 $ 2,577,178 Current Year Pension Contributions - LEOSSA 1,650,401 Subtotal Current Year Pension Contributions $ 14,419,042 $ 2,577,178
Liabilities Net Pension Liability - LGERS $ 56,828,862 $ 11,470,132 Net Pension Liability - LEOSSA 22,410,694 Subtotal Net Pension Liability $ 79,239,556 $ 11,470,132
Deferred Inflows of Resources Pension Deferrals - LGERS $ 859,596 $ 173,498 Pension Deferrals - LEOSSA 2,548,902 Subtotal Unearned Revenues $ 3,408,498 $ 173,498
II. Reconciliation of Government-Wide and Fund Financial Statements
A. Explanation of certain differences between the governmental fund balance sheet and the government-wide statement of net position.
The governmental fund balance sheet includes reconciliation between fund balance – total governmental funds and net position – governmental activities as reported in the government – wide statement of net position. One element of that reconciliation explains that “long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported in the funds.”
The details of this $416,231,495 difference (including Premium of $29,311,379 and unamortized bond refunding charges of $517,468) are as follows:
Bonds and Notes Payable $ 327,762,973 Limited Obligation Bonds and Notes Payable 69,845,938 Lease Purchase and Other Financing Agreements Payable 1,744,000 Compensated Absences Payable 13,336,197 Accrued Interest Payable 3,542,387 Combined Adjustment $ 416,231,495
B. Explanation of certain differences between the governmental fund statement of revenues, expenditures, and change in fund balances and the government-wide statement of activities.
The governmental fund statement of revenues, expenditures, and changes in fund balances include reconciliation between net changes in fund balances – total governmental funds and changes in net position of governmental activities as reported in the government-wide statement of activities. One element of that reconciliation explains that “Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense”. 37m
The details of this $44,724,814 difference are as follows:
Capital Outlay $ 59,291,949 Contributed Capital 1,925,800 Disposal (1,079,233) Depreciation/Amortization Expense (15,413,702) Combined Adjustment $ 44,724,814
Another element of that reconciliation states that “the issuance of long-term debt (e.g., bonds, leases) provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are unearned and amortized in the statement of activities. Also included are compensated absences activities.”
The details of this $(39,142,810) difference are as follows:
Issuance of Debt $ (100,579,079) Principal Expenditure 59,384,068 Bond-Related Amortization (273,810) Interest Expenditures/Premium Amortization 3,195,440 Compensated Absences Expense (869,429) Combined Adjustment $ (39,142,810)
III. Stewardship, Compliance and Accountability
A. Budgetary Information
In accordance with the General Statutes of the State of North Carolina, the City prepares and adopts its budgets on the modified accrual basis. The General Statutes also require balanced budgets for all funds for which a budget is required. The City adopts annual budgets for all funds except Capital Projects Funds, Grant Project Funds and Trust Funds. Annual budgets must be adopted no later than July 1, the beginning of the Fiscal Year. The following Special Revenue Funds have legally adopted annual budgets: State Highway Allocation, Cemetery, Hotel/Motel Occupancy Tax, Special Tax Districts, Housing Partnership Revolving, Economic Development Fund, and Emergency Telephone System Fund. Capital and Grant Project budgets are adopted for the duration of the project which may encompass several years. Appropriations for funds that adopt annual budgets lapse at the end of the budget year. Capital and Grant Project budget appropriations do not lapse until the completion of the project. The following schedule provides management and citizens with information on the portion of General Fund balance that is available for appropriation:
Total Fund Balance - General Fund $72,046,863 Less: Inventories 1,236,548 Prepaid Expenditures 135,859 Stabilization by State Statute 32,262,485 Appropriated Fund Balance in 2021 Budget 4,260,650 Capital Projects 6,485,421 Working Capital/Fund Balance Policy 27,665,900
Budgets are adopted at a fund level and are amended as necessary during the Fiscal Year in one of two ways. First, the City Manager, as delegated by City Council, may make line-item transfers within individual fund budgets with subsequent monthly notice to City Council. Such transfers can neither increase nor decrease the overall budget at the fund level. Secondly, the budget may be increased or decreased at the fund level as changing circumstances dictate, subject to City Council approval. The legal level of budgetary control (the level at which expenditures may not legally exceed appropriations) is the fund level. 37n
As required by North Carolina General Statutes, appropriations in Governmental Funds are encumbered upon issuance of purchase orders, contracts or other forms of legal commitments. Even though goods and services have not been received, the transactions are accounted for as a reservation of fund balance in the year that the commitment is made. While appropriations lapse at the end of the Fiscal Year, the succeeding year’s budget ordinance specifically provides for the re-appropriation of year-end encumbrances.
The outstanding encumbrances are amounts needed to pay any commitments related to purchase orders and contracts that remain unperformed at year-end are as follows:
Encumbrances General Fund Debt Service Fund Non-Major Funds $ 83,502,343 $ 4,485,873 $ 90,050 $ 78,926,420
Supplemental budgetary amendments increased the General Fund appropriation by $784,294 for programs being funded by interfund transfers and appropriated fund balance. No expenditures exceeded appropriations at the legal level of control during Fiscal Year 2020.
B. Deficit Fund Equity
The following funds report deficit fund balances as of June 30, 2020:
State, Federal and Other Grants Fund $ (2,521,807) Street and Sidewalk Capital Project Fund (4,798,498) Performing Arts Operating Fund (2,920,536)
The project fund deficits are from current expenses that were incurred at the end of the fiscal year but reimbursement had not yet been received from the federal and state granting agencies. These project fund deficits will be eliminated with the future reimbursements of federal and state grants. The opening of the new performance venue has been delayed due to state-imposed coronavirus restrictions and once the facility is opened, revenues generated from the facility and from the County occupancy tax are planned to eliminate the deficit going forward.
IV. Detailed Notes on all Funds
A. Deposits and Investments
1. Deposits
All deposits of the City of Greensboro are either insured or collateralized by using one of the two methods. Under the Dedicated Method, all deposits that exceed the federal depository insurance coverage level are collateralized with securities held by the City’s agents in the City’s name. Under the Pooling Method, which is a collateral pool, all uninsured deposits are collateralized with securities held by the State Treasurer’s agent in the name of the State Treasurer. Since the State Treasurer is acting in a fiduciary capacity for the City, the deposits are considered to be held by the City’s agent in the City’s name.
The amount of the pledged collateral is based on an approved averaging method for non-interest bearing deposits and the actual current balance for interest-bearing deposits. Depositories using the Pooling Method report to the State Treasurer the adequacy of their pooled collateral covering uninsured deposits. The State Treasurer does not confirm this information with the City or the escrow agent. Because of the inability to measure the exact amount of collateral pledged for the City under the Pooling Method, the potential exists for under collateralization, and the risk may increase in periods of high cash flows. However, the State Treasurer of North Carolina enforces strict standards of financial stability for each depository that collateralizes public deposits under the Pooling Method. The City does not have a formal investment policy regarding custodial credit risk for deposits.
At June 30, 2020, the City’s deposits had a carrying amount of $531,152 and a bank balance of $5,871,132. Of the bank balance, $444,022 was covered by federal depository insurance and the remainder was covered by the collateral held under the Pooling Method. At June 30, 2020, the City had $164,353 cash on hand. 37o
The Greensboro ABC Board, a discretely presented component unit, held deposits in Pooling Method banks only. At June 30, 2020, the ABC Board’s carrying amount of deposits was $4,587,979 and the bank balance was $4,852,124. All of the bank balances were covered by federal depository insurance, as well.
The Greensboro Housing Development Partnership, a discretely presented component unit, had a bank balance at June 30, 2020 of $20,159. All of the bank balance was covered by federal depository insurance.
The Greensboro Redevelopment Commission, a discretely presented component unit, had a bank balance at June 30, 2020 of $31,158. All of the bank balance was covered by federal depository insurance.
2. Investments
North Carolina General Statute 159-30 (c) authorizes the City to invest in obligations of the U. S. Treasury and obligations of certain federal agencies; prime quality commercial paper and bankers’ acceptances bearing the highest rating of the nationally recognized statistical rating services (NRSRS); repurchase agreements with respect to either direct obligations of the United States or obligations of which the principal and interest are guaranteed by the United States; and SEC-registered mutual funds certified by the N.C. Local Government Commission. The City typically holds investments to maturity in order to realize full book value and interest earnings. As required for periods beginning after June 15, 1997 by GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools, the City’s investments with a maturity of more than one year at acquisition and non-money market investments are carried at fair value determined annually by quoted market prices, using the specific identification method. Money market instruments that have a remaining maturity at time of purchase of one year or less are reported at amortized cost. The securities of the NCCMT Government Portfolio, a SEC- registered (2a-7) money market mutual fund, are valued at amortized cost, which is the NCCMT’s share price. The NCCMT Term Portfolio has a duration of 0.15 years, and is also an eligible investment for City funds, investing in high-grade money market securities including obligations of the U.S. Treasury and the State of North Carolina. The NCCMT – Term Portfolio’s securities are valued at fair value. Ownership interest of the State Treasurer’s Short Term Investment Fund (STIF) is determined on a fair market valuation basis as of fiscal year end in accordance with the STIF operating procedures. Valuation of the underlying assets is performed by the custodian.
General Statute 159-30.1 allows the City to establish an Other Postemployment Benefit (OPEB) Trust managed by the staff of the Department of the State Treasurer and operated in accordance with state laws and regulations. It is not registered with the SEC and G.S. 159-30(g) allows the City to make contributions to the Trust. The State Treasurer in his discretion may invest the proceeds in equities of certain publicly held companies and long or short-term fixed income investments as detailed in G.S. 147-69.2 (1-6), (6c) and (8). Funds submitted are managed in three different sub-funds, the STIF consisting of short to intermediate treasuries, agencies and corporate issues authorized by G.S. 147-69.1, the Bond Index Fund (BIF) consisting of high quality debt securities eligible under G.S. 147-69.2(b)(1)-(6), and BlackRock’s MSCI ACWI EQ Index Non-Lendable Class B Fund (EIF) authorized under G.S. 147-69.2(b)(8).
Under the authority of G.S. 147-69.3, no unrealized gains or losses of the STIF are distributed to participants of the fund. The BIF is also valued at $1 per share. The MSCI ACWI EQ Index Non-Lendable Class B Fund is priced at $23.1074 per share at June 30, 2020.
General Statute 159-30.2 allows the City to establish a Law Enforcement Special Separation Allowance Trust and G.S. 147- 69.2 (65) allows the State Treasurer to invest deposits by the City into this Trust in the same manner as the OPEB Trust in the same three sub-funds outlined above.
Interest income earned in the Capital Projects funds, amounting to $1,650,864 was assigned to the Debt Service Fund.
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Valuation Measurement Weighted Average Investment Type Method Reported/Fair Value Maturity (Year) U.S. Government Agencies Fair Value - Level 2 $ 118,548,873 0.76976 Commercial Paper Fair Value - Level 2 16,991,860 0.05886 OPEB - STIF Fair Value - Level 2 807,367 0.00164 OPEB - BIF Fair Value - Level 2 9,771,597 0.01984 OPEB - EIF Fair Value - Level 1 15,679,428 0.03183 LEOSSA - STIF Fair Value - Level 2 8,738 0.00002 LEOSSA - BIF Fair Value - Level 2 2,970,832 0.00603 LEOSSA - EIF Fair Value - Level 1 4,601,066 0.00934 NCCMT Government Portfolio Fair Value - Level 1 196,810,264 0.00111 NCCMT Term Fund Fair Value - Level 1 91,317,988 0.00052 M&F Bank Fair Value - Level 1 2,002,373 0.00407 US Bank Trust Account: US Government Agencies Fair Value - Level 2 26,086,484 0.05296 Total Fair Value $ 485,596,870 Portfolio Weighted Average Maturity 0.95598
All investments are measured using the market approach: using prices and other relevant information generated by market transactions involving identical or comparable assets or a group of assets.
Level of fair value hierarchy:
Level 1: Financial instruments are valued using directly observable, quoted prices (unadjusted) in active markets for identical assets. Level 2: Financial instruments are valued using a matrix pricing technique. Matrix pricing is used to value securities based on the securities’ benchmark quoted prices.
Interest Rate Risk
In accordance with the formal approved City of Greensboro’s Charter, Article III, Section 4.71, the Investment Manager (Assistant Treasurer) prepares a memo describing investment transactions in detail as they are purchased. This memo is sent to the Mayor, the City Manager and the Finance Director (Treasurer) for signature approval and then returned to the Investment Manager. Although the investment policy has not been formally approved by the City Council, the City has an investment policy guideline, an internally approved Finance Department document that follows North Carolina General Statute 159-30. As a means of limiting the City’s exposure to declines in fair market values from rising interest rates, the City limits the weighted average maturity of its investments to less than 3.5 years. Also, the City purchases securities in a structured ladder with stated maturity dates to limit interest rate risk. The State Treasurer’s STIF is unrated and had a weighted average maturity of 1.3 years at June 30, 2020. The State Treasurer’s BIF is unrated and had an average maturity of 7.97 years at June 30, 2020.
Credit Risk
North Carolina General Statute 159-30 limits investments in U.S. Governmental Agencies and commercial paper to those with top ratings issued by NRSRS. The City has no formal investment policy regarding credit risk, however in practice, it follows NCGS 159-30, and in effect the City limits its investment types to those with top ratings issued by NRSRS. As of June 30, 2020, the City had investments in the NCCMT Government Portfolio, which is rated AAAm by Standard and Poor’s, and in U. S. Government Agencies, all of which were rated AAA by Standard and Poor’s. The City also had investments in the NCCMT Term Portfolio, which is not rated. Investments in commercial paper by the City are rated either A1/P1 by Standard and Poor’s or Moody’s Investors Service. The State Treasurer’s STIF is unrated and authorized under NC General Statute 147-69.1. The State Treasurer’s STIF is invested in highly liquid fixed income securities consisting primarily of short to intermediate term treasuries, agencies, and money market instruments. The BIF is unrated and authorized under NC General Statute 147-69.1 and 147-69.2. The State Treasurer’s BIF is invested in high quality debt securities eligible under G.S. 147-69.2(b)(1)-(6).
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Custodial Credit Risk
For an investment, the custodial risk is the risk that in the event of the failure of the counterparty, the City will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The City has no formal policy on custodial credit risk, but the City utilizes a separate third party custodial trust agent for all book-entry transactions, all of which are held in the City’s name.
Concentration of Credit Risk
The City’s investment policy does not restrict the level of investment in money markets or federal agencies, but it restricts investment in commercial paper or bankers’ acceptances of a single issuer to no more than 10% of the total investment portfolio. As of June 30, 2020, the City owned the following investments, which exceed 5% of the City’s total investments, along with the percentage noted for each compared to the total portfolio:
Federal National Mortgage Association 6.33% Federal Home Loan Bank 6.33% Federal Home Loan Mortgage Corporation 6.60% Federal Farm Credit Bank 6.54% NCCMT Term Portfolio 19.87% NCCMT Government Portfolio 42.83%
At June 30, 2020, the City’s OPEB Trust had $26,258,392 invested in the State Treasurer’s Local Government Other Post- Employment Benefits (OPEB) Trust; additionally at June 30, 2020 the City’s LEOSSA Trust had $7,580,635 invested in the State Treasurer’s Local Government Law Enforcement Officer’s Special Separation Allowance (LEOSSA) Trust. Both of the State Treasurer’s OPEB and LEOSSA Trust are pursuant to G.S. 159-30.1. The State Treasurer’s OPEB Trust and LEOSSA Trust may invest in public equities and both long-term and short-term fixed income obligations as determined by the State Treasurer pursuant to the General Statutes.
At year-end, the State Treasurer’s OPEB Trust was invested as follows: State Treasurer’s Short Term Investment Fund (STIF) 3.07%, which is reported as cash and cash equivalents; State Treasurer’s Bond Index Fund (BIF) 37.22% and BlackRock’s MSCI ACQI EQ Index Non-Lendable Class B Fund (EIF) 59.71%.
At year-end, the State Treasurer’s LEOSSA Trust was invested as follows: State Treasurer’s Short Term Investment Fund (STIF) 0.12%, which is reported as cash and cash equivalents; State Treasurer’s Bond Index Fund (BIF) 39.19% and BlackRock’s MSCI ACQI EQ Index Non-Lendable Class B Fund (EIF) 60.69%.
At June 30, 2020 the State Treasurer’s BlackRock’s MSCI ACWI EQ Index Non-Lendable Class B Fund (EIF) equities were split with 57.49% in domestic securities and 42.51% in international securities.
Level of the fair value hierarchy
Ownership of the STIF is determined on a fair market valuation basis as of the fiscal year end in accordance with STIF operating procedures. STIF investments are valued by the custodian using Level 2 inputs which in this case involves inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability. The STIF is valued at $1 per share.
Ownership of the BIF is determined monthly at fair value using the same Level 2 inputs as the STIF and is based upon units of participation. Units of participation are calculated monthly based upon inflows and outflows as well as allocations of net earnings.
The BlackRock’s MSCI ACWI EQ Index Non-Lendable Class B Fund, authorized under G.S. 147-69.2(b)(8), is a common trust fund considered to be comingled in nature. The Fund’s fair value is the number of shares times the net asset value as determined by a third party. At June 30, 2020 the fair value of the Fund was $23.107392 per share. Fair value for this BlackRock fund is determined using Level 1 inputs which are directly observable, quoted prices (unadjusted) in active markets for identical assets or liabilities.
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Valuation technique
North Carolina Department of State Treasurer’s OPEB Trust and LEOSSA Trust investments are measured using the market approach: using prices and other relevant information generated by market transaction involving identical or comparable assets or liabilities. a. Hedging Derivative Instruments
Objective of the Interest Rate Swaps
As a means to convert variable rate obligations to synthetic fixed rate obligations to reduce the overall variable rate exposure of the City, the City entered into an interest rate swap agreement with Bank of America Merrill Lynch in October 2002, in connection with its $5,700,000 Series 1998 Variable Rate General Obligation Bonds. The intention of the swap was to effectively change the City’s interest rate on the bonds to a synthetic fixed rate of 3.46%. The bonds and the related swap agreement matured on April 1, 2020.
B. Long-Term Notes Receivable
The City entered into an agreement with Duke Power Company, effective July 1, 1991, which authorized the discontinuance of transit services provided by Duke Transit in Greensboro, pursuant to a franchise agreement scheduled to expire on July 1, 2028. In exchange, the City is to receive $55,500,000 in 37 equal annual installments of $1,500,000 from Duke Power Company with the first installment on July 1, 1991 and the final installment on July 1, 2027, to assist in financing operations of the Greensboro Transit Advisory Commission. The annual payment is secured by a First and Refunding Mortgage Bond issued by Duke Power Company to the City. The present value of the note receivable as of June 30, 2020 is $8,317,680. Interest income of $2,937,888 will be recognized by the effective yield method over the remaining 7-year term of the note, based on an imputed interest rate of 8.95%.
Terms of certain of the notes receivable of the Redevelopment Commission are such that principal and interest may be forgiven upon meeting certain conditions. In addition, corresponding revenue was not recognized at the government-wide financial statement level because the loans were not considered substantially collectible.
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C. Capital Assets
Capital asset activity of the year ended June 30, 2020 was as follows:
Beginning Ending Balance Increases Adjustments Decreases Balance Governmental Activities: Capital Assets, Non-depreciable: Land $ 101,581,077 $ 12,245,012 $ (137,849) $ (10,000) $ 113,678,240 Construction in Progress 15,620,930 20,405,186 (10,833,504) 25,192,612 Total Capital Assets Non-Depreciable 117,202,007 32,650,198 (137,849) (10,843,504) 138,870,852
Capital Assets, Depreciable: Buildings 193,308,927 391,936 (1,382,795) (19,255) 192,298,813 Improvements Other Than Buildings 46,339,735 3,227,509 49,567,244 Furniture, Fixtures, Machinery and Equipment 182,339,235 15,601,307 (6,955,795) 190,984,747 Infrastructure 349,286,439 35,371,018 384,657,457 Intangible Assets - Software & Licenses 4,168,935 4,168,935 Total Capital Assets, Depreciable 775,443,271 54,591,770 (1,382,795) (6,975,050) 821,677,196
Less Accumulated Depreciation For: Buildings (91,579,684) (4,669,339) 513,937 18,809 (95,716,277) Improvements Other Than Buildings (23,798,735) (2,035,953) (25,834,688) Furniture, Fixtures, Machinery and Equipment (122,401,230) (17,196,549) 6,620,459 (132,977,320) Infrastructure (162,323,051) (7,825,877) (170,148,928) Intangible Assets - Software & Licenses (4,156,356) (4,192) (4,160,548) Total Accumulated Depreciation (404,259,056) (31,731,910) 513,937 6,639,268 (428,837,761)
Total Capital Assets, Depreciable, Net 371,184,215 22,859,860 (868,858) (335,782) 392,839,435
Capital Assets, Net Governmental Activities $ 488,386,222 $ 55,510,058 $ (1,006,707) $ (11,179,286) $ 531,710,287
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Beginning Ending Balance Increases Adjustments Decreases Balance Business-Type Activities: Capital Assets, Non-Depreciable: Land $ 62,150,583 $ 789,600 $ 137,849 $ (1,411,869) $ 61,666,163 Construction in Progress 178,863,571 75,877,911 (79,504,474) 175,237,008 Intangible Assets - Easements 25,049,277 1,190,616 26,239,893 Total Capital Assets Non-Depreciable 266,063,431 77,858,127 137,849 (80,916,343) 263,143,064
Capital Assets, Depreciable: Buildings 400,993,301 84,458,463 1,382,795 (271,177) 486,563,382 Improvements Other Than Buildings 61,026,932 214,802 61,241,734 Furniture, Fixtures, Machinery and Equipment 109,432,241 15,693,837 (1,972,709) 123,153,369 Infrastructure 747,673,752 27,388,843 775,062,595 Intangible Assets: Water Rights, Software & Licenses 97,100,876 938,394 98,039,270 Total Capital Assets, Depreciable 1,416,227,102 128,694,339 1,382,795 (2,243,886) 1,544,060,350
Less Accumulated Depreciation/Amortization for: Buildings (171,440,885) (13,963,695) (528,615) 22,073 (185,911,122) Improvements Other Than Buildings (32,299,275) (1,995,198) (34,294,473) Furniture, Fixtures, Machinery and Equipment (56,625,312) (7,377,937) (23,615) 1,898,079 (62,128,785) Infrastructure (350,203,550) (17,122,980) (367,326,530) Intangible Assets: Water Rights, Software & Licenses (21,366,283) (2,003,282) (23,369,565) Total Accumulated Depreciation/Amortization (631,935,305) (42,463,092) (552,230) 1,920,152 (673,030,475)
Total Capital Assets, Depreciable, Net 784,291,797 86,231,247 830,565 (323,734) 871,029,875
Capital Assets, Net Business-Type Activities $ 1,050,355,228 $ 164,089,374 $ 968,414 $ (81,240,077) $ 1,134,172,939
Depreciation/Amortization expense was charged to functions/programs of the primary government as follows:
Governmental Activities: General Government $ 202,859 Public Safety 1,817,572 Transportation, including depreciation of general infrastructure assets 8,164,012 Field Operations 29,338 Engineering and Building Maintenance 768,622 Culture and Recreation 4,431,299 Capital assets held by the government's Internal Service Funds are charged to the various functions based on their usage of the assets 16,318,208 Total depreciation, amortization expense - Governmental Activities $ 31,731,910
Business-Type Activities: Water Resources Fund, including depreciation of infrastructure assets $ 30,000,980 Stormwater Management Fund 1,987,910 Coliseum Fund 5,836,093 Parking Facilities Fund 569,538 Solid Waste Management Fund 399,956 Greensboro Transit Advisory Commission 3,668,615 Total depreciation, amortization expense - Business-Type Activities $ 42,463,092
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Construction Commitments
The City has construction commitments on capital projects at June 30, 2020 as follows:
Governmental Funds: Special Revenue $ 6,557,889 Capital Projects 49,548,992 Total Governmental Funds 56,106,881
Enterprise Funds: Water Resources 61,530,237 Stormwater Management 1,430,801 Coliseum 2,151,232 Other Enterprise 28,222,783 Greensboro Transit Advisory Commission 53,030 Total Enterprise Funds 93,388,083
$ 149,494,964
Activity for ABC Board for the year ended June 30, 2020, was as follows:
Beginning Balance Increases Decreases Ending Balance Capital Assets, Non-depreciable: Land $ 4,179,181 $ $ $ 4,179,181
Capital Assets, Depreciable: Buildings 6,586,277 371,914 6,958,191 Improvements Other Than Buildings 521,205 521,205 Furniture, Fixtures, Machinery and Equipment 2,814,199 210,616 3,024,815 Total Capital Assets, Depreciable 9,921,681 582,530 10,504,211
Less Accumulated Depreciation/Amortization for: Buildings (1,351,066) (168,762) (1,519,828) Improvements Other Than Buildings (478,806) (19,893) (498,699) Furniture, Fixtures, Machinery and Equipment (2,224,494) (246,018) (2,470,512) Total Accumulated Depreciation (4,054,366) (434,673) (4,489,039)
Total Capital Assets, Depreciable-Net 5,867,315 147,857 6,015,172
ABC Board Capital Assets, Net $ 10,046,496 $ 147,857 $ $ 10,194,353
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D. Closure and Postclosure Care Cost – White Street Landfill
The City owns and operates a regional landfill site located in the northeast portion of the City. State and federal laws require the City to place a final cover on its White Street landfill site and to perform certain maintenance and monitoring functions at the site for thirty years after closure. The City reports a portion of these closure and postclosure care costs as an operating expense in each period based on landfill capacity used as of each June 30. The $27,654,593 reported as landfill closure and postclosure care liability at June 30, 2020 is based on 100% use of the estimated capacity of Phase II and Phase III, Cells 1 and 2. Phase III, Cell 3 is estimated at 58.2% of capacity. In November 2005, the City issued $8.4 million in Special Obligation bonds for the purpose of constructing a solid waste transfer facility. This facility, which opened in 2006, is located in an industrial section of western Greensboro and accepts waste from the City’s solid waste collection services and from private haulers, with waste transported off-site daily to a private site outside of the City. It is expected that White Street Landfill will only be utilized for disposal of construction, demolition debris, yard waste and certain incinerated waste and in the event that the transfer station is not operational.
The estimated liability amounts are based on what it would cost to perform all closure and postclosure care in the current year. Actual costs may be higher due to inflation, changes in technology, or changes in regulations. At June 30, 2020, the City had expended $3,876,035 to complete closure of the White Street facility, Phase II and $2,535,980 to begin closure activities at the construction and demolition site located on top of the municipal waste filled space. The balance of closure costs, estimated at $14,194,363 and an estimated $13,460,230 for postclosure care will be funded over the remaining life of the landfill, estimated to be 20 to 25 years.
E. Pollution Remediation Obligations
Greensboro staff have identified specific City-owned properties where either it is known or reasonably believed that the sites contain certain pollutants. Most of the properties have not completed an environmental assessment of the impact or have active remediation systems in place, however each site has been reported to a North Carolina regulatory agency as having a current or reportable incident, thus voluntarily obligating the City for certain remediation activities. In addition, the City entered an administrative agreement with a state agency to voluntarily assess a site. None of the reported pollution creates an imminent endangerment to public health or welfare and many of the sources of impact have already been eliminated, as reasonably appropriate.
An estimated pollution remediation obligation of $1,529,313 is recorded in the Statement of Net Position in the Solid Waste Management Enterprise Fund. This amount reflects current estimates for groundwater pollution remediation noted at the City’s White Street landfill, in an active part of the disposal site, not associated with closure and postclosure activities. City staff has voluntarily worked with appropriate State regulators to assess the environmental impact and to develop a corrective action plan. The estimated cost of remediation is based on an external consultant’s estimate for the corrective action plan, which involves phyto-remediation and monitored natural attenuation activities. Should further activities become necessary, such as constructing a pump and treat system, cost estimates would then be re-evaluated. Remediation activities began in Fiscal Year 2010 and are ongoing.
Additional pollution remediation activities have been identified by the City relating to a former industrially-impacted property purchased in 1999 to house certain public safety and Water Resources operations. A Phase I Remedial Assessment was prepared by an external consultant in 2019 that focused on groundwater contamination. As of June 30, 2020, the City recorded an estimated pollution remediation obligation of $2,717,762 in the Water Resources Enterprise Fund and an additional $1,303,708 in the government-wide financial statements for public safety operations. City officials deem use of biobarrier methods to be the probable course of remediation action.
Certain other sites associated with pollution activity within the City have been identified, primarily pertaining to former waste disposal or prior property use; however, costs for remediation activities are not estimable as of June 30, 2020.
In addition, we estimate no future recoveries to potentially reduce the recorded pollution liabilities in Fiscal Year 2020.
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F. Interfund Receivables, Payables and Transfers
The following is a schedule of interfund receivables and payables due to/from primary government and component units at June 30, 2020:
1. Internal Receivables/Payables: Greensboro Transit General Fund Advisory Commission Total Receivable by: General Fund $ 35,500 $ $ 35,500 Enterprise Funds: Greensboro Transit Advisory Commission 630,500 630,500 Total $ 35,500 $ 630,500 $ 666,000
Current Payable From: General Fund $ $ 630,500 $ 630,500 Non-Major Governmental Funds Workforce Investment Act (WIA) 35,500 35,500 Total $ 35,500 $ 630,500 $ 666,000
2. Due To/From Primary Government and Component Unit:
Receivable By: General Fund Payable From: Component Unit - ABC Board $ 883,661
Internal receivables and payables were recorded due to timing lags in receipt of funds from outside parties. Current internal balances represent amounts advanced to the Greensboro Transit Advisory Commission Fund ($630,500) and the Workforce Investment Act (WIA) Fund ($35,500).
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3. Interfund Transfers:
Non-Major Internal General Governmental Service Fund Funds Funds
Transfers From: $ (40,296,344) $ (15,491,248) $ (608,503)
Transfers To: General Fund $ $ 6,701,548 $ 53,000 Debt Service Fund 26,644,740 Non-major Governmental Funds 830,696 3,587,062 Enterprise Funds: Coliseum 3,090,371 4,324,906 500,000 Solid Waste Management 1,830,537 Greensboro Transit Advisory Commission 877,732 Internal Service Funds 7,900,000 55,503 Total $ 40,296,344 $ 15,491,248 $ 608,503
Greensboro Non-Major Transit Advisory Enterprise Commis s ion Fund Total Operating Transfers From: $ (17,600) $ (40,907) $ (56,454,602)
Transfers To: General Fund $ $ $ 6,754,548 Debt Service Fund 26,644,740 Non-Major Governmental Funds 17,600 40,907 4,476,265 Enterprise Funds: Coliseum 7,915,277 Solid Waste Management 1,830,537 Greensboro Transit Advisory Commission 877,732 Internal Service Funds 7,955,503 Total $ 17,600 $ 40,907 $ 56,454,602
Transfers are used to move unrestricted revenues to finance various programs that the government must account for in other funds in accordance with budgetary authorizations, including amounts provided as matching funds for various grant programs. Transfers are made to the Debt Service Fund for the City’s governmental debt outstanding to account for the principal and interest payments as they become due during the year.
The Greensboro ABC Board transferred $4,902,116 to the General Fund in Fiscal Year 2020, which was recorded as Intergovernmental Revenue.
G. Long-Term Debt
Long-term Bonded Debt of the City consists of General Obligation Bonds, which are collateralized by the full faith, credit and taxing power of the City and are issued for both general governmental improvements and for Proprietary Fund purposes. The City’s legal debt margin as of June 30, 2020 is $1,916,450,559. Long-term Bonded Debt consists of the following:
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1. General Governmental Improvement General Obligation Bonds
These outstanding tax-exempt and taxable bonds bear interest, payable monthly at fixed rates from 2.00% to 5.00%. Principal is payable annually in varying amounts through 2040.
On March 3, 2020, the City issued $13,440,000 taxable General Obligation Bonds Series 2020A bearing interest payable semiannually at a fixed rate of 2.00% on April 1 and October 1, with final maturity in 2024. Part of the proceeds of Series 2020A were used to refund the Series 1998 Bonds. The net present value savings as a result of the refunding was $48,367. The City also issued Series 2020B, tax-exempt General Obligation Bonds on March 3, 2020 in the amount of $36,105,000 bearing interest payable semiannually at fixed rates of 2.00% to 5.00% on April 1 and October 1, with final maturity in 2040. The Series 2020B bonds will provide funds for public improvement projects.
On March 31, 2020, the City issued $27,035,000, tax-exempt General Obligation Refunding Bonds Series 2020C bearing interest payable semiannually at fixed rates of 1.13% to 4.00% on February 1 and August 1, with final maturity in 2028. These funds were used to refund variable rate bonds; Series 2003B, 2006, and 2008B. The net present value savings as a result of the refunding was $711,714.
General Obligation Bonds $303,680,000
2. Defeased Bonds
In prior years, the City defeased General Obligation Bonds by placing the proceeds of new bonds in an irrevocable trust to provide for all future debt service payments on the old debt. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the City’s financial statements. At June 30, 2020, $48,830,000 of General Obligation Bonds outstanding are considered defeased. For details of all General Obligation outstanding bond issues refer to the Schedule of General Long Term Debt on pages 168-171.
3. General Obligation Bonds Debt Service Requirements to Maturity are:
Governmental Activities Annual Requirements Fiscal Year Principal Interest Total 2020-21 $ 23,850,000 $ 11,720,982 $ 35,570,982 2021-22 24,435,000 10,831,140 35,266,140 2022-23 21,700,000 9,867,530 31,567,530 2023-24 19,640,000 9,037,531 28,677,531 2024-25 19,665,000 8,283,633 27,948,633 2026-30 85,820,000 28,968,450 114,788,450 2031-35 64,045,000 13,167,662 77,212,662 2036-40 44,525,000 3,066,794 47,591,794 $ 303,680,000 $ 94,943,722 $ 398,623,722
4. Limited Obligation Bonds
On October 7, 2014, the City issued $24,450,000 in Limited Obligation Bonds Series 2014 bearing interest payable semiannually at fixed rates from 2.0% to 5.0% on April 1 and October 1, with final maturity in 2040. The original issue premium amounted to $1,587,051. The proceeds of these bonds were used to retire the $24,000,000 limited obligation notes issued on June 1, 2012. The proceeds of the note were used for coliseum improvements.
On February 14, 2018, the City issued $43,450,000 in Limited Obligation Bonds Series 2018 bearing interest payable semiannually at fixed rates from 2.0% to 4.0% on February 1 and August 1, with final maturity in 2043. The proceeds of 37z
these bonds were used to retire the 2014 Installment Financing Agreements with PNC Bank issued in November 2014, and additional proceeds needed for acquiring, constructing and equipping the Steven Tanger Center for the Performing Arts.
On November 1, 2018 the City issued $20,645,000 tax-exempt Limited Obligation Bonds Series 2018A bearing interest payable semiannually at fixed rates of 3.25% to 5.00% on April 1 and October 1, with final maturity in 2044. On November 1, 2018, the City issued $11,450,000 taxable Limited Obligation Bonds Series 2018B bearing interest payable semiannually at fixed rates of 3.32% to 4.31% on April 1 and October 1, with a final maturity in 2031. The proceeds of the Series 2018 bonds were used together with any other available funds to repay the 2016 limited obligation notes, prepay the outstanding 2010 Certificates of Participation and pay for additional improvements to the City’s Coliseum Complex.
On October 29, 2019, the City issued $29,685,000 in Limited Obligation Bonds Series 2019 bearing interest payable semiannually at fixed rates from 1.88% to 3.51% on May 1 and November 1, with final maturity in 2044. The proceeds of these bonds are being used to build a new downtown parking deck.
On February 27, 2020, the City issued $12,755,000 in Limited Obligation Bonds Series 2020A bearing interest payable semiannually at fixed rates from 2.25% to 5.00 on May 1 and November 1, with final maturity in 2039. The proceeds are being used to fund two new fire stations as well as improved firefighting training facilities and equipment.
The property is pledged as collateral for the debt while the debt is outstanding. In the event of default, the City agrees to pay to the purchaser, on demand, interest on any and all amounts due and owing by the City under the related Limited Obligation Bond agreement.
Governmental Activities Business-Type Activities Annual Requirements Annual Requirements Fiscal Year Principal Interest Principal Interest Total 2020-21 $ 2,385,000 $ 2,723,248 $ 1,280,000 $ 2,478,266 $ 8,866,514 2021-22 2,445,000 2,627,526 2,210,000 2,436,633 9,719,159 2022-23 2,495,000 2,543,261 2,260,000 2,382,766 9,681,027 2023-24 2,575,000 2,434,115 2,320,000 2,324,868 9,653,983 2024-25 2,660,000 2,326,395 2,385,000 2,262,593 9,633,988 2026-30 14,610,000 9,906,654 13,010,000 10,215,470 47,742,124 2031-35 14,695,000 6,824,446 15,290,000 7,937,434 44,746,880 2036-40 16,775,000 3,489,059 18,260,000 4,971,162 43,495,221 2041-44 6,495,000 711,400 16,120,000 1,373,510 24,699,910 $ 65,135,000 $ 33,586,104 $ 73,135,000 $ 36,382,702 $ 208,238,806
5. Special Obligation Bonds
On November 17, 2005, the City issued $8,400,000 in Special Obligation Bonds Series 2005 bearing interest payable semiannually at fixed rates from 3.75% to 5.0% on June 1 and December 1. The final maturity occurred in FY2020. The original issue premium amounted to $224,026. The proceeds of these bonds were used for the construction of a solid waste transfer station along with related equipment and improvements.
6. Combined Enterprise System Revenue Bonds and Anticipation Notes
The City has participated in the capital markets by issuing over $400 million Combined Enterprise System Revenue Bonds since 1995, to fund the on-going capital improvement program of the City’s water and sanitary sewer utility. Certain maturities of the debt through 2009 have been defeased, by placing the proceeds of the new bonds in an irrevocable trust to provide for all future debt service payments on the old debt. Accordingly, the trust account assets and the liability for the defeased bonds are not reflected in the City’s financial Statements. At June 30, 2020, $149,640,000 of Combined Enterprise System Revenue Bonds is considered defeased. The Combined Enterprise System is currently comprised of only the City’s water and sanitary sewer system. Principal and interest requirements will be provided by an appropriation in the year in which they become due. In the event of default, the City agrees to pay to the purchaser, on demand, interest on any and all amounts due and owing by the City under the related Revenue Bonds or Note agreements. 37aa
On June 25, 2020 the City issued $116,290,000 Series 2020A Combined Enterprise System Revenue Bonds payable semiannually at a fixed rate ranging from 2.13% to 5.00% on June 1 and December 1. The final maturity is June 1, 2050; the bond was issued to refund the variable rate 2018 Bond Anticipation Note and the variable rate Series 2014A Refunding bonds.
On June 30, 2020 the City entered into an agreement with PNC Bank, N.A. for a direct placement Combined Enterprise System Revenue Bond Anticipation Note drawdown program in the amount of $85,000,000. As of June 30, 2020, $2,580,810 has been drawn down for improvements to the City’s water and sewer systems.
On June 14, 2018 the City entered into an agreement with PNC Bank, N.A. for a direct placement Combined Enterprise System Revenue Bond Anticipation Note drawdown program in the amount of $85,000,000. An additional $34,941,757 was drawn down during FY2020 for improvements to the City’s water and sewer systems. The total outstanding balance of $72,113,546 was refunded with the Series 2020A Refunding CES bonds on June 25, 2020.
On August 17, 2017, the City issued $90,690,000 Series 2017 A&B Refunding Combined Enterprise System Revenue Bonds payable semiannually at a fixed rate ranging from 3.25% to 5.0% on June 1 and December 1. The $64,700,000 Series 2017A matures on June 1, 2047; the bond was issued to redeem in whole $43,316,551 of the City’s Combined Enterprise System Revenue Bond Anticipation Note, Series 2016, and the remaining cost of improvements of the 2017 Water & Sewer projects. The $25,990,000 Series 2017B matures on December 1, 2030; the bond was issued to defease $29,600,000 of the City’s Combined Enterprise System Revenue Green Bonds, Series 2009A. The net proceeds of $31,673,412 (after payment of $701,122 in underwriting fees and other issuance cost) were placed in escrow in an irrevocable trust to provide for all future debt service payments on the old certificates. As a result, a portion of the liability for the 2016 Bond Anticipation Note and 2009A Series has been removed from the Water Resources Fund.
On February 1, 2016, the City issued $29,310,000 Series 2016 Refunding Combined Enterprise System Revenue Bonds payable semiannually at a fixed rate ranging from 2.0% - 5.0% on June 1 and December 1, with a final maturity in 2045. This bond was issued to redeem in whole the City’s Combined Enterprise System Revenue Bond Anticipation Note Series 2014 which had an outstanding principal amount of $30,000,000 and has been removed from the Water Resources Fund.
On June 23, 2015, the City issued $33,985,000 Series 2015 Refunding Combined Enterprise System Revenue Bonds payable semiannually at a fixed rate ranging from 3.0% - 5.0% on June 1 and December 1, with a final maturity in 2029. This bond was issued to defease $35,810,000 of certain Series 2007A and 2014A Combined Enterprise System Revenue Bonds. The net proceeds of $37,983,527 (after payment of $439,177 in underwriting fees and other issuance cost) were placed in escrow in an irrevocable trust to provide for all future debt service payments on the old certificates. As a result, a portion of the liability for the 2007A and 2014A Series Revenue Bonds have been removed from the Water Resources Fund.
On July 23, 2014 the City issued $70,665,000 Series 2014A Refunding Combined Enterprise System Revenue Bonds payable monthly at a variable rate reported of 1.70% at June 30, 2019, with a final maturity in 2034. The bond was issued to defease $70,190,000 of certain Series 1998B, 2001B, 2003B, 2005B, 2007B, and 2009B variable rate bonds. The net proceeds of $70,190,000, after payment of $475,000 in underwriting and other issuance cost, were placed in escrow in an irrevocable trust to provide for all future debt payments on defeased certificates. As a result, the 1998B, 2001B, 2003B, 2005B, 2007B and 2009B Series Revenue Bonds have been removed from the Water Resources Fund.
On May 23, 2012, the City issued $35,185,000 Series 2012A Refunding Combined Enterprise System Revenue Bonds payable semiannually at a fixed rate ranging from 3.0% - 5.0% on June 1 and December 1, with a final maturity in 2027. This bond was issued to defease $40,885,000 of certain Series 2005A and 2005B Combined Enterprise System Revenue Bonds. The net proceeds of $41,599,354 (after payment of $482,377 in underwriting fees and other issuance cost) were placed in escrow in an irrevocable trust to provide for all future debt service payments on the old certificates. As a result, a portion of the liability for the 2005 Series Revenue Bonds has been removed from the Water Resources Fund. The proceeds of these bonds, along with the $3,200,000 received from the origination of Series 2012B federally taxable Combined Enterprise System Revenue Refunding Bonds, were used to terminate the associated 2005B interest rate swap agreement.
On December 7, 2006, the City issued $49,480,000 Series 2006 Refunding Combined Enterprise System Revenue Bonds at a fixed rate of 4.0% to 5.25% with a final maturity in 2025. These bonds were issued to defease a portion of Combined Enterprise System Bond Series 1998A, 2001A and 2003A. The amounts were refunded at $13,820,000, $19,290,000 and $19,150,000, respectively for a total defeasance of $52,260,000. The net proceeds of $54,971,117 (after payment of 37bb
$506,736 in underwriting fees, accrued interest, call premium and other issuance cost) were placed in escrow in an irrevocable trust to provide for all future debt service payments on the old certificates. As a result, the liabilities for a portion of the 1998A, 2001A and 2003A Series Revenue Bonds have been removed from the Water Resources Fund. The proceeds of these bonds were used for improvements to the City’s water and sanitary sewer system and other issue costs.
The City has pledged 100% of future water and sewer customer revenues, net of specified operating expenses to the payment of and as security for the Revenue Bonds in the amounts shown below specifically to cover annual debt service through 2050. This pledge relates to all Combined Enterprise Revenue bonds outstanding, issued for the purpose of making water and sewer system improvements. Certain financial covenants are contained in the revenue bond order, among the most restrictive of which provide that the City maintain a long-term debt service coverage ratio, as defined, of not less than 1.50. Pledged revenues exceeded operating expenses by $53,399,474 to provide a coverage ratio of 2.13 at June 30, 2020. The City was in compliance with all such covenants during Fiscal Year 2019-20.
Revenue Bonds/Anticipation Notes Debt Service Requirements to Maturity are:
Business-Type Activities Annual Requirements Fiscal Year Principal Interest Total 2020-21 (1) $ 16,330,000 $ 10,932,552 $ 27,262,552 2021-22 (1) 18,580,810 10,397,697 28,978,507 2022-23 13,215,000 9,644,850 22,859,850 2023-24 14,010,000 8,997,263 23,007,263 2024-25 12,600,000 8,367,713 20,967,713 2026-30 57,595,000 33,508,775 91,103,775 2031-35 38,260,000 22,605,600 60,865,600 2036-40 37,550,000 16,217,337 53,767,337 2041-45 44,010,000 9,753,037 53,763,037 2046-50 32,160,000 2,339,325 34,499,325 $ 284,310,810 $ 132,764,149 $ 417,074,959
(1) Includes Direct Placement Bond Anticipation Notes of $2,580,810, in prinicpal scheduled to mature in FY22 and $41,809 in interest for FY21 & FY22.
7. Lease-Purchase and Other Financing Agreements
The City has entered into lease-purchase and other financing agreements for certain energy improvements, and land payable monthly and quarterly through 2026. Principal and interest requirements will be provided by an appropriation in the year in which they become due.
The City has an outstanding direct placement Master Lease Agreement totaling $1,829,490 as of June 30, 2020, with PNC Bank for certain energy improvements, at a fixed tax-exempt rate of 4.38%, maturing in 2022. In addition, the City had a direct placement Master Lease agreement with Bank of America at a fixed interest rate of 3.765% that matured in FY20. This agreement was issued for Coliseum energy improvements. In the event of default of the Master Lease Agreement with PNC Bank City agrees to pay to the purchaser, on demand, interest on any and all amounts due and owing by the City under the related agreements.
The City has a grand total of $1,829,490 in master lease agreements and installment financings to finance energy improvements. The City also has a total of $13,865,760 in capital leases primarily for information technology systems.
In 2015, the City issued $3,578,000 HUD Section 108 Series 2015A notes and refinanced Series 2002A, 2003A and 2006 S. Elm Street interim notes. These notes bear interest at fixed rates ranging from 2.78 to 8.12% maturing in 2026. Total notes outstanding as of June 30, 2020 for HUD funding are $1,744,000 with an original commitment of $10,461,000. In
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the event of default, the City agrees to pay to the purchaser, on demand, interest on any and all amounts due and owing by the City under the related agreements.
Lease Purchase and Other Financing Agreements Debt Service Requirements to Maturity are:
Governmental Activities Business-Type Activities Annual Requirements (1) Annual Requirements(1) Fiscal Year Principal Interest Principal Interest Total 2020-21 $ 5,190,066 $ 575,755 $ $ $ 5,765,821 2021-22 4,797,470 348,558 5,146,028 2022-23 2,505,099 226,813 2,731,912 2023-24 1,715,844 149,246 1,865,090 2024-25 1,588,762 90,546 1,679,308 2025-26 1,642,009 32,149 1,674,158 $ 17,439,250 $ 1,423,067 $ $ $ 18,862,317
(1) Direct Placement Master Lease Agreements included are scheduled to mature as follows:
Governmental Activities Business-Type Activities Annual Requirements Annual Requirements Fiscal Year Principal Interest Principal Interest Total 2020-21 $ 684,060 $ 70,051 $ $ $ 754,111 2021-22 1,145,430 4,596 1,150,026 $ 1,829,490 $ 74,647 $ $ $ 1,904,137
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8. Changes in Long-Term debt are as follows:
Long-term liability activity for the year ended June 30, 2020, was as follows: Beginning Ending Due Within Balance Addit ions Reduct ions Balance(1) One Year Governmental Activities: Bonds and Notes Payable: General Obligation Bonds $ 284,005,000 $ 76,580,000 $ (56,905,000) $ 303,680,000 $ 23,850,000 Premium on General Obligation Bonds 18,651,417 8,790,188 (2,841,164) 24,600,441 3,602,572 Limited Obligation Bonds 54,060,000 12,755,000 (1,680,000) 65,135,000 2,385,000 Premium on Limited Obligation Bonds 2,556,702 2,453,891 (299,655) 4,710,938 538,967 Section 108 HUD Loan 2,982,000 (1,238,000) 1,744,000 405,000 Direct Placement Master Lease Agreement 2,450,400 (620,910) 1,829,490 684,060 Total Debt Payable 364,705,519 100,579,079 (63,584,729) 401,699,869 31,465,599
Other Liabilities Net Pension Liability (LGERS)(3) 49,370,367 7,458,495 56,828,862 Net Pension Liability (LEOSSA)(3) 22,248,656 162,038 22,410,694 Net OPEB Liability(3) 94,072,867 13,218,822 107,291,689 Capital Leases 13,577,742 4,385,065 (4,097,047) 13,865,760 4,101,006 Compensated Absences(2) 13,466,252 8,632,498 (7,677,975) 14,420,775 7,587,776 Governmental Activity Long-Term Liability(1) $ 557,441,403 $ 134,435,997 $ (75,359,751) $ 616,517,649 $ 43,154,381
Business-Type Activities: Bonds and Notes Payable: Special Obligation Bonds $ 785,000 $ $ (785,000) $ $ Revenue Bonds 241,650,000 116,290,000 (76,210,000) 281,730,000 16,330,000 Premium on Revenue Bonds 13,488,473 17,285,513 (3,721,930) 27,052,056 6,066,984 Direct Placement Revenue BANS 37,171,789 37,522,567 (72,113,546) 2,580,810 Direct Placement Master Lease Agreement 182,904 (182,904) Limited Obligation Bonds - Performing Arts 43,450,000 43,450,000 1,280,000 Limited Obligation Bonds - Parking 29,685,000 29,685,000 Total Debt Payable 336,728,166 200,783,080 (153,013,380) 384,497,866 23,676,984
Other Liabilities Net Pension Liability (LGERS)(3) 9,660,382 1,809,750 11,470,132 Net OPEB Liability(3) 20,381,966 4,266,524 24,648,490 Accrued Landfill Liability 27,160,557 494,036 27,654,593 500,000 Compensated Absences 2,433,797 1,956,554 (1,694,041) 2,696,310 1,578,424 Business-T ype Activity Long-Term Liability $ 396,364,868 $ 209,309,944 $(154,707,421) $ 450,967,391 $ 25,755,408
The gross amount of assets acquired under capital leases at June 30, 2020, represents computer and communication equipment and amortization is included in depreciation expense over the lease period.
1 Internal Service Funds predominately serve the governmental funds. Accordingly, the related long term liabilities are included as part of the above totals for governmental activities. The Internal Service Funds debt totals are noted below.
2The General Fund primarily is used to liquidate the liabilities for compensated absences associated with governmental activities. 3The General Fund primarily is used to liquidate the liabilities for the net pension liabilities and other post-employment benefits associated with governmental activities. 37ee
Debt obligations recorded in the Coliseum Enterprise Fund, not contemplated to be repaid with the Fund’s own resources, are reported as general government debt for financial reporting purposes, according to guidance in NCGAS Statement No. 1.
Ending Balance Internal Service Funds: Other Liabilities: Capital Leases $ 13,865,760 Direct Placement Financing Agreements 1,829,490 Compensated Absences 1,084,578 Pension & OPEB 12,793,978 Internal Service Fund Long-Term Liability $ 29,573,806
H. Annual Leave and Sick Leave
The City’s policy permits employees to accumulate up to 30 days of earned but unused annual leave, which would be paid to employees upon separation from the City. Accumulated annual leave at June 30, 2020 amounted to $17,117,085 of which $14,420,775 relates to Governmental Activities and $2,696,310 relates to Business-Type Activities. Changes in accumulated annual leave are as follows:
Balance Current Year Balance Due Within Fund Type 7/1/2019 Increase Decrease 6/30/2020 One Year
Governmental Activities $ 13,466,252 $ 8,632,498 $ (7,677,975) $ 14,420,775 $ 7,587,776 Business-Type Activities 2,433,797 1,956,554 (1,694,041) 2,696,310 1,578,424 $ 15,900,049 $ 10,589,052 $ (9,372,016) $ 17,117,085 $ 9,166,200
Greensboro ABC Board employees may accumulate up to 30 days earned leave. The balance of the accumulated leave liability is not considered to be material. Operations of the GHDP are performed by employees of the City. Accordingly, there is no recorded liability for employee leave amounts for GHDP at June 30, 2020.
City employees had accumulated sick leave benefits of $77,154,179 at June 30, 2020, based on compensation rates in effect on that date. Sick leave does not vest, but any unused sick leave accumulated at the time of retirement may be used in the determination of length of service for retirement benefit. Since the City has no obligation for the accumulated sick leave until it is actually taken, no accrual has been made for sick leave. The same policy is followed by the Greensboro ABC Board.
V. Other Information
A. Risk Management
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City protects itself from potential loss through a combination of purchased commercial insurance for primary and/or excess liability coverage and self-funded risk retention. Self-funded risks are primarily for health, employee workers’ compensation, general, professional, law enforcement, vehicle and underground storage tank liabilities.
The City purchases Flood Insurance coverage through the Blanket Property insurance policy with an annual aggregate flood limit of $50,000,000 with deductibles ranging from $100,000 to $500,000 per location depending on the size and location of the facility. One location is covered solely by the City’s self-funded insurance plan. The City has not had a flood loss in the past 40 plus years that amounted to more than $100,000.
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Bonding in the following amounts is held for City employees involved in financial transactions: Finance Officer, $100,000, Tax Collector, $100,000, and Employee Blanket Bond, $100,000. All operating funds of the City participate in the risk management program and make payments to the Employee Risk Retention Fund and the General Risk Retention Fund based on the funds’ historical claims experience. Payments are for prior and current year claims and to establish a reserve for catastrophic losses.
Claims liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but are not reported (IBNR’s), based on actuarial computations. Settled claims have not exceeded self–retained or purchased insurance coverage in any of the past three fiscal years.
1. Employee Risk Retention
The City provides for health, dental, life and workers’ compensation benefits in its Employee Risk Retention Fund.
The City’s health plan currently offers two plan options through a self-funded program, and a dental plan and vision plan is administered for employees and their covered dependents, supplemented by employee contributions.
Term life insurance for employees is provided by the City for the term of employment, at no cost to the employee. The amount of coverage is based on salary. For those dependents covered by the health plan, the City also provides a reduced coverage term life insurance policy at no cost to the employee. For the life plan, the City pays its contribution directly to the insurer.
The City is self-funded for workers’ compensation for claims up to $1,250,000 per occurrence. Claims in excess of the retention are covered through a combination of purchased insurance and self-funding participation.
The City’s contributions toward employee costs are accounted for as expenditures when the funds are contributed to the Employee Risk Retention Fund.
2. General Risk Retention
The City’s General Risk Retention Fund includes three separate funds in the Local Government Excess Liability Fund, Inc. (ELF) to self-fund certain types of liability claims. Up until December 31, 1999, the ELF was structured to provide varying tiers of funding, with pre-determined contribution rates, limits of coverage, repayment schedules and certain levels of transfer of risk from the five local governments and school members represented by the ELF. Annual contributions by members are periodically reviewed by the Board of Directors and the Executive Director of the ELF.
Effective January 1, 2000, the ELF was reorganized and the resulting structure provides for no transfer of risk from any of the member units to the ELF. Fund balances are segregated by member and in the event of loss, those amounts are available for claims payment by the respective member, on either a loan or withdrawal basis. The new structure of the ELF is considered to be similar to a claims-servicing arrangement. The ELF Revolving Fund – Primary Liability Coverage pays amounts in excess of $100,000 up to $5,000,000 per occurrence, with an aggregated available for the City of $9,247,138 as of June 30, 2020. Additional amounts of $160,069 are recorded in the ELF for payment of City claims.
In addition, a new tier of coverage was established in the ELF in April 2007, to replace purchased Excess Liability coverage and to support General Liability claims. The balance on deposit as of June 30, 2020 is $4,766,559. Accordingly, including these balances, a total of $14,173,766 is included in the City’s General Risk Retention Fund as insurance deposits.
The City is also a member of the Local Government Property Insurance Deductible Fund, Inc. The City purchases Replacement Cost property insurance with a $100,000 deductible for most losses. Property losses up to $100,000 per occurrence are paid by the Fund after application of a $10,000 deductible requirement.
Property insurance coverage above the annual retention provides for up to 100% replacement cost, limited to $500,000,000 per occurrence. At June 30, 2020 following distribution of net earnings to individual accounts for respective members, the fund held deposits of $896,888 payable to the City of Greensboro for payment of future claims.
The City has the right to withdraw its contributions in the Revolving Fund – Primary Liability Coverage, the Self-Retention Fund, the Excess Liability Fund and the Revolving Fund – Employers, Liability/Workers’ Compensation of the Local Government Excess Liability Fund, Inc. and the Local Government Property Insurance Deductible Fund, Inc. when all claims against the Funds have been settled and all legal obligations have been paid for each claims year. 37gg 3. Reconciliation of Claims Liability
Changes in the City’s claims liability balance during Fiscal Years 2020 and 2019 are as follows:
Employee General Risk Risk Total Total Retention Retention 2019-20 2018-19
Balance-July 1 $ 11,356,279 $ 6,123,261 $ 17,479,540 $ 16,141,849 Add: Incurred Claims (including) IBNR's and Changes in Estimates 39,707,129 2,320,947 42,028,076 45,638,427 Deduct: Claims Payments (39,464,000) (1,658,203) (41,122,203) (44,300,736)
Balance - June 30 $ 11,599,408 $ 6,786,005 $ 18,385,413 $ 17,479,540
B. Subsequent Events
The City has evaluated subsequent events through October 28, 2020 in connection with the preparation of these financial statements, which is the date the financial statements were available to be issued.
On July 8, 2020 the City sold $16.755 million Series 2020D refunding General Obligation Bonds to forward refund the Series 2010B General Obligation Bonds. The bonds have an average fixed interest rate of 1.31% with a final maturity of October 1, 2030. The net present value interest savings as a result of the refunding was $1,802,978.
C. Commitments and Contingencies
1. Legalities
The City is party to a number of civil lawsuits and other legal actions. Most of these lawsuits involve construction contracts, public right of way management, and personnel issues. In the opinion of the City’s Attorney and management, the ultimate outcome of these suits is not expected to have significant impact upon the City’s financial position.
2. Authorized capital projects at June 30, 2020 are comprised of the following: Project Expended Through Unexpended Authorization June 30, 2020 Authorization Governmental Funds: Special Revenue (1) $ 62,247,445 $ 43,624,116 $ 18,623,329 Capital Projects 489,512,689 303,271,036 186,241,653 $ 551,760,134 $ 346,895,152 $ 204,864,982
Enterprise Funds: Water Resources $ 463,085,708 $ 376,377,462 $ 86,708,246 Stormwater Management 23,609,363 8,106,761 15,502,602 Coliseum 122,519,842 117,693,602 4,826,240 Solid Waste Management 1,051,141 390,403 660,738 Parking Facilities 64,194,855 31,995,419 32,199,436 Greensboro Transit Advisory Commis s ion 36,012,655 27,701,950 8,310,705 $ 710,473,564 $ 562,265,597 $ 148,207,967
(1) Includes Powell Bill Transportation Projects
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3. Financial Assistance Programs
The City participates in a number of Federal and State financial assistance programs. For the Fiscal Year ended June 30, 2020 these programs were subject to audit in accordance with the Single Audit Act Amendments of 1996, the new Uniform Grant Guidance and the State Single Audit Implementation Act. The amount, if any, of expenditures which may be disallowed by the granting agencies resulting from this and other audits cannot be determined at this time, although the City expects such amounts if any, to be immaterial.
4. Operating Lease Agreement – ABC Board
The Greensboro ABC Board has operating leases agreements for various store and office properties. Rental expense for the year ended June 30, 2020 totaled $579,060. Future lease payments, less payments under sublease agreement, are as follows:
Lease Fiscal Year Payments 2020-21 $ 362,700 2021-22 229,423 2022-23 158,695 2023-24 126,015 $ 876,833
Operating Lease Payments
The City has operating lease payments for computers, printers, software/licenses, maintenance and workstations. Lease payments for the year ended June 30, 2020 totaled $899,147. Future lease payments are as follows:
Lease Fiscal Year Payments 2020-21 $ 332,359 2021-22 17,694 $ 350,053
5. Contingencies
The City is involved in certain lawsuits with former members of the Greensboro Police Department. The City will defend these suits and claims vigorously, and although no assurances can be given as to the ultimate outcome of these matters, the City’s legal counsel is of the opinion that any possible liability of the City resulting from an adverse adjudication in such matters would not have a material adverse effect on the financial position of the City.
During 2020 an outbreak of a novel strain of coronavirus (“COVID-19”) emerged globally. As a result of the spread of COVID- 19, economic uncertainties have arisen that could negatively impact the City’s revenue and operations for an indeterminable time period. Other financial impacts could occur that are unknown at this time.
The CARES Act funding, related to COVID-19 requires that certain expenditures of this funding are subject to audit by the grantor, and the City is contingently liable to refund amounts received in excess of allowable expenditures. In the opinion of the management of the City, no material refunds will be required as a result of expenditures disallowed by grantors.
D. Joint Venture
Piedmont Triad Regional Water Authority (Authority)
The City in conjunction with five other governmental entities formed the Authority in September 1987 to develop a regional water supply. The Authority’s board is composed of ten members, three of which are appointed by the City Council. The joint 37ii
venture agreement provided that each participant annually contribute funds to acquire land, a reservoir and to construct the Randleman Dam. The reservoir, dam and water treatment plant projects are complete and water began flowing through the system to Greensboro in October, 2010. The City’s funding share was originally 59.4%, or $33,858,000, based on a percentage of future raw water allocations. Initial City contributions, funded from the Water and Sewer Capital Reserve Fund, total $34,063,761, including $205,761 for staff administration and equipment fees paid from City operations. Additional cash payments were subsequently made on a pay-as-you-go basis to further fund reservoir, infrastructure, water treatment plant construction and other improvements for a total net Greensboro investment of $74,334,461 net of amortization of $17,572,398 as of June 30, 2020. The City contributed annual member dues in the amount of $938,394 in FY 2020 to cover the Authority’s administrative and operating costs.
In December 2004, the City received a reimbursement of $5,244,257 from Randolph County to acquire a portion of Greensboro’s future raw water allocation which effectively reduced the City’s share of the project to 53.1%.
The City, on average, receives 6.96 million gallons per day from this source. In 2016 the water plant expanded capacity from 12.675 Million Gallons per Day (MGD) to 14.7 MGD, effectively increasing the City’s allocation to 7.83 MGD, as authorized by City Council on July 19, 2016. Total planned plant capacity is 48 MGD. The City’s investment is reported in the Water Resources Enterprise Fund as an Intangible Asset, representing future water rights, amortized over a 50-year term. According to the joint venture agreement, the participating governments do not have an equity interest in the joint venture, but rather rights to purchase future water from the project. Complete financial statements for the Authority may be obtained from the Authority’s administrative office at P.O. Box 1326 Randleman, NC 27317.
E. Jointly Governed Organization
Greensboro/Guilford County Tourism Development Authority (Authority)
The City, in conjunction with Guilford County (County), established the Authority to promote regional tourism. The City appoints five members of the Authority’s thirteen-member board. The Authority receives a percentage of room occupancy taxes which are levied on gross receipts from rental accommodations within the County.
The tax is levied at 6% for establishments within the City limits of Greensboro, of which 3% is levied by the City and 3% is levied by the County. The City contributes 20% of its portion to the Authority. During Fiscal Year 2019-20, the City levied $4,457,141 in room occupancy taxes, of which $891,428 was remitted to the Authority for travel and tourism promotion, net of a 1% collection fee paid to the County.
Piedmont Triad Regional Council (Council)
The City, in conjunction with 6 counties and 25 other municipalities, established the Piedmont Triad Regional Council. The participating governments established the Council to coordinate various funding received from Federal and State agencies. Each participating government appoints one member to the Council’s governing board. The City paid membership fees of $76,619 to the Council during the fiscal year ended June 30, 2020.
Piedmont Triad Airport Authority (Authority)
The City has an agreement with the Authority in which it appoints one member to the board. The City has no financial obligation or investment in the operation of the Airport Authority. Complete financial statements for the Authority may be obtained through the Authority, 100A Ted Johnson Parkway, Greensboro, NC 27409.
Guilford County Economic Development Alliance (Alliance)
The City, in conjunction with Guilford County and the City of High Point founded the Alliance in 2016. The Alliance was founded to coordinate and align all economic development recruitment and retention activities, to enhance economic conditions within the county and the region, and present a united message to all corporate development prospects. All participants have an equal representation on the Alliance’s Leadership Council and contribute an equal amount of funding.
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F. Related Organization
Greensboro Housing Authority (Authority)
The Authority was created to provide affordable housing for citizens with limited income. Although all of the members of the governing body of the Authority are appointed by the Mayor, the City has no decision in selecting the management of the Authority. Financial transactions between the City and the Authority reflect contractual agreements between the parties for the provision of services by the City. The City is not responsible for any deficits nor is it entitled to any surpluses of the Authority. The City does not significantly influence the operations of the Authority, and the Authority is not accountable to the City for its fiscal matters.
G. Other Postemployment Benefits (OPEB)
Plan Description and Benefits Provided
In addition to the pension benefits described in Note I, the City also provides postemployment benefits to retirees under a single- employer plan (“The Plan”), provided they participate in the North Carolina Local Governmental Employees Retirement System (NCLGERS), and are actively employed with the City at the time of retirement. In order to receive any benefits, retirees must have achieved 20 years of active service with the City or have reached age 60 with 5 years of active service. Healthcare, prescription drug coverage, as well as retiree and dependent life insurance are provided in the City’s Plan. Health and prescription drug coverage ends once the retiree reaches age 65 or becomes Medicare eligible, whichever comes first. The City and retirees share the cost of healthcare, based on years of service at retirement. Approximately 75% is paid by the City for 30 years of service, with less subsidy provided for fewer years of service. Dental coverage is available at full cost to the retiree. Retirees may keep their dental insurance for life. Life insurance benefits of up to $20,000 are provided to retirees until age 65, except for those retirees who were hired before March 1, 1975 (receive $2,000 at age 65 for life). Dependent coverage for each of the benefits in the Plan is available, if enrolled at the time of the employee’s retirement, at full cost to the retiree, with the exception of certain life insurance coverage. In addition, if the retiree ceases to have coverage or dies, dependent coverage will terminate. The City Council may amend the benefit provisions with a resolution. The City has elected to partially pre-pay the future overall cost of coverage for these benefits by establishing a Trust arrangement according to General Statutes 159-30.1(b). Management of the plan is vested in three Trustees, the City Manager, the Director of Finance and the Director of Human Resources, appointed by the City Council. The plan which has a June 30, 2020 year end does not issue a standalone financial report and is included in the City’s Comprehensive Annual Financial Report as Other Postemployment Benefit Trust Fund.
Plan Membership
Membership of the Plan consisted of the following at June 30, 2018, the date of the latest actuarial valuation:
Membership Group Number
Inactive Employees or Beneficiaries Currently 1,686 Receiving Benefits
Inactive Members Entitled To But Not Yet Receiving Benefits
Active Employees 2,928
Total Membership 4,614
Summary of Significant Accounting Policies
Postemployment claims and premiums expenditures are made from the Employee Risk Retention Fund (Internal Service Fund), which is maintained on the accrual basis of accounting. Internal charges are made to various other City funds for the respective
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active employees, based upon the pre-determined City contribution rate. Short-term money market instruments and deposits are reported at cost or amortized cost, which approximates fair value as of June 30, 2020. Certain longer term securities are valued at estimated market value, as determined by the State Treasurer. Administration costs of the OPEB Investment Fund are determined by inter-agency agreement with the North Carolina Department of State Treasurer.
Contributions
The City will contribute toward the cost of the eligible retiree health and life insurance coverage based on the years of service at retirement. Dental coverage is provided at full cost to the retiree. The City has chosen to fund the healthcare benefits on a pay-as-you-go basis, with additional amounts contributed to prefund benefits, determined annually by management, not as a measure of pay.
The current Actuarially Determined Contribution (“ADC”) or $11,041,529 is 7.1% of annual covered employee payroll. For the current year, the City contributed $6,907,023 (or 4.43% of annual covered employee payroll) toward actual benefit payments. The City obtains health care and dental coverage through a self-funded program and through a private insurer for life insurance benefits. The City’s obligation to contribute to the Plan is established and may be amended by the City Council during the budget process per the City annual budget ordinance. Determination of the amounts contributed by the City and retirees is made by the Employee Benefit Executive Committee, annually, upon review of current costs and trends. The Plan is accounted for as an OPEB Benefit Trust Fund.
Investment Policy and Long-Term Expected Rate of Return
Investment of the OPEB Trust funds are made pursuant to a Deposit Agreement with the North Carolina Department of State Treasurer. The State Treasurer in his discretion may invest the proceeds in equities of certain publicly held companies and long or short term fixed income investments as detailed in G.S. 147-69.2(b) (1-6) and (8). Funds deposited are held in the State Treasurer’s Equity Index Fund, 59.71%, Bond Index Fund, 37.21%, and the Short Term Investment Fund, 3.08%. At June 30, 2020, the Plan assets totaled $26,258,392. A separate report was not issued for the Plan.
The Plan’s investment policy, adopted by the City Council in April 2017, allows for investment in instruments authorized by G. S. 159-30 as well as investments available to the North Carolina State Treasurer when managing funds with the same purpose. The investment policy may be amended by a majority vote of Council members. The following was the City Council’s adopted asset allocation policy as of June 30, 2020: Target Long-Term Expected Asset Class Allocation Real Rate of Return
Equity Index Fund 60.0% 4.46% Bond Index Fund 40.0% 0.64% Total 100.0%
Investments in the Bond Index Fund with concentrations of more than 5% of the total portfolio represented the “Mortgages” sector.
For the year-ended June 30, 2020, the annual money-weighted rate of return on Plan investments, net of investment expense, was 4.86%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. Investments are valued at fair market value.
The projected long-term investment returns and inflation assumptions are developed through review of current and historical capital markets data, sell-side investment research, consultant whitepapers, and historical performance of investment strategies. Best estimate ranges of expected future real rates of return are developed for each major asset class. These projections are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class as of June 30, 2020 are summarized in the table above.
The long-term nominal rates of return underlying the real rates of return are 10-year geometric compounded annualized figures. The real rates of return are calculated from nominal rates by multiplicatively adjusting for a long-term inflation assumption of 2.19%. All rates of return and inflation are annualized.
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Net OPEB Liability of the City
The components of the net OPEB liability of the City at June 30, 2020 were as follows:
Total OPEB liability $ 158,198,571 Plan fiduciary net position 26,258,392 City's net OPEB liability $ 131,940,179
Plan fiduciary net position as a percentage of the total OPEB liability 16.60%
Actuarial Assumptions
The total OPEB liability was determined by an actuarial valuation as of June 30, 2018 using the following actuarial assumptions applied to periods included in the measurement, unless otherwise specified:
Inflation 2.50% Real wage growth 1.00% Wage inflation 3.50%
Salary increases, including wage inflation General employees 3.50 - 7.75% Firefighters 3.50% - 7.75% Law enforcement officers 3.50% - 7.35%
Long-term investment rate of return (LIRR), net of OPEB 5.50% plan investment expense, including price inflation
Municipal bond index rate Prior measurement date 3.50% Measurement date 2.21%
Year Fiduciary net position is projected to be depleted Prior measurement date 2030 Measurement date 2033
Single equivalent interest rate (SEIR), net of OPEB plan investment expense, including price inflation Prior measurement date 3.78% Measurement date 2.75%
Health care cost trends 7.25% for 2018 decreasing to an Pre-medicare ultimate rate of 4.75% by 2028
Mortality rates were based on the RP-2014 mortality tables, with adjustments for LGERS experience and generational mortality improvements using Scale MP-2015.
The demographic actuarial assumptions for retirement, disability incidence, withdrawal, and salary increases used in the June 30, 2018 valuation were based on the results of an actuarial experience study for the period January 1, 2010 - December 31, 2014, adopted by the LGERS.
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Discount rate
The discount rate used to measure the total OPEB liability was based on the LIRR and the SEIR. The projection of cash flows used to determine the discount rate assumed that contributions from employers will be made to pay benefits directly to Plan members as they come due and to contribute $500,000 to the OPEB Benefit Trust each year. Based on these assumptions, the Plan’s fiduciary net positon was projected to be available to make all projected future benefit payments of the current Plan members until 2033. Therefore, the long-term expected rate of return on OPEB investments was applied to those periods of projected benefit payments and then the SEIR was used to determine the total OPEB liability.
Sensitivity of the City’s net OPEB liability to changes in the discount rate
The following presents the City’s net OPEB liability calculated using the discount rate of 2.75 percent, as well as what the City’s net OPEB liability would be if it were calculated using a discount rate that is one percentage point lower (1.75 percent) or one percentage point higher (3.75 percent) than the current rate:
1% Discount 1% Decrease Rate Increase (1.75%) (2.75%) (3.75%)
Net OPEB Liability $ 147,758,655 $ 131,940,179 $ 117,715,566
Sensitivity of the net OPEB liability to changes in healthcare cost trends
The following presents the net OPEB liability of the City, as well as what the City’s net OPEB liability would be if it were to calculate healthcare cost trend rates that are 1% point lower or 1% point higher than the current healthcare cost trend rates:
1% Healthcare Cost 1% Decrease Trend Rate Increase (6.25%) (7.25%) (8.25%)
$ 111,505,091 $ 131,940,179 $ 156,482,968
Changes in Net OPEB Liability, OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB.
At June 30, 2020, the City reported a net OPEB liability of $131,940,179. The total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of June 30, 2018. The total OPEB liability was then rolled forward to the measurement date of June 30, 2020 utilizing update procedures incorporating the actuarial assumptions.
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At June 30, 2020, the components of the net OPEB liability of the City, measured as of June 30, 2020, were as follows:
Increase (Decrease) Total OPEB Plan Fiduciary Ne t OP EB Liability Net Position Liability (a) (b) (a) - (b)
Balances at June 30, 2019 $ 137,588,257 $ 23,133,424 $ 114,454,833 Changes for the Year: Service Cost 6,602,339 6,602,339 Interest 5,105,805 5,105,805 Differences between expected and actual experience (650,693) (650,693) Changes of assumptions 14,628,043 14,628,043 Contributions 7,075,180 (7,075,180) Net Investment income 1,124,968 (1,124,968) Benefit payments (5,075,180) (5,075,180) Administrative expense Net changes 20,610,314 3,124,968 17,485,346 Balance as of June 30, 2020 $ 158,198,571 $ 26,258,392 $ 131,940,179
Changes of assumptions. Changes of assumptions and other inputs reflect a change in the discount rate from 3.78% in 2019 to 2.75% in 2020. Medical claims cost and rates were changed based on most recent experience and changed to the current schedule. The impact of the Affordable Care Act was addressed in the valuation report and continues to be monitored.
For the year ended June 30, 2020, the City recognized OPEB expense of $8,599,681. At June 30, 2020, the City reported deferred inflows of resources related to OPEB from the following sources:
Deferred Deferred Outflows of Inflows of Resources Resources
Differences between expected and actual experience $ $ 21,045,298 Changes of assumptions 17,457,843 2,221,530 Net difference between projected and actual earnings on plan investments 35,349 Total $ 17,457,843 $ 23,302,177
Amounts reported as deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:
Year ended June 30: 2021 $ (1,781,861) 2022 (1,781,861) 2023 (1,748,582) 2024 (1,670,229) 2025 (614,061) Thereafter 1,752,260 $ (5,844,334)
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H. Deferred Compensation
The City offers all of its employees a Deferred Compensation Plan (Plan) in accordance with Internal Revenue Code Section 457 and 401. The Plan, available to permanent City employees, permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination, retirement, death or unforeseeable emergency.
The City has complied with changes in laws which govern the City’s Plan, requiring all assets of the Plan to be held in trust, custodial accounts or into annuity contracts for the exclusive benefit of participants and their beneficiaries. Effective January 1, 1999, the City entered in a trust arrangement in compliance with GASB Statement No. 32, Accounting and Financial Reporting for Internal Code Section 457 Deferred Compensation Plans. All transactions are administered by third party administrators and accordingly, Plan assets are not included in the City’s financial statements.
The City contributes 3.25% of salary for participating full time employees to the 401(a) Plan. The City also contributes an additional 1.75% to a 401(a) plan prior to FICA deduction of salary if applicable, for those engaged in firefighting, if firefighters choose to defer at least 1.75% of their salary, as well. Those employees engaged in law enforcement may participate in the 457 Plan, however, no City contributions are made on their behalf, but instead, the City contributes 5% of salary to the 401(k) Defined Contribution Pension Plan. All employees may defer amounts in the 457 Plan, administered by ICMA- Retirement Corporation, and the 401(k) Plan, administered by Prudential Retirement for the State of North Carolina and its subdivisions, up to the maximum allowed by the Internal Revenue Service each year. The employee receives credit for his contribution as well as the City’s, and benefits are based on the total assets owned in the employee’s individual accounts. The fair market value of the deferred compensation accounts of employees through the year ended June 30, 2020 was $174,628,381 consisting of $115,068,520 (457), $38,196,532 (401(a)), and $21,363,329 (401(k)).
I. Pension Plan Obligations
1. Local Governmental Employees’ Retirement System
Plan Description
The City of Greensboro is a participating employer in the statewide Local Governmental Employees’ Retirement System (LGERS), a cost-sharing multiple-employer defined benefit pension plan administered by the State of North Carolina. LGERS membership is comprised of general employees and local law enforcement officers (LEOs) of participating local governmental entities. Benefit provisions are established by GS 128-27. Article 3 of GS Chapter 128 assigns the authority to amend benefit provisions to the North Carolina General Assembly. Management of the plan is vested in the LGERS Board of Trustees, which consists of 13 members – nine appointed by the Governor, one appointed by the State Senate, one appointed by the State House of Representatives, and the State Treasurer and State Superintendent, who serve as ex-officio members. The Local Governmental Employees’ Retirement System is included in the Comprehensive Annual Financial Report (CAFR) for the State of North Carolina. The State’s CAFR includes financial statements and required supplementary information for LGERS. That report may be obtained by writing to the Office of the State Controller, 1410 Mail Service Center, Raleigh, North Carolina 27699-1410, by calling (919) 981-5454, or at www.osc.nc.gov.
Benefits Provided
LGERS provides retirement and survivor benefits. Retirement benefits are determined as 1.85% of the member’s average final compensation times the member’s years of creditable service. A member’s average final compensation is calculated as the average of a member’s four highest consecutive years of compensation. Plan members are eligible to retire with full retirement benefits at age 65 with five years of creditable service, at age 60 with 25 years of creditable service, or at any age with 30 years of creditable service. Plan members are eligible to retire with partial retirement benefits at age 50 with 20 years of creditable service or at age 60 with five years of creditable service (age 55 for firefighters). Survivor benefits are available to eligible beneficiaries of members who die while in active service or within 180 days of their last day of service and who have either completed 20 years of creditable service regardless of age (15 years of creditable service for firefighters and rescue squad members who are killed in the line of duty) or have completed five years of service and have reached age 60. Eligible beneficiaries may elect to receive a monthly Survivor’s Alternate Benefit for life or return of the member’s contributions. The plan does not provide for automatic post-retirement benefit increases. Increases are contingent upon actuarial gains of the plan.
LGERS plan members who are LEOs are eligible to retire with full retirement benefits at age 55 with five years of creditable service as an officer, or at any age with 30 years of creditable service. LEO plan members are eligible to retire with partial 37pp
retirement benefits at age 50 with 15 years of creditable service as an officer. Survivor benefits are available to eligible beneficiaries of LEO members who die while in active service or within 180 days of their last day of service and who also have either completed 20 years of creditable service regardless of age, or have completed 15 years of service as a LEO and have reached age 50, or have completed five years of creditable service as a LEO and have reached age 55, or have completed 15 years of creditable service as a LEO if killed in the line of duty. Eligible beneficiaries may elect to receive a monthly Survivor’s Alternate Benefit for life or a return of the member’s contributions. Effective July 1, 2018, LEO plan members are eligible to retire with reduced benefits with 25 years of creditable service at any age.
Contributions
Contribution provisions are established by General Statute 128-30 and may be amended only by the North Carolina General Assembly. City of Greensboro employees are required to contribute 6% of their compensation. Employer contributions are actuarially determined and set annually by the LGERS Board of Trustees. The City of Greensboro’s contractually required contribution rate for the year ended June 30, 2020, was 9.70% of compensation for law enforcement officers and 8.95% for general employees and firefighters, actuarially determined as an amount that, when combined with employee contributions, is expected to finance the costs of benefits earned by employees during the year. Contributions to the pension plan from the City of Greensboro were $15,345,819 for the year ended June 30, 2020.
Refunds of Contributions
City employees who have terminated service as a contributing member of LGERS, may file an application for a refund of their contributions. By state law, refunds to members include 4% interest. State law requires a 60 day waiting period after service termination before the refund may be paid. The acceptance of a refund payment cancels the individual’s right to employer contributions or any other benefit provided by LGERS. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
At June 30, 2020, the City reported a liability of $68,298,994 for its proportionate share of the net pension liability. The net pension liability was measured as of June 30, 2019. The total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of December 31, 2018. The total pension liability was then rolled forward to the measurement date of June 30, 2019 utilizing update procedures incorporating the actuarial assumptions. The City’s proportion of the net pension liability was based on a projection of the City’s long-term share of future payroll covered by the pension plan, relative to the projected future payroll covered by the pension plan of all participating LGERS employers, actuarially determined. At June 30, 2019, the City’s proportion was 2.50% which was an increase of 0.01% from its proportion measured as of June 30, 2018.
For the year ended June 30, 2020, the City recognized pension expense of $29,871,536. At June 30, 2020, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Deferred Outflows Deferred Inflows of Resources of Resources
Differences between expected and actual experience $ 11,694,517 $ Changes of assumptions 11,131,603 Net difference between projected and actual earnings on pension plan investments 1,665,908 Changes in proportion and differences between employer contributions and proportionate share of contributions 1,033,094 City contributions subsequent to the measurement date 15,345,819 Total $ 39,837,847 $ 1,033,094
$15,345,819 reported as deferred outflows of resources related to pensions resulting from City contributions subsequent to the measurement date will be recognized as a decrease of the net pension liability in the year ended June 30, 2021. Other amounts reported as deferred inflows and deferred outflows of resources related to pensions will be recognized in pension expense as follows:
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Year ended June 30: 2021 $ 11,660,647 2022 3,492,228 2023 6,433,776 2024 1,872,283 $ 23,458,934
Actuarial Assumptions
The total pension liability in the December 31, 2018 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement:
Inflation 3.0 percent Salary Increases 3.50 to 8.10 percent, including inflation and productivity factor Investment rate of return 7.00 percent, net of pension plan investment expense, including inflation
The plan currently uses mortality tables that vary by age, gender, employee group (i.e. general, law enforcement officer) and health status (i.e. disabled and healthy). The current mortality rates are based on published tables and based on studies that cover significant portions of the U.S. population. The healthy mortality rates also contain a provision to reflect future mortality improvements.
The actuarial assumptions used in the December 31, 2018 valuation were based on the results of an actuarial experience study as of December 31, 2014. Future ad hoc COLA amounts are not considered to be substantively automatic and are therefore not included in the measurement.
The projected long-term investment returns and inflation assumptions are developed through review of current and historical capital markets data, sell-side investment research, consultant whitepapers, and historical performance of investment strategies. Fixed income return projections reflect current yields across the U.S. Treasury yield curve and market expectations of forward yields projected and interpolated for multiple tenors and over multiple year horizons. Global public equity return projections are established through analysis of the equity risk premium and the fixed income return projections. Other asset categories and strategies’ return projections reflect the foregoing and historical data analysis. These projections are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class as of June 30, 2019 are summarized in the following table:
Target Long-Term Expected Asset Class Allocation Real Rate of Return Fixed Income 29.0% 1.4% Global Equity 42.0% 5.3% Real Estate 8.0% 4.3% Alternatives 8.0% 8.9% Credit 7.0% 6.0% Inflation Protection 6.0% 4.0% Total 100.0%
The information above is based on 30-year expectations developed with the consulting actuary for the 2018 asset, liability, and investment policy study for the North Carolina Retirement Systems, including LGERS. The long-term nominal rates of return underlying the real rates of return are arithmetic annualized figures. The real rates of return are calculated from nominal rates by multiplicatively subtracting a long-term inflation assumption of 3.05%. All rates of return and inflation are annualized.
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Discount rate
The discount rate used to measure the total pension liability was 7.0%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current contribution rate and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on these assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of the current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability.
Sensitivity of the City’s proportionate share of the net pension liability to changes in the discount rate
The following presents the City’s proportionate share of the net pension liability calculated using the discount rate of 7.0 percent, as well as what the City’s proportionate share of the net pension asset or net pension liability would be if it were calculated using a discount rate that is one percentage point lower (6.0 percent) or one percentage point higher (8.0 percent) than the current rate: 1% Discount 1% Decrease Rate Increase (6.0%) (7.0%) (8.0%)
City's proportionate share of the net pension liability (asset) $ 156,212,288 $ 68,298,994 $ (4,774,764)
Pension plan fiduciary net position
Detailed information about the pension plan’s fiduciary net position is available in the separately issued Comprehensive Annual Financial Report (CAFR) for the State of North Carolina.
Law Enforcement Officers Special Separation Allowance (LEOSSA)
Plan Description
The City is the administrator of a single-employer, defined benefit, retirement system (Separation Allowance) established by the City to provide special separation benefits to its law enforcement officers, as required by state law. Qualified sworn City law enforcement officers are covered by the Separation Allowance. At December 31, 2018, the date of the latest actuarial valuation, the Separation Allowance’s membership consisted of:
Retirees currently receiving benefits 140 Inactive plan members entitled to but not yet receiving benefits Active plan members 664 Total 804
The Separation Allowance provides separation benefits to all full-time City law enforcement officers who meet the following requirements: (1) Have (i) completed 30 or more years of creditable service or, (ii) attained 55 years of age and completed 5 or more years of creditable service; and
(2) Have not attained 62 years of age; and
(3) Have completed at least 5 years of continuous service as a law enforcement officer immediately preceding a service retirement
The qualified law enforcement officers are entitled to an annual retirement benefit of 0.85% of the annual equivalent of the base rate of compensation most recently applicable to the covered employee for each year of creditable service. The retirement benefits are paid semi-monthly in equal installments. Payments to retired officers cease at their death or on the last day of the
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month in which the officer attains 62 years of age or upon the first day of reemployment by any State department, agency, or institution.
Article 12D of G. S. Chapter 143 assigns the authority to establish and amend benefit provisions to the North Carolina General Assembly. The retirement benefits are not subject to any increases in salary or retirement allowances that may be authorized by the General Assembly.
Management of the Separation Allowance is vested in three Trustees, the City Manager, the Director of Finance and the Director of Human Resources, appointed by the City Council.
The Separation Allowance has a June 30, 2020 year end and does not issue a separate stand-alone financial report and is included in the City’s Comprehensive Annual Financial Report as a Pension Benefit Trust Fund.
Summary of Significant Accounting Policies
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions and pension expense, information about the fiduciary net position of the Separation Allowance and additions to/deductions from the Separation Allowance’s fiduciary net position have been determined on the same basis as they are reported by the Pension Trust Fund, that is, using the full accrual basis of accounting. Employer contributions to the Separation Allowance are recognized when due and when the City has made a formal commitment to provide the contributions. Benefits are recognized when due and payable in accordance with the terms of the Separation Allowance. Investments are reported at fair value.
Contributions
The City is required by Article 12D of G.S. Chapter 143 to provide these retirement benefits and has chosen to fund the amounts necessary to cover the benefits earned on a pay as you go basis through appropriations made in the General Fund operating budget and to also advance fund amounts as available. Contributions are not required to be made by employees, and as such, there were none. The City’s obligation to contribute to this plan is established and may be amended by the North Carolina General Assembly. The actuarially determined contribution rate of $3,251,123 for FY 2020 is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City contributed $2,906,943 in FY 2020. These amounts represent 8.33% and 7.45% of covered employee payroll, respectively. Administrative costs of the Separation Allowance are financed through investment earnings.
The annual required contribution for the current year was determined as part of the December 31, 2017 actuarial valuation using the entry age normal actuarial cost method, amortized over a level dollar closed period. The actuarial assumptions include (a) 5.5% investment rate of return and (b) projected salary increase of 3.50% to 7.35%. Both (a) and (b) included an inflation component of 2.5%. The assumptions did not include post-retirement benefit increases. The actuarial value of assets was determined using the market value of investments. The remaining amortization period at December 31, 2017 was 13 years.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
At June 30, 2020, the City reported a total pension liability of $29,760,903. The total pension liability was measured as of December 31, 2019 based on a December 31, 2018 actuarial valuation. The total pension liability was rolled forward to December 31, 2019 utilizing standard actuarial update rollfoward procedures incorporating the actuarial assumptions. For the year ended June 30, 2020, the City recognized pension expense of $1,678,861.
At June 30, 2020, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources, based on amounts computed as of the December 31, 2019 measurement date.
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Deferred Outflows Deferred Inflows of Resources of Resources
Differences between expected and actual experience $ 2,063,039 $ Changes of assumptions and other inputs (1) 2,357,684 Net difference between projected and actual earnings on pension plan investments (2) 191,218 City contributions subsequent to the measurement date 1,650,401 Total $ 3,713,440 $ 2,548,902
(1) Amortized over the average remaining service life of active and inactive plan members at the beginning of the fiscal year, or 5.48 years. (2) Amortized over a fixed five-year period.
$1,650,401 reported as deferred outflows of resources related to pensions resulting from City contributions subsequent to the measurement date will be recognized as a decrease of the net pension liability in the year-ended June 30, 2021. Other amounts reported as deferred inflows and deferred outflows of resources related to pensions will be recognized in pension expense as follows:
Year ended June 30: 2021 $ (258,262) 2022 (192,323) 2023 (94,511) 2024 (52,640) 2025 111,873 $ (485,863)
Actuarial Assumptions
The entry age normal actuarial cost method, amortized on a level dollar closed period was used in the December 31, 2018 actuarial valuation. The total pension liability rolled forward to December 31, 2019 was determined using the following actuarial assumptions, applied to all periods included in the measurement:
Inflation 2.5 percent Salary Increases 3.50 to 7.35 percent, including inflation Investment rate of return 5.50 percent, net of pension plan investment expense, including inflation
Since the prior measurement date, the discount rate was changed from 4.00% to 5.50%.
The plan currently uses mortality tables that vary by age, and health status (i.e. disabled and healthy). The current mortality rates are based on published tables and based on studies that cover significant portions of the U.S. population. The healthy mortality rates also contain a provision to reflect future mortality improvements. The actuarial assumptions used in the December 31, 2018 valuation were based on the results of an actuarial experience study for the period January 1, 2011 through December 31, 2015.
The rates of mortality for the period after service retirement are according to the RP-2014 Healthy Annuitant base rates projected to the valuation date using MP-2015, projected forward generationally from the valuation date using MP-2015. Rates are adjusted by 104% for males and 100% for females.
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Investment Policy and Long-Term Expected Rate of Return
The Separation Allowance’s investment policy, adopted by the City Council in April 2017, allows for investment in instruments authorized by G.S. 159-30 as well as investments available to the North Carolina State Treasurer when managing funds with the same purpose. The investment policy may be amended by a majority vote of Council members. The following was the City Council’s adopted asset allocation policy as of June 30, 2020: Target Long-Term Expected Asset Class Allocation Real Rate of Return
Equity Index Fund 60.0% 4.46% Bond Index Fund 40.0% 0.64% Total 100.0%
For the year-ended June 30, 2020, the annual money-weighted rate of return on Separation Allowance investments, net of investment expense, was 4.79%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. Investments are valued at fair market value.
The projected long-term investment returns and inflation assumptions are developed through review of current and historical capital markets data, sell-side investment research, consultant whitepapers, and historical performance of investment strategies. Best estimate ranges of expected future real rates of return are developed for each major asset class. These projections are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class as of June 30, 2020 are summarized in the table above.
The long-term nominal rates of return underlying the real rates of return are 10-year geometric compounded annualized figures. The real rates of return are calculated from nominal rates by multiplicatively adjusting for a long-term inflation assumption of 2.19%. All rates of return and inflation are annualized.
Discount rate
The discount rate used to measure the total pension liability was 5.50%. The projection of cash flows used to determine the discount rate assumed that contributions from employers will be made at actuarially determined rates each year. Based on these assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of the current plan members. Therefore, the long-term expected rate of return on pension plan investments of 5.50% was applied to all periods of projected benefit payments to determine the total pension liability.
Sensitivity of the City’s net pension liability to changes in the discount rate
The following presents the City’s net pension liability calculated using the discount rate of 5.50 percent, as well as what the City’s share of net pension liability would be if it were calculated using a discount rate that is one percentage point lower (4.50 percent) or one percentage point higher (6.50 percent) than the current rate:
1% Discount 1% Decrease Rate Increase (4.50%) (5.50%) (6.50%)
Net Pension Liability $ 24,619,824 $ 22,410,694 $ 20,396,203
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Changes in the Net Pension Liability Total Pension Plan Net Net Pension Liability Position Liability (a) (b) (a) - (b)
Balance as of December 31, 2018 $ 28,897,352 $ 6,648,696 $ 22,248,656
Changes for the year: Service Cost 782,873 782,873 Interest 1,511,166 1,511,166 Difference between expected and actual experience 1,412,718 1,412,718 Change of assumptions or other inputs Contributions - employer 2,693,239 (2,693,239) Net investment income 855,995 (855,995) Benefits paid (2,843,206) (2,843,206) Plan administrative expenses (4,515) 4,515 Net changes 863,551 701,513 162,038 Balance as of December 31, 2019 $ 29,760,903 $ 7,350,209 $ 22,410,694
3. Supplemental Retirement Income Plan For Law Enforcement Officers
All law enforcement officers employed by the City participate in the State of North Carolina Supplemental Retirement Income Plan, a 401(k) defined contribution pension plan, administered by the Department of State Treasurer and a Board of Trustees. Participation begins on the first day of the quarter upon reaching sworn status. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings. Article 5 of G. S. Chapter 135 assigns the authority to establish and amend benefit provisions to the North Carolina General Assembly. Article 12E of G. S. Chapter 143 requires that the City contribute each month an amount equal to 5% of each officer’s salary, and all amounts contributed are vested immediately. Also, the law enforcement officers may make voluntary contributions to the plan.
The City’s contributions for the year ended June 30, 2020 were calculated using a covered payroll (base salary) in the amount of $37,467,600. The City’s total payroll was $177,518,121. Total contributions were $3,898,580, which consisted of $1,873,380 from the City and $2,025,200 from the law enforcement officers. The City’s required contributions and the officer’s voluntary contributions represented 5.0% and 5.4% of the covered payroll amount, respectively. The Supplemental Retirement Income Plan for Law Enforcement Officers is included in the Comprehensive Annual Financial Report (CAFR) for the State of North Carolina. The State’s CAFR includes the pension trust fund financial statements for the Internal Revenue Code Section 401(k) plan that includes the Supplemental Retirement Income Plan for Law Enforcement Officers. That report may be obtained by writing to the Office of the State Controller, 1410 Mail Service Center, Raleigh, North Carolina 27699-1410, or by calling (919) 981-5454.
4. Fiduciary Fund Financial Statements
The following are financial statements for the City of Greensboro’s Law Enforcement Officers’ Special Separation Allowance Trust Fund and Other Postemployment Benefit Trust Fund included in Exhibits A-13 and A-14 at June 30, 2020 on pages 32 and 33.
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Statement of Fiduciary Net Position Fiduciary Funds June 30, 2020 LEOSSA Other Pension Postemployment Benefit Benefit (OPEB) Trust Trust Total ASSETS Cash and Cash Equivalents/Investments Demand Deposits $ 5,000 $ $ 5,000 Mutual Funds: NC Short Term Investment Fund 8,738 807,367 816,105 NC Equity Index Fund 4,601,065 15,679,428 20,280,493 NC Bond Investment Fund 2,970,832 9,771,597 12,742,429 Total Assets 7,585,635 26,258,392 33,844,027
NET POS ITION Restricted for Pension and Benefits $ 7,585,635 $ 26,258,392 $ 33,844,027
Statement of Changes in Fiduciary Net Position Fiduciary Funds For the Fiscal Year Ended June 30, 2020 LEOSSA Other Pension Postemployment Benefit Benefit (OPEB) Trust Trust Total ADDITIONS Employer Contributions $ 2,906,943 $ 6,907,023 $ 9,813,966 Employee Contributions 2,147,474 2,147,474 Interest Earnings: Investment Income 239,246 787,597 1,026,843 Net Increase (Decrease) in the Fair Value of Investments 108,429 341,018 449,447 Total Investment Income 347,675 1,128,615 1,476,290 Total Additions 3,254,618 10,183,112 13,437,730 DEDUCTIONS Benefits Paid 2,903,741 7,054,497 9,958,238 Administrative Expenses 4,331 3,647 7,978 Total Deductions 2,908,072 7,058,144 9,966,216 Change in Net Position 346,546 3,124,968 3,471,514 Net Position Restricted for Pension and Benefits - July 1 7,239,089 23,133,424 30,372,513 Net Position Restricted for Pension and Benefits - June 30 $ 7,585,635 $ 26,258,392 $ 33,844,027
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Schedule of Changes in Net Pension Liability and Related Ratios Law Enforcement Officers' Special Separation Allowance (LEOSSA) Pension Benefit Trust Required Supplementary Information Fiscal Years Ending June 30, 2017-2020
2020 2019 2018 2017
Total Pension Liability: Service cost $ 782,873 $ 994,926 $ 957,868 $ 1,073,888 Interest 1,511,166 1,218,215 1,239,173 1,120,959 Difference between expected and actual experience 1,412,718 803,495 871,112 Changes of assumptions and other inputs (3,245,486) (994,754) Benefit payments (2,843,206) (2,658,344) (2,610,122) (2,546,004) Net Change in Total Pension Liability 863,551 (2,887,194) 458,031 (1,345,911) Total Pension Liability - Beginning 28,897,352 31,784,546 31,326,515 32,672,426 Total Pension Liability -Ending (a) $ 29,760,903 $ 28,897,352 $ 31,784,546 $ 31,326,515 Plan Fiduciary Net Position: Contributions - employer $ 2,693,239 $ 2,717,911 $ 2,551,831 $ 8,796,931 Net investment income 855,995 (145,470) 482,845 67,929 Benefit payments (2,843,206) (2,658,344) (2,610,122) (2,546,004) Administrative expense (4,515) (4,024) (3,191) (1,596)
Net Change in Plan Fiduciary Net Position 701,513 (89,927) 421,363 6,317,260 Plan Fiduciary Net Position - Beginning 6,648,696 6,738,623 6,317,260 Plan Fiduciary Net Position - Ending (b) 7,350,209 6,648,696 6,738,623 6,317,260 Net Pension Liability - Ending (a) - (b) $ 22,410,694 $ 22,248,656 $ 25,045,923 $ 25,009,255
Ratio of plan fiduciary net position to total pension liability 24.70% 23.01% 21.20% 20.17% Covered payroll $ 40,543,101 $ 38,262,529 $ 38,475,970 $ 38,648,789 Net pension liability as a percentage of covered payroll 55.28% 58.15% 65.09% 64.71%
All years for which information is available are presented.
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Schedule of Employer Contributions Law Enforcement Officers' Special Separation Allowance (LEOSSA) Pension Benefit Trust Required Supplementary Information Fiscal Years Ending June 30, 2017-2020
2020 2019 2018 2017
Actuarially determined employer contribution $ 3,251,123 $ 3,482,926 $ 3,406,217 $ 3,924,814
Actual employer contributions 2,906,943 2,711,246 2,671,394 2,528,862
Annual contribution deficiency (excess) $ 344,180 $ 771,680 $ 734,823 $ 1,395,952
Covered payroll $ 39,012,042 $ 39,758,634 $ 38,197,009 $ 37,437,239
Actual contributions as a percentage of covered payroll 7.45% 6.82% 6.99% 6.75%
Notes to the Required Schedule:
The information presented in the required supplementary schedules was determined as part of the actuarial valuations at the dates indicated. The following actuarial methods and assumptions were used to determine the contribution rate for fiscal year 2020:
Actuarial valuation 12/31/2017 Discount rate at 12/31/2017 4.00% Actuarial cost method Entry age normal Amortization method Level dollar, closed Remaining amortization period 13 years Asset valuation method Market value Inflation 2.50% Salary Increase 3.50% - 7.35%, including inflation Investment rate of return 5.50%, net of pension plan investment expense, including inflation
All years for which information is available are presented.
-39- Schedule 3
Schedule of Investment Returns Law Enforcement Officers' Special Separation Allowance (LEOSSA) Pension Benefit Trust Required Supplementary Information Fiscal Years Ending June 30, 2017-2020
2020 2019 2018 2017
Annual money-weighted rate of return, net of investment expense 4.79% 6.76% 6.43% 0.91%
All years for which information is available are presented.
-40- Schedule 4
Schedule of Changes in Net OPEB Liability and Related Ratios Other Postemployment Benefit (OPEB) Trust Required Supplementary Information Fiscal Years Ending June 30, 2016-2020
2020 2019 2018 2017 2016
Total OPEB Liability: Service cost $ 6,602,339 $ 6,837,447 $ 7,061,048 $ 7,578,219 $ Interest 5,105,805 5,963,620 5,336,797 4,569,030 Difference between expected and actual experience (650,693) (28,155,144) (955,070) Changes of assumptions and other inputs 14,628,043 7,004,212 (3,908,766) (7,859,644) Benefit payments (1) (5,075,180) (4,774,220) (5,224,634) (4,655,834) Net Change in Total OPEB Liability 20,610,314 (13,124,085) 2,309,375 (368,229) Total OPEB Liability - Beginning 137,588,257 150,712,342 148,402,967 148,771,196 Total OPEB Liability -Ending (a) $ 158,198,571 $ 137,588,257 $ 150,712,342 $ 148,402,967 $ 148,771,196 Plan Fiduciary Net Position: Contributions - employer $ 7,075,180 $ 5,974,220 $ 7,224,634 $ 5,155,834 $ Net investment income 1,124,968 1,379,843 1,176,469 1,700,361 Benefit payments (1) (5,075,180) (4,774,220) (5,224,634) (4,655,834) Administrative expense (2,810) Net Change in Plan Fiduciary Net Position 3,124,968 2,579,843 3,173,659 2,200,361 Plan Fiduciary Net Position - Beginning 23,133,424 20,553,581 17,379,922 15,179,561 Plan Fiduciary Net Position - Ending (b) 26,258,392 23,133,424 20,553,581 17,379,922 15,179,561 Net OPEB Liability - Ending (a) - (b) $ 131,940,179 $ 114,454,833 $ 130,158,761 $ 131,023,045 $ 133,591,635
Ratio of plan fiduciary net position to total OPEB liability 16.60% 16.81% 13.64% 11.71% 10.20% Covered employee payroll $ 146,594,270 $ 146,594,270 $ 137,120,463 $ 137,120,463 $ 137,120,463 Net OPEB liability as a percentage of covered-employee payroll 90.00% 78.08% 94.92% 95.55% 97.43%
(1) Benefit payments are net of participant contributions.
Notes to the Required Schedule: All years for which information is available are presented. For years following the valuation date (when no new valuation is performed), covered employee payroll has been set equal to the covered employee payroll from the most recent valuation. Changes of Assumptions: The Plan's Fiduciary Net Position in 2020 was projected to be depleted in 2033 and, as a result, the Municipal Bond Index Rate was used in determination of the discount rate. The long term expected rate of return of 5.5% on Plan investments was applied to periods through 2033 and the Municipal Bond Index Rate at the measurement date of 6/30/2020 (2.21%) was applied to periods on and after 2033, resulting in a discount rate of 2.75% at the measurement date. The discount rate at the prior measurement date of 6/30/19 was 3.78%.
The Total OPEB liability is based upon an actuarial valuation as of 6/30/2018 and the Total OPEB Liability as of 6/30/20 was determined using standard actuarial roll forward techniques.
Single Equivalent Interest Rate, net of OPEB plan investment expense, including price inflation: Prior Measurement Date 3.78% Measurement Date 2.75%
- 41- Schedule 5
Schedule of Employer Contributions Other Postemployment Benefit (OPEB) Trust Required Supplementary Information Fiscal Years Ending June 30, 2016-2020
2020 2019 2018 2017 2016 Actuarially determined employer contribution $ 11,041,529 $ 11,780,773 $ 11,780,773 $ 9,701,120 $ 8,711,948
Actual employer contributions 6,907,023 5,974,220 7,224,634 5,155,834 4,734,307
Annual contribution deficiency (excess) $ 4,134,506 $ 5,806,553 $ 4,556,139 $ 4,545,286 $ 3,977,641
Covered employee payroll $ 156,033,725 $ 152,675,910 $ 146,948,521 $ 141,462,474 $ 138,667,895
Actual contributions as a percentage of covered employee payroll 4.43% 3.91% 4.92% 3.64% 3.41%
Notes to the Required Schedule:
The information presented in the required supplementary schedules was determined as part of the actuarial valuations at the dates indicated. The following actuarial methods and assumptions were used to determine contribution rates:
Valuation Date 6/30/2018 Actuarial cost method Entry age normal Amortization method Level percentage of pay Remaining amortization period 23 years Asset valuation method Market value Discount rate at 12/31/2017 4.00% Actuarial Assumptions: Inflation 2.50% Real wage growth 1.00% Wage inflation 3.50% Salary increases, including inflation General employees 3.50%-7.75% Firefighters 3.50%-7.75% Law enforcement officers 3.50%-7.35% Investment rate of return 5.50% Medical cost trend rate 7.25% - 4.75% Year of ultimate trend rate 2028
All years for which information is available are presented.
-42- Schedule 6
Schedule of Investment Returns Other Postemployment Benefit (OPEB) Trust Required Supplementary Information Fiscal Years Ending June 30, 2017-2020
2020 2019 2018 2017
Annual money-weighted rate of return, net of investment expense 4.86% 6.73% 6.75% 9.20%
All years for which information is available are presented.
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Local Governmental Employees' Retirement System Required Supplementary Information Fiscal Years Ending June 30, 2014 -2020*
Employer's Proportionate Share of Net Pension Liability (Asset)
2020 2019 2018 2017 2016 2015 2014
Greensboro's proportion of net pension liability (asset) (%) 2.50% 2.49% 2.57% 2.56% 2.71% 2.71% 2.65%
Greensboro's proportion of net pension liability (asset) ($) $68,298,994 $59,030,749 $39,235,440 $54,381,226 $12,141,673 ($15,959,838) $32,000,534
Greensboro's covered payroll $164,497,287 $157,780,855 $152,528,465 $148,676,887 $145,700,616 $141,782,687 $139,078,263
Greensboro's proportion of net pension liability (asset) as a 41.52% 37.41% 25.72% 36.58% 8.33% (11.26%) 23.01% percentage of its covered payroll
Plan fiduciary net position as a percentage of the total 90.86% 91.63% 94.18% 91.47% 98.09% 102.64% 94.35% pension liability
Employer Contributions
2020 2019 2018 2017 2016 2015 2014
Contractually required contribution $15,345,819 $13,121,579 $12,191,783 $11,430,637 $10,185,674 $10,414,334 $10,100,894
Contributions in relation to the contractually required contribution $15,345,819 $13,121,579 $12,191,783 $11,430,637 $10,185,674 $10,414,334 $10,100,894
Contribution deficiency (excess) $ - $ - $ - $ - $ - $ - $ -
Greensboro's covered payroll $167,332,111 $164,497,287 $157,780,855 $152,528,465 $148,676,887 $145,700,616 $141,782,687
Contributions as a percentage of covered payroll 9.17% 7.98% 7.73% 7.49% 6.85% 7.15% 7.12%
* The amounts presented for each fiscal year were determined as of the prior fiscal year ending June 30.
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Schedule 8
COMBINING BALANCE SHEET Nonmajor Governmental Funds June 30, 2020
PERMANENT TOTAL SPECIAL CAPITAL FUND NONMAJOR REVENUE PROJECTS PERPETUAL GOVERNMENTAL ASSETS FUNDS FUNDS CARE FUNDS
Cash and Cash Equivalents/Investments$ 10,416,705 $ 2,658,838 $ $ 13,075,543 Receivables: Taxes 86,595 62,658 149,253 Accounts, Notes and Mortgages 35,098,507 35,098,507 Assessments 5,435 5,435 Intergovernmental 6,286,940 8,511,596 14,798,536 Assets Held for Resale 95,180 95,180 Restricted Assets: Cash and Cash Equivalents/Investments 110,425,231 2,582,813 113,008,044 Receivables: Accounts, Notes and Mortgages 325,556 325,556
Total Assets$ 51,888,747 $ 122,084,494 $ 2,582,813 $ 176,556,054
LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES
Liabilities: Accounts Payable$ 2,082,094 $ 3,634,946 $ $ 5,717,040 Contracts/Retainage Payable 1,131,038 3,300,135 4,431,173 Intergovernmental Payable 1,430 1,430 Internal Payables 35,500 35,500 Miscellaneous 79,031 19,783 98,814 Unearned Grant Revenues 5,138,397 6,439,894 11,578,291 Liabilities Payable from Restricted Assets: Accounts Payable 35,496 35,496 Contracts/Retainage Payable 6,023,031 6,023,031
Total Liabilities 8,467,490 19,453,285 27,920,775 Deferred Inflows of Resources: Property Taxes Receivable 86,595 62,658 149,253 Accounts, Notes and Mortgages 2,288,360 2,288,360 Other Accounts Receivable 5,435 5,435 Prepaid Assessments 12,982 12,982
Total Deferred Inflows of Resources 2,374,955 81,075 2,456,030 Fund Balances: Non-Spendable: Perpetual Maintenance 2,582,813 2,582,813 Total Non-Spendable Fund Balance 2,582,813 2,582,813 Restricted: Stabilization by State Statute 39,541,490 8,837,151 48,378,641 Debt Covenants 103,559,010 103,559,010 Assets Held for Resale 95,180 95,180 Grantor Requirements: Highway Improvements 220,992 807,694 1,028,686 Total Restricted Fund Balance 39,762,482 113,299,035 153,061,517 Committed: For 911 Program 534,082 534,082 For Cemetery Maintenance 283,511 283,511 For Special Tax Districts 912,437 912,437 For Neighborhood Development 1,977,839 1,977,839 For Economic Opportunity 458,046 458,046 For Debt Service/Capital Projects 2,076,469 2,076,469 Total Committed Fund Balance 6,242,384 6,242,384 Assigned: Appropriated for Subsequent Year's Expenditures 2,887,609 2,887,609 For Capital Projects 2,622,579 2,622,579 For Neighborhood Development 84,746 84,746 Total Assigned Fund Balance 2,972,355 2,622,579 5,594,934 Unassigned (7,930,919) (13,371,480) (21,302,399) Total Fund Balances 41,046,302 102,550,134 2,582,813 146,179,249 Total Liabilities, Deferred Inflows of Resources and Fund Balances$ 51,888,747 $ 122,084,494 $ 2,582,813 $ 176,556,054
-45- Schedule 9 Page 1 of 3
COMBINING BALANCE SHEET Nonmajor Special Revenue Funds June 30, 2020
STATE HOTEL/MOTEL SPECIAL HIGHWAY OCCUPANCY ECONOMIC TAX ASSETS ALLOCATION CEMETERY TAX DEVELOPMENT DISTRICTS
Cash and Cash Equivalents/Investments$ 220,992 $ 325,821 $ 4,352,193 $ 556,264 $ 1,201,882 Receivables: Taxes 25,605 19,250 Accounts, Notes and Mortgages 18,360 2,320,000 746,479 Intergovernmental 4,482 3,032 147,573 10,127 52,763
Total Assets$ 225,474 $ 347,213 $ 6,819,766 $ 1,338,475 $ 1,273,895
LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES
Liabilities: Accounts Payable $ $ $ 1,243 $ $ Contracts/Retainage Payable 2,077 20,171 Intergovernmental 803 627 Internal Payables Miscellaneous Unearned Grant Revenues
Total Liabilities 1,243 2,880 20,798
Deferred Inflows of Resources: Property Taxes Receivable 25,605 19,250 Notes and Mortgages Receivable 18,360 2,270,000 Total Deferred Inflows of Resources 18,360 2,270,000 25,605 19,250
Fund Balances: Restricted: Stabilization by State Statute 4,482 6,032 203,706 851,944 187,644 Grantor Requirements: Highway Improvements 220,992 Total Restricted Fund Balance 225,474 6,032 203,706 851,944 187,644
Committed: For 911 Program For Cemetery Maintenance 283,511 For Special Tax Districts 912,437 For Neighborhood Development For Economic Opportunity 458,046 For Debt Service/Capital Projects 2,076,469 Total Committed Fund Balance 283,511 2,076,469 458,046 912,437
Assigned: Appropriated for Subsequent Year's Expenditures 39,310 2,268,348 133,766 For Neighborhood Development Total Assigned Fund Balance 39,310 2,268,348 133,766
Unassigned
Total Fund Balances 225,474 328,853 4,548,523 1,309,990 1,233,847
Total Liabilities, Deferred Inflows of Resources and Fund Balance $ 225,474 $ 347,213 $ 6,819,766 $ 1,338,475 $ 1,273,895
-46- Schedule 9 Page 2 of 3
HOUSING WORKFORCE STATE PARTNERSHIP COMMUNITY HOME INVESTMENT AND FEDERAL REVOLVING DEVELOPMENT PROGRAM ACT GRANTS
$ 1,898,415 $ 210,692 $ 521,394 $ 1,325 $
41,740 16,019,179 3,539,747 12,320,570 134,172 38,680 314,302 284,483 409,920 4,757,650
$ 17,998,014 $ 4,064,741 $ 13,126,447 $ 411,245 $ 4,891,822
$ 697 $ 938 $ $ 809 $ 1,988,288 8,500 269,562 358,973 471,755
35,500 8,420 63,524 7,087 4,953,586
17,617 334,024 7,087 395,282 7,413,629
41,740
41,740
16,208,676 3,854,049 12,605,053 409,921 4,891,822
16,208,676 3,854,049 12,605,053 409,921 4,891,822
1,406,427 514,307
1,406,427 514,307
238,808 84,746 323,554
(123,332) (393,958) (7,413,629)
17,938,657 3,730,717 13,119,360 15,963 (2,521,807)
$ 17,998,014 $ 4,064,741 $ 13,126,447 $ 411,245 $ 4,891,822
-47-
Schedule 9 Page 3 of 3
COMBINING BALANCE SHEET (continued) Nonmajor Special Revenue Funds June 30, 2020
TOTAL STATE EMERGENCY NONMAJOR AND FEDERAL TELEPHONE SPECIAL REVENUE ASSETS GRANTS (ARRA) SYSTEM FUNDS
Cash and Cash Equivalents/Investments$ 241,916 $ 885,811 $ 10,416,705 Receivables: Taxes 86,595 Accounts, Notes and Mortgages 35,098,507 Intergovernmental 263,928 6,286,940
Total Assets$ 241,916 $ 1,149,739 $ 51,888,747
LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES
Liabilities: Accounts Payable $ $ 90,119 $ 2,082,094 Contracts/Retainage Payable 1,131,038 Intergovernmental Payables 1,430 Internal Payables 35,500 Miscellaneous 79,031 Unearned Grant Revenues 184,811 5,138,397
Total Liabilities 184,811 90,119 8,467,490
Deferred Inflows of Resources: Property Taxes Receivable 86,595 Notes and Mortgages Receivable 2,288,360 Total Deferred Inflows of Resources 2,374,955
Fund Balances: Restricted: Stabilization by State Statute 318,161 39,541,490 Grantor Requirements: Highway Improvements 220,992 Total Restricted Fund Balance 318,161 39,762,482
Committed: For 911 Program 534,082 534,082 For Cemetery Maintenance 283,511 For Special Tax Districts 912,437 For Neighborhood Development 57,105 1,977,839 For Economic Opportunity 458,046 For Debt Service/Capital Projects 2,076,469 Total Committed Fund Balance 57,105 534,082 6,242,384
Assigned: Appropriated for Subsequent Year's Expenditures 207,377 2,887,609 For Neighborhood Development 84,746 Total Assigned Fund Balance 207,377 2,972,355
Unassigned (7,930,919)
Total Fund Balances 57,105 1,059,620 41,046,302
Total Liabilities, Deferred Inflows of Resources and Fund Balances$ 241,916 $ 1,149,739 $ 51,888,747
-48- Schedule 10 Page 1 of 5
COMBINING BALANCE SHEET Nonmajor Capital Projects Funds June 30, 2020
STATE GENERAL GENERAL STREET HIGHWAY CAPITAL CAPITAL ASSETS AND SIDEWALK ALLOCATION IMPROVEMENTS IMPROVEMENTS II
Cash and Cash Equivalents/Investments $ $ $ 204,489 $ 2,212,005 Receivables: Taxes 62,658 Assessments 5,435 Intergovernmental 8,477,802 33,794 Assets Held for Resale 95,180 Restricted Assets: Cash and Cash Equivalents/Investments 952,369 Receivables: Accounts, Notes and Mortgages
Total Assets $ 8,641,075 $ 952,369 $ 204,489 $ 2,245,799
LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES
Liabilities: Accounts Payable $ 3,619,884 $ $ $ 15,062 Contracts/Retainage Payable 3,298,720 1,415 Liabilities Payable from Restricted Assets: Accounts Payable Contracts/Retainage Payable 144,675 Unearned Grant Revenues 6,439,894 Miscellaneous 19,783
Total Liabilities 13,358,498 144,675 36,260
Deferred Inflows of Resources: Property Taxes Receivable 62,658 Other Accounts Receivable 5,435 Prepaid Assessments 12,982 Total Deferred Inflows of Resources 81,075
Fund Balances: Restricted: Stabilization by State Statute 8,477,802 33,793 Debt Covenants Assets Held for Resale 95,180 Grantor Requirements: Highway Improvements 807,694 Total Restricted Fund Balance 8,572,982 807,694 33,793
Assigned: For Capital Projects 204,489 2,175,746
Unassigned (13,371,480)
Total Fund Balances (4,798,498) 807,694 204,489 2,209,539
Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 8,641,075 $ 952,369 $ 204,489 $ 2,245,799
-49- Schedule 10 Page 2 of 5
NEIGHBORHOOD REDEVELOPMENT LIBRARY HISTORICAL PARKS & SERIES 2005 FACILITIES MUSEUM RECREATION and 2006A SERIES 2008 SERIES 2008 SERIES 2008
$ 242,344 $ $ $
332,665 44,105 277,625
$ 242,344 $ 332,665 $ 44,105 $ 277,625
$ $ $ $
332,665 44,105 277,625
332,665 44,105 277,625
242,344
242,344 332,665 44,105 277,625
$ 242,344 $ 332,665 $ 44,105 $ 277,625
(continued) -50- Schedule 10 Page 3 of 5
COMBINING BALANCE SHEET (continued) Nonmajor Capital Projects Funds June 30, 2020
WAR ECONOMIC FIRE MEMORIAL STREET DEVELOPMENT STATION STADIUM IMPROVEMENTS ASSETS SERIES 2008 SERIES 2008 SERIES 2008 SERIES 2010
Cash and Cash Equivalents/Investments $ $ $ $ Receivables: Taxes Assessments Intergovernmental Assets Held for Resale Restricted Assets: Cash and Cash Equivalents/Investments 4,144,537 189,564 1,304,441 43,398,488 Receivables: Accounts, Notes and Mortgages 325,556
Total Assets $ 4,470,093 $ 189,564 $ 1,304,441 $ 43,398,488
LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES
Liabilities: Accounts Payable $ $ $ $ Contracts/Retainage Payable Liabilities Payable from Restricted Assets: Accounts Payable Contracts/Retainage Payable 1,791,753 Unearned Grant Revenues Miscellaneous
Total Liabilities 1,791,753
Deferred Inflows of Resources: Property Taxes Receivable Other Accounts Receivable Prepaid Assessments Total Deferred Inflows of Resources
Fund Balances: Restricted: Stabilization by State Statute 325,556 Debt Covenants 4,144,537 189,564 1,304,441 41,606,735 Assets Held for Resale Grantor Requirements: Highway Improvements Total Restricted Fund Balance 4,470,093 189,564 1,304,441 41,606,735
Assigned: For Capital Projects
Unassigned
Total Fund Balances 4,470,093 189,564 1,304,441 41,606,735
Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 4,470,093 $ 189,564 $ 1,304,441 $ 43,398,488
-51- Schedule 10 Page 4 of 5
PARKS AND GREENSBORO PARKS & RECREATION HOUSING SCIENCE CENTER TRANSPORTATION RECREATION SERIES 2010 SERIES 2010 SERIES 2010 SERIES 2016 SERIES 2016
$ $ $ $ $
127,303 1,296,052 5,926,786 6,904,164
$ 127,303 $ $ 1,296,052 $ 5,926,786 $ 6,904,164
$ $ $ $ $
35,496 66,504 1,254,123 313,069 1,718,185
66,504 1,254,123 313,069 1,753,681
60,799 41,929 5,613,717 5,150,483
60,799 41,929 5,613,717 5,150,483
60,799 41,929 5,613,717 5,150,483
$ 127,303 $ $ 1,296,052 $ 5,926,786 $ 6,904,164
(continued) -52-
Schedule 10 Page 5 of 5
COMBINING BALANCE SHEET (continued) Nonmajor Capital Projects Funds June 30, 2020
TOTAL COMMUNITY & NONMAJOR ECONOMIC FIRE CAPITAL HOUSING DEVELOPMENT STATION PROJECTS ASSETS SERIES 2016 SERIES 2016 SERIES 2019 FUNDS
Cash and Cash Equivalents/Investments $ $ $ $ 2,658,838 Receivables: Taxes 62,658 Assessments 5,435 Intergovernmental 8,511,596 Assets Held for Resale 95,180 Restricted Assets: Cash and Cash Equivalents/Investments 9,828,601 23,816,833 11,881,698 110,425,231 Receivables: Accounts, Notes and Mortgages 325,556
Total Assets $ 9,828,601 $ 23,816,833 $ 11,881,698 $ 122,084,494
LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES
Liabilities: Accounts Payable $ $ $ $ 3,634,946 Contracts/Retainage Payable 3,300,135 Liabilities Payable from Restricted Assets: Accounts Payable 35,496 Contracts/Retainage Payable 4,250 108,512 621,960 6,023,031 Unearned Grant Revenues 6,439,894 Miscellaneous 19,783
Total Liabilities 4,250 108,512 621,960 19,453,285
Deferred Inflows of Resources: Property Taxes Receivable 62,658 Other Accounts Receivable 5,435 Prepaid Assessments 12,982 Total Deferred Inflows of Resources 81,075
Fund Balances: Restricted: Stabilization by State Statute 8,837,151 Debt Covenants 9,824,351 23,708,321 11,259,738 103,559,010 Assets Held for Resale 95,180 Grantor Requirements: Highway Improvements 807,694 Total Restricted Fund Balance 9,824,351 23,708,321 11,259,738 113,299,035
Assigned: For Capital Projects 2,622,579
Unassigned (13,371,480)
Total Fund Balances 9,824,351 23,708,321 11,259,738 102,550,134
Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 9,828,601 $ 23,816,833 $ 11,881,698 $ 122,084,494
-53-
Schedule 11
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES Nonmajor Governmental Funds For the Fiscal Year Ended June 30, 2020
PERMANENT TOTAL SPECIAL CAPITAL FUND NONMAJOR REVENUE PROJECTS PERPETUAL GOVERNMENTAL FUNDS FUNDS CARE FUNDS
Revenues: Taxes $ 8,004,323 $ $ $ 8,004,323 Intergovernmental 22,334,710 6,226,528 28,561,238 Charges for Current Services 3,158,851 3,821,454 6,980,305 Investment Income 587,700 41,018 628,718 Miscellaneous 349,485 1,706,865 2,056,350
Total Revenues 34,435,069 11,795,865 46,230,934
Expenditures: Current: General Government 139,587 139,587 Public Safety 4,361,069 5,101,307 9,462,376 Transportation 4,085,618 36,363,910 40,449,528 Environmental Services 32,615 32,615 Engineering and Building Maintenance 76,860 76,860 Culture and Recreation 1,174,101 23,599,343 24,773,444 Neighborhood Development 2,274,760 4,628,649 6,903,409 Economic Opportunity 5,930,207 1,556,300 7,486,507 Debt Service: Principal Retirement 1,680,000 1,680,000 Interest 2,234,723 2,234,723 Fees and Other 7,545 7,545
Total Expenditures 21,780,638 71,465,956 93,246,594
Excess of Revenues Over (Under) Expenditures 12,654,431 (59,670,091) (47,015,660)
Other Financing Sources (Uses): Debt Issuances: Limited Obligation Bonds Issued 12,755,000 12,755,000 General Obligation Bonds Issued 44,121,987 44,121,987 Premium on Bonds 8,839,790 8,839,790 Transfers In 551,934 3,868,754 55,577 4,476,265 Transfers Out (12,086,031) (3,405,217) (15,491,248)
Total Other Financing Sources (Uses) (11,534,097) 66,180,314 55,577 54,701,794
Net Change in Fund Balances 1,120,334 6,510,223 55,577 7,686,134
Fund Balances - July 1 39,925,968 96,039,911 2,527,236 138,493,115
Fund Balances - June 30 $ 41,046,302 $ 102,550,134 $ 2,582,813 $ 146,179,249
-54- Schedule 12 Page 1 of 3
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES Nonmajor Special Revenue Funds For the Fiscal Year Ended June 30, 2020
STATE HOTEL/MOTEL SPECIAL HIGHWAY OCCUPANCY ECONOMIC TAX ALLOCATION CEMETERY TAX DEVELOPMENT DISTRICTS
Revenues: Taxes $ $ $ 3,601,730 $ 1,423,926 $ 1,012,051 Intergovernmental 7,322,620 Charges for Current Services 438,205 10,049 Investment Income (Loss) 92,729 54,154 151,957 69,452 21,845 Miscellaneous 4,482 330,000 70
Total Revenues 7,419,831 492,359 4,083,687 1,503,427 1,033,966
Expenditures: Current: Public Safety Transportation Environmental Services Culture and Recreation 800,423 254,695 Neighborhood Development 999,997 Economic Opportunity 1,270,251 Debt Service: Principal Retirement 1,680,000 Interest 2,234,723 Fees and Other 7,545
Total Expenditures 800,423 4,176,963 1,270,251 999,997
Excess of Revenues Over (Under) Expenditures 7,419,831 (308,064) (93,276) 233,176 33,969
Other Financing Sources (Uses): Transfers In 435,706 Transfers Out (7,370,000) (55,577) (4,324,906) (335,548)
Total Other Financing Sources (Uses) (7,370,000) 380,129 (4,324,906) (335,548)
Net Change in Fund Balances 49,831 72,065 (4,418,182) (102,372) 33,969
Fund Balances - July 1 175,643 256,788 8,966,705 1,412,362 1,199,878
Fund Balances - June 30 $ 225,474 $ 328,853 $ 4,548,523 $ 1,309,990 $ 1,233,847
-55- Schedule 12 Page 2 of 3
HOUSING WORKFORCE STATE AND PARTNERSHIP COMMUNITY HOME INVESTMENT FEDERAL REVOLVING DEVELOPMENT PROGRAM ACT GRANTS
$ 1,966,616 $ $ $ $ 2,902,745 951,006 4,659,380 6,498,959 48,757 127,740 (75,215) 21,700 (6,565) 55,621 109,034 16,900 312 812 14,933
2,070,994 3,139,519 892,691 4,681,392 6,508,139
1,849,845 4,085,618 32,615 118,983 (3,080,869) 2,925,910 (247,306) 1,677,028 4,659,956
(3,080,869) 2,925,910 (247,306) 4,659,956 7,764,089
5,151,863 213,609 1,139,997 21,436 (1,255,950)
116,228
116,228
5,151,863 213,609 1,139,997 21,436 (1,139,722)
12,786,794 3,517,108 11,979,363 (5,473) (1,382,085)
$ 17,938,657 $ 3,730,717 $ 13,119,360 $ 15,963 $ (2,521,807)
(continued) -56-
Schedule 12 Page 3 of 3
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES Nonmajor Special Revenue Funds For the Fiscal Year Ended June 30, 2020
TOTAL STATE AND EMERGENCY NONMAJOR FEDERAL TELEPHONE SPECIAL REVENUE (continued) GRANTS (ARRA) SYSTEM FUNDS
Revenues: Taxes $ $ $ 8,004,323 Intergovernmental 22,334,710 Charges for Current Services 2,594,180 3,158,851 Investment Income (Loss) 1,436 13,448 587,700 Miscellaneous 349,485
Total Revenues 1,436 2,607,628 34,435,069
Expenditures: Current: Public Safety 2,511,224 4,361,069 Transportation 4,085,618 Environmental Services 32,615 Culture and Recreation 1,174,101 Neighborhood Development 2,274,760 Economic Opportunity 5,930,207 Debt Service: Principal Retirement 1,680,000 Interest 2,234,723 Fees and Other 7,545
Total Expenditures 2,511,224 21,780,638
Excess of Revenues Over (Under) Expenditures 1,436 96,404 12,654,431
Other Financing Sources (Uses): Transfers In 551,934 Transfers Out (12,086,031)
Total Other Financing Sources (Uses) (11,534,097)
Net Change in Fund Balances 1,436 96,404 1,120,334
Fund Balances - July 1 55,669 963,216 39,925,968
Fund Balances - June 30 $ 57,105 $ 1,059,620 $ 41,046,302
-57- Schedule 13 Page 1 of 5
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES Nonmajor Capital Projects Funds For the Fiscal Year Ended June 30, 2020
STATE GENERAL GENERAL STREET AND HIGHWAY CAPITAL CAPITAL SIDEWALK ALLOCATION IMPROVEMENTS IMPROVEMENTS II
Revenues: Intergovernmental $ 6,226,528 $ $ $ Investment Income (Loss) (12,161) 3,717 49,462 Charges for Current Services 3,821,454 Miscellaneous 76,795
Total Revenues 10,112,616 3,717 49,462
Expenditures: Current: General Government 139,587 Public Safety Transportation 18,480,459 3,136,534 Engineering and Building Maintenance 76,860 Culture and Recreation 3,124 370,579 Neighborhood Development 204,245 Economic Opportunity Total Expenditures 18,480,459 3,136,534 3,124 791,271
Excess of Revenues Over (Under) Expenditures (8,367,843) (3,136,534) 593 (741,809)
Other Financing Sources (Uses): Debt Issuances: General Obligation Bonds Issued Limited Obligation Bonds Issued Premium on Bonds Transfers In 1,769,754 1,724,000 375,000 Transfers Out
Total Other Financing Sources (Uses) 1,769,754 1,724,000 375,000
Net Change in Fund Balances (6,598,089) (1,412,534) 593 (366,809)
Fund Balances - July 1 1,799,591 2,220,228 203,896 2,576,348
Fund Balances - June 30 $ (4,798,498) $ 807,694 $ 204,489 $ 2,209,539
-58- Schedule 13 Page 2 of 5
NEIGHBORHOOD LIBRARY HISTORICAL PARKS & REDEVELOPMENT FACILITIES MUSEUM RECREATION SERIES 2005 and 2006A SERIES 2008 SERIES 2008 SERIES 2008
$ $ $ $
22,939 35,575 333,156
22,939 35,575 333,156
(22,939) (35,575) (333,156)
(422,928)
(422,928)
(22,939) (35,575) (756,084)
242,344 355,604 79,680 1,033,709
$ 242,344 $ 332,665 $ 44,105 $ 277,625
(continued) -59- Schedule 13 Page 3 of 5
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES Nonmajor Capital Projects Funds For the Fiscal Year Ended June 30, 2020
WAR ECONOMIC FIRE MEMORIAL STREET DEVELOPMENT STATION STADIUM IMPROVEMENTS (continued) SERIES 2008 SERIES 2008 SERIES 2008 SERIES 2010
Revenues: Intergovernmental $ $ $ $ Investment Income (Loss) Charges for Current Services Miscellaneous 96,108
Total Revenues 96,108
Expenditures: Current: General Government Public Safety 632,384 Transportation 12,831,177 Engineering and Building Maintenance Culture and Recreation Neighborhood Development Economic Opportunity
Total Expenditures 632,384 12,831,177
Excess of Revenues Over (Under) Expenditures (632,384) (12,735,069)
Other Financing Sources (Uses): Debt Issuances: General Obligation Bonds Issued Limited Obligation Bonds Issued Premium on Bonds Transfers In Transfers Out (1,770,443)
Total Other Financing Sources (Uses) (1,770,443)
Net Change in Fund Balances (632,384) (14,505,512)
Fund Balances - July 1 4,470,093 821,948 1,304,441 56,112,247
Fund Balances - June 30 $ 4,470,093 $ 189,564 $ 1,304,441 $ 41,606,735
-60- Schedule 13 Page 4 of 5
PARKS AND GREENSBORO PARKS & RECREATION HOUSING SCIENCE CENTER TRANSPORTATION RECREATION SERIES 2010 SERIES 2010 SERIES 2010 SERIES 2016 SERIES 2016
$ $ $ $ $
1,500,000
1,500,000
1,915,740
732,967 6,488,125 15,612,878
732,967 6,488,125 1,915,740 15,612,878
(732,967) (6,488,125) (1,915,740) (14,112,878)
7,305,000 11,605,000
1,273,437 2,023,030
(296,382) (877,732) (37,732)
(296,382) 7,700,705 13,590,298
(1,029,349) (6,488,125) 5,784,965 (522,580)
1,090,148 6,530,054 (171,248) 5,673,063
$ 60,799 $ $ 41,929 $ 5,613,717 $ 5,150,483
(continued) -61-
Schedule 13 Page 5 of 5
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES Nonmajor Capital Projects Funds For the Fiscal Year Ended June 30, 2020 TOTAL COMMUNITY & NONMAJOR ECONOMIC FIRE CAPITAL HOUSING DEVELOPMENT STATION PROJECTS (continued) SERIES 2016 SERIES 2016 SERIES 2019 FUNDS
Revenues: Intergovernmental $ $ $ $ 6,226,528 Investment Income (Loss) 41,018 Charges for Current Services 3,821,454 Miscellaneous 33,962 1,706,865
Total Revenues 33,962 11,795,865
Expenditures: Current: General Government 139,587 Public Safety 4,468,923 5,101,307 Transportation 36,363,910 Engineering and Building Maintenance 76,860 Culture and Recreation 23,599,343 Neighborhood Development 4,424,404 4,628,649 Economic Opportunity 1,556,300 1,556,300
Total Expenditures 4,424,404 1,556,300 4,468,923 71,465,956
Excess of Revenues Over (Under) Expenditures (4,424,404) (1,556,300) (4,434,961) (59,670,091)
Other Financing Sources (Uses): Debt Issuances: General Obligation Bonds Issued 8,016,987 17,195,000 44,121,987 Limited Obligation Bonds Issued 12,755,000 12,755,000 Premium on Bonds 91,931 2,997,501 2,453,891 8,839,790 Transfers In 3,868,754 Transfers Out (3,405,217)
Total Other Financing Sources (Uses) 8,108,918 20,192,501 15,208,891 66,180,314
Net Change in Fund Balances 3,684,514 18,636,201 10,773,930 6,510,223
Fund Balances - July 1 6,139,837 5,072,120 485,808 96,039,911
Fund Balances - June 30 $ 9,824,351 $ 23,708,321 $ 11,259,738 $ 102,550,134
-62-
Schedule 14
Enterprise Funds Schedule of Changes in Long-Term Debt and Water Resources Capital Assets For the Fiscal Year Ended June 30, 2020
Debt Debt Outstanding Outstanding June 30, 2019 Additions Adjustments Retirements June 30, 2020 Water Resources: Revenue Bonds $ 255,138,473 $ 133,575,513 $ $ 79,931,930 $ 308,782,056 Revenue BANS 37,171,789 37,522,567 72,113,546 2,580,810 Compensated Absences 1,330,992 1,226,700 1,085,073 1,472,619
Total Water Resources 293,641,254 172,324,780 153,130,549 312,835,485
Coliseum: Installment Financing Agreements 182,904 182,904 Limited Obligation Bonds 43,450,000 43,450,000 Compensated Absences 531,210 303,392 210,500 624,102
Total Coliseum 44,164,114 303,392 393,404 44,074,102
Greensboro Transit Advisory Commission: Compensated Absences Payable 71,113 31,723 32,166 70,670
Parking Facilities: Limited Obligation Bonds 29,685,000 29,685,000 Compensated Absences 42,933 39,424 42,463 39,894
Total Parking Facilities 42,933 29,724,424 42,463 29,724,894
Solid Waste Management: Special Obligation Bonds 785,000 785,000 Accrued Landfill Liability 27,160,557 494,036 27,654,593 Compensated Absences 167,307 130,248 119,959 177,596
Total Solid Waste Management 28,112,864 624,284 904,959 27,832,189
Stormwater Management: Compensated Absences 290,242 225,067 203,880 311,429
Total Enterprise Funds $ 366,322,520 $ 203,233,670 $ $ 154,707,421 $ 414,848,769
(a) Total Debt Outstanding is net of premiums, discounts and adjustments.
Capital Assets Capital Assets June 30, 2019 Additions Adjustments Disposals June 30, 2020 Water Resources Capital Assets: Land $ 21,368,617 $ $ 137,849 $ $ 21,506,466 Construction in Progress 115,878,014 53,016,603 19,740,410 149,154,207 Intangible Assets - Easements 23,405,235 1,066,182 24,471,417 Land Improvements 25,647,463 25,647,463 Buildings 240,099,665 5,804,156 1,382,795 268,785 247,017,831 Improvements Other Than Buildings 9,466,486 52,302 9,518,788 Furniture, Fixtures, Machinery and Equipment 63,246,490 1,618,529 309,504 64,555,515 Infrastructure 628,850,394 27,363,914 656,214,308 Intangible Assets - Water Rights, Software 96,473,805 938,394 97,412,199 Accumulated Depreciation/Amortization (445,967,244) (30,000,980) (513,937) (312,041) (476,170,120)
Water Resources Capital Assets, Net $ 778,468,925 $ 59,859,100 $ 1,006,707 $ 19,737,873 $ 819,328,074
-63-
Special Revenue Funds
State Highway Allocation Fund
This fund was established to account for Powell Bill Funds which are derived from a one and three-fourths cents per gallon fuel tax. The State of North Carolina collects these monies and returns a proportionate share to local governments based on local street mileage and population. Expenditures and transfers from this fund are restricted to specific highway construction and maintenance costs.
Cemetery Fund
The Cemetery Fund is responsible for the operation and maintenance of three cemeteries. The cemeteries are perpetually endowed by the Perpetual Care Fund which receives one-fourth of all cemetery lot sales. All interest earned by the Perpetual Care Fund is restricted for operations of the Cemetery Fund.
Hotel/Motel Occupancy Tax Fund
This fund was established to account for a 3% room occupancy tax levied on hotels and motels located within the City limits. This tax revenue is dedicated for debt service improvements at the Greensboro Coliseum Complex.
Economic Development Fund
The Economic Development Fund was established to support three programs within the City. The Workforce Development Adult and Youth Programs subsidized work experience will assist with paid internships and technical education with hopes of citizens being hired for permanent positions. The Assistance Marketing and Support, as well as the Small Business Loan Pool, aids businesses with advertising and expansion in order to enhance Economic Development within the City of Greensboro. These efforts are funded with a dedicated tax rate of 0.50 cents.
Special Tax Districts Fund
This fund was established to account for a special tax on property in the College Hill and Dunleath Historic Districts, as authorized by voter referendum, and a Business Improvement District in downtown Greensboro.
Housing Partnership Revolving Fund
The Housing Partnership Revolving Fund is supported by 0.69 cents of the property tax rate. This revenue provides resources to fund low and moderate income housing initiatives approved by City Council, including grant/loan programs, construction/renovation projects, and cooperative efforts with private and not-for-profit organizations.
Community Development Fund
The purpose of the Community Development Fund is to account for projects financed primarily with Community Development Block Grant funds which are used for revitalization of low and moderate income areas.
-64-
Special Revenue Funds (continued)
HOME Program Fund
The purpose of the HOME Program Fund is to account for projects financed with Housing and Urban Development funds which are used for revitalization of low and moderate income areas.
Workforce Investment Act
The purpose of the Workforce Investment Act is to account for Department of Labor grant funds used to establish programs for employment and classroom training activities.
State and Federal Grants Fund
The purpose of the State and Federal Grants Fund is to account for various projects financed primarily with State or Federal aid.
State and Federal Grants (ARRA) Fund
The purpose of the State and Federal American Recovery and Reinvestment Act (ARRA) Grants Fund is to account for various projects financed primarily with State or Federal aid from ARRA funds.
Emergency Telephone System Fund
This fund accounts for the Guilford Metro 911 Emergency Telephone System that is supported by 911 surcharge fees. Emergency communications administration is recorded in the Guilford Metro Communications Internal Service Fund that is funded by contributions from the City and Guilford County.
-65-
Schedule 15
State Highway Allocation Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Revenues: Intergovernmental: State Powell Bill $ 7,290,000 $ 7,322,620 $ 32,620
Investment Income (Loss) 61,000 92,729 31,729
Miscellaneous: Sales and Use Tax Refund 19,000 4,482 (14,518)
Total Revenues 7,370,000 7,419,831 49,831
Other Financing Uses: Transfers Out (7,370,000) (7,370,000)
Excess of Revenues Over Other Financing Uses $ 49,831 49,831
Fund Balance - July 1 175,643 175,643
Fund Balance - June 30 $ 225,474 $ 225,474
-66- Schedule 16
Cemetery Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Revenues: Charges for Current Services: Forest Lawn Cemetery 302,000$ 366,345$ 64,345$ Maplewood Cemetery 62,500 41,570 (20,930) Greenhill Cemetery 34,000 30,290 (3,710) Total Charges for Current Services 398,500 438,205 39,705
Investment Income (Loss) 35,290 54,154 18,864
Appropriated Fund Balance 53,730 (53,730)
Total Revenues 487,520 492,359 4,839
Expenditures: Culture and Recreation: Cemeteries: Administration 247,256 235,792 11,464 Forest Lawn Cemetery 356,054 337,018 19,036 Maplewood Cemetery 12,942 2,348 10,594 Greenhill Cemetery 258,224 225,265 32,959
Total Expenditures 874,476 800,423 74,053
Excess of Revenues Under Expenditures (386,956) (308,064) 78,892
Other Financing Sources (Uses): Transfers In 435,706 435,706 Transfers Out (48,750) (55,577) (6,827) Total Other Financing Sources (Uses) 386,956 380,129 (6,827)
Excess of Revenues and Other Financing Sources Over Expenditures and Other Financing (Uses) $ 72,065 72,065
Fund Balance - July 1 256,788 256,788
Fund Balance - June 30 328,853$ 328,853$
-67- Schedule 17
Hotel/Motel Occupancy Tax Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Revenues: Taxes: Room Occupancy Tax $ 4,411,690 $ 3,601,730 $ (809,960)
Investment Income (Loss) 136,000 151,957 15,957
Miscellaneous: Donations and Contributions 125,000 330,000 205,000 Total Miscellaneous 125,000 330,000 205,000
Appropriated Fund Balance 3,831,243 (3,831,243)
Total Revenues 8,503,933 4,083,687 (4,420,246)
Expenditures: Culture and Recreation: Rental of Land and Buildings 200,015 200,022 (7) Administration 6,365 6,620 (255) Miscellaneous Fees 306,560 48,053 258,507 Debt Service: Principal Retirement 1,681,923 1,680,000 1,923 Interest 1,964,164 2,234,723 (270,559) Fees and Other 20,000 7,545 12,455
Total Expenditures 4,179,027 4,176,963 2,064
Excess of Revenues Over (Under) Expenditures 4,324,906 (93,276) (4,418,182)
Other Financing Sources (Uses): Transfer Out - Coliseum Operating Fund (1,599,906) (1,599,906) Transfer Out - Performing Arts Fund (2,725,000) (2,725,000) Total Other Financing Sources (Uses) (4,324,906) (4,324,906)
Excess of Revenues and Other Financing Sources Under Expenditures and Other Financing (Uses) $ (4,418,182) (4,418,182)
Fund Balance - July 1 8,966,705 8,966,705
Fund Balance - June 30 $ 4,548,523 $ 4,548,523
-68- Schedule 18
Economic Development Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Revenues: Taxes: Ad Valorem Taxes $ 1,410,000 $ 1,423,926 $ 13,926
Investment Income (Loss) 207,000 69,452 (137,548)
Charges for Current Services: Principal - Notes and Mortgages 32,278 32,278 Other Revenue 10,000 10,049 49 Total Charges for Current Services 10,000 42,327 32,327
Appropriated Fund Balance 542,508 (542,508)
Total Revenues 2,169,508 1,535,705 (633,803)
Expenditures: Economic Opportunity: Economic Development Administration 143,960 31,418 112,542 Capital Assistance Loan Pool 360,000 70,000 290,000 Regional Economic Development 100,000 100,000 Community Partners Funding 1,090,000 953,833 136,167 Downtown Development 140,000 115,000 25,000
Total Expenditures 1,833,960 1,270,251 563,709
Excess of Revenues Over Expenditures 335,548 265,454 (70,094)
Other Financing Uses: Transfers Out (335,548) (335,548) Total Other Financing Uses (335,548) (335,548)
Excess of Revenues Under Expenditures and Other Financing Uses $ (70,094) (70,094)
Fund Balance - July 1 659,622 659,622
Fund Balance - June 30 $ 589,528 $ 589,528
Reconciliation of Budgetary Basis to GAAP Basis: Excess of Revenues and Other Financing Sources Over Expenditures and Other Financing (Uses) $ 589,528 Difference in Loan Treatment Required by Governmental Accounting Standards Beginning Balance - July 1 752,740 Current Year Activity (32,278) Fund Balance - June 30 $ 1,309,990
-69- Schedule 19
Special Tax Districts Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Revenues: Taxes: Ad Valorem Taxes 779,600$ $ 805,088 $ 25,488 Local Option Sales Tax 187,000 206,963 19,963 Total Taxes 966,600 1,012,051 45,451
Charges for Current Services: Other Revenue 70 70
Investment Income (Loss) 21,845 21,845
Appropriated Fund Balance 224,973 (224,973)
Total Revenues 1,191,573 1,033,966 (157,607)
Expenditures: Neighborhood Development: Dunleath Historic District 164,862 6,156 158,706 College Hill Historic District 10,000 179 9,821 Business Improvement District 1,016,711 993,662 23,049
Total Expenditures 1,191,573 999,997 191,576
Excess of Revenues Over Expenditures $ 33,969 33,969
Fund Balance - July 1 1,199,878 1,199,878
Fund Balance - June 30 $ 1,233,847 $ 1,233,847
-70-
Schedule 20
Housing Partnership Revolving Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Revenues: Taxes: Ad Valorem Taxes $ 1,946,000 $ 1,966,616 $ 20,616
Charges for Current Services: Mortgage Collections 75,000 122,605 47,605 Sale of Real Estate 28,000 (28,000) Other Revenue 15,304 49,015 33,711 Total Charges for Current Services 118,304 171,620 53,316
Investment Income (Loss) 25,000 55,621 30,621
Appropriated Fund Balance 388,221 (388,221)
Total Revenues 2,477,525 2,193,857 (283,668)
Expenditures: Neighborhood Development: Administration 1,901,317 1,654,445 246,872 Homeless Prevention 567,408 532,334 35,074 Housing Programs 8,800 8,800
Total Expenditures 2,477,525 2,195,579 281,946
Excess of Revenues Under Expenditures $ (1,722) (1,722)
Fund Balance - July 1 2,141,200 2,141,200
Fund Balance - June 30 $ 2,139,478 $ 2,139,478
Reconciliation of Budgetary Basis to GAAP Basis: Excess of Revenues and Other Financing Sources Over Expenditures and Other Financing (Uses) $ 2,139,478 Difference in Loan Treatment Required by Governmental Accounting Standards Beginning Balance - July 1 10,645,594 Current Year Activity 5,153,585 Fund Balance - June 30 $ 17,938,657
-71- Schedule 21 Page 1 of 2 Community Development Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Intergovernmental: Federal Grants $ 15,296,294 $ 8,558,294 $ 2,902,745 $ 11,461,039
Investment Income (Loss) 949,635 763,789 109,034 872,823
Charges for Current Services: Program Income Rent 356,203 441,941 12,756 454,697 Principal - Notes and Mortgages 3,666,367 3,522,271 929,927 4,452,198 Targeted Loan Pool Proceeds 652,485 659,238 659,238 NCHFA Willow Oaks Program Support 500 4,000 4,000 Sale of Real Estate 916,614 870,389 870,389 Other Revenue 72,034 97,914 5,310 103,224 Total Charges for Current Services 5,664,203 5,595,753 947,993 6,543,746
Total Revenues 21,910,132 14,917,836 3,959,772 18,877,608
Expenditures: Neighborhood Development: Block Grant: Administration 3,217,576 2,675,609 527,901 3,203,510 CARES Act 1,329,635 240,732 240,732 Fair Housing 129,500 55,500 46,356 101,856 Rental Rehabilitation 202,856 202,856 202,856 Target Area Personnel 95,000 95,000 95,000 Targeted Loan Pool Program 5,152 Asheboro 651,079 386,079 386,079 Section 108 Loan Principal Retirement 6,274,834 4,965,969 1,308,865 6,274,834 South Elm Street 1,341,768 1,022,138 87,746 1,109,884 Willow Oaks 444,031 217,196 68,605 285,801 Homelessness Prevention 1,234,520 986,755 245,611 1,232,366 Homeowner Rehab 3,680,753 2,153,088 610,233 2,763,321 Prince of Peace Shelter 176,130 176,130 176,130 Renaissance Center 50,000 50,000 50,000 CD Lead Remediation 613,338 319,747 57,079 376,826 Section 108 Project 1,640,000 1,639,999 1,639,999 Homebuyer Education Program 126,000 60,698 41,003 101,701 Code Compliance Boarding Section 3 50,000 50,000 50,000 Homeowner Code Compliance 151,656 47,127 630 47,757 Housing Reclamation Program 150,641 Other Community Development: Kids, Inc. Day Care 212,780 214,114 214,114 Federal Emergency Shelter Grant 150,651 150,651 150,651 Bessemer Shopping Center 73,000 74,991 74,991
Total Expenditures 22,000,900 15,543,647 3,234,761 18,778,408
Excess of Revenues Over (Under) Expenditures (90,768) (625,811) 725,011 99,200
-72- (continued) Schedule 21 Page 2 of 2 Community Development Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
(continued) Actual Project Prior Current Total Authorization Years Year To Date Other Financing Sources (Uses): Transfers In $ 90,768 $ 90,768 $ $ 90,768 Federal Loan Program-HUD 1,392,000 1,392,000 1,392,000 Payment to Escrow Agent for Refunding of Debt (1,392,000) (1,392,000) (1,392,000) Total Other Financing Sources (Uses) 90,768 90,768 90,768
Excess of Revenues and Other Financing Sources Over (Under) Expenditures and Other Financing (Uses) $ (535,043) 725,011 189,968
Fund Balance - July 1 (535,043)
Fund Balance - June 30 $ (535,043) $ 189,968 $ 189,968
Reconciliation of Budgetary Basis to GAAP Basis: Excess of Revenues and Other Financing Sources Over Expenditures and Other Financing (Uses) $ 189,968 Difference in Loan Treatment Required by Governmental Accounting Standards Beginning Balance - July 1 4,052,151 Current Year Activity (511,402) Fund Balance - June 30 $ 3,730,717
-73- Schedule 22
HOME Program Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Intergovernmental: Federal Grants $ 22,448,692 $ 16,558,541 $ 951,006 $ 17,509,547
Investment Income (Loss) 416,438 314,884 16,900 331,784
Miscellaneous: Principal - Notes and Mortgages 1,588,481 1,570,108 116,183 1,686,291 Sale of Real Estate 84,109 84,110 84,110 Other Revenue 181,944 231,039 24,378 255,417 Total Miscellaneous 1,854,534 1,885,257 140,561 2,025,818
Total Revenues 24,719,664 18,758,682 1,108,467 19,867,149
Expenditures: Planning and Community Development: Greensboro Home Program 18,153,783 13,118,557 1,126,341 14,244,898 Guilford County Home Program 1,113,245 608,586 27,386 635,972 High Point Home Program 574,005 574,005 574,005 Burlington Home Program 3,264,814 2,418,946 18,921 2,437,867 Alamance County Home Program 1,613,817 1,159,745 14,872 1,174,617
Total Expenditures 24,719,664 17,879,839 1,187,520 19,067,359
Excess of Revenues Over (Under) Expenditures $ 878,843 (79,053) 799,790
Fund Balance - July 1 878,843
Fund Balance - June 30 $ 878,843 $ 799,790 $ 799,790
Reconciliation of Budgetary Basis to GAAP Basis: Excess of Revenues and Other Financing Sources Over Expenditures and Other Financing (Uses) $ 799,790 Difference in Loan Treatment Required by Governmental Accounting Standards Beginning Balance - July 1 11,100,520 Current Year Activity 1,219,050 Fund Balance - June 30 $ 13,119,360
-74- Schedule 23
Workforce Investment Act Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Intergovernmental: Federal Grants: WIA Adult $ 6,985,840 $ 5,250,870 $ 1,602,019 $ 6,852,889 WIA Dislocated Worker 3,723,051 2,362,080 738,610 3,100,690 WIA Youth 6,346,051 4,353,818 1,420,141 5,773,959 Administrative Cost Pools 1,894,991 1,481,351 341,820 1,823,171 Wired Grants 93,439 83,501 83,501 DW Rapid Response 400,000 400,000 400,000 Career Pathways 30,000 30,000 30,000 Guilford Apprenticeship 126,426 126,425 126,425 Guilford WDB Marketing Fund 5,851 5,851 5,851 Guilford WDB Program Enhancement 30,000 WDB Bus Service 175,000 100,000 48,412 148,412 Finish Line 584,000 185,417 233,116 418,533 Infrastructure 465,724 178,186 205,217 383,403 Total Federal Grants 20,860,373 14,557,499 4,589,335 19,146,834
State Grants: Guilford ETWI 292,000 33,210 70,045 103,255
Local Grants: GCS Aviation WE 2014-15 145,878 116,250 116,250
Total Intergovernmental 21,298,251 14,706,959 4,659,380 19,366,339
Investment Income (Loss) (15,935) 312 (15,623)
Charges for Current Services: Sale of Materials 166 166 Other Revenue 511,354 478,602 21,700 500,302
Total Revenues 21,809,605 15,169,792 4,681,392 19,851,184
Expenditures: Economic Opportunity: WIA Adult 6,985,999 5,251,029 1,607,019 6,858,048 WIA Dislocated Worker 3,723,104 2,362,133 741,028 3,103,161 WIA Youth 6,346,172 4,353,940 1,420,141 5,774,081 Administrative Cost Pools 1,894,992 1,481,351 341,820 1,823,171 Wired Grants 93,439 80,911 80,911 Rental Expenditures 511,020 444,438 21,700 466,138 GCS Aviation WE 2014-15 145,878 116,250 116,250 DW Rapid Response 400,000 400,000 400,000 Career Pathways 30,000 30,000 30,000 Guilford Apprenticeship 126,426 126,425 126,425 Guilford ETWI 292,000 59,334 43,921 103,255 Guilford WDB Marketing Fund 5,851 5,851 5,851 Guilford WDB Program Enhancement 30,000 WDB Bus Service 175,000 100,000 48,412 148,412 Finish Line 584,000 185,417 233,116 418,533 Infrastructure 465,724 178,186 202,799 380,985 Total Expenditures 21,809,605 15,175,265 4,659,956 19,835,221
Excess of Revenues Over (Under) Expenditures $ (5,473) 21,436 15,963
Fund Balance - July 1 (5,473)
Fund Balance - June 30 $ (5,473) $ 15,963 $ 15,963
-75- Schedule 24 Page 1 of 3 State and Federal Grants Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Intergovernmental: Federal Grants $ 30,579,891 $ 10,056,288 $ 3,761,582 $ 13,817,870 State Grants 9,077,957 4,064,105 1,920,378 5,984,483 Other State Revenue - Drug Excise Tax 1,512,571 717,411 576,319 1,293,730 Local Grants 199,598 138,554 10,574 149,128 In-Kind and Matching Revenues 2,872,760 2,511,189 230,106 2,741,295 Total Intergovernmental 44,242,777 17,487,547 6,498,959 23,986,506
Investment Income (Loss) 16,629 16,968 812 17,780
Miscellaneous: Principal - Notes and Mortgages 2,563 6,642 9,205 Other Revenue 31,401 8,291 39,692 Total Miscellaneous 33,964 14,933 48,897
Total Revenues 44,259,406 17,538,479 6,514,704 24,053,183
Expenditures: Public Safety: Forfeiture Funds - FY 20 150,000 FF Service Side Arm Grant 408,058 347,194 347,194 FF Soabar Office Space 885,000 2,401 787,802 790,203 State Drug Excise - Soabar Office Space 45,000 44,610 44,610 State Drug Excise Fund - FY 14 65,000 65,000 65,000 State Drug Excise Fund - FY 19 200,000 191,016 6,330 197,346 State Drug Excise Fund - FY 20 413,000 279,089 279,089 Governor's Crime Commission - Child Response - FY 18 155,287 123,264 123,264 Governor's Crime Commission - Child Response - FY 19 155,287 40,692 58,626 99,318 Governor's Crime Commission - Child Response - FY 20 119,967 47,790 47,790 Governor's Crime Commission - Overdose Crisis 24,500 23,886 23,886 Project Safe Neighborhoods - FY 16-18 300,000 62,583 78,366 140,949 Byrne Justice Assistance Grant - FY 17 204,515 177,043 27,470 204,513 Byrne Justice Assistance Grant - FY 18 209,245 60,215 85,941 146,156 Byrne Justice Assistance Grant - FY 19 225,141 103,948 103,948 PNRC Walmart Grant - FY 13 1,000 951 951 PNRC Walmart Grant - FY 18 2,500 1,935 565 2,500 Walmart D2 Community Outreach - FY 17 1,500 1,492 8 1,500 Walmart D2 Community Outreach - FY 18 1,000 Walmart Community Engagement - FY 15 500 Walmart Pomona Grant - FY 15 1,500 1,256 1,256 Walmart Explorers Program - FY 18 3,000 535 928 1,463 Walmart Project Yuletide - FY 19 250 Violent Crime Initiative - FY 17 100,000 72,091 184 72,275 FF Balistic Vests & Equipment - FY 18 200,000 147,542 37,765 185,307 DNA Testing Program 125,000 86,466 9,500 95,966 Police Equipment & Training - FY 18 185,000 184,999 184,999 Supplemental Body Cameras 254,360 254,056 254,056 BJA Body Worn Cameras - FY 16-18 600,000 600,000 600,000
-76- (continued) Schedule 24 Page 2 of 3 State and Federal Grants Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenditures: (Continued) Public Safety (continued): Safe Guilford Traffic Grant - FY 14 $ 1,500 $ 1,036 $ $ 1,036 CFAT Grant FY 19 42,920 42,920 $ 42,920 Colonial Pipeline-Bldg 225,000 217,654 217,654 DNA Cold Case Grant - FY 14 56,670 44,834 44,834 Metro Medical Response System - FY 03 880,557 712,466 117,089 829,555 RRT Homeland Security Grant - FY 17 69,000 68,997 68,997 RRT Homeland Security Grant - FY 18 69,000 68,739 68,739 RRT Homeland Security Grant - FY 19 69,000 69,000 69,000 Duke Energy Foundation Grant 25,000 25,000 25,000 AFG Grant - FY 17 34,020 16,593 16,593 Homeland Security Grant - FY17 30,000 30,000 30,000 Homeland Security Grant - FY18 45,000 3,028 3,028 Total Public Safety 6,583,277 3,581,050 1,849,845 5,430,895
Transportation: State Planning & Research/PL 104(f) - FY 18 486,789 485,651 485,651 State Planning & Research/PL 104(f) - FY 19 565,135 565,135 565,135 State Planning & Research/PL 104(f) - FY 20 808,691 675,655 675,655 Safe Routes to School Grant 300,000 48,687 48,687 Travel Survey Grant 721,000 Eckerson US 29 Environmental Study 1,050,000 989,097 989,097 Section 5303 Metro Planning - FY 18 176,000 176,000 176,000 Section 5303 Metro Planning - FY 19 176,000 171,534 171,534 Section 5303 Metro Planning - FY 20 176,000 120,141 120,141 NCDOT Advanced Technology Grant FY 20 320,705 320,675 320,675 Clean Fuel Technology Grant 163,626 163,626 163,626 GDOT(Signal) Master Arm Project 186,817 159,708 159,708 NCDOT Project - Market Street-Fanta SC Driveway 32,621 Greenway Phase 3A-Corner Park 34,690 78,199 (43,508) 34,691 Randleman Road FYA Installation 12,000 Streets Improvement - U-5306-A 4,836,025 4,372,467 252,582 4,625,049 Streets Improvement - U-5306-B 12,959,788 2,337,612 2,608,203 4,945,815 Streets Improvement - U-5306-C 1,580,000 1,474,713 (60,443) 1,414,270 Streets Improvement - U-5306-D 325,000 319,672 319,672 Total Transportation 24,910,887 11,129,788 4,085,618 15,215,406
Environmental Services: Piedmont Triad Water Quality - Yr 14 83,990 83,990 83,990 Piedmont Triad Water Quality - Yr 15 53,000 52,850 150 53,000 NC Clean Water Management Phase II - South Buffalo 786,127 424,431 424,431 NC Clean Water Management Phase III 665,200 538,912 538,912 NC Clean Water Management Phase IV 695,000 306,150 306,150 Community Waste Reduction and Recycling Program 2019 33,465 32,465 32,465 Total Environmental Services 2,316,782 1,406,333 32,615 1,438,948
(continued) -77-
Schedule 24 Page 3 of 3
State and Federal Grants Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenditures: (Continued) Culture and Recreation: Seniors General Purpose - FY 19 $ 14,257 $ 14,257 $ $ 14,257 Seniors General Purpose - FY 20 14,099 14,319 14,319 Ruth Wicker - Memorial to Women Grant 900,000 884,790 884,790 National Recreation & Parks Association-Disney Meet Me at the Park 60,000 20,015 18,282 38,297 Special Events,Tourism,Culturally-Related Activities - FY 15 130,058 127,621 127,621 Special Events,Tourism,Culturally-Related Activities Volleyball FY19 8,000 8,000 8,000 Special Events,Tourism,Culturally-Related Activities - FY 19 23,750 23,750 23,750 Special Events,Tourism,Culturally-Related Activities - FY 20 8,460 8,460 8,460 USTA Grant - FY 17 15,000 15,000 15,000 USTA Build it Forward - FY 17 13,000 13,000 13,000 USTA Raise the Net - FY 17 7,000 7,000 7,000 Carolina Panthers Grant - FY 18 4,000 4,000 4,000 Carolina Panthers Grant - FY 19 2,500 2,236 2,236 Carolina Panthers Grant - FY 20 2,500 2,460 2,460 LWCF Keeley Park Phase 2 Grant 500,000 75,462 75,462 LWCF Peeler Community Park Grant 1,200,000 Community Food Task Force FY18 10,000 7,500 7,500 Creative Greensboro Fellowship 15,000 Total Culture and Recreation 2,927,624 1,127,169 118,983 1,246,152
Neighborhood Development: Fair Housing Assistance - 2010-11 154,725 154,725 154,725 Fair Housing Assistance - 2011-12 72,562 72,562 72,562 Fair Housing Assistance - 2012-13 20,854 20,854 20,854 Fair Housing Assistance - 2013-14 67,788 50,915 16,873 67,788 Fair Housing Assistance - 2014-15 39,275 2,689 36,604 39,293 Fair Housing Assistance - 2015-16 38,250 16,713 10,600 27,313 Fair Housing Assistance - 2016-17 76,950 3,189 31,254 34,443 Fair Housing Assistance - 2017-18 59,700 Fair Housing Assistance - 2018-19 68,300 Emergency Solutions - FY18 182,064 182,064 182,064 Emergency Solutions - FY19 177,564 177,564 (7,533) 170,031 Emergency Solutions - FY20 183,371 173,796 173,796 Emergency Solutions - COVID 675,621 LFPP Implementation Grant 820,300 575,368 119,539 694,907 EPA RLF Brownsfield Cleanup Grant 1,000,000 685,642 685,642 HOPWA - FY16-17 325,096 325,096 325,096 HOPWA - FY17-18 370,437 236,782 133,655 370,437 HOPWA - FY18-19 419,625 169,805 169,805 HOPWA - FY19-20 474,056 HOPWA - COVID 77,708 Historic Preservation - FY 17 10,000 10,000 10,000 Historic Preservation - FY 19 22,000 11,460 11,460 Tornado Recovery Grant 1,000,000 Building Reuse Grant 500,000 500,000 500,000 Lead Paint & Healthy Homes Grant - FY17 2,900,000 544,911 480,975 1,025,886 Total Neighborhood Development 9,736,246 3,059,074 1,677,028 4,736,102
Total Expenditures 46,474,816 20,303,414 7,764,089 28,067,503
Excess of Revenues Under Expenditures (2,215,410) (2,764,935) (1,249,385) (4,014,320) Other Financing Sources: Transfers In 2,215,410 1,242,413 116,228 1,358,641
Excess of Revenues and Other Financing Sources Under Expenditures $ (1,522,522) (1,133,157) (2,655,679)
Fund Balance - July 1 (1,522,522)
Fund Balance - June 30 $ (1,522,522) $ (2,655,679) $ (2,655,679)
Reconciliation of Budgetary Basis to GAAP Basis: Excess of Revenues and Other Financing Sources Over Expenditures and Other Financing (Uses) $ (2,655,679) Difference in Loan Treatment Required by Governmental Accounting Standards Beginning Balance - July 1 140,437 Current Year Activity (6,565) Fund Balance - June 30 $ (2,521,807)
-78- Schedule 25
State and Federal Grants (ARRA) Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Intergovernmental: Federal Grants $ 8,243,026 $ 8,102,911 $ $ 8,102,911
Investment Income (Loss) (20,231) 1,436 (18,795)
Miscellaneous: Sale of Real Estate 159,603 159,602 159,602 Total Miscellaneous 159,603 159,602 159,602
Total Revenues 8,402,629 8, 242,282 1,436 8,243,718
Expenditures: Neighborhood Development: NSP (HERA) 3,402,629 3,320,546 3,320,546 Better Homes (ARRA) 5,000,000 4,866,067 4,866,067 Total Planning and Community Development 8,402,629 8,186,613 8,186,613
Total Expenditures 8,402,629 8,186,613 8,186,613
Excess of Revenues Over Expenditures $ 55,669 1,436 57,105
Fund Balance - July 1 55,669
Fund Balance - June 30 $ 55,669 $ 57,105 $ 57,105
-79- Schedule 26
Emergency Telephone System Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Revenues: Charges for Current Services: 911 Surcharge $ 2,594,180 $ 2,594,180 $
Investment Income (Loss) 15,250 13,448 (1,802)
Appropriated Fund Balance 478,323 (478,323)
Total Revenues 3,087,753 2,607,628 (480,125)
Expenditures: Public Safety: 911 Wireless 3,087,753 2,511,224 576,529
Excess of Revenues Over Expenditures $ 96,404 96,404
Fund Balance - July 1 963,216 963,216
Fund Balance - June 30 $ 1,059,620 $ 1,059,620
-80-
Debt Service Fund
This fund is used to account for the retirement of ad valorem tax-supported General Obligation Bonds. The retirement of all other General Obligation Bonds is accounted for in the Technical Services Fund.
-81-
Schedule 27
Debt Service Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Revenues: Interest Earnings: Investment Income $ 4,898,106 $ 3,762,480 $ (1,135,626) Net Increase (Decrease) in the Fair Value of Investments (88,890) (88,890) Total Investment Income 4,898,106 3,673,590 (1,224,516)
Miscellaneous: Sales and Use Tax Refund 150,000 133,371 (16,629) Sale of Real Estate 27,000 27,000 Total Miscellaneous 150,000 160,371 10,371
Appropriated Fund Balance 3,250,548 (3,250,548)
Total Revenues 8,298,654 3,833,961 (4,464,693)
Expenditures: Operating Expenditures: Personal Services 151,469 159,337 (7,868) Fringe Benefits 54,432 40,867 13,565 Maintenance and Operations 133,230 92,037 41,193 Total Operating Expenditures 339,131 292,241 46,890
Debt Service: Principal Retirement 21,906,068 21,906,068 Interest 12,404,195 10,745,583 1,658,612 Fees and Other 596,305 473,468 122,837 Total Debt Service Expenditures 34,906,568 33,125,119 1,781,449
Total Expenditures 35,245,699 33,417,360 1,828,339
Excess of Revenues Under Expenditures (26,947,045) (29,583,399) (2,636,354)
Other Financing Sources (Uses): Debt Issuances: General Obligation Refunding Bonds Issued 32,458,015 32,458,013 (2) Premium on Debt 2,404,290 2,404,290 Payment to Escrow Agent for Refunding of Debt (34,560,000) (34,560,000) Transfers In 26,644,740 26,644,740 Total Other Financing Sources (Uses) 26,947,045 26,947,043 (2)
Excess of Revenues and Other Financing Sources Under Expenditures and Other Financing Uses $ (2,636,356) (2,636,356)
Fund Balance - July 1 28,636,370 28,636,370
Fund Balance - June 30 $ 26,000,014 $ 26,000,014
-82-
Capital Projects Funds
Capital Projects Funds are used to account for all major capital improvements primarily financed with the proceeds of bond sales. The funds presented in this section represent those which account for general improvements. Improvements associated with the proprietary operations are reported in the Enterprise Funds and Internal Service Funds sections.
-83-
Schedule 28
Street and Sidewalk Capital Project Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Intergovernmental: Federal Grant $ 36,941,222 $ 2,936,871 $ 3,500,023 $ 6,436,894 State Grant 26,281,342 12,149,621 2,726,505 14,876,126 State Reimbursements - Transportation Projects 130,312 184,201 184,201 Total Intergovernmental 63,352,876 15,270,693 6,226,528 21,497,221
Investment Income (Loss) (4,077) (12,161) (16,238)
Miscellaneous: Donations and Private Contributions 252,000 252,000 252,000 Other Revenue 1,484,294 1,062,058 76,795 1,138,853 Total Miscellaneous 1,736,294 1,314,058 76,795 1,390,853
Charges for Current Services: Motor Vehicle Licenses 12,900,000 10,776,555 3,820,029 14,596,584 Assessments 26,761 1,425 28,186 Sale of Real Estate 187,000 187,000 187,000 Contracted Construction Projects 666,803 414,749 414,749 Total Charges for Current Services 13,753,803 11,405,065 3,821,454 15,226,519
Total Revenues 78,842,973 27,985,739 10,112,616 38,098,355
Expenditures: Capital Improvements: Transportation: Transportation Improvements 93,419,102 31,272,575 18,480,459 49,753,034
Excess of Revenues Under Expenditures (14,576,129) (3,286,836) (8,367,843) (11,654,679)
Other Financing Sources (Uses): Transfers In 15,037,129 5,547,427 1,769,754 7,317,181 Transfers Out (461,000) (461,000) ( 461,000)
Total Other Financing Sources (Uses) 14,576,129 5,086,427 1,769,754 6,856,181
Excess of Revenues and Other Financing Sources Over (Under) Expenditures and Other Financing (Uses) $ 1,799,591 (6,598,089) (4,798,498)
Fund Balance - July 1 1,799,591
Fund Balance - June 30 $ 1,799,591 $ (4,798,498) $ (4,798,498)
-84- Schedule 29
State Highway Allocation Capital Project Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenditures: Capital Improvements: Transportation: Transportation Improvements $ 21,379,421 $ 17,262,524 $ 3,136,534 $ 20,399,058 Sidewalk and Crosswalk Construction 37,677 37,677 37,677
Total Expenditures 21,417,098 17,300,201 3,136,534 20,436,735
Other Financing Sources (Uses): Transfers In 22,861,542 20,917,542 1,724,000 22,641,542 Transfers Out (1,444,444) (1,397,113) (1,397,113)
Total Other Financing Sources (Uses) 21,417,098 19,520,429 1,724,000 21,244,429
Excess of Other Financing Sources Over (Under) Expenditures and Other Financing (Uses) $ 2,220,228 (1,412,534) 807,694
Fund Balance - July 1 2,220,228
Fund Balance - June 30 $ 2,220,228 $ 807,694 $ 807,694
-85- Schedule 30
General Capital Improvements Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Investment Income (Loss) $ 100,000 $ 173,594 $ 3,717 $ 177,311 Miscellaneous: Sale of Real Estate 588,036 471,172 471,172 Donations and Private Contributions 100,000 92,200 92,200
Total Revenues 788,036 736,966 3,717 740,683
Expenditures: Capital Improvements: General Government 200,000 178,272 178,272 Neighborhood Development 3,500 Transportation 25,476 Culture and Recreation 784,060 655,606 3,124 658,730
Total Expenditures 1,013,036 833,878 3,124 837,002
Excess of Revenues Over (Under) Expenditures (225,000) (96,912) 593 (96,319)
Other Financing Sources: Transfers In 225,000 300,808 300,808
Excess of Revenues and Other Financing Sources Over Expenditures $ 203,896 593 204,489
Fund Balance - July 1 203,896
Fund Balance - June 30 $ 203,896 $ 204,489 $ 204,489
-86- Schedule 31
General Capital Improvements Fund II Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Intergovernmental: Federal Forfeiture $ 500,000 $ 500,000 $ $ 500,000
Investment Income (Loss) 78,702 49,462 128,164
Miscellaneous: Rent- Real Estate 100,000 63,491 63, 491 Sale of Real Estate 485,800 924,350 924, 350 Total Miscellaneous Revenue 585,800 987,841 987, 841
Total Revenues 1,085,800 1,566,543 49,462 1,616,005
Expenditures: Capital Improvements: General Government 1,002,571 154,184 139,587 293,771 Public Safety 500,000 500,000 500, 000 Culture and Recreation 785,800 38,817 370,579 409,396 Engineering 2,455,500 2,040,999 76,860 2,117,859 Neighborhood Development 1,310,347 861,624 204,245 1,065,869
Total Expenditures 6,054,218 3,595,624 791,271 4,386,895
Excess of Revenues Under Expenditures (4,968,418) (2,029,081) (741,809) (2,770,890)
Other Financing Sources: Transfers In 4,968,418 4,605,429 375,000 4,980,429
Excess of Revenues and Other Financing Sources Over (Under) Expenditures $ 2,576,348 (366,809) 2,209,539
Fund Balance - July 1 2,576,348
Fund Balance - June 30 $ 2,576,348 $ 2,209,539 $ 2,209,539
-87- Schedule 32
Neighborhood Redevelopment Bond Fund - Series 2005 and 2006A Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Miscellaneous: Other Revenue $ $ $ $
Expenditures: Capital Improvements: Neighborhood Development
Excess of Revenues Over Expenditures $
Fund Balance - July 1
Fund Balance - June 30 $ $ $
Reconciliation of Budgetary Basis to GAAP Basis: Excess of Revenues and Other Financing Sources Over Expenditures and Other Financing (Uses) $ Difference in Loan Treatment Required by Governmental Accounting Standards: Beginning Balance - July 1 242,344 Current Year Activity Fund Balance - June 30 $ 242,344
-88- Schedule 33
Library Facilities Bond Fund - Series 2008 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenditures: Capital Improvements: Culture and Recreation $ 8,612,000 $ 8,256,396 $ 22,939 $ 8,279,335
Other Financing Sources (Uses): Debt Issuances: General Obligation Bonds/BANs Issued 8,600,000 10,871,667 10,871,667 Premium on Debt 396,288 624,621 624,621 Payment to Escrow Agent for Refunding of Debt (2,500,000) (2,500,000) Transfers In 12,000 12,000 12,000 Transfers Out (396,288) (396,288) (396,288)
Total Other Financing Sources (Uses) 8,612,000 8,612,000 8,612,000
Excess of Other Financing Sources Over (Under) Expenditures and Other Financing (Uses) $ 355,604 (22,939) 332,665
Fund Balance - July 1 355,604
Fund Balance - June 30 $ 355,604 $ 332,665 $ 332,665
-89- Schedule 34
Historical Museum Bond Fund - Series 2008 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Miscellaneous: Other Revenue $ $ 15,808 $ $ 15,808
Expenditures: Capital Improvements: Culture and Recreation 5,300,000 5,236,128 35,575 5,271,703
Excess of Revenues Under Expenditures (5,300,000) (5,220,320) (35,575) (5,255,895)
Other Financing Sources (Uses): Debt Issuances: General Obligation Bonds Issued 5,300,000 5,300,000 5,300,000 Premium on Debt 437,568 437,568 437,568 Transfers Out (437,568) (437,568) (437,568)
Total Other Financing Sources (Uses) 5,300,000 5,300,000 5,300,000
Excess of Revenues and Other Financing Sources Over (Under) Expenditures and Other Financing (Uses) $ 79,680 (35,575) 44,105
Fund Balance - July 1 79,680
Fund Balance - June 30 $ 79,680 $ 44,105 $ 44,105
-90- Schedule 35
Parks and Recreation Bond Fund - Series 2008 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Miscellaneous: Donations and Private Contributions $ 275,000 $ 275,000 $ $ 275,000
Expenditures: Capital Improvements: Culture and Recreation 4,738,428 4,127,647 333,156 4,460,803
Other Financing Sources (Uses): Debt Issuances: General Obligation Bonds/BANs Issued 5,000,000 5,000,000 5,000,000 Transfers Out (536,572) (113,644) (422,928) (536,572)
Total Other Financing Sources (Uses) 4,463,428 4,886,356 (422,928) 4,463,428
Excess of Revenues and Other Financing Sources Over (Under) Expenditures and Other Financing Uses $ 1,033,709 (756,084) 277,625
Fund Balance - July 1 1,033,709
Fund Balance - June 30 $ 1,033,709 $ 277,625 $ 277,625
-91- Schedule 36
Economic Development Bond Fund - Series 2008 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenditures: Capital Improvements: Economic Opportunity $ 9,000,000 $ 5,611,411 $ $ 5,611,411
Other Financing Sources (Uses): Debt Issuances: General Obligation Bonds/BANs Issued 10,000,000 10,000,000 10,000,000 Premium on Debt 165,120 165,120 165,120 Transfers Out (1,165,120) (683,616) (683,616)
Total Other Financing Sources (Uses) 9,000,000 9,481,504 9,481,504
Excess of Other Financing Sources Over Expenditures and Other Financing (Uses) $ 3,870,093 3,870,093
Fund Balance - July 1 3,870,093
Fund Balance - June 30 $ 3,870,093 $ 3,870,093 $ 3,870,093
Reconciliation of Budgetary Basis to GAAP Basis: Excess of Revenues and Other Financing Sources Over Expenditures and Other Financing (Uses) $ 3,870,093 Difference in Loan Treatment Required by Governmental Accounting Standards: Beginning Balance - July 1 600,000 Current Year Activity Fund Balance - June 30 $ 4,470,093
-92- Schedule 37
Fire Station Bond Fund - Series 2008 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Miscellaneous: Other Revenue $ 353,984 $ 360,734 $ $ 360,734
Expenditures: Capital Improvements: Public Safety 24,451,451 23,636,253 632,384 24,268,637
Excess of Revenues Under Expenditures (24,097,467) (23,275,519) (632,384) (23,907,903)
Other Financing Sources (Uses): Debt Issuances: General Obligation Bonds/BANs Issued 24,500,000 25,545,107 25,545,107 Premium on Debt 676,992 825,408 825,408 Payment to Escrow Agent for Refunding of Debt (1,193,524) ( 1,193,524) Transfers Out (1,079,525) (1,079,524) ( 1,079,524)
Total Other Financing Sources (Uses) 24,097,467 24,097,467 24,097,467
Excess of Revenues and Other Financing Sources Over (Under) Expenditures and Other Financing (Uses) $ 821,948 (632,384) 189,564
Fund Balance - July 1 821,948
Fund Balance - June 30 $ 821,948 $ 189,564 $ 189,564
-93- Schedule 38
War Memorial Stadium Bond Fund - Series 2008 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenditures: Capital Improvements: Culture and Recreation $ 1,500,000 $ 195,559 $ $ 195,559
Other Financing Sources (Uses): Debt Issuances: General Obligation Bonds Issued 1,500,000 1,500,000 1,500,000 Premium on Debt 124,770 124,770 124,770 Transfers Out (124,770) (124,770) (124,770)
Total Other Financing Sources (Uses) 1,500,000 1,500,000 1,500,000
Excess of Other Financing Sources Over Expenditures and Other Financing (Uses) $ 1,304,441 1,304,441
Fund Balance - July 1 1,304,441
Fund Balance - June 30 $ 1,304,441 $ 1,304,441 $ 1,304,441
-94- Schedule 39
Street Improvements Bond Fund - Series 2010 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Miscellaneous: Construction Project Development $ 35,066 $ 121,113 $ 78,608 $ 199,721 Rent - Real Estate 2,555 2,555 Sale of Real Estate 61,550 61,925 17,500 79,425
Total Revenues 96,616 185,593 96,108 281,701
Expenditures: Capital Improvements: Transportation 120,808,036 72,398,118 12,831,177 85,229,295
Excess of Revenues Under Expenditures (120,711,420) (72,212,525) (12,735,069) (84,947,594)
Other Financing Sources (Uses): Debt Issuances: General Obligation Bonds/BANs Issued 134,000,000 134,986,819 134,986,819 Premium on Debt 5,280,407 5,280,407 Payment to Escrow Agent for Refunding of Debt (5,700,000) (5,700,000) Transfers Out (13,288,580) (6,242,454) (1,770,443) (8,012,897)
Total Other Financing Sources (Uses) 120,711,420 128,324,772 (1,770,443) 126,554,329
Excess of Revenues and Other Financing Sources Over (Under) Expenditures and Other Financing (Uses) $ 56,112,247 (14,505,512) 41,606,735
Fund Balance - July 1 56,112,247
Fund Balance - June 30 $ 56,112,247 $ 41,606,735 $ 41,606,735
-95- Schedule 40
Parks and Recreation Bond Fund - Series 2010 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Miscellaneous: Donations and Private Contributions $ 190,000 $ 110,000 $ $ 110,000
Expenditures: Capital Improvements: Culture and Recreation 7,893,618 7,046,029 732,967 7,778,996
Excess of Revenues Under Expenditures (7,703,618) (6,936,029) (732,967) (7,668,996)
Other Financing Sources (Uses): Debt Issuances: General Obligation Bonds/BANs Issued 8,000,000 8,445,509 8,445,509 Premium on Debt 180,668 180,668 Payment to Escrow Agent for Refunding of Debt (600,000) (600,000) Transfers Out (296,382) (296,382) (296,382)
Total Other Financing Sources (Uses) 7,703,618 8,026,177 (296,382) 7,729,795
Excess of Revenues and Other Financing Sources Over (Under) Expenditures and Other Financing (Uses) $ 1,090,148 (1,029,349) 60,799
Fund Balance - July 1 1,090,148
Fund Balance - June 30 $ 1,090,148 $ 60,799 $ 60,799
-96- Schedule 41
Housing Bond Fund - Series 2010 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenditures: Capital Improvements: Neighborhood Development $ 1,000,000 $ 1,000,000 $ $ 1,000,000
Other Financing Sources: Debt Issuances: General Obligation Bonds/BANs Issued 1,000,000 1,000,000 1,000,000
Excess of Other Financing Sources Over (Under) Expenditures $
Fund Balance - July 1
Fund Balance - June 30 $ $ $
-97- Schedule 42
Greensboro Science Center Bond Fund - Series 2010 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenditures: Capital Improvements: Culture and Recreation $ 20,000,000 $ 13,511,875 $ 6,488,125 $ 20,000,000
Other Financing Sources (Uses): Debt Issuances: General Obligation Bonds/BANs Issued 20,000,000 23,718,190 23,718,190 Premium on Debt 898,739 898,739 Payment to Escrow Agent for Refunding of Debt (4,575,000) (4,575,000)
Total Other Financing Sources (Uses) 20,000,000 20,041,929 20,041,929
Excess of Other Financing Sources Over (Under) Expenditures and Other Financing (Uses) $ 6,530,054 (6,488,125) 41,929
Fund Balance - July 1 6,530,054
Fund Balance - June 30 $ 6,530,054 $ 41,929 $ 41,929
-98- Schedule 43
Transportation Bond Fund - Series 2016 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenditures: Capital Improvements: Transportation $ 26,234,000 $ 11,144,097 $ 1,915,740 $ 13,059,837
Other Financing Sources (Uses): Debt Issuances: General Obligation Bonds/BANs Issued 28,000,000 10,954,299 7,305,000 18,259,299 Premium on Debt 582,800 1,273,437 1,856,237 Transfers Out (1,766,000) (564,250) (877,732) (1,441,982) Total Other Financing Sources (Uses) 26,234,000 10,972,849 7,700,705 18,673,554
Excess of Other Financing Sources Over (Under) Expenditures and Other Financing Uses $ (171,248) 5,784,965 5,613,717
Fund Balance - July 1 (171,248)
Fund Balance - June 30 $ (171,248) $ 5,613,717 $ 5,613,717
-99- Schedule 44
Parks & Recreation Bond Fund - Series 2016 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Miscellaneous: Donations and Private Contributions $ 1,500,000 $ $ 1,500,000 $ 1,500,000
Expenditures: Capital Improvements: Culture and Recreation 34,010,000 5,379,810 15,612,878 20,992,688
Excess of Revenues Under Expenditures (32,510,000) (5,379,810) (14,112,878) (19,492,688)
Other Financing Sources (Uses): Debt Issuances: General Obligation Bonds/BANs Issued 34,500,000 10,679,750 11,605,000 22,284,750 Premium on Debt 383,130 2,023,030 2,406,160 Transfers Out (1,990,000) (10,007) (37,732) (47,739) Total Other Financing Sources (Uses) 32,510,000 11,052,873 13,590,298 24,643,171
Excess of Revenues and Other Financing Sources Over (Under) Expenditures and Other Financing Uses $ 5,673,063 (522,580) 5,150,483
Fund Balance - July 1 5,673,063
Fund Balance - June 30 $ 5,673,063 $ 5,150,483 $ 5,150,483
-100- Schedule 45
Housing Bond Fund - Series 2016 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenditures: Capital Improvements: Neighborhood Development $ 25,000,000 $ 4,262,395 $ 4,424,404 $ 8,686,799
Other Financing Sources: Debt Issuances: General Obligation Bonds/BANs Issued 25,000,000 10,400,000 8,016,987 18,416,987 Premium on Debt 2,232 91,931 94,163 Total Other Financing Sources 25,000,000 10,402,232 8,108,918 18,511,150
Excess of Other Financing Sources Over Expenditures $ 6,139,837 3,684,514 9,824,351
Fund Balance - July 1 6,139,837
Fund Balance - June 30 $ 6,139,837 $ 9,824,351 $ 9,824,351
-101- Schedule 46
Community & Economic Development Bond Fund - Series 2016 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenditures: Capital Improvements: Economic Opportunity $ 38,500,000 $ 2,093,189 $ 1,556,300 $ 3,649,489
Other Financing Sources: Debt Issuances: General Obligation Bonds/BANs Issued 38,500,000 6,770,100 17,195,000 23,965,100 Premium on Debt 395,209 2,997,501 3,392,710 Total Other Financing Sources 38,500,000 7,165,309 20,192,501 27,357,810
Excess of Other Financing Sources Over Expenditures $ 5,072,120 18,636,201 23,708,321
Fund Balance - July 1 5,072,120
Fund Balance - June 30 $ 5,072,120 $ 23,708,321 $ 23,708,321
-102-
Schedule 47
Fire Station Bond Fund - Series 2019 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Miscellaneous: Construction Project Development $ 2,350,453 $ $ 33,962 $ 33,962 Other Revenue 485,808 485,808
Total Revenues 2,350,453 485,808 33,962 519,770
Expenditures: Capital Improvements: Public Safety 17,575,453 4,468,923 4,468,923
Excess of Revenues Over (Under) Expenditures (15,225,000) 485,808 (4,434,961) (3,949,153)
Other Financing Sources: Debt Issuances: Limited Obligation Bonds Issued 13,200,000 12,755,000 12,755,000 Premium on Debt 2,025,000 2,453,891 2,453,891
Total Other Financing Sources (Uses) 15,225,000 15,208,891 15,208,891
Excess of Revenues and Other Financing Sources Over Expenditures $ 485,808 10,773,930 11,259,738
Fund Balance - July 1 485,808
Fund Balance - June 30 $ 485,808 $ 11,259,738 $ 11,259,738
-103-
Perpetual Care Fund
Perpetual Care Fund
The purpose of this fund is to account for monies to be used in the maintenance of the City’s cemeteries. A contribution of one-fourth of all lot sales from the Cemetery Fund is the only funding source of this fund. Income earned from the investment of the assets of this fund is credited directly to the Cemetery Fund to partially defray the costs of cemetery operations under provisions of the City Code of Ordinances. No part of the principal may be expended from this fund, which classifies this fund as a Permanent Fund. No expenses were recorded in this fund during the current year.
This fund can be found on the Combining Balance Sheet, page 45 and the Combining Statement of Revenues, Expenditures and Changes in Fund Balances, page 54.
-104-
Enterprise Funds
Water Resources Fund
The Water Resources Fund provides services to over 105,000 customers and is designed to be self-supporting. Revenues are sufficient to meet the operating expenses and to provide funds for water and sewer line construction. These revenues are also used to provide for principal and interest on all water and sewer debt. Continued expansion of the water and sewer system has been necessary to provide for the increase in residential, commercial and industrial requirements. Combined Enterprise System Revenue bonds outstanding are recorded in this fund.
Stormwater Management Fund
This fund was established to account for the federally mandated program of stormwater system management, which is supported by a citywide stormwater fee.
Coliseum Fund
This fund administers monies necessary for the operation of the complex responsible for bringing top artists in the entertainment, educational and sports fields to Greensboro. The Coliseum Complex consists of an arena with a seating capacity of 22,000, the 300-seat Odeon Theatre, the 167,000-square foot Special Events Center that includes three exhibition halls, a 4,500-seat mini-arena and eight meeting rooms, the 38,000 square-foot Swarm Fieldhouse with a seating capacity of 2,200, the ACC Hall of Champions, the Terrace Banquet Facility, the White Oak Amphitheatre with a seating capacity of over 7,600, and the state-of-the-art Greensboro Aquatic Center with a seating capacity of 2,500. A 3,000-seat Performing Arts Center was completed in 2020. The opening was delayed due to to state-imposed coronavirus restrictions. This venue replaces the Auditorium at the Coliseum Complex which was demolished in 2015.
Solid Waste Management Fund
This fund accounts for waste disposal and recycling operations of the City, as well as solid waste landfill improvements. Special Obligation Bonds outstanding are recorded in this fund.
Parking Facilities Fund
This fund accounts for revenues and expenses related to City-owned parking garages, lots and curbside parking spaces. The City currently operates four parking garages providing over 2,800 parking spaces in the Center City area.
Greensboro Transit Advisory Commission Fund
The GreensboroTransit Advisory Commission Fund is responsible for operating the mass transit system in the municipal area. These functions include fixed route operations as well as specialized ADA paratransit services and HEAT, which provides transportation for students attending local colleges and universities. Transit taxes are levied under the taxing authority of the City, as part of the City’s total tax levy.
-105-
Enterprise Funds
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual (Non-GAAP)
The following Schedules present the results of operation for all Enterprise Funds on the modified accrual basis for comparison to the legally adopted budget for each fund. A reconciliation of the modified accrual basis to the full accrual basis (per generally accepted accounting principles) follows each Schedule.
-106- Schedule 48 Page 1 of 2
Water Resources Fund Schedule of Revenues and Expenses Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Operating Revenues: Charges for Current Services $ 122,863,212 $ 119,676,814 $ (3,186,398) Other Operating Revenues 1,700,990 1,608,553 (92,437) Other Operating Revenues - Capital Reserve Fund 815,473 815,473 Total Operating Revenues 124,564,202 122,100,840 ( 2,463,362)
Operating Expenses: Personal Services 18,199,515 17,150,371 1,049,144 Fringe Benefits 7,882,104 7,116,589 765,515 Maintenance and Repairs 11,952,354 6,118,205 5,834,149 Operations 46,921,025 37,105,269 9,815,756 Capital Outlay 3,095,511 1,874,911 1,220,600 Total Operating Expenses 88,050,509 69,365,345 18,685,164
Operating Income 36,513,693 52,735,495 16,221,802
Nonoperating Revenues: Investment Income 1,011,000 954,884 (56,116) Investment Income - Capital Reserve Fund 1,158,285 1,158,285 Net Increase (Decrease) in the Fair Value of Investments (101,167) (101,167) Total Investment Income 1,011,000 2,012,002 1,001,002
Refunds and Recoveries 200,000 256,693 56,693 Cost Sharing Reimbursements 62,500 62,500 Miscellaneous Nonoperating Revenue 45,000 58,212 13,212 Total Nonoperating Revenues 1,256,000 2,389,407 1,133,407
Nonoperating Expenses: Principal Maturities 15,545,000 15,545,000 Interest Expense 12,455,813 9,289,932 3,165,881 Inventory Gain (Loss) 14,000 14,000 Miscellaneous Nonoperating Expense 1,694,967 888,024 806,943 Total Nonoperating Expenses 29,709,780 25,722,956 3,986,824
Excess of Revenues Over Expenses Before Contributions and Other Financing Sources (Uses) 8,059,913 29,401,946 21,342,033
Capital Contributions 3,856,656 3,856,656
Other Financing Sources (Uses): Debt Issuances: Revenue Bonds Issued - Refunding 116,290,000 116,290,000 Premium - Refunding Revenue Bonds 17,285,513 17,285,513 Payment to Escrow Agent for Refunding of Debt (132,778,546) (132,778,546) Transfers In - From WR Operating Fund to Capital Reserve 2,500,000 2,500,000 Transfers Out - Water Resources Capital Reserve (2,500,000) (2,500,000) Transfers Out - Water Resources Extension Fund Project (761,768) (761,768) Transfers Out - Capital Improvement Fund (26,632,243) (26,632,243) Total Other Financing Sources (Uses) (26,597,044) (26,597,044)
Excess of Revenues, Other Financing Sources and Contributions Over (Under) Expenses and Other Financing Uses (18,537,131) 6,661,558 25,198,689
Appropriated Fund Balance 18,537,131 (18,537,131)
Excess of Revenues, Other Financing Sources and Contributions Over (Under) Expenses and Other Financing Uses $ $ 6,661,558 $ 6,661,558
-107- Schedule 48 Page 2 of 2
Water Resources Fund Schedule of Revenues and Expenses Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Reconciliation of Modified Accrual Basis to Full Accrual Basis: Total Revenues $ 124,490,247 Total Expenses 95,088,301
Excess of Revenues Over Expenses Before Contributions and Other Financing Sources (Uses) 29,401,946
Adjustment to Full Accrual Basis: Depreciation (30,000,980) Capital Outlay 1,874,911 Principal Maturities 15,545,000 Gain (Loss) on Disposal of Capital Assets (266,249) Inventory Gain (Loss) (62,175) Deferred Outflows of Resources for Contributions Made to Pension Plan in Current Fiscal Year 1,460,002 Pension Expense (2,864,432) OPEB Expense (1,160,451) Contributions Made to OPEB Plan in Current Fiscal Year 768,262 Amortization of Bond Refunding Charges (718,255) Amortization of Bond Premiums 3,721,930 Compensated Absences (141,627) Change in Pollution Remediation Liability 18,530 Contribution to Governmental Agency 938,394 Capital Project Fund Revenues and Expenses (2,589,879)
Income Before Contributions and Transfers $ 15,924,927
-108- Schedule 49
Water Resources Bond Fund - Series 2014 Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) From Project Inception and For the Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenses: Capital Improvements: Lake Brandt Pump Station Upgrade $ 335,744 $ 335,744 $ $ 335,744 Mitchell - Flocculator Basin Rehab 3,569,132 3,568,558 3,568,558 Water Booster Station 3,503,700 3,495,647 3,495,647 Townsend - Filter Basin System Upgrade 21,581,330 20,686,864 844,211 21,531,075 TZO - Incinerator 1/56 MGD Upgrade 71,048,106 70,129,776 97,596 70,227,372 Total Capital Improvements 100,038,012 98,216,589 941,807 99,158,396
Nonoperating Expenses: Bond Issue Expense 391,993 457,076 457,076 Total Expenses 100,430,005 98,673,665 941,807 99,615,472
Nonoperating Revenues: Investment Income 345,040 29,605 374,645
Excess of Revenues Under Expenses Before Other Financing Sources (100,430,005) (98,328,625) (912,202) (99,240,827)
Other Financing Sources: Debt Issuances: Revenue Bonds/BANs Issued 99,930,005 97,975,440 97,975,440 Premium - Revenue Bonds 500,000 2,237,682 2,237,682 Total Other Financing Sources 100,430,005 100,213,122 100,213,122
Excess of Revenues and Other Financing Sources Over (Under) Expenses $ $ 1,884,497 $ (912,202) $ 972,295
-109- Schedule 50
Water Resources Bond Fund - Series 2018 Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) From Project Inception and For the Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenses: Capital Improvements: Mitchell Structural Durability Improvements $ 23,230,077 $ 5,774,137 $ 3,630,860 $ 9,404,997 TZO Biological Nutrient Removal 69,759,187 37,042,519 20,583,543 57,626,062 Young's Mill Road Outfall 25,247,858 5,633,615 11,681,410 17,315,025 Total Capital Improvements 118,237,122 48,450,271 35,895,813 84,346,084
Nonoperating Expenses: Bond Issue Expense 400,000 82,107 133,741 215,848 Total Expenses 118,637,122 48,532,378 36,029,554 84,561,932
Excess of Revenues Under Expenses Before Other Financing Sources (118,637,122) (48,532,378) (36,029,554) (84,561,932)
Other Financing Sources: Debt Issuances: Revenue Bonds/BANs Issued 118,637,122 37,171,789 37,522,567 74,694,356 Total Other Financing Sources 118,637,122 37,171,789 37,522,567 74,694,356
Excess of Revenues and Other Financing Sources Over (Under) Expenses $ $ (11,360,589) $ 1,493,013 $ (9,867,576)
-110- Schedule 51
Guilford County Construction Project Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) From Project Inception and For the Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Guilford County Construction: Reimbursements $ 10,435,434 $ 10,353,461 $ $ 10,353,461
Expenses: Capital Improvements: Lynwood Lakes 11,048,089 10,934,748 10,934,748 GTCC Water and Sewer Project 480,831 Koury Projects 349,648 Total Expenses 11,878,568 10,934,748 10,934,748
Other Operating Revenues: Sales and Use Tax Refund 83,062 83,062
Excess of Revenues Under Expenses Before Other Financing Sources (Uses) (1,443,134) (498,225) (498,225)
Other Financing Sources (Uses): Transfers In 3,674,247 3,192,747 3,192,747 Transfers Out (2,231,113) (2,231,113) (2,231,113) Total Other Financing Sources (Uses) 1,443,134 961,634 961,634
Excess of Revenues and Other Financing Sources Over Expenses and Other Financing Uses $ $ 463,409 $ $ 463,409
-111- Schedule 52
Water Resources Capital Improvement Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) From Project Inception and For the Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenses: Capital Improvements: Water Line and Tank Construction $ 94,870,441 $ 56,971,156 $ 11,074,380 $ 68,045,536 Sewer Line Construction 102,342,004 69,548,851 12,942,414 82,491,265 Soabar Renovation 6,002,974 644,556 5,049,772 5,694,328 Total Capital Improvements 203,215,419 127,164,563 29,066,566 156,231,129
Other Operating Revenues: Cost Sharing Reimbursements 150,000 150,000 Sales and Use Tax Refund 2,045,190 2,045,190 Total Other Operating Revenues 2,195,190 2,195,190
Excess of Revenues Under Expenses Before Other Financing Sources (203,215,419) (124,969,373) (29,066,566) (154,035,939)
Other Financing Sources: Transfers from Water Resources: Water Resources Operating Fund 201,966,864 175,388,284 26,632,243 202,020,527 Water Resources Capital Improvement Fund 1,248,555 1,248,555 1,248,555 Total Other Financing Sources 203,215,419 176,636,839 26,632,243 203,269,082
Excess of Revenues and Other Financing Sources Over (Under) Expenses $ $ 51,667,466 $ (2,434,323) $ 49,233,143
- 112-
Schedule 53
Water Resources Extension Project Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) From Project Inception and For the Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Guilford County Construction: Reimbursements $ 17,835,444 $ 19,020,033 $ $ 19,020,033
Expenses: Capital Improvements: Stewart Mill Lift Station and Outfall 12,650,339 12,185,095 105,834 12,290,929 Rock Creek Lift Station and Main 2,783,075 1,562,275 577,773 2,140,048 Youngs Mill Lift Station and Outfall 1,970,198 1,566,169 173,103 1,739,272 Greensboro-Randolph Megasite 5,068,386 3,179,497 260,575 3,440,072 Campground Road Sewer Improvements 902,574 Sewer Infrastructure Improvements 32,000 Water and Sewer Improvements 94,162 Total Expenses 23,500,734 18,493,036 1,117,285 19,610,321
Nonoperating Revenues: Investment Income 925,375 91,239 1,016,614
Excess of Revenues Over (Under) Expenses Before Other Financing Sources (5,665,290) 1,452,372 (1,026,046) 426,326
Other Financing Sources (Uses): Transfers In 8,858,037 8,096,269 761,768 8,858,037 Transfers Out (3,192,747) (3,192,747) (3,192,747) Total Other Financing Sources (Uses) 5,665,290 4,903,522 761,768 5,665,290
Excess of Revenues and Other Financing Sources Over (Under) Expenses and Other Financing Uses $ $ 6,355,894 $ (264,278) $ 6,091,616
-113- Schedule 54 Page 1 of 2
Stormwater Management Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Operating Revenues: Charges for Current Services $ 9,866,000 $ 9,971,790 $ 105,790 Other Operating Revenues 226,900 209,854 (17,046) Total Operating Revenues 10,092,900 10,181,644 88,744
Operating Expenses: Personal Services 3,513,440 3,316,963 196,477 Fringe Benefits 1,693,263 1,557,258 136,005 Maintenance and Operations 4,345,639 3,270,864 1,074,775 Capital Outlay 48,985 14,982 34,003 Total Operating Expenses 9,601,327 8,160,067 1,441,260
Operating Income 491,573 2,021,577 1,530,004
Nonoperating Revenues: Investment Income 207,042 72,930 (134,112) Net Increase (Decrease) in the Fair Value of Investments (8,543) (8,543) Total Investment Income 207,042 64,387 (142,655)
Excess of Revenues Over Expenses Before Other Financing Uses 698,615 2,085,964 1,387,349
Other Financing Uses: Transfers Out - Capital Projects Fund (4,931,659) (2,936,659) 1,995,000
Excess of Revenues Under Expenses and Other Financing Uses (4,233,044) (850,695) 3,382,349
Appropriated Fund Balance 4,233,044 (4,233,044)
Excess of Revenues Under Expenses and Other Financing Uses $ $ (850,695) $ (850,695)
-114- Schedule 54 Page 2 of 2
Stormwater Management Fund Schedule of Revenues and Expenses Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Reconciliation of Modified Accrual Basis to Full Accrual Basis: Total Revenues $ 10,246,031 Total Expenses 8,160,067
Excess of Revenues Over Expenses Before Other Financing Uses 2,085,964
Adjustment to Full Accrual Basis: Depreciation (1,987,910) Capital Outlay 14,982 Deferred Outflows of Resources for Contributions Made to Pension Plan in Current Year 282,363 Pension Expense (559,516) OPEB Expense (308,044) Contributions Made to OPEB Plan in Current Fiscal Year 182,077 Compensated Absences (21,187) Gain (Loss) on Disposal of Capital Assets (479) Capital Project Fund Revenues and Expenses 273,350
Loss Before Transfers $ (38,400)
-115-
Schedule 55
Stormwater Capital Improvement Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) From Project Inception and For the Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Miscellaneous: Other Revenue $ 104,971 $ 104,971 $ $ 104,971
Expenses: Capital Improvements: Water Resources: Stormwater Improvements 23,198,236 6,006,869 1,688,765 7,695,634
Nonoperating Revenues: Investment Income 1,755,877 286,747 2,042,624
Excess of Revenues Under Expenses Before Other Financing Sources (Uses) (23,093,265) (4,146,021) (1,402,018) (5,548,039)
Other Financing Sources (Uses): Transfers In 23,504,392 18,572,766 2,936,658 21,509,424 Transfers Out (411,127) (411,127) (411,127) Total Other Financing Sources (Uses) 23,093,265 18,161,639 2,936,658 21,098,297
Excess of Revenues and Other Financing Sources Over Expenses and Other Financing (Uses) $ $ 14,015,618 $ 1,534,640 $ 15,550,258
-116- Schedule 56 Page 1 of 2
Coliseum Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Operating Revenues: Charges for Current Services $ 30,552,078 $ 30,237,311 $ (314,767) Other Operating Revenues 630,350 507,055 (123,295) Total Operating Revenues 31,182,428 30,744,366 (438,062)
Operating Expenses: Personal Services 6,773,272 6,484,194 289,078 Fringe Benefits 2,112,315 1,997,298 115,017 Maintenance and Operations 26,119,738 25,829,582 290,156 Capital Outlay 539,056 406,316 132,740 Total Operating Expenses 35,544,381 34,717,390 826,991
Operating Loss (4,361,953) (3,973,024) 388,929
Nonoperating Revenues: Investment Income 50,000 198,997 148,997 Net Increase (Decrease) in the Fair Value of Investments (9,079) (9,079) Total Investment Income 50,000 189,918 139,918
Donations and Private Contributions 202,015 202,015 Total Nonoperating Revenues 50,000 391,933 341,933
Nonoperating Expenses: Principal Maturities 182,904 182,906 (2) Interest Expense 3,443 2,871 572 Miscellaneous Nonoperating Expense 1,700 1,700 Total Nonoperating Expenses 188,047 185,777 2,270
Excess of Revenues Under Expenses Before Other Financing Sources (Uses) (4,500,000) (3,766,868) 733,132
Other Financing Sources (Uses): Transfers In 4,999,906 4,999,906 Transfers Out (499,906) (499,906) Total Other Financing Sources (Uses) 4,500,000 4,500,000
Excess of Revenues and Other Financing Sources Over Expenses and Other Financing Uses 733,132 733,132
Appropriated Fund Balance
Excess of Revenues and Other Financing Sources Over Expenses and Other Financing Uses $ $ 733,132 $ 733,132
-117- Schedule 56 Page 2 of 2
Coliseum Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Reconciliation of Modified Accrual Basis to Full Accrual Basis: Total Revenues $ 31,136,299 Total Expenses 34,903,167
Excess of Revenues Under Expenses Before Other Financing Sources (Uses) (3,766,868)
Adjustment to Full Accrual Basis: Depreciation (3,684,974) Capital Outlay 406,316 Principal Maturities 182,906 Inventory Gain (Loss) (136) Deferred Outflows of Resources for Contributions Made to Pension Plan in Current Year 551,989 Pension Expense (1,073,730) Contributions Made to OPEB Plan in Current Fiscal Year 206,230 OPEB Expense (592,269) Compensated Absences (61,281) Coliseum Capital Project Funds Net Revenue and Expenses 171,308 Performing Arts Fund 25,385,750 Income Before Transfers $ 17,725,241
-118- Schedule 56 Page 1 of 2
Performing Arts Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Operating Revenues: Charges for Current Services $ 4,773,606 $ 5,000 $ (4,768,606)
Operating Expenses: Personal Services 699,308 336,400 362,908 Fringe Benefits 281,546 127,996 153,550 Maintenance and Operations 4,411,680 956,554 3,455,126 Capital Outlay 80,099 75,494 4,605 Total Operating Expenses 5,472,633 1,496,444 3,976,189
Operating Loss (699,027) (1,491,444) (792,417)
Nonoperating Revenues: Investment Income 186,544 186,544 Net Increase (Decrease) in the Fair Value of Investments 9,365 9,365 Total Investment Income 195,909 195,909
Excess of Revenues Under Expenses Before Other Financing Sources (699,027) (1,295,535) (596,508)
Other Financing Sources: Transfers In 690,277 690,277 Total Other Financing Sources 690,277 690,277
Excess of Revenues and Other Financing Sources Under Expenses (8,750) (605,258) (596,508)
Appropriated Fund Balance 8,750 (8,750)
Excess of Revenues and Other Financing Sources Under Expenses $ $ (605,258) $ (605,258)
-119- Schedule 57 Page 2 of 2
Performing Arts Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Reconciliation of Modified Accrual Basis to Full Accrual Basis: Total Revenues $ 200,909 Total Expenses 1,496,444
Excess of Revenues Under Expenses Before Other Financing Sources (1,295,535)
Adjustment to Full Accrual Basis: Depreciation (2,151,119) Capital Outlay 75,494 Deferred Outflows of Resources for Contributions Made to Pension Plan in Current Year 28,697 Pension Expense (83,851) Contributions Made to OPEB Plan in Current Fiscal Year 33,052 OPEB Expense (593,971) Compensated Absences (31,611) Capital Project Funds Net Revenue and Expenses 29,404,594
Income Before Transfers $ 25,385,750
-120- Schedule 58
Performing Arts Center Capital Project Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) From Project Inception and For the Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Operating Revenues: Other Operating Revenue: Parking Revenue $ 93,180 $ 93,180 $ $ 93,180 Rent - Real Estate 619,275 531,537 531, 537 Reimbursements - Contract Agreements 85,000 85,000 85,000 Sales and Use Tax Refund 1,000,000 555,186 570,613 1,125,799 Sale of Materials 2,510 2,510 2,510 Miscellaneous Receivable Revenue 1,165,000 669,113 364,331 1,033,444 Total Operating Revenues 2,964,965 1,936,526 934,944 2,871,470
Operating Expenses: Project Expenses: Maintenance and Operations 485,767 557,655 29,341 586,996 Performing Arts Center Project 87,973,414 61,714,796 24,870,075 86,584,872 Total Expenses 88,459,181 62,272,451 24,899,416 87,171,868
Operating Loss (85,494,216) (60,335,925) (23,964,472) (84,300,398)
Nonoperating Revenues: Investment Income 270,000 415,851 28,275 444,126 Donations and Private Contributions 44,026,000 13,969,763 30,056,237 44,026,000 Total Nonoperating Revenues 44,296,000 14,385,614 30,084,512 44,470,126
Nonoperating Expenses: Interest Expense 4, 298,567 2,073,789 1,583,021 3,656,810 Bond Issue Expense 678,217 680,267 2,500 682,767 Total Nonoperating Expenses 4,976,784 2,754,056 1,585,521 4,339,577
Excess of Revenues Over (Under) Expenses Before Other Financing Sources (Uses) (46,175,000) (48,704,367) 4,534,519 (44,169,849)
Other Financing Sources (Uses): Transfer from Hotel/Motel Occupancy Tax Fund 2,725,000 2,725,000 2,725,000 Debt Issuances: Master Installment Financing Agreement Issued 11,500,000 11,500,000 11, 500,000 Installment Financing Agreement Issued 13,402,640 13,402,640 13, 402,640 Limited Obligation Bonds Issued 43,450,000 43,450,000 43,450,000 Payment to Escrow Agent for Refunding of Debt (24,902,640) (24,902,640) (24,902,640) Total Other Financing Sources (Uses) 46,175,000 43,450,000 2,725,000 46,175,000
Excess of Revenues and Other Financing Sources Over (Under) Expenses and Other Financing (Uses) $ $ (5,254,367) $ 7,259,519 $ 2,005,151
-121- Schedule 59
Coliseum Capital Improvement Bond Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) From Project Inception and For the Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Sales and Use Tax Refund $ 410,000 $ 256,394 $ 166,933 $ 423,327
Expenses: Capital Improvements: Development League Offices 908,197 908,197 908,197 Parking Improvements 3,997,771 2,497,440 484,995 2,982,435 Roof Replacement 4,767,120 3,783,577 838,551 4,622,128 Aquatic Center Pool Addition 8,732,564 8,047,513 570,222 8,617,735 Other Facility Improvements 4,503,650 1,330,065 1,958,403 3,288,468 Fieldhouse 5,941,111 5,938,235 2,875 5,941,110 Bond Issue Expense 1,034,587 Total Expenses 29,885,000 22,505,027 3,855,046 26,360,073
Nonoperating Revenues: Investment Income 200,000 137,986 75,137 213,123 Donations and Private Contributions 1,000,000 1,000,000 1,000,000 Total Nonoperating Revenues 1,200,000 1,137,986 75,137 1,213,123
Excess of Revenues Under Expenses Before Other Financing Sources (28,275,000) (21,110,647) (3,612,976) (24,723,623)
Other Financing Sources: Transfer from Hotel/Motel Occupancy Tax Fund 28,275,000 27,542,141 27,542,141
Excess of Revenues and Other Financing Sources Over (Under) Expenses $ $ 6,431,494 $ (3,612,976) $ 2,818,518
-122-
Schedule 60
Coliseum Capital Improvement Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) From Project Inception and For the Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Sales and Use Tax Refund $ $ 45, 195 $ 29,274 $ 74,469
Expenses: Capital Improvements: Canada Dry Building 1,950,661 2,242,590 (17,590) 2,225,000 Coliseum Concession Improvements 2,225,000 890,854 1,045,807 1,936,661 Total Expenses 4,175,661 3,133,444 1,028,217 4,161,661
Operating Loss (4,175,661) (3,088,249) (998,943) (4,087,192)
Nonoperating Revenues: Donations and Private Contributions 4,175,661 3,425,661 750,000 4,175,661 Investment Income 91,669 (6,485) 85,184 Total Nonoperating Revenue 4,175,661 3,517,330 743,515 4,260,845
Excess of Revenues Over (Under) Expenses $ $ 429,081 $ (255,428) $ 173,653
-123- Schedule 61 Page 1 of 2
Solid Waste Management Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Operating Revenues: Charges for Current Services $ 11,940,000 $ 12,240,582 $ 300,582 Other Operating Revenues 295,000 460,838 165,838 Total Operating Revenues 12,235,000 12,701,420 466,420
Operating Expenses: Personal Services 1,762,018 1,719,617 42,401 Fringe Benefits 809,786 747,866 61,920 Maintenance and Operations 16,609,907 10,894,000 5,715,907 Claims and Expenses 31,568 31,568 Capital Outlay 148,648 26,494 122,154 Total Operating Expenses 19,361,927 13,419,545 5,942,382
Operating Loss (7,126,927) (718,125) 6,408,802
Nonoperating Revenues: Investment Income 100,000 201,095 101,095 Investment Income - Capital Reserve Fund 55,708 55,708 Net Increase (Decrease) in the Fair Value of Investments (8,237) (8,237) Total Investment Income 100,000 248,566 148,566
Miscellaneous Nonoperating Revenue 7,500 7,500 Total Nonoperating Revenues 100,000 256,066 156,066
Nonoperating Expenses: Principal Maturities 785,000 785,000 Interest Expense 39,250 35,979 3,271 Miscellaneous Nonoperating Expense 3,000 2,475 525 Total Nonoperating Expenses 827,250 823,454 3,796
Excess of Revenues Under Expenses Before Other Financing Sources (7,854,177) (1,285,513) 6,568,664
Other Financing Sources: Transfers In 1,830,537 1,830,537
Excess of Revenues and Other Financing Sources Over (Under) Expenses (6,023,640) 545,024 6,568,664
Appropriated Fund Balance 6,023,640 (6,023,640)
Excess of Revenues and Other Financing Sources Over Expenses $ $ 545,024 $ 545,024
-124- Schedule 61 Page 2 of 2
Solid Waste Management Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Reconciliation of Modified Accrual Basis to Full Accrual Basis: Total Revenues $ 12,957,486 Total Expenses 14,242,999
Excess of Revenues Under Expenses Before (1,285,513) Other Financing Sources
Adjustment to Full Accrual Basis: Depreciation (399,956) Capital Outlay 26,494 Principal Maturities 785,000 Gain (Loss) on Disposal of Capital Assets 32 Inventory Gain (Loss) (16) Deferred Outflows of Resources for Contributions Made to Pension Plan in Current Fiscal Year 146,399 Pension Expense (278,538) OPEB Expense (126,169) Contributions Made to OPEB Plan in Current Fiscal Year 79,232 Compensated Absences (10,288) Increase in Pollution Remediation Liability 30,891 Estimated Landfill Closure / Post-Closure expense (494,036) Capital Project Fund Net Revenues and Expenses (66,691)
Loss Before Transfers $ (1,593,159)
-125-
Schedule 62
Solid Waste Capital Improvement Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) From Project Inception and For the Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenses: Capital Improvements: Groundwater Remediation $ 516,865 $ 252,129 $ 50,755 $ 302,884 Landfill Closure - Phase III 534,276 62,666 24,853 87,519 Total Expenses 1,051,141 314,795 75,608 390,403
Nonoperating Revenues: Investment Income 206,315 15,586 221,901
Excess of Revenues Under Expenses Before Other Financing Sources (1,051,141) (108,480) (60,022) (168,502)
Other Financing Sources: Transfers In 1,051,141 1,051,145 1 1,051,146
Excess of Revenues and Other Financing Sources Over (Under) Expenses $ $ 942,665 $ (60,021) $ 882,644
-126- Schedule 63 Page 1 of 2 Greensboro Transit Advisory Commission Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Variance Positive Budget Actual (Negative) Operating Revenues: Charges for Current Services$ 2,268,876 $ 1,498,173 $ (770,703) Other Operating Revenues 937,754 950,800 13,046 State and Federal Grants 5,729,700 4,537,870 (1,191,830) Total Operating Revenues 8,936,330 6,986,843 (1,949,487)
Operating Expenses: Personal Services 703,195 605,626 97,569 Fringe Benefits 275,585 255,229 20,356 Maintenance and Operations 23,624,441 14,550,221 9,074,220 Total Operating Expenses 24,603,221 15,411,076 9,192,145
Operating Loss (15,666,891) (8,424,233) 7,242,658
Nonoperating Revenues (Expenses): Investment Income 794,432 827,202 32,770 Property Tax Collections 9,994,000 9,921,648 (72,352) Local Option Sales Tax 2,522,000 2,522,000 Motor Vehicle Tax 1,056,000 1,040,390 (15,610) Principal - Notes and Mortgages 755,568 693,499 (62,069) Miscellaneous Nonoperating Revenue 794 794 Total Nonoperating Revenues (Expenses) 15,122,000 15,005,533 (116,467)
Excess of Revenues Over (Under) Expenses Before Other Financing Uses (544,891) 6,581,300 7,126,191
Other Financing Uses: Transfers Out (84,670) (48,552) 36,118
Excess of Revenues Over (Under) Expenses and Other Financing Uses (629,561) 6,532,748 7,162,309
Appropriated Fund Balance 629,561 (629,561)
Excess of Revenues Over Expenses and Other Financing Uses $ $ 6,532,748 $ 6,532,748
-127- Schedule 63 Page 2 of 2 Greensboro Transit Advisory Commission Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Reconciliation of Modified Accrual Basis to Full Accrual Basis: Total Revenues $ 21,992,376 Total Expenses 15,411,076
Excess of Revenues Over Expenses Before Other Financing Uses 6,581,300
Adjustment to Full Accrual Basis: Depreciation (3,668,615) Compensated Absences 443 Inventory Gain (Loss) (83,884) Principal - Notes and Mortgages (693,499) Gain (Loss) on Disposal of Capital Assets (36,315) Deferred Outflows of Resources for Contributions Made to Pension Plan in Current Fiscal Year 55,859 Pension Expense (118,910) OPEB Expense 20,039 Contributions Made to OPEB Plan in Current Fiscal Year 24,446 Grant Project Fund Net Revenues and Expenses 4,001,811
Income Before Transfers $ 6,082,675
-128-
Schedule 64
Greensboro Transit Advisory Commission Grant Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) From Project Inception and For the Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Federal Grants $ 29,785,220 $ 9,456,837 $ 13,135,111 $ 22,591,948 State Grants 1,463,200 1,063,015 30,182 1,093,197 Local Grants/ In Kind Services 770,934 92,257 261,405 353,662 Investment Income (1,055) (30,372) (31,427) Sale of Real Estate 1,494,012 1,494,012 1,494,012 Donations and Contributions 450,000 450,000 450,000 Other Revenue 171 171 Total Revenues 33,963,366 12,555,237 13,396,326 25,951,563
Expenses: Capital Improvements: CMAQ Replacement Buses 14,405,146 8,245,323 3,975,141 12,220,464 FTA CARES Act Grant 12,511,786 8,082,101 8,082,101 NCDOT Advanced Technology Grant 204,984 185,679 185,679 Depot Solar Panel Project, Miscellaneous Transit Projects 193,219 176,500 16,718 193,218 Section 5307 / 5309 /5339 Capital Program 6,720,969 3,742,732 1,428,613 5,171,345 NCDOT Rail Division Grant 500,000 399,115 399,115 Enhanced Mobility 1,026,551 335,623 664,405 1,000,028 Duke Energy Charging Stations 450,000 450,000 450,000 Total Expenses 36,012,655 13,534,972 14,166,978 27,701,950
Excess of Revenues Under Expenses Before Other Financing Sources (2,049,289) (979,735) (770,652) (1,750,387)
Other Financing Sources: Transfers In - Transit System Operating Fund 179,150 146,267 30,952 177,219 Transfers In - Public Transportation Bond Fund - Series 2003 100,000 100,000 100,000 Transfers In - Transportation Bond Fund - Series 2016 1,770,139 564,250 877,732 1,441,982 Total Other Financing Sources 2,049,289 810,517 908,684 1,719,201
Excess of Revenues and Other Financing Sources Over (Under) Expenses $ $ (169,218) $ 138,032 $ (31,186)
-129- Schedule 65 Page 1 of 2
Parking Facilities Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Operating Revenues: Charges for Current Services $ 3,495,500 $ 3,302,276 $ (193,224) Other Operating Revenues 20,000 27,925 7,925 Total Operating Revenues 3,515,500 3,330,201 (185,299)
Operating Expenses: Personal Services 642,783 610,113 32,670 Fringe Benefits 281,674 231,871 49,803 Maintenance and Operations 1,707,092 812,337 894,755 Claims and Expenses 72,059 74,903 (2,844) Total Operating Expenses 2,703,608 1,729,224 974,384
Operating Income 811,892 1,600,977 789,085
Nonoperating Revenues: Investment Income 15,000 114,408 99,408 Investment Income - Capital Reserve 42 42 Net Increase (Decrease) in the Fair Value of Investments (1,285) (1,285) Total Investment Income 15,000 113,165 98,165
Nonoperating Expenses: Principal Maturities 420,102 420,102 Total Nonoperating Expenses 420,102 420,102
Excess of Revenues Over (Under) Expenses 406,790 1,714,142 1,307,352
Other Financing Uses: Transfers Out (640,907) (640,907)
Excess of Revenues Over (Under) Expenses and Other Financing Uses (234,117) 1,073,235 1,307,352
Appropriated Fund Balance 234,117 (234,117)
Excess of Revenues Over Expenses $ $ 1,073,235 $ 1,073,235
-130- Schedule 65 Page 2 of 2
Parking Facilities Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Reconciliation of Modified Accrual Basis to Full Accrual Basis: Total Revenues $ 3,443,366 Total Expenses 1,729,234
Excess of Revenues Over Expenses 1,714,132
Adjustment to Full Accrual Basis: Depreciation (569,538) Deferred Outflows of Resources for Contributions Made to Pension Plan in Current Fiscal Year 51,869 Pension Expense (101,865) OPEB Expense (36,191) Contributions Made to OPEB Plan in Current Fiscal Year 28,456 Compensated Absences 3,039 Capital Project Fund Net Revenues and Expenses 144,572
Income Before Transfers $ 1,234,474
-131- Schedule 66
Parking Facilities Capital Project Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) From Project Inception and For the Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Expenses: Capital Improvements: Parking Facilities $ 827,051 $ 227,050 $ $ 227,050
Nonoperating Revenues: Investment Income 7,847 4,644 12,491 Net Increase (Decrease) in the Fair Value of Investments (116) 319 203 Total Investment Income 7,731 4,963 12,694
Excess of Revenues Over (Under) Expenses Before Other Financing Sources (Uses) (827,051) (219,319) 4,963 (214,356)
Other Financing Sources (Uses): Transfers In - Parking Facilities Operating Fund 820,998 220,998 600,000 820,998 Transfers In - Parking Facilities Capital Reserve Fund 280,000 280,000 280,000 Transfers Out -Parking Facilities Bond Fund (282,804) (282,804) (282,804) Total Other Financing Sources (Uses) 818,194 218,194 600,000 818,194
Appropriated Fund Balance 8,857
Excess of Revenues and Other Financing Sources Over (Under) Expenses and Other Financing Uses $ $ (1,125) $ 604,963 $ 603,838
-132- Schedule 67
Parking Facilities Bond Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) From Project Inception and For the Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date Revenues: Sales and Use Tax Refund $ $ $ 182,911 $ 182,911 Gain on Sale of Capital Assets 890,274 890,274 Total Revenues 1,073,185 1,073,185
Expenses: Capital Improvements: Parking Facilities - February One Deck 31,100,000 4,882,223 7,139,250 12,021,473 Parking Facilities - Eugene Street Deck 30,115,000 6,771,349 11,447,791 18,219,140
Nonoperating Expenses: Interest Expense 1,349,342 601,804 601,804 Bond Issue Expense 520,658 148,990 494,158 643,148 Total Expenses 63,085,000 11,802,562 19,683,003 31,485,565
Nonoperating Revenues: Investment Income (1,318) 162,376 161,058 Sale of Real Estate 2,300,000 840 840 Total Nonoperating Revenues 2,300,000 (478) 162,376 161,898
Excess of Revenues Under Expenses Before Other Financing Sources (60,785,000) (11,803,040) (18,447,442) (30,250,482)
Other Financing Sources: Debt Issuances: Limited Obligation Bonds Issued 58,651,241 29,685,000 29,685,000 Transfers In - Parking Facilities Operating Fund 1,209,346 1,209,346 1,209,346 Transfers In - Parking Facilities Capital Reserve Fund 641,609 641,609 641,609 Transfers In - Parking Facilities Capital Project Fund 282,804 282,804 282,804 Total Other Financing Sources 60,785,000 2,133,759 29,685,000 31,818,759
Excess of Revenues and Other Financing Sources Over (Under) Expenses $ $ (9,669,281) $ 11,237,558 $ 1,568,277
-133-
Internal Service Funds
Equipment Services Fund
This fund accounts for the costs of operating a maintenance facility for automotive equipment used by City departments. The costs of providing this service are billed to user departments. Automotive equipment is owned by the Equipment Services Fund.
Technical Services Fund
This fund accounts for the City’s two-way radio system and the Police mobile data system, including any peripheral equipment, except the computer hardware or software. The user departments are billed for the costs of operation.
Information Systems Fund
This fund accounts for the costs of operating, maintaining and supporting the City’s network, server and telecommunications infrastructure. The user departments are billed for the costs of operation.
Graphic Services Fund
This fund accounts for all in-house printing services provided to the City, Guilford County and other agencies. The cost of providing this service is billed to user departments and agencies.
Guilford Metro Communications Fund
This fund was established to account for emergency communications administration that is funded by the City and Guilford County.
Employee Risk Retention Fund
This fund is maintained for self-funding of employee health, dental and workers’ compensation coverage. The employees’ premium and the City’s contribution are deposited in this fund. Payments for workers’ compensation coverage are made to a third-party administrator for the statement of claims plus administrative expenses. The City administers the employee dental coverage plan. Health coverage is provided by a health insurance provider and claims are paid from this fund.
General Risk Retention Fund
This fund was established to accumulate claim reserves and to pay claims and administrative fees for general liability, vehicle liability, public official liability, law enforcement liability and underground storage tank liability, in the City’s self-funding program.
Capital Leasing Fund
This fund was established to account for major equipment purchases financed with lease-purchase agreements or certificates of participation.
-134- Schedule 68 Page 1 of 2
Internal Service Funds Combining Statement of Net Position June 30, 2020
Equipment Technical Information ASSETS Services Services Systems Current Assets: Cash and Cash Equivalents/Investments $ 7,130,859 $ 3,381,004 $ 3,880,092 Receivables (Net): Accounts, Notes and Mortgages 85,464 860,022 Intergovernmental 531,523 155,576 390,397 Interest 11,037 7,135 5,736 Inventories 711,649 95,703 Total Current Assets 8,470,532 4,403,737 4,371,928 Noncurrent Assets: Assets Held for Resale Self-Funded Retention Deposits 125,091 Capital Assets: Non-Depreciable: Land Construction in Progress 1,782,123 Depreciable/Amortized: Land Improvements 80,255 Buildings 1,604,880 167,458 Improvements Other than Buildings 94,000 Furniture, Fixtures, Machinery and Equipment 116,638,341 20,255,407 15,346,853 Less Accumulated Depreciation (84,924,427) (8,359,022) (9,924,997) Intangible Assets: Software and Licenses Less Accumulated Amortization Total Noncurrent Assets 35,181,172 12,157,843 5,546,947 Total Assets 43,651,704 16,561,580 9,918,875
DEFERRED OUTFLOWS OF RESOURCES Pension Deferrals 325,254 83,763 214,060 Current Year Pension Contributions 203,793 52,483 134,123 OPEB Deferrals 275,788 49,222 112,993 Total Deferred Outflows of Resources 804,835 185,468 461,176 Total Assets and Deferred Outflows of Resources 44,456,539 16,747,048 10,380,051
LIABILITIES Current Liabilities: Accounts Payable/Other Accrued Expenses 63,385 118,711 33,437 Contracts/Retainage Payable 24,656 Interest Payable Lease-Purchase and Other Financing Agreements Payable 1,157,654 2,652,217 Customer Deposits Payable Compensated Absences 187,278 30,474 82,268 Total Current Liabilities 250,663 1,306,839 2,792,578 Noncurrent Liabilities: Lease-Purchase and Other Financing Agreements Payable 6,485,461 3,279,293 Compensated Absences 30,646 29,407 60,103 Net OPEB Liability 2,084,303 372,001 853,962 Net Pension Liability 907,011 233,583 596,933 Total Noncurrent Liabilities 3,021,960 7,120,452 4,790,291 Total Liabilities 3,272,623 8,427,291 7,582,869
DEFERRED INFLOWS OF RESOURCES Pension Deferrals 13,719 3,533 9,029 OPEB Deferrals 368,112 65,700 150,820 Total Deferred Inflows of Resources 381,831 69,233 159,849
NET POSITION Net Investment in Capital Assets 35,181,172 4,514,728 (509,654) Restricted for Assets Held for Resale Restricted for Self-Funded Retention Deposits 125,091 Unrestricted 5,620,913 3,735,796 3,021,896 Total Net Position $ 40,802,085 $ 8,250,524 $ 2,637,333 -135- Schedule 68 Page 2 of 2
Guilford Employee General Graphic Metro Risk Risk Capital Services Communications Retention Retention Leasing Totals
$ 12,938 $ 2,158,585 $ 29,627,805 $ 9,354,938 $ 2,561,256 $ 58,107,477
670,594 1,616,080 29,066 64,695 6,488 6,075 1,183,820 142 3,855 53,716 18,039 6,034 105,694 28,605 835,957 70,751 2,227,135 30,358,603 9,372,977 2,573,365 61,849,028
600,000 600,000 1,964,423 14,473,766 16,563,280
179,470 1,660,541 1,840,011 1,782,123
144,349 749,902 974,506 281,806 1,235,639 3,289,783 94,000 29,993 1,420,984 10,986 12,886,335 166,588,899 (22,357) (1,566,491) (5,021) (13,945,020) (118,747,335)
830,969 830,969 (830,969) (830,969) 7,636 460,118 1,970,388 14,473,766 3,187,397 72,985,267 78,387 2,687,253 32,328,991 23,846,743 5,760,762 134,834,295
48,739 752,640 82,538 2,204 1,509,198 30,538 471,577 51,715 1,381 945,610 55,495 603,209 38,219 1,061 1,135,987 134,772 1,827,426 172,472 4,646 3,590,795 213,159 4,514,679 32,501,463 23,851,389 5,760,762 138,425,090
4,748 11,599,408 6,786,005 18,605,694 24,656 111 111
291,135 684,060 4,785,066 46,050 46,050 26,140 242,228 32,767 702 601,857 30,888 533,363 11,632,175 6,832,757 684,171 24,063,434
1,145,430 10,910,184 3,445 345,758 11,768 1,594 482,721 419,413 4,558,842 288,848 8,024 8,585,393 135,915 2,098,828 230,168 6,147 4,208,585 558,773 7,003,428 530,784 15,765 1,145,430 24,186,883 589,661 7,536,791 12,162,959 6,848,522 1,829,601 48,250,317
2,056 31,747 3,482 93 63,659 74,073 805,144 51,014 1,417 1,516,280 76,129 836,891 54,496 1,510 1,579,939
7,636 168,983 5,965 757,907 40,126,737 600,000 600,000 1,964,423 14,473,766 16,563,280 (460,267) (4,027,986) 18,313,620 2,527,591 2,573,254 31,304,817 $ (452,631) $ (3,859,003) $ 20,284,008 $ 17,001,357 $ 3,931,161 $ 88,594,834 -136- Schedule 69 Page 1 of 2 Internal Service Funds Combining Statement of Revenues, Expenses and Changes in Net Position For the Fiscal Year Ended June 30, 2020
Equipment Technical Information Services Services Systems Operating Revenues: Charges for Current Services-Internal $ 18,686,584 $ 4,587,587 $ 13,429,754 Charges for Current Services-External Total Charges for Current Services 18,686,584 4,587,587 13,429,754
Other Operating Revenues 176,239 1,785,135 12,914 Total Operating Revenues 18,862,823 6,372,722 13,442,668
Operating Expenses: Personal Services 2,405,337 617,535 1,581,358 Fringe Benefits 1,304,411 251,163 679,310 Maintenance and Operations 4,168,406 2,989,140 7,397,004 Claims and Expenses 482,963 7,121 122,047 Depreciation/Amortization 11,007,520 1,635,936 3,153,954 Total Operating Expenses 19,368,637 5,500,895 12,933,673
Operating Income (Loss) (505,814) 871,827 508,995
Nonoperating Revenues(Expenses): Investment Income 108,747 68,756 56,722 Net Increase (Decrease) in the Fair Value of Investments (4,759) (2,351) (384) Total Investment Income 103,988 66,405 56,338
Miscellaneous Nonoperating Revenue 258,832 76,262 Interest Expense (276,127) (223,074) Inventory Gain (Loss) 7,540 49,766 Gain (Loss) on Disposal of Capital Assets 491,225 16,752 (36,429) Total Nonoperating Revenues (Expenses) 861,585 (192,970) (77,137)
Income (Loss) Before Transfers 355,771 678,857 431,858
Transfers In Transfers Out (55,503) (53,000) Total Transfers (55,503) (53,000)
Change in Net Position 355,771 623,354 378,858
Net Position - July 1 40,446,314 7,627,170 2,258,475
Net Position - June 30 $ 40,802,085 $ 8,250,524 $ 2,637,333
-137- Schedule 69 Page 2 of 2
Guilford Employee General Graphic Metro Risk Risk Capital Services Communications Retention Retention Leasing Totals
$ 666,322 $ 496,985 $ 49,531,599 $ 2,772,607 $ 2,221,754 $ 92,393,192 222,927 3,270,358 3,493,285 889,249 3,767,343 49,531,599 2,772,607 2,221,754 95,886,477
14,899 2,605,950 993 4,596,130 889,249 3,782,242 52,137,549 2,773,600 2,221,754 100,482,607
356,560 5,597,162 617,918 17,256 11,193,126 278,771 2,671,242 218,691 7,119 5,410,707 401,269 3,704,861 604,670 682,835 1,396,792 21,344,977 433 433 3,440 46,751,045 1,906,287 49,273,336 1,500 360,771 732 157,795 16,318,208 1,038,533 12,337,476 48,193,056 2,613,497 1,554,587 103,540,354
(149,284) (8,555,234) 3,944,493 160,103 667,167 (3,057,747)
1,048 37,708 511,449 251,497 58,053 1,093,980 (87) (2,583) (21,461) (8,333) (1,740) (41,698) 961 961 35,125 489,988 243,164 56,313 1,052,282
335,094 (21,806) (99,879) (620,886) 57,306 1,850 473,398 961 961 15,169 489,988 243,164 (43,566) 1,297,194
(148,323) (8,540,065) 4,434,481 403,267 623,601 (1,760,553)
7,955,503 7,955,503 (500,000) (608,503) 7,955,503 (500,000) 7,347,000
(148,323) (584,562) 4,434,481 403,267 123,601 5,586,447
(304,308) (3,274,441) 15,849,527 16,598,090 3,807,560 83,008,387
$ (452,631) $ (3,859,003) $ 20,284,008 $ 17,001,357 $ 3,931,161 $ 88,594,834
-138- Schedule 70 Page 1 of 2 Internal Service Funds Combining Statement of Cash Flows For the Fiscal Year Ended June 30, 2020
Equipment Technical Information Services Services Systems Cash Flows from Operating Activities: Receipts from Customers $ 18,686,584 $ 3,163,079 $ 10,505,181 Payments to Suppliers (6,128,847) (3,787,024) (7,572,371) Payments to Employees (3,438,238) (716,909) (2,088,873) Other Receipts 435,071 1,785,135 89,176 Net Cash Provided by (Used for) Operating Activities 9,554,570 444,281 933,113
Cash Flows from Noncapital Financing Activities: Subsidies and Transfers In Subsidies and Transfers Out (55,503) (53,000) Net Cash Provided by (Used for) Noncapital Financing Activities (55,503) (53,000)
Cash Flows from Capital and Related Financing Activities: Acquisition and Construction of Capital Assets (10,772,379) (25,547) Proceeds from Sale of Capital Assets 728,053 16,752 Principal Paid on Capital Debt (438,932) Interest and Fiscal Charges Paid on Capital Debt (5,086) Net Cash Provided by (Used for) Capital and Related Financing Activities (10,044,326) (452,813)
Cash Flows from Investing Activities: Investment Income (Loss) 114,449 71,831 57,930
Net Increase (Decrease) in Cash and Cash Equivalents/Investments (375,307) 7,796 938,043
Balances - July 1 7,506,166 3,373,208 2,942,049
Balances - June 30 $ 7,130,859 $ 3,381,004 $ 3,880,092
Reconciliation of Operating Income (Loss) to Net Cash Provided by (Used for) Operating Activities: Operating Income (Loss) $ (505,814) $ 871,827 $ 508,995 Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by (Used for) Operating Activities: Depreciation 11,007,520 1,635,936 3,153,954 Changes in Assets, Deferred Outflows, Deferred Inflows and Liabilities: Increase in Receivables (28,069) (858,949) Decrease in Inventories 38,516 27,417 (Increase) Decrease in Intergovernmental Receivables (23,508) 68,186 (81,460) (Increase) Decrease in Miscellaneous Assets Increase (Decrease) in Accounts Payable (1,464,417) 118,711 16,637 Decrease in Contracts/Retainage Payable (15,914) Decrease in Intergovernmental Payable Decrease in Deferred Outflows of Resources - Pensions 164,117 21,061 51,064 Decrease in Deferred Inflows of Resources - Pensions (15,427) (3,081) (7,758) Increase in Net Pension Liability 17,418 31,698 84,546 Increase in Deferred Outflows of Resources - OPEB (184,356) (31,359) (75,482) Increase (Decrease) in Deferred Inflows of Resources - OPEB (56,535) (17,261) (23,398) Increase in Net OPEB Liability 335,265 30,302 136,393 Increase (Decrease) in Compensated Absences Payable 11,028 1,718 6,430 Increase (Decrease) in Other Receipts (Disbursements) 258,832 (1,424,508) (2,848,311) Total Adjustments 10,060,384 (427,546) 424,118
Net Cash Provided by (Used for) Operating Activities $ 9,554,570 $ 444,281 $ 933,113
Noncash Investing, Capital and Financing Activities: Lease-Purchase and Other Capital Assets $ $ $ 4, 385,065 Principal Paid by Other Funds on Debt Obligations (1,115,112) (2,701,499) Total Noncash Investing, Capital and Financing Activities $ $ (1,115,112) $ 1,683,566 -139- Schedule 70 Page 2 of 2
Guilford Employee General Graphic Metro Risk Risk Capital Services Communications Retention Retention Leasing Totals
$ 889,249 $ 3,465,101 $ 49,531,599 $ 2,772,607 $ 2,221,754 $ 91,235,154 (394,384) (3,735,560) (46,884,332) (2,536,016) (1,389,798) (72,428,332) (516,447) (7,788,831) (787,841) (22,941) (15,360,080) 14,899 2,605,950 993 4,931,224 (21,582) (8,044,391) 4,465,376 214,643 831,956 8,377,966
7,955,503 7,955,503 (500,000) (608,503) 7,955,503 (500,000) 7,347,000
(11,736) (10,809,662) 1,850 746,655 (620,910) (1,059,842) (99,917) (105,003)
1,850 (732,563) (11,227,852)
1,143 40,474 537,775 261,285 60,447 1,145,334
(20,439) (46,564) 5,003,151 475, 928 (340,160) 5,642,448
33,377 2,205,149 24,624,654 8,879,010 2,901,416 52,465,029
$ 12,938 $ 2,158,585 $ 29,627,805 $ 9,354,938 $ 2,561,256 $ 58,107,477
$ (149,284) $ (8,555,234) $ 3,944,493 $ 160,103 $ 667,167 $ (3,057,747)
1,500 360,771 732 157,795 16,318,208
(53,880) (940,898) 475 66,408 8,011 (27,259) (3,151) 6,994 (52,187) 285,285 (81,103) 204,182 (1,168) 243,129 662,744 (424,364) (15,914) (528,535) (528,535) 17,776 140,952 17,994 1,014 413,978 (2,025) (25,655) (2,920) (100) (56,966) 11,360 346,795 34,776 244 526,837 (40,357) (392,401) (24,504) (698) (749,157) 3,767 (173,935) (12,683) (270) (280,315) 129,837 526,209 26,492 1,074 1,185,572 (1,474) 57,608 9,613 170 85,093 (302,242) (4,316,229) 127,702 510,843 520,883 54,540 164,789 11,435,713
$ (21,582) $ (8,044,391) $ 4,465,376 $ 214,643 $ 831,956 $ 8,377,966
$ $ $ $ $ $ 4,385,065 (280,436) (4,097,047) $ $ (280,436) $ $ $ $ 288,018 -140-
Schedule 71
Internal Service Funds Schedule of Changes in Long-Term Debt For the Fiscal Year Ended June 30, 2020
Debt Debt Outstanding Outstanding June 30, 2019 Additions Retirements June 30, 2020 Equipment Services: Compensated Absences $ 206,896 $ 182,681 $ 171,653 $ 217,924
Technical Services: General Obligation Bonds 476,718 476,718 Capital Leases 8,758,227 1,115,112 7,643,115 Compensated Absences 58,162 43,259 41,540 59,881
Total Technical Services 9,293,107 43,259 1,633,370 7,702,996
Information Systems: Capital Leases 4,247,944 4,385,065 2,701,499 5,931,510 Compensated Absences 135,941 107,402 100,972 142,371
Total Information Systems 4,383,885 4,492,467 2,802,471 6,073,881
Graphic Services: Compensated Absences 31,059 25,090 26,564 29,585
Guilford Metro Communications: Capital Leases 571,571 280,436 291,135 Compensated Absences 530,378 324,600 266,992 587,986
Total Guilford Metro Communications 1,101,949 324,600 547,428 879,121
Employee Risk Retention: Compensated Absences 34,922 41,604 31,991 44,535
General Risk Retention: Compensated Absences 2,126 1,294 1,124 2,296
Capital Leasing: Master Equipment Lease Agreement 2,450,400 620,910 1,829,490
Total Internal Service Funds $ 17,504,344 $ 5,110,995 $ 5,835,511 $ 16,779,828
-141-
Internal Service Fund
Schedule of Revenues, Expenses and Changes in Fund Balance
Budget and Actual (Non-GAAP)
The following Schedules present the results of operation for all Internal Service Funds on the modified accrual basis for comparison to the legally adopted budget for each fund. A reconciliation of the modified accrual basis to the full accrual basis (per generally accepted accounting principles) follows each Schedule.
-142- Schedule 72 Page 1 of 2 Equipment Services Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Operating Revenues: Charges for Current Services - Internal $ 18,279,508 $ 18,686,584 $ 407,076 Charges for Current Services - External Other Operating Revenues 167,500 176,239 8,739 Total Operating Revenues 18,447,008 18,862,823 415,815
Operating Expenses: Personal Services 2,572,744 2,394,309 178,435 Fringe Benefits 1,158,506 1,043,929 114,577 Maintenance and Operations 4,192,723 4,168,406 24,317 Claims and Expenses 482,787 482,963 (176) Capital Outlay 16,725,467 10,768,366 5,957,101 Total Operating Expenses 25,132,227 18,857,973 6,274,254
Operating Income (Loss) (6,685,219) 4,850 6,690,069
Nonoperating Revenues: Investment Income 60,000 108,746 48,746 Net Increase (Decrease) in the Fair Value of Investments (4,759) (4,759) Total Investment Income 60,000 103,987 43,987
Miscellaneous Nonoperating Revenue 980,000 258,832 (721,168) Total Nonoperating Revenues 1,040,000 362,819 (677,181)
Nonoperating Expenses: Miscellaneous Nonoperating Expense 2,500 2,500 Total Nonoperating Expenses 2,500 2,500
Excess of Revenues Over (Under) Expenses (5,647,719) 367,669 6,015,388
Appropriated Fund Balance 5,647,719 (5,647,719)
Excess of Revenues Over Expenses $ $ 367,669 $ 367,669
-143- Schedule 72 Page 2 of 2 Equipment Services Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Reconciliation of Modified Accrual Basis to Full Accrual Basis: Total Revenues $ 19,225,642 Total Expenses 18,857,973
Excess of Revenues Over Expenses 367,669
Adjustment to Full Accrual Basis: Depreciation/Amortization (11,007,520) Capital Outlay 10,768,366 Gain (Loss) on Disposal of Capital Assets 491,225 Inventory Gain (Loss) 7,540 Deferred Outflows of Resources for Contributions Made in Current Fiscal Year to: Pension Plan 203,793 Pension Expense (369,901) OPEB Expense (206,143) Contributions Made to OPEB Plan in Current Fiscal Year 111,769 Compensated Absences (11,027)
Income Before Transfers $ 355,771
-144- Schedule 73 Page 1 of 2 Technical Services Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Operating Revenues: Charges for Current Services - Internal $ 4,997,280 $ 4,587,587 $ (409,693) Other Operating Revenues 1,573,122 1,785,135 212,013 Total Operating Revenues 6,570,402 6,372,722 (197,680)
Operating Expenses: Personal Services 658,066 615,816 42,250 Fringe Benefits 234,921 219,803 15,118 Maintenance and Operations 3,051,822 2,989,140 62,682 Claims and Expenses 7,113 7,121 (8) Capital Outlay 26,105 25,547 558 Total Operating Expenses 3,978,027 3,857,427 120,600
Operating Income 2,592,375 2,515,295 (77,080)
Nonoperating Revenues: Investment Income 29,000 49,192 20,192 Net Increase (Decrease) Fair Value of Investments (3,092) (3,092) Total Investment Income 29,000 46,100 17,100
Nonoperating Expenses: Principal Maturities 1,554,045 1,554,044 1 Interest Expense 331,610 313,914 17,696 Miscellaneous Nonoperating Expense 5,000 5,000 Total Nonoperating Expenses 1,890,655 1,867,958 22,697
Excess of Revenues Over Expenses Before Other Financing Uses 730,720 693,437 (37,283)
Other Financing Uses: Transfers Out (810,098) (810,098)
Appropriated Fund Balance 79,378 (79,378)
Excess of Revenues Under Expenses and Other Financing Uses $ $ (116,661) $ (116,661)
-145- Schedule 73 Page 2 of 2 Technical Services Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Reconciliation of Modified Accrual Basis to Full Accrual Basis: Total Revenues $ 6,418,822 Total Expenses 5,725,385
Excess of Revenues Over Expenses Before Other Financing Uses 693,437
Adjustment to Full Accrual Basis: Depreciation/Amortization (1,635,936) Principal Maturities 1,554,044 Gain (Loss) on Disposal of Capital Assets 16,752 Capital Outlay 25,547 Deferred Outflows of Resources for Contributions Made in Current Fiscal Year to: Pension Plan 52,483 Pension Expense (102,161) OPEB Expense (1,630) Contributions Made to OPEB Plan in Current Fiscal Year 19,948 Compensated Absences (1,718) Amortization of Bond Premium 37,787 Capital Project Fund Revenues and Expenses 20,304
Income Before Transfers $ 678,857
-146-
Schedule 74
Technical Services Capital Project Fund Schedule of Revenues and Expenses - Budget and Actual (Non-GAAP) From Project Inception and For the Fiscal Year Ended June 30, 2020
Actual Project Prior Current Total Authorization Years Year To Date
Operating Revenues: Charges for Services - External: Contract Agreement Reimbursement $ 10,179,476 $ 9,408,796 $ $ 9,408,796
Nonoperating Revenues: Investment Income 45,819 19,563 65,382 Net Increase (Decrease) in the Fair Value of Investments 476 741 1,217 Total Investment Income 46,295 20,304 66,599
Expenses: Miscellaneous Nonoperating Expenses 5,622,732 9,408,797 9,408,797 Capital Improvements 14,947,270 9,408,796 9,408,796 Total Expenses 20,570,002 18,817,593 18,817,593
Excess of Revenues Over (Under) Expenses Before Other Financing Sources (10,390,526) (9,362,502) 20,304 (9,342,198)
Other Financing Sources: Transfers In 10,390,526 10,069,876 754,595 10,824,471
Excess of Revenues and Other Financing Sources Over Expenses $ $ 707,374 $ 774,899 $ 1,482,273
-147- Schedule 75 Page 1 of 2 Information Systems Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Operating Revenues: Charges for Current Services - Internal $ 12,121,175 $ 13,429,754 $ 1,308,579 Other Operating Revenues 12,914 12,914 Total Operating Revenues 12,121,175 13,442,668 1,321,493
Operating Expenses: Personal Services 1,600,757 1,574,929 25,828 Fringe Benefits 577,076 513,945 63,131 Maintenance and Operations 7,775,584 7,397,004 378,580 Claims and Expenses 134,332 122,047 12,285 Capital Outlay 4,500,000 4,385,065 114,935 Total Operating Expenses 14,587,749 13,992,990 594,759
Operating Loss (2,466,574) (550,322) 1,916,252
Nonoperating Revenues: Investment Income 41,565 56,722 15,157 Net Increase (Decrease) in the Fair Value of Investments (384) (384) Total Investment Income 41,565 56,338 14,773
Miscellaneous Nonoperating Revenue 76,262 76,262 Total Nonoperating Revenues 41,565 132,600 91,035
Nonoperating Expenses: Principal Maturities 2,675,000 2,701,499 (26,499) Interest Expense 250,000 223,074 26,926 Total Nonoperating Expenses 2,925,000 2,924,573 427
Excess of Revenues Under Expenses Before Other Financing Sources (Uses) (5,350,009) (3,342,295) 2,007,714
Other Financing Sources (Uses): Debt Issuances: Proceeds of Capitalized Leases 4,350,000 4,385,065 35,065 Transfers Out (53,000) (53,000) Total Other Financing Sources (Uses) 4,297,000 4,332,065 35,065
Excess of Revenues and Other Financing Sources Over (Under) Expenses and Other Financing (Uses) (1,053,009) 989,770 2,042,779
Appropriated Fund Balance 1,053,009 (1,053,009)
Excess of Revenues and Other Financing Sources Over Expenses and Other Financing (Uses) $ $ 989,770 $ 989,770
-148- Schedule 75 Page 2 of 2 Information Systems Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Reconciliation of Modified Accrual Basis to Full Accrual Basis: Total Revenues $ 13,575,268 Total Expenses 16,917,563
Excess of Revenues Under Expenses Before Other Financing Sources (Uses) (3,342,295)
Adjustment to Full Accrual Basis: Depreciation/Amortization (3,153,954) Principal Maturities 2,701,499 Capital Outlay 4,385,065 Gain (Loss) on Disposal of Capital Assets (36,429) Inventory Gain (Loss) 49,766 Deferred Outflows of Resources for Contributions Made in Current Fiscal Year to: Pension Plan 134,123 Pension Expense (261,975) OPEB Expense (83,306) Contributions Made to OPEB Plan in Current Fiscal Year 45,793 Compensated Absences (6,429)
Income Before Transfers $ 431,858
-149- Schedule 76 Page 1 of 2
Graphic Services Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Operating Revenues: Charges for Current Services - Internal $ 799,463 $ 666,322 $ (133,141) Charges for Current Services - External 215,000 222,927 7,927 Other Operating Revenues Total Operating Revenues 1,014,463 889,249 (125,214)
Operating Expenses: Personal Services 356,552 358,034 (1,482) Fringe Benefits 165,609 158,413 7,196 Maintenance and Operations 501,911 401,269 100,642 Claims and Expenses 433 433 Total Operating Expenses 1,024,505 918,149 106,356
Operating Loss (10,042) (28,900) (18,858)
Nonoperating Revenues: Investment Income 1,048 1,048 Net Increase (Decrease) in the Fair Value of Investments (87) (87) Total Investment Income 961 961
Appropriated Fund Balance 10,042 (10,042)
Excess of Revenues Under Expenses $ $ (27,939) $ (27,939)
-150- Schedule 76 Page 2 of 2 Graphic Services Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Reconciliation of Modified Accrual Basis to Full Accrual Basis: Total Revenues $ 890,210 Total Expenses 918,149
Excess of Revenues Under Expenses (27,939)
Adjustment to Full Accrual Basis: Depreciation/Amortization (1,500) Deferred Outflows of Resources for Contributions Made in Current Fiscal Year to: Pension Plan 30,538 Pension Expense (57,649) OPEB Expense (115,738) Contributions Made to OPEB Plan in Current Fiscal Year 22,491 Compensated Absences 1,474
Loss Before Transfers $ (148,323)
-151- Schedule 77 Page 1 of 2 Guilford Metro Communications Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Operating Revenues: Charges for Current Services - Internal $ 302,245 $ 496,985 $ 194,740 Charges for Current Services - External 3,249,741 3,270,358 20,617 Other Operating Revenues 13,131 14,899 1,768 Total Operating Revenues 3,565,117 3,782,242 217,125
Operating Expenses: Personal Services 5,543,822 5,539,554 4,268 Fringe Benefits 2,345,412 2,249,277 96,135 Maintenance and Operations 3,963,699 3,704,861 258,838 Claims and Expenses 3,440 3,440 Total Operating Expenses 11,856,373 11,497,132 359,241
Operating Loss (8,291,256) (7,714,890) 576,366
Nonoperating Revenues: Investment Income 52,725 37,708 (15,017) Net Increase (Decrease) in the Fair Value of Investments (2,583) (2,583) Total Investment Income 52,725 35,125 (17,600)
Nonoperating Expenses: Principal Maturities 280,440 280,436 4 Interest Expense 21,810 21,806 4 Total Nonoperating Expenses 302,250 302,242 8
Excess of Revenues Under Expenses Before Other Financing Sources (8,540,781) (7,982,007) 558,774
Other Financing Sources: Transfers In 7,955,503 7,955,503
Excess of Revenues and Other Financing Sources Under Expenses (585,278) (26,504) 558,774
Appropriated Fund Balance 585,278 (585,278)
Excess of Revenues and Other Financing Sources Under Expenses $ $ (26,504) $ (26,504)
-152- Schedule 77 Page 2 of 2 Guilford Metro Communications Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Reconciliation of Modified Accrual Basis to Full Accrual Basis: Total Revenues $ 3,817,367 Total Expenses 11,799,374
Excess of Revenues Under Expenses Before Other Financing Sources (7,982,007)
Adjustment to Full Accrual Basis: Depreciation/Amortization (360,771) Principal Maturities 280,436 Gain (Loss) on Disposal of Capital Assets 1,850 Deferred Outflows of Resources for Contributions Made in Current Fiscal Year to: Pension Plan 471,577 Pension Expense (933,669) OPEB Expense (204,337) Contributions Made to OPEB Plan in Current Fiscal Year 244,464 Compensated Absences (57,608)
Loss Before Transfers $ (8,540,065)
-153- Schedule 78 Page 1 of 2 Employee Risk Retention Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Operating Revenues: Charges for Current Services - Internal $ 50,788,170 $ 49,531,599 $ (1,256,571) Other Operating Revenues 26,000 10,454 (15,546) Total Operating Revenues 50,814,170 49,542,053 (1,272,117)
Operating Expenses: Personal Services 602,352 608,305 (5,953) Fringe Benefits 184,104 179,536 4,568 Maintenance and Operations 1,076,989 364,349 712,640 Claims and Expenses 51,869,372 46,751,045 5,118,327 Total Operating Expenses 53,732,817 47,903,235 5,829,582
Operating Income (Loss) (2,918,647) 1,638,818 4,557,465
Nonoperating Revenues: Investment Income 150,000 511,450 361,450 Net Increase (Decrease) in the Fair Value of Investments (21,461) (21,461) Total Investment Income 150,000 489,989 339,989
Miscellaneous Nonoperating Revenue 2,309,951 2,595,496 285,545 Total Nonoperating Revenues 2,459,951 3,085,485 625,534
Excess of Revenues Over (Under) Expenses (458,696) 4,724,303 5,182,999
Appropriated Fund Balance 458,696 (458,696)
Excess of Revenues Over Expenses $ $ 4,724,303 $ 4,724,303
-154- Schedule 78 Page 2 of 2 Employee Risk Retention Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Reconciliation of Modified Accrual Basis to Full Accrual Basis: Total Revenues $ 52,627,538 Total Expenses 47,903,235
Excess of Revenues Over Expenses 4,724,303
Adjustment to Full Accrual Basis: Depreciation/Amortization (732) Deferred Outflows of Resources for Contributions Made in Current Fiscal Year to: Pension Plan 51,715 Pension Expense (101,565) OPEB Expense (4,794) Contributions Made to OPEB Plan in Current Fiscal Year 15,489 Decrease in Workers' Compensation Accrued Actuarial Liability (240,321) Compensated Absences (9,614)
Income Before Transfers $ 4,434,481
-155- Schedule 79 Page 1 of 2 General Risk Retention Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Operating Revenues: Charges for Current Services - Internal $ 2,776,820 $ 2,772,607 $ (4,213)
Operating Expenses: Personal Services 16,097 17,085 (988) Fringe Benefits 6,430 5,855 575 Maintenance and Operations 200,070 25,144 174,926 Claims and Expenses 4,824,000 1,906,287 2,917,713 Total Operating Expenses 5,046,597 1,954,371 3,092,226
Operating Income (Loss) (2,269,777) 818,236 3,088,013
Nonoperating Revenues: Investment Income 251,497 251,497 Net Increase (Decrease) in the Fair Value of Investments (8,333) (8,333) Total Investment Income 243,164 243,164
Miscellaneous Nonoperating Revenue 993 993 Total Nonoperating Revenues 244,157 244,157
Excess of Revenues Over (Under) Expenses (2,269,777) 1,062,393 3,332,170
Appropriated Fund Balance 2,269,777 (2,269,777)
Excess of Revenues Over Expenses $ $ 1,062,393 $ 1,062,393
-156- Schedule 79 Page 2 of 2 General Risk Retention Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Reconciliation of Modified Accrual Basis to Full Accrual Basis: Total Revenues $ 3,016,764 Total Expenses 1,954,371
Excess of Revenues Over Expenses 1,062,393
Adjustment to Full Accrual Basis: Deferred Outflows of Resources for Contributions Made in Current Fiscal Year to: Pension Plan 1,381 Pension Expense (2,539) OPEB Expense (536) Contributions Made to OPEB Plan in Current Fiscal Year 430 Increase in Accrued Actuarial Liability (657,691) Compensated Absences (171)
Income Before Transfers $ 403,267
-157- Schedule 80 Page 1 of 2 Capital Leasing Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Variance Final Positive Budget Actual (Negative) Operating Revenues: Charges for Current Services - Internal $ 2,221,753 $ 2,221,754 $ 1
Operating Expenses: Maintenance and Operations 2,437,139 1,396,791 1,040,348 Capital Outlay 726,737 11,737 715,000 Total Operating Expenses 3,163,876 1,408,528 1,755,348
Operating Income (Loss) (942,123) 813,226 1,755,349
Nonoperating Revenues: Investment Income 15,000 58,052 43,052 Net Increase (Decrease) in the Fair Value of Investments (1,740) (1,740) Total Investment Income 15,000 56,312 41,312
Nonoperating Expenses: Principal Maturities 670,910 620,910 50,000 Interest Expense 99,916 99,879 37 Total Nonoperating Expenses 770,826 720,789 50,037
Excess of Revenues Over (Under) Expenses Before Other Financing Uses (1,697,949) 148,749 1,846,698
Other Financing Uses: Transfers Out (500,000) (500,000) Total Other Financing Uses (500,000) (500,000)
Excess of Revenues Under Expenses and Other Financing Uses (2,197,949) (351,251) 1,846,698
Appropriated Fund Balance 2,197,949 (2,197,949)
Excess of Revenues Under Expenses And Other Financing Uses $ $ (351,251) $ (351,251)
-158- Schedule 80 Page 2 of 2 Capital Leasing Fund Schedule of Revenues, Expenses and Changes in Fund Balance - Budget and Actual (Non-GAAP) For the Fiscal Year Ended June 30, 2020
Reconciliation of Modified Accrual Basis to Full Accrual Basis: Total Revenues $ 2,278,066 Total Expenses 2,129,317
Excess of Revenues Over Expenses 148,749
Adjustment to Full Accrual Basis: Depreciation/Amortization (157,795) Principal Maturities 620,910 Capital Outlay 11,737
Income Before Transfers $ 623,601
-159-
Fiduciary Funds
Law Enforcment Officers’ Special Separation Allowance (LEOSSA) Pension Benefit Trust
This fund was established to account for special separation (pension) benefits, payable semi-monthly, to qualified law enforcement officers. The City is required to provide such benefits until each qualified law enforcement officer attains age 62. The City’s contribution to this fund has been actuarially determined and will be funded by fringe benefit charges based on active police officers’ salaries.
Other Postemployment Benefit (OPEB) Trust
This fund was established to account for contributions held in trust to pay certain health and life benefits to employees following retirement, up to age 65.
-160- Schedule 81
Statement of Fiduciary Net Position Fiduciary Funds June 30, 2020
LEOSSA Other Pension Postemployment Benefit Benefit (OPEB) Trust Trust Total ASSETS Cash and Cash Equivalents/Investments Demand Deposits $ 5,000 $ $ 5, 000 Mutual Funds: NC Short Term Investment Fund 8,738 807,367 816,105 NC Equity Index Fund 4,601,065 15,679,428 20,280,493 NC Bond Investment Fund 2,970,832 9,771,597 12,742,429
Total Assets 7,585,635 26,258,392 33,844,027
NET POSITION Restricted for Pension and Benefits $ 7,585,635 $ 26,258,392 $ 33,844,027
-161- Schedule 82
Statement of Changes in Fiduciary Net Position Fiduciary Funds For the Fiscal Year Ended June 30, 2020
LEOSSA Other Pension Postemployment Benefit Benefit (OPEB) Trust Trust Total ADDITIONS Employer Contributions $ 2,906,943 $ 6,907,023 $ 9,813,966 Employee Contributions 2,147,474 2,147,474
Interest Earnings: Investment Income 239,246 787,597 1,026,843 Net Increase (Decrease) in the Fair Value of Investments 108,429 341,018 449,447 Total Investment Income 347,675 1,128,615 1,476,290
Total Additions 3,254,618 10,183,112 13,437,730
DEDUCTIONS Benefits Paid 2,903,741 7,054,497 9,958,238 Administrative Expenses 4,331 3,647 7,978 Total Deductions 2,908,072 7,058,144 9,966,216
Change in Net Position 346,546 3,124,968 3,471,514
Net Position Restricted for Pension and Benefits - July 1 7,239,089 23,133,424 30,372,513
Net Position Restricted for Pension and Benefits - June 30 $ 7,585,635 $ 26,258,392 $ 33,844,027
-162-
Schedule 83
Schedule of General Capital Assets By Source June 30, 2020
General Capital Assets: Land $ 113,678,240 Improvements Other Than Buildings 49,567,244 Buildings 192,298,813 Furniture, Fixtures, Machinery and Equipment 190,984,747 Infrastructure 384,657,457 Intangible Assets - Software & Licenses 4,168,935 Construction in Progress 25,192,612 Accumulated Depreciation/Amortization (428,837,761)
Total General Capital Assets $ 531,710,287
Investment in General Capital Assets by Source: General Fund $ 173,009,496 General Obligation Bonds 190,976,298 Grant Funds 36,504,506 Infrastructure 384,657,457 Internal Service Funds 175,400,291 Accumulated Depreciation/Amortization (428,837,761)
Total Investment in General Capital Assets $ 531,710,287
-163- Schedule 84 Page 1 of 2
Schedule of General Capital Assets By Function and Activity June 30, 2020
Improvements Other Than Land Buildings Buildings
General Government: Administration $ 733,176 $ 788,781 $ 5,783,957 Job Training Consortium Total General Government 733,176 788,781 5,783,957
Public Safety: Police 3,051,474 50,942 11,802,477 Fire 4,178,358 61,103 46,413,601 Total Public Safety 7,229,832 112,045 58,216,078
Transportation: Infrastructure 60,529,097 Other Transportation 627,855 994,537 566,344 Total Transportation 61,156,952 994,537 566,344
Field Operations 5,000 658,278
Engineering and Building Maintenance 4,065,853 4,365,013 27,641,741
Culture and Recreation: Parks and Recreation 35,946,569 42,149,377 64,695,792 Library 2,705,847 83,985 31,446,840 Total Culture and Recreation 38,652,416 42,233,362 96,142,632
Internal Service Funds 1,840,011 1,068,506 3,289,783
Accumulated Depreciation/Amortization (25,834,688) (95,716,277)
Total General Capital Assets $ 113,678,240 $ 23,732,556 $ 96,582,536
-164- Schedule 84 Page 2 of 2
Furniture, Fixtures, Intangible Assets - Machinery Software & Construction and Equipment Infrastructure Licenses In Progress Total
$ 2,276,044 $ $ 2,639,015 $ $ 12,220,973 56,891 56,891 2,332,935 2,639,015 12,277,864
3,616,609 280,247 876,921 19,678,670 5,754,685 5,137,002 61,544,749 9,371,294 280,247 6,013,923 81,223,419
384,657,457 714,357 445,900,911 3,625,326 5,814,062 3,625,326 384,657,457 714,357 451,714,973
348,822 1,012,100
1,184,099 343,704 356,565 37,956,975
6,557,010 75,000 16,325,644 165,749,392 976,362 35,213,034 7,533,372 75,000 16,325,644 200,962,426
166,588,899 830,969 1,782,123 175,400,291
(132,977,320) (170,148,928) (4,160,548) (428,837,761)
$ 58,007,427 $ 214,508,529 $ 8,387 $ 25,192,612 $ 531,710,287
-165- Schedule 85 Page 1 of 2
Schedule of Changes in General Capital Assets By Function and Activity For the Fiscal Year Ended June 30, 2020
General Capital Assets June 30, 2019 Additions
General Government: Administration $ 9,454,518 $ 27,862 Job Training Consortium 56,891 Total General Government 9,511,409 27,862
Public Safety: Police 19,983,298 525,295 Fire 56,457,751 269,321 Total Public Safety 76,441,049 794,616
Transportation: Infrastructure 407,985,211 37,201,344 Other Transportation 5,071,446 762,580 Total Transportation 413,056,657 37,963,924
Field Operations 996,600 15,500
Engineering and Building Maintenance 36,331,010 1,549,552
Culture and Recreation: Parks and Recreation 139,507,982 12,536,173 Library 35,218,515 Total Culture and Recreation 174,726,497 12,536,173
Internal Service Funds 165,961,126 13,949,155
Construction in Progress 15,620,930 20,405,186
Accumulated Depreciation/Amortization (404,259,056) (31,731,910)
Total General Capital Assets $ 488,386,222 $ 55,510,058
-166- Schedule 85 Page 2 of 2
General Transfers Deductions/ Capital Assets In Out Disposals June 30, 2020
$ 2,756,814 $ $ 18,221 $ 12,220,973 56,891 2,756,814 18,221 12,277,864
1,520,644 186,199 18,801,750 319,326 56,407,746 1,520,644 505,525 75,209,496
445,186,555 19,965 5,814,061 19,965 451,000,616
1,012,100
158,709 121,443 37,600,410
158,709 2,756,814 22,302 149,423,748 5,481 5,481 35,213,034 158,709 2,756,814 27,783 184,636,782
6,292,113 173,618,168
10,833,504 25,192,612
513,937 6,639,268 (428,837,761)
$ 2,915,523 $ 3,922,230 $ 11,179,286 $ 531,710,287
-167- Schedule 86 Page 1 of 2 Schedule of Long-Term Debt - at Par June 30, 2020 Original Original Issue Issue Final Interest Date Description Par Amount Maturity Rates
GENERAL OBLIGATION BONDS 11/02/10 Public Improvement Series 2010 BABs Taxable $ 24,000,000 11/01/2031 3.30-5.00 02/27/12 Public Improvement Series 2012A Tax Exempt 10,000,000 03/01/2032 2.00-3.00 02/06/14 Public Improvement Series 2014A Tax Exempt 13,630,000 02/06/2034 2.00-5.00 02/06/14 Public Improvement Series 2014 Refunding 5,870,000 02/01/2023 3.00-4.13 10/20/16 Public Improvement Series 2016 Refunding 62,590,000 02/01/2037 2.75-5.00 10/17/18 Public Improvement Series 2018A Taxable 10,400,000 10/01/2020 2.75-2.90 10/17/18 Public Improvement Series 2018B Tax Exempt 135,360,000 10/01/2038 2.75-5.00 03/03/20 Public Improvement Series 2020A Taxable 13,440,000 04/01/2024 2.00 03/03/20 Public Improvement Series 2020B Tax Exempt 36,105,000 04/01/2040 2.00-5.00 03/31/20 Refunding Series 2020C Tax Exempt 27,035,000 02/01/2028 1.13-4.00 TOTAL GENERAL OBLIGATION BONDS
LIMITED OBLIGATION BONDS 10/07/14 Coliseum Improvements Series 2014 Tax Exempt $ 24,450,000 04/01/2040 2.00-5.00 02/14/18 Steven Tanger Center Project Series 2018 Taxable 43,450,000 02/01/2043 2.00-4.00 11/01/18 Coliseum Complex Project Series 2018A Tax Exempt 20,645,000 04/01/2044 3.25-5.00 11/01/18 Coliseum Complex Project Series 2018B Taxable 11,450,000 04/01/2031 3.32-4.31 10/29/19 Eugene Street Parking Deck Series 2019 Taxable 29,685,000 11/01/2044 1.88-3.51 02/27/20 Fire Facilities Series 2020 Tax Exempt 12,755,000 11/01/2039 2.25-5.00 TOTAL LIMITED OBLIGATION BONDS
REVENUE BONDS 12/07/06 Combined Enterprise System Series 2006 Tax Exempt $ 49,480,000 06/01/2025 4.00-5.25 06/01/12 Combined Enterprise System Series 2012A Refunding 35,185,000 06/01/2027 3.00-5.00 06/23/15 Combined Enterprise System 2015 Refunding 33,985,000 06/01/2029 3.00-5.00 02/01/16 Combined Enterprise System 2016 Refunding 29,310,000 06/01/2045 2.00-5.00 08/17/17 Combined Enterprise System 2017A Tax Exempt 64,700,000 06/01/2047 3.25-5.00 08/17/17 Combined Enterprise System 2017B Refunding 25,990,000 12/01/2030 4.00-5.00 06/25/20 Combined Enterprise System 2020A Refunding 116,290,000 06/01/2050 2.13-5.00 06/30/20 Combined Enterprise System Bond Anticipation Note 2020 85,000,000 06/30/2027 81.1% 1 Mo.LIBOR + 148 pts TOTAL REVENUE BONDS
TOTAL LONG-TERM DEBT(1)
(1) Excludes Lease Purchase and Other Financing Agreements.
-168- Schedule 86 Page 2 of 2
Total Outstanding Governmental Business-Type Par Balance Activities Activities 6/30/2020
$ 22,000,000 $ $ 22,000,000 6,000,000 6,000,000 9,525,000 9,525,000 2,225,000 2,225,000 49,340,000 49,340,000 2,650,000 2,650,000 135,360,000 135,360,000 13,440,000 13,440,000 36,105,000 36,105,000 27,035,000 27,035,000 $ 303,680,000 $ $ 303,680,000
$ 21,280,000 $ $ 21,280,000 43,450,000 43,450,000 20,645,000 20,645,000 10,455,000 10,455,000 29,685,000 29,685,000 12,755,000 12,755,000 $ 65,135,000 $ 73,135,000 $ 138,270,000
$ $ 15,595,000 $ 15,595,000 11,925,000 11,925,000 24,295,000 24,295,000 26,925,000 26,925,000 62,360,000 62,360,000 24,340,000 24,340,000 116,290,000 116,290,000 2,580,810 2,580,810 $ $ 284,310,810 $ 284,310,810
$ 368,815,000 $ 357,445,810 $ 726,260,810
-168- Schedule 87 Page 1 of 2
Schedule of Changes in General Long-Term Debt For the Fiscal Year Ended June 30, 2020
Total Debt Outstanding June 30, 2019 (a) Additions
Amount Available in Debt Service Fund for Retirement of General Obligation Bonded Debt $ 25,097,927 $
Amount to be Provided for Retirement of General Obligation Bonded Debt 277,558,490 85,370,188
Total Amount to be Provided for Retirement of General Obligation Bonded Debt 302,656,417 85,370,188
Amount Available in Special Revenue Fund for Retirement of Limited Obligation Bonds and Notes 8,604,834
Amount to be Provided for Retirement of Retirement of Limited Obligation Bonds and Notes 48,011,868 15,208,891
Total Amount to be Provided for Retirement of Retirement of Limited Obligation Bonds and Notes 56,616,702 15,208,891
Amount to be Provided for Retirement of Other Long-Term Debt: Lease-Purchase and Other Financing Agreements 19,010,142 4,385,065 Compensated Absences Payable 13,466,252 8,632,498
Total Amount to be Provided for Retirement of Other Long-Term Debt 32,476,394 13,017,563
Total Available and to be Provided $ 391,749,513 $ 113,596,642
General Long-Term Debt Payable: General Obligation Bonds/Notes Payable $ 302,656,417 $ 85,370,188
Limited Obligation Bonds Payable 56,616,702 15,208,891
Lease-Purchase and Other Financing Agreements Payable 19,010,142 4,385,065
Compensated Absences Payable 13,466,252 8,632,498
Total General Long-Term Debt Payable $ 391,749,513 $ 113,596,642
(a) Total debt outstanding is net of premiums, discounts and adjustments.
-170- Schedule 87 Page 2 of 2
Total Debt Outstanding Transfers Retirements June 30, 2020
$ (8,293,589) $ $ 16,804,338
8,293,589 59,746,164 311,476,103
59,746,164 328,280,441
(6,528,365) 2,076,469
6,528,365 1,979,655 67,769,469
1,979,655 69,845,938
5,955,957 17,439,250 7,677,975 14,420,775
13,633,932 31,860,025
$ $ 75,359,751 $ 429,986,404
$ $ 59,746,164 $ 328,280,441
1,979,655 69,845,938
5,955,957 17,439,250
7,677,975 14,420,775
$ $ 75,359,751 $ 429,986,404
-171-
Statistical Section
This part of the City of Greensboro's Comprehensive Annual Financial Report presents detailed information as a context for understanding how the information in the financial statements, note disclosures, and required supplementary information depict the government's overall financial health.
Contents Pages Financial Trends These schedules contain trend information to help the reader understand how the government's financial performance and well-being have changed over time. 173-182
Revenue Capacity These schedules contain information to help the reader assess the factors affecting the City's ability to generate its property and sales taxes. 183-192
Debt Capacity These schedules present information to help the reader assess the affordability of the City's current levels of outstanding debt and the City's ability to issue additional debt in the future. 193-201
Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place and to help make comparisons over time and with other governments. 202-205
Operating Information These schedules contain service and infrastructure data to help the reader understand how the City's financial information relates to the services the City provides and the activities it performs. 206-209
Sources: Unless otherwise noted, the information in these schedules is derived from the Comprehensive Annual Financial Report for the relevant year.
The City implemented GASB Statement No. 54 in 2011 with restatement of governmental fund information for 2010 and 2011.
-172- Table 1 Page 1 of 2
Net Position by Component Fiscal Years Ended June 30, 2011-2020 (Accrual Basis of Accounting)
Fiscal Year 2011 2012 2013 2014
Governmental Activities Net Investment in Capital Assets $ 202,602,983 $ 207,474,983 $ 215,653,276 $ 209,102,073 Restricted 55,974,271 51,901,619 60,218,088 60,295,972 Unrestricted 113,847,542 103,278,577 85,190,027 88,992,802
Total Governmental Activities Net Position 372,424,796 362,655,179 361,061,391 358,390,847
Business-Type Activities Net Investment in Capital Assets 472,354,660 501,328,839 514,994,728 519,504,075 Restricted 38,553,090 31,374,864 62,152,102 63,104,062 Unrestricted 53,368,335 55,163,882 44,480,289 56,681,844
Total Business-Type Activities Net Position 564,276,085 587,867,585 621,627,119 639,289,981
Primary Government Net Investment in Capital Assets 674,957,643 708,803,822 730,648,004 728,606,148 Restricted 94,527,361 83,276,483 122,370,190 123,400,034 Unrestricted 167,215,877 158,442,459 129,670,316 145,674,646
Total Primary Government Net Position $ 936,700,881 $ 950,522,764 $ 982,688,510 $ 997,680,828
-173- Table I Page 2 of 2
2015 2016 2017 2018 2019 2020
$ 215,310,883 $ 212,860,955 $ 227,076,680 $ 225,021,972 $ 217,997,394 $ 230,444,988 84,598,294 92,783,655 91,364,353 94,809,416 104,822,909 142,759,544 56,751,213 54,190,392 16,872,934 (70,689,014) (86,837,164) (120,205,150)
356,660,390 359,835,002 335,313,967 249,142,374 235,983,139 252,999,382
534,544,278 557,321,077 588,122,791 611,258,805 721,373,696 757,818,115 67,332,109 72,775,415 77,760,390 82,236,722 75,828,759 87,301,447 65,525,830 63,109,734 62,911,878 34,433,187 32,884,698 40,003,682
667,402,217 693,206,226 728,795,059 727,928,714 830,087,153 885,123,244
749,855,161 770,182,032 815,199,471 836,280,777 939,371,090 988,263,103 151,930,403 165,559,070 169,124,743 177,046,138 180,651,668 230,060,991 122,277,043 117,300,126 79,784,812 (36,255,827) (53,952,466) (80,201,468)
$ 1,024,062,607 $ 1,053,041,228 $ 1,064,109,026 $ 977,071,088 $ 1,066,070,292 $ 1,138,122,626
-174- Table II Page 1 of 2
Changes in Net Position Expenses, Program Revenues, and Net (Expenses)/Revenue Fiscal Years Ended June 30, 2011-2020 (Accrual Basis of Accounting)
Fiscal Year 2011 2012 2013 2014
Expenses Governmental Activities: General Government $ 26,158,923 $ 25,606,726 $ 21,374,250 $ 25,382,641 Public Safety 121,633,245 121,314,588 128,041,061 134,456,434 Transportation 9,432,740 13,549,323 18,753,985 19,370,897 Engineering and Building Maintenance 21,746,206 23,225,041 13,568,597 13,664,330 Field Operations 34,104,747 34,630,016 33,872,292 33,200,755 Environmental Services 1,012,670 884,061 478,386 614,170 Culture and Recreation 33,774,639 32,351,034 44,112,299 43,876,321 Neighborhood Development 11,185,952 12,174,736 10,520,306 10,087,906 Economic Opportunity 4,664,906 4,867,034 5,668,759 6,478,755 Interest, Fees on Long Term Debt 7,313,978 6,495,185 6,989,949 5,756,910
Total Governmental Activities Expenses 271,028,006 275,097,744 283,379,884 292,889,119
Business-Type Activities: Water Operations 39,505,203 43,318,389 41,577,441 41,991,740 Sewer Operations 39,197,428 44,255,951 41,528,772 41,984,211 Stormwater Management 8,888,164 9,844,091 8,852,832 8,858,054 Coliseum Operations 21,572,835 25,786,481 31,612,821 33,064,421 Solid Waste Management 15,735,600 18,052,042 13,915,642 13,545,300 Greensboro Transit Advisory Commission Parking Facilities 1,682,342 2,155,509 2,181,871 2,148,446 Total Business-Type Activities 126,581,572 143,412,463 139,669,379 141,592,172
Total Primary Government Expenses 397,609,578 418,510,207 423,049,263 434,481,291
Program Revenues Governmental Activities: Charges for Services: General Government 9,872,587 10,139,422 8,804,261 14,898,155 Public Safety 8,344,025 8,743,726 14,294,375 7,132,307 Transportation 915,180 1,172,160 1,504,580 1,543,004 Engineering and Building Maintenance 3,098,205 2,723,437 1,985,132 2,708,040 Field Operations 7,872,230 7,539,077 7,121,918 8,171,505 Environmental Services 420,276 42,000 47,000 47,000 Culture and Recreation 5,080,135 4,560,646 4,447,956 2,922,198 Neighborhood Development 799,981 1,185,892 1,504,758 3,729,978 Economic Opportunity 111,737 113,621 111,568 Operating Grants and Contributions 29,870,515 32,725,006 28,888,664 25,711,965 Capital Grants and Contributions 3,308,412 9,634,814 2,544,148 4,470,962
Total Governmental Activities Program Revenues 69,581,546 78,577,917 71,256,413 71,446,682
Business-Type Activities: Charges for Services: Water Operations 55,057,357 43,620,000 55,643,238 45,649,201 Sewer Operations 57,029,368 46,622,711 58,262,231 50,222,296 Stormwater Management 9,923,499 9,858,630 9,767,951 9,798,287 Coliseum Operations 18,108,379 20,155,776 18,376,930 16,626,162 Solid Waste Management 12,139,875 12,361,188 11,252,431 12,140,403 Greensboro Transit Advisory Commission Parking Facilities 2,087,313 2,118,941 2,292,195 Operating Grants and Contributions Capital Grants and Contributions 2,129,700 2,503,904 15,192,795 13,444,955 Total Business-Type Activities Program Revenues 156,475,491 137,241,150 170,787,771 149,793,755
Total Primary Government Revenues 226,057,037 215,819,067 242,044,184 221,240,437
Net (Expense) Revenues Total Primary Government Net Expenses $ (171,552,541) $ (202,691,140) $ (181,005,079) $ (213,240,854)
-175- Table II Page 2 of 2
2015 2016 2017 2018 2019 2020
$ 23,344,904 $ 24,891,783 $ 23,520,137 $ 25,624,860 $ 23,526,208 $ 27,958,495 130,122,705 139,582,738 145,818,985 148,796,396 149,604,819 157,912,517 16,963,421 22,712,727 23,854,185 25,864,616 33,173,465 27,749,651 15,074,129 15,641,909 16,708,113 17,256,271 16,392,115 15,737,778 33,341,199 33,524,708 35,460,734 36,154,441 37,712,886 38,896,306 429,681 659,960 141,120 98,807 203,990 24,522 31,937,351 30,900,864 33,166,935 37,417,979 35,832,943 37,732,387 8,386,830 8,721,998 5,632,049 7,049,959 10,632,403 6,095,644 6,465,912 8,659,082 7,800,130 6,928,079 8,290,379 8,253,264 5,583,287 5,353,607 6,912,938 6,331,443 10,974,782 11,160,574
271,649,419 290,649,376 299,015,326 311,522,851 326,343,990 331,521,138
41,181,487 45,730,742 46,530,083 51,505,994 51,968,201 56,265,333 40,124,719 43,204,926 45,735,043 51,337,067 53,989,561 51,831,233 8,533,475 8,550,444 9,237,960 9,739,878 9,713,405 10,570,698 33,930,527 26,209,548 32,619,169 32,550,381 37,861,672 45,529,269 12,883,944 14,467,928 13,622,929 12,625,866 13,979,283 14,481,292 27,598,123 28,576,213 2,350,339 3,409,082 2,951,230 2,599,692 2,801,565 2,532,664 139,004,491 141,572,670 150,696,414 160,358,878 197,911,810 209,786,702
410,653,910 432,222,046 449,711,740 471,881,729 524,255,800 541,307,840
12,059,922 7,862,858 10,017,288 11,113,911 9,297,879 9,708,787 8,457,292 8,065,025 9,280,080 8,758,634 8,648,821 6,369,337 1,226,002 1,135,911 5,618,292 6,095,366 6,150,839 1,992,915 2,797,506 2,843,065 1,684,150 1,762,626 1,703,433 4,304,895 7,152,895 7,015,823 6,620,078 7,009,565 5,857,572 7,475,799 455,282 553,227 484,649 516,953 691,451 682,549 2,960,037 2,917,048 2,988,038 2,975,402 3,063,465 4,576,234 828,207 326,067 176,306 285,036 118,349 114,912 117,253 542,598 91,910 33,321 31,749 21,502,466 23,857,649 22,572,778 20,391,139 21,096,423 23,541,113 4,185,795 3,938,283 18,647,295 13,028,560 6,563,624 19,737,378
61,740,316 58,632,209 78,631,552 72,029,102 63,106,828 78,539,105
50,021,520 52,190,551 54,216,578 56,950,061 58,090,821 58,896,069 54,120,793 56,328,824 58,784,050 61,130,021 62,688,768 63,582,176 9,815,623 9,591,310 9,686,669 10,011,215 9,897,486 10,163,516 28,495,534 18,163,472 23,582,188 23,938,373 29,687,289 30,867,027 11,493,834 13,391,867 12,616,110 10,669,680 12,618,701 12,240,582 3,039,357 2,412,658 2,010,212 2,380,774 2,399,536 2,838,356 3,237,112 3,302,276 4,419,941 4,537,870 3,309,769 4,386,946 7,538,237 4,086,812 9,930,461 48,759,714 159,267,285 156,433,744 168,823,368 169,624,518 193,609,936 234,761,888
221,007,601 215,065,953 247,454,920 241,653,620 256,716,764 313,300,993
$ (189,646,309) $ (217,156,093) $ (202,256,820) $ (230,228,109) $ (267,539,036) $ (228,006,847)
-176- Table III Page 1 of 2
Changes in Net Position General Revenues and Total Changes in Net Position Fiscal Years Ended June 30, 2011-2020 (Accrual Basis of Accounting)
Fiscal Year 2011 2012 2013 2014
Net (Expenses)/Revenue Total Primary Government Net Expense $ (171,552,541) $ (202,691,140) $ (181,005,079) $ (213,240,854)
General Revenues and Other Changes in Net Position Governmental Activities: Property Tax 144,937,075 146,527,315 148,636,779 152,715,416 Local Option Sales Tax 36,679,574 38,727,451 38,457,781 40,520,689 Vehicle Gross Receipts Tax 213,067 223,840 227,569 255,204 Motor Vehicle Tax Hotel/Motel Occupancy Tax 2,838,994 3,001,624 3,312,578 3,476,532 Electric Utility Sales Tax 8,837,828 9,060,321 9,623,955 9,867,248 Piped Natural Gas SalesTax 1,868,357 1,526,766 1,886,075 1,966,696 Telecommunications Sales Tax 7,877,205 7,586,286 7,273,612 7,001,819 Video Programming Services Tax Sales Tax Hold Harmless 1,410,317 814,646 257,782 329,297 Beer and Wine Tax 1,182,428 1,170,117 1,098,983 1,203,143 Payment in Lieu of Taxes 81,222 94,691 29,991 ABC Profit Distribution 2,442,997 2,923,942 3,252,345 3,076,125 Intergovernmental - unrestricted 126,648 96,312 81,353 72,968 Grants and Contributions-Non Program Specific Investment Income 1,958,935 2,011,101 658,701 2,843,048 Miscellaneous 873,218 837,424 514,596 905,792 Transfers In (Out) (4,329,757) (5,763,264) (4,350,491) (5,462,084)
Total Governmental Activities 206,998,108 208,838,572 210,961,609 218,771,893
Business-Type Activities: Property Tax Sales Tax Allocation Motor Vehicle Tax Investment Income (Loss) 1,237,085 962,865 (530,689) 1,876,297 Miscellaneous 1,729,210 948,322 1,151,083 2,122,898 Transfers In (Out) 4,329,757 5,763,264 4,350,491 5,462,084
Total Business-Type Activities 7,296,052 7,674,451 4,970,885 9,461,279
Total General Revenues and Transfers 214,294,160 216,513,023 215,932,494 228,233,172
Change in Net Position Total Primary Government $ 42,741,619 $ 13,821,883 $ 34,927,415 $ 14,992,318
-177- Table III Page 2 of 2
2015 2016 2017 2018 2019 2020
$ (189,646,309) $ (217,156,093) $ (202,256,820) $ (230,228,109) $ (267,539,036) $ (228,006,847)
151,609,854 154,143,618 156,027,395 164,208,659 167,269,868 179,387,017 44,713,374 47,442,711 50,242,614 52,624,601 56,704,224 55,857,799 281,644 317,027 336,941 346,464 382,624 343,809 1,034,859 5,164,117 3,868,549 3,905,980 4,075,208 4,240,379 4,684,823 3,601,730 15,902,993 16,894,306 16,177,281 16,333,362 17,360,679 16,813,088 1,307,704 952,353 1,028,488 1,323,996 1,252,904 1,022,548 6,909,748 6,175,654 6,163,499 5,819,636 5,419,150 4,837,203
1,329,004 1,235,242 1,280,233 1,231,566 1,245,218 1,257,226 135,502 86,280 106,660 109,759 526,660 3,412,322 3,634,041 3,773,528 3,850,646 4,530,893 4,902,116 70,796 53,983 53,405 54,817 48,817 42,825
2,225,932 2,436,909 1,445,671 1,767,665 7,891,005 5,103,495 2,263,036 1,155,859 1,453,642 1,177,178 1,022,419 2,230,342 (6,040,011) (3,650,495) (14,855,691) (7,164,509) (19,296,216) (10,565,039)
227,990,447 234,783,468 227,308,874 245,924,219 250,077,927 269,998,276
9,701,626 9,921,648 2,522,000 1,351,187 1,040,390 1,470,264 1,963,029 832,765 1,909,232 6,410,826 4,308,221 3,489,212 5,329,411 1,773,423 664,865 11,931,648 1,703,607 6,040,011 3,650,495 14,855,691 7,164,509 19,296,216 10,565,039
10,999,487 10,942,935 17,461,879 9,738,606 48,691,503 30,060,905
238,989,934 245,726,403 244,770,753 255,662,825 298,769,430 300,059,181
$ 49,343,625 $ 28,570,310 $ 42,513,933 $ 25,434,716 $ 31,230,394 $ 72,052,334
-178- Table IV Page 1 of 2
Fund Balances, Governmental Funds Fiscal Years Ended June 30, 2011-2020 (Modified Accrual Basis of Accounting)
Fiscal Year 2011 2012 2013 2014
General Fund Reserved Unreserved Non-Spendable $ 1,143,729 $ 1,261,147 $ 1,242,391 $ 1,154,837 Restricted 22,308,495 22,301,514 23,055,872 25,387,188 Committed Assigned 9,865,430 11,983,992 9,139,957 11,057,381 Unassigned 22,447,490 22,822,841 22,813,139 23,349,691 Total General Fund $ 55,765,144 $ 58,369,494 $ 56,251,359 $ 60,949,097
All Other Governmental Funds Reserved Unreserved, Reported In: Special Revenue Funds Capital Projects Funds Debt Service Funds Non-Spendable $ 2,273,203 $ 2,311,914 $ 2,353,759 $ 2,397,853 Restricted 52,065,605 31,702,933 26,922,844 20,473,723 Committed 2,856,673 3,482,666 3,872,082 4,207,333 Assigned 10,614,644 8,853,963 5,993,964 7,623,850 Unassigned (5,047,393) (3,366,835) (8,301,225) (6,752,220) Total All Other Governmental Funds $ 62,762,732 $ 42,984,641 $ 30,841,424 $ 27,950,539
Note: The City began to report restated fund balances for 2010 with the implementation of GASB Statement No. 54. The change in the classifications of fund balance is discussed in Management's Discussion and Analysis and the notes to the financial statements.
-179- Table IV Page 2 of 2
2015 2016 2017 2018 2019 2020
$ 1,678,571 $ 1,200,738 $ 1,246,576 $ 1,217,719 $ 1,588,976 $ 1,372,407 26,634,981 28,002,098 28,346,163 28,775,095 32,000,861 32,262,485 6,365,576 14,779,962 16,804,307 14,246,806 12,448,525 9,823,369 10,746,071 23,817,900 24,800,440 25,758,348 26,258,531 27,451,865 27,665,900 $ 66,911,414 $ 77,173,159 $ 69,597,893 $ 68,699,870 $ 70,865,071 $ 72,046,863
$ 2,440,218 $ 2,482,021 $ 2,523,056 $ 2,577,191 $ 2,527,236 $ 2,582,813 42,353,206 41,824,624 53,325,309 58,447,896 124,547,528 153,450,183 6,211,374 5,464,712 8,391,866 10,266,112 12,010,113 6,242,384 10,753,853 15,642,101 21,469,626 26,945,782 32,339,358 31,206,282 (4,627,746) (7,473,122) (11,076,614) (6,531,197) (4,294,750) (21,302,399) $ 57,130,905 $ 57,940,336 $ 74,633,243 $ 91,705,784 $ 167,129,485 $ 172,179,263
-180- Table V Page 1 of 2
Changes in Fund Balances, Governmental Funds Fiscal Years Ended June 30, 2011-2020 (Modified Accrual Basis of Accounting)
Fiscal Year 2011 2012 2013 2014
Revenues Taxes $ 184,148,620 $ 187,893,049 $ 189,733,946 $ 198,282,125 Assessments 141,068 16,669 12,537 13,506 Intergovernmental 56,630,157 58,929,767 52,386,356 52,295,930 Licenses and Permits 6,356,164 6,556,073 6,817,496 6,652,734 Fines and Forfeitures 1,553,735 1,474,556 1,977,484 1,743,381 Charges for Current Services 23,483,628 23,147,373 23,426,515 21,052,499 Investment Income 1,225,943 1,498,778 1,102,192 1,818,499 Miscellaneous 3,624,088 3,562,884 5,369,484 6,208,236 Total Revenues 277,163,403 283,079,149 280,826,010 288,066,910
Expenditures Current: General Government 24,031,524 23,187,727 18,342,235 21,919,926 Public Safety 113,829,736 113,392,924 120,265,097 123,142,456 Transportation 5,036,501 8,469,754 13,913,240 13,759,835 Engineering and Building Maintenance 21,024,528 21,837,270 12,730,254 12,852,760 Field Operations 34,080,164 34,605,433 33,845,352 33,167,344 Environmental Services 1,011,909 879,887 496,519 670,585 Culture and Recreation 30,890,582 28,977,862 28,665,340 28,321,107 Neighborhood Development 11,685,605 12,705,079 10,852,654 10,664,084 Economic Opportunity 4,692,662 4,794,271 5,522,475 6,457,603 Intergovernmental 1,703,911 1,632,793 1,701,822 1,888,527 Capital Outlay 22,002,797 20,117,422 20,805,722 15,214,869 Debt Service: Principal Retirement 19,941,595 19,350,990 18,321,092 15,210,487 Interest 6,126,685 6,639,669 7,173,100 5,641,431 Fees/Arbitrage Rebates 502,571 296,211 398,353 423,946 Total Expenditures 296,560,770 296,887,292 293,033,255 289,334,960
Excess of Revenues Over (Under) Expenditures (19,397,367) (13,808,143) (12,207,245) (1,268,050)
Other Financing Sources (Uses) Debt Issuances: General Obligation Bonds 49,505,000 10,000,000 19,500,000 General Obligation BANS 310,000 5,458,524 2,990,718 Refunding Bonds Limited Obligation Bonds/BANs Premium, (Discount) on Debt 4,826,862 152,180 Proceeds of Capitalized Leases Federal Loan Program 378,000 Transfers In 29,051,887 32,675,924 31,986,892 28,042,605 Ban Retirement (3,745,000) (5,768,524) Transfers Out (35,116,087) (40,842,078) (39,499,523) (37,515,829) Payment to Escrow Agent for Refunded Debt (17,843,191) (6,735,337) Total Other Financing Sources (Uses) 27,057,471 2,296,026 (2,054,107) 513,633
Net Change in Fund Balances $ 7,660,104 $ (11,512,117) $ (14,261,352) $ 513,633
Debt Service as a Percentage of Noncapital Expenditures 9.49% 9.39% 9.37% 7.61%
-181- Table V Page 2 of 2
2015 2016 2017 2018 2019 2020
$ 201,573,624 $ 206,582,259 $ 211,147,915 $ 221,901,851 $ 229,191,371 $ 239,341,537 1,410 8,247 953 55,031,166 55,388,556 52,613,376 54,571,310 56,923,120 60,949,727 6,803,591 4,390,773 4,281,430 4,192,073 3,683,537 4,169,072 2,211,438 1,864,116 2,019,877 1,756,927 1,896,318 1,945,934 21,896,358 19,919,398 24,204,933 25,997,545 25,177,520 26,626,110 1,461,231 1,765,388 1,274,993 1,499,914 5,798,602 4,302,308 4,216,335 3,716,353 4,619,539 5,343,052 4,302,840 5,066,382 293,195,153 293,635,090 300,163,016 315,262,672 326,973,308 342,401,070
20,576,453 22,309,954 21,312,210 22,206,431 21,690,617 25,467,466 124,392,909 126,161,699 128,622,392 132,403,711 135,571,469 139,638,291 11,485,083 16,729,929 17,261,722 18,796,525 25,859,803 49,619,566 14,514,592 14,759,223 15,624,399 16,094,437 15,583,310 14,748,479 33,732,859 33,494,216 34,952,060 35,224,790 37,426,292 38,058,195 428,027 656,831 138,194 101,411 207,579 32,615 28,276,603 27,105,089 28,328,706 30,834,007 31,192,322 51,663,170 9,271,971 9,267,525 6,130,725 7,490,605 11,156,464 7,076,196 6,537,320 8,622,522 7,723,808 6,894,254 8,325,104 8,291,898 1,993,939 2,032,220 2,042,687 2,174,038 2,055,904 2,250,906 13,674,963 19,468,966 28,558,351 23,782,654 27,528,689 10,382,372
14,483,519 12,260,844 12,512,462 14,837,666 15,048,932 23,586,068 6,115,810 6,192,385 6,459,003 7,731,436 10,364,500 12,980,306 280,266 309,589 409,222 226,730 828,272 481,013 285,764,314 299,370,992 310,075,941 318,798,695 342,839,257 384,276,541
7,430,839 (5,735,902) (9,912,925) (3,536,023) (15,865,949) (41,875,471)
62,590,000 147,119,042 76,580,000 10,644,645 17,387,644 37,474,308 32,124,607 5,335,000 24,450,000 1,057,318 10,265,798 26,760,000 12,755,000 1,587,051 10,276,032 41,668 11,455,963 11,244,080 566,690 3,578,000 30,522,384 32,660,368 32,497,178 36,974,598 33,445,794 37,875,553
(40,920,877) (40,677,877) (55,152,033) (51,791,232) (59,841,428) (55,787,592) (27,578,000) (72,555,141) (71,386,210) (34,560,000) 2,283,203 10,427,453 25,396,142 17,349,641 93,454,851 48,107,041
$ 9,714,042 $ 4,691,551 $ 15,483,217 $ 13,813,618 $ 77,588,902 $ 6,231,570
7.57% 6.59% 6.74% 7.65% 8.06% 9.78%
-182- Table VI
Tax Revenues By Source, Governmental Funds (a) Fiscal Years Ended June 30, 2011-2020 (Modified Accrual Basis of Accounting)
Fiscal Local Rental Year Ad Valorem Option Hotel/Motel Vehicle Gross Ended Property Tax Sales Tax Occupancy Tax Receipts Tax Total
2011 $ 144,416,985 $ 36,679,574 $ 2,838,994 $ 213,067 $ 184,148,620
2012 145,940,134 38,727,451 3,001,624 223,840 187,893,049
2013 147,736,018 38,457,781 3,312,578 227,569 189,733,946
2014 154,029,700 40,520,689 3,476,532 255,204 198,282,125
2015 152,710,057 44,713,374 3,868,549 281,644 201,573,624
2016 154,916,541 47,442,711 3,905,980 317,027 206,582,259
2017 156,493,152 50,242,614 4,075,208 336,941 211,147,915
2018 164,690,407 52,624,601 4,240,379 346,464 221,901,851
2019 167,419,700 56,704,224 4,684,823 382,624 229,191,371
2020 179,538,199 55,857,799 3,601,730 343,809 239,341,537
2011-2020 24.3% 52.3% 26.9% 61.4% 30.0%
Notes: (a) Includes General and Special Revenue Funds.
-183- Table VII
Schedule of Ad Valorem Taxes Receivable For the Fiscal Year Ended June 30, 2020
Uncollected Uncollected Balance Collections Balance Fiscal Year 6/30/2019 Additions And Credits 6/30/2020 2019-2020 $ - $ 195,494,193 $ 194,247,239 $ 1,246,954 2018-2019 1,248,849 659,569 589,280 2017-2018 503,639 193,906 309,733 2016-2017 338,912 112,853 226,059 2015-2016 246,660 56,738 189,922 2014-2015 190,855 35,086 155,769 2013-2014 427,137 33,942 393,195 2012-2013 566,029 31,685 534,344 2011-2012 424,218 20,968 403,250 2010-2011 351,178 11,746 339,432 2009-2010 359,451 359,451 $ 4,656,928 $ 195,494,193 $ 195,763,183 4,387,938
Less: allowance for uncollectibel accounts: General and other funds 329,999
Ad valorem taxes receivable - net $ 4,057,939
Reconciliation to revenues: Ad valorem taxes - General Fund $ 176,686,657 Other funds 18,219,598 Tax Districts 805,088 Reconciling items: Interest collected (408,059) Discounts adjustments/releases allowed 100,448 Taxes written off 359,451 Subtotal 51,840 Total collections and credits $ 195,763,183
-184-
Table VIII
Analysis of Current Tax Levy For the Fiscal Year Ended June 30, 2020
Total Levy Property Excluding City - Wide Registered Registered Property Basic Total Motor Motor Valuation Rate Levy Vehicles Vehicles
Original Levy: Property taxed at current year's rate $ 28,778,986,717 0.6625$ $ 190,660,787 $ 175,651,399 $ 15,009,388 Vehicle fee 6,250,253 6,250,253 Business Improvement District .0800 784,814 769,936 14,878 Historic Districts .0500/.0100 43,209 41,208 2,001 Total 28,778,986,717 197,739,063 176,462,543 21,276,520
Discoveries Prior year taxes 691,664,982 Various 243,077 242,987 90 Total 691,664,982 243,077 242,987 90
Abatements 375,539,170 2,487,947 2,479,947 8,000
Total property valuation $ 29,095,112,529
Net levy 195,494,193 174,225,583 21,268,610
Uncollected taxes at June 30, 2020 1,246,954 1,180,678 66,276
Current year's taxes collected $ 194,247,239 $ 173,044,905 $ 21,202,334
Current levy collection percentage 99.36% 99.32% 99.69%
-185- Table IX Page 1 of 2
Assessed Value and Estimated Actual Value of All Taxable Property Fiscal Years Ended June 30, 2011-2020
Fiscal Total Year Tax Real Personal Corporate Assessed Ended Year (b) Property Property Excess Value (a)
2011 2010 $ 19,741,417,184 $ 3,958,200,231 $ 520,167,824 $ 24,219,785,239
2012 2011 19,878,341,347 4,071,363,605 506,765,998 24,456,470,950
2013 2012 19,870,291,980 4,275,378,062 515,306,095 24,660,976,137
2014 2013 19,933,608,147 4,967,852,010 521,626,023 25,423,086,180
2015 2014 20,085,442,933 4,635,287,567 552,000,244 25,272,730,744
2016 2015 20,261,492,234 4,791,348,871 617,692,366 25,670,533,471
2017 2016 20,485,403,901 4,953,350,708 637,062,943 26,075,817,552
2018 2017 21,906,898,824 4,928,328,300 671,031,499 27,506,258,623
2019 2018 22,161,110,873 5,093,648,459 688,080,299 27,942,839,631
2020 2019 22,830,973,771 5,545,733,397 718,405,361 29,095,112,529
(a) The City's property tax is levied each July 1 on the assessed value listed as of the prior January 1 for all real and personal property located within the City, other than motor vehicles. Assessed valuations are established by Guilford County at 100% of estimated market value for real property and 100% of actual value for personal property. Public service company (corporate excess) property is certified by the State of North Carolina at 100% of actual value, with no distinction between real and personal property values. Property taxes on registered motor vehicles are collected by the State of North Carolina at time of vehicle registration or within sixty days if the vehicle is purchased from a registered dealer. Collections are then remitted to Guilford County for subsequent distribution to the City.
(b) A revaluation of real property is required by North Carolina General Statutes at least every eight years. In February 2014 the Board of County Commissioners of Guilford County approved a change in revaluation cycle from eight to five years. The last revaluation was completed for tax year 2017, effective in FY2018. The next revaluation will occur in 2022.
(c) Total direct tax rate is a weighted average rate of all types of City of Greensboro tax rates, based on the applicable portion of the taxable property assessed.
-186- Table IX Page 2 of 2
Total Estimated Direct Actual Tax Taxable Rate (c) Value
$.6300 $ 24,219,785,239
.6325 24,456,470,950
.6325 24,660,976,137
.6325 25,423,086,180
.6325 25,272,730,744
.6325 25,670,533,471
.6325 26,075,817,552
.6325 27,506,258,623
.6325 27,942,839,631
.6625 29,095,112,529
-187-
Table X
Direct and Overlapping Property Tax Rates Fiscal Years Ended June 30, 2011-2020
City of Greensboro Direct Rates Overlapping Rates Special Tax Districts Fiscal Housing Economic Total College Hill Dunleath Business Year General Transit Partnership Development Direct Historic Historic Improvement Guilford Ended Fund Fund Fund Fund Rate District District District County
2011 $.5905 $.0350 $.0070 $ $.6325 $.0500 $.0500 $.0900 $.7374
2012 .5918 .0337 .0070 .6325 .0100 .0500 .0900 .7824
2013 .5897 .0334 .0069 .0025 .6325 .0100 .0500 .0800 .7804
2014 .5872 .0334 .0069 .0050 .6325 .0100 .0500 .0800 .7700
2015 .5872 .0334 .0069 .0050 .6325 .0100 .0500 .0800 .7700
2016 .5872 .0334 .0069 .0050 .6325 .0100 .0500 .0800 .7600
2017 .5856 .0350 .0069 .0050 .6325 .0100 .0500 .0800 .7550
2018 .5856 .0350 .0069 .0050 .6325 .0100 .0500 .0800 .7305
2019 .5856 .0350 .0069 .0050 .6325 .0100 .0500 .0800 .7305
2020 .6156 .0350 .0069 .0050 .6625 .0100 .0500 .0800 .7305
Tax Rate Limits: The Property Tax Rate for units of local government is limited to a combined rate of $1.50 per $100 of assessed value of property subject to taxation. This limit may be raised if approved by voter referendum. No limit is imposed on debt service.
Due Date for Current Taxes: September 1, other than taxes on motor vehicles which become due when vehicles are registered (per staggered monthly registration system). On July 1, 2013, the statewide Tag and Tax Together system began. This requires the taxpayer to pay property tax on a motor vehicle at the point of registration or to pay within sixty days if the vehicle is purchased from a registered dealer.
Date Taxes Become Delinquent: January 6
Penalty for Delinquent Taxes: On or after January 6, and before February 1, interest at the rate of 2% is added to the tax. On or after February 1, in addition to the 2%, interest at the rate of 3/4% per month shall be added to the tax.
Discounts Allowed: City of Greensboro - 1% of the tax levy for ad valorem tax paid prior to September 1. The Discount amounted to $1,062,015.37 for 2020. In FY 2015, Guilford County reduced their discount to 0.50%.
Procedures for Collecting Garnishment, levy, attachment and foreclosure. Delinquent Taxes:
Sources: City of Greensboro Adopted Budget Guilford County Adopted Budget
-188- Table XI Page 1 of 2
Principal Property Taxpayers Fiscal Years Ended June 30, 2011-2020
2020 Percentage of Taxable Total City Type of Current Assessed Taxable Assessed Taxpayer Business Year's Tax Value Rank Value (a)
Koury Corporation Real Estate Development $ 2,078,765 $ 313,775,847 1 1.08% Proctor & Gamble Mfg. Co. Consumer Goods Company 1,887,430 284,895,137 2 0.98 Lincoln National Life Insurance Insurance 1,859,270 280,644,575 3 0.96 Duke Energy Corporation Electric Utility 1,822,658 275,118,141 4 0.95 ITG Brands LLC (Lorillard Tobacco Co) Tobacco Manufacturing 1,756,992 265,206,296 5 0.91 CBL, LLC Real Estate Development 1,122,814 169,481,400 6 0.58 VF Corp / Wrangler Apparel Company 1,111,009 167,699,439 7 0.58 Time Warner Cable Southwest LLC Entertainment Service 917,946 138,557,877 8 0.48 Qorvo Inc (RF Micro Devices) Semiconductor Company 830,244 125,319,842 9 0.43 Wal-Mart Stores Inc. Retail 820,695 123,878,545 10 0.43 Colonial Pipeline Co. Petroleum Carrier 679,519 102,568,947 11 0.35 TF Connectivity Ltd. (TYCO) Technology Company 637,703 96,257,119 12 0.33 GGP Four Seasons LLC Real Estate Development 599,323 90,463,800 13 0.31 Highwoods/Forsyth Ltd. Real Estate Development 568,432 85,801,000 14 0.29 Harris-Teeter Food Distribution 550,665 83,119,282 15 0.29 Ecolab Inc. Energy Technology 504,282 76,118,062 16 0.26 Greensboro Auto Auction Auction Company 454,097 68,542,942 17 0.24 Evonik Stockhausen, Inc. Specialty Chemicals 444,788 67,137,835 18 0.23 Piedmont Natural Gas Natural Gas Ultility 441,740 66,677,706 19 0.23 Elite Street Capital Lincoln Green Real Estate Investment 426,024 64,305,500 20 0.22
Koury Venures LTD Real Estate Development BellSouth Service Communications Cellco Partnership/Verizon Service Communications Syngenta (Novartis, CIBA) Research & Development
Totals $ 2,945,569,292 10.12%
(a) Total Fiscal Year 2020 Taxable Assessed Value is $29,095,112,529 (b) Total Fiscal Year 2011 Taxable Assessed Value was $24,219,785,239
Source: Guilford County Tax Department
-189- Table XI Page 2 of 2
2011 Percentage of Total City Taxable Taxable Assessed Assessed Value Rank Value (b)
$ 276,394,628 2 1.14% 173,352,050 5 0.72 100,780,567 11 0.42 183,934,279 4 0.76 280,789,617 1 1.16 200,622,337 3 0.83 57,645,916 19 0.24 56,650,646 20 0.23 135,203,960 6 0.56 72,539,835 14 0.30 75,304,024 13 0.31 125,535,410 8 0.52 122,172,009 9 0.50 126,917,100 7 0.52 64,950,455 16 0.27
63,269,851 17 0.26
103,248,664 10 0.43 100,425,607 12 0.41 66,976,882 15 0.28 59,865,127 18 0.25
$ 2,446,578,964 10.10%
-190- Table XII Page 1 of 2
Property Tax Levies and Collections Fiscal Years Ended June 30, 2011-2020
Fiscal Collected within the Year Taxes Levied Total Fiscal Year of the Levy Ended for the Net Levy Adjusted Percentage June 30 Fiscal Year Adjustment Levy Collections of Levy
2011 $ 154,962,758 $ (116,781) $ 154,845,977 $ 151,731,679 97.99%
2012 156, 403,718 (164,265) 156,239,453 152,776,019 97.78
2013 158,443,511 (738,258) 157,705,253 154,265,612 97.82
2014 163,806,514 (566,790) 163,239,724 161,437,040 98.90
2015 162,208,900 (174,385) 162,034,515 160,861,695 99.28
2016 164,585,165 (52,800) 164,532,365 163,405,988 99.32
2017 170,341,307 (114,771) 170,226,536 169,227,159 99.41
2018 180,055,588 (254,273) 179,801,315 178,976,217 99.54
2019 183,289,915 (62,157) 183,227,758 182,041,066 99.35
2020 195,494,193 195,494,193 194,247,239 99.36
-191- Table XII Page 2 of 2
Collections Total Collections to Date in Subsequent Percentage Years Amount of Levy
$ 2,768,694 $ 154,500,373 99.78%
3,054,357 155,830,376 99.74
2,878,987 157,144,599 99.64
1,365,810 162,802,850 99.75
1,009,779 161,871,474 99.90
928,159 164,334,147 99.88
762,455 169,989,614 99.86
515,365 179,491,582 99.83
597,411 182,638,477 99.68
194,247,239 99.36
-192- Table XIII Page 1 of 2
Ratios of Outstanding Debt by Type Fiscal Years Ended June 30, 2011-2020
Governmental Activities
General Limited Water and Sewer Fiscal Obligation Obligation Certificates of Revenue Year Bonds/Notes (d) Bonds/Notes (d) Participation (d) Capital Leases Other Financing Bonds/Notes (d) 2011 $ 188,895,000 $ $ 15,405,000 $ 1,777,016 $ 22,339,960 $ 249,465,000
2012 183,699,738 12,869,775 2,055,860 19,584,075 253,674,814
2013 173,760,300 12,027,243 11,351,761 3,487,101 13,831,838 239,313,214
2014 171,399,682 24,000,000 9,748,747 2,648,326 10,858,217 229,379,565
2015 168,839,802 26,037,051 6,585,733 2,626,029 9,919,195 234,128,086
2016 173,007,017 26,401,866 6,262,719 3,212,729 8,919,517 254,001,858
2017 198,400,449 35,955,161 5,929,705 15,045,445 7,824,678 260,600,590
2018 214,067,836 37,583,558 5,581,691 14,314,393 6,666,961 283,904,989
2019 302,656,417 56,616,702 13,577,742 5,432,400 292,310,262
2020 328,280,441 69,845,938 13,865,760 3,573,490 311,362,866
(a) The City of Greensboro and Guilford County entered into an agreement on August 17, 1989 for the purpose of providing protection to existing and proposed water supplies. The source of funds for property acquisition is county bond proceeds with the city reimbursing the county on a semi-annual basis on a 50/50 share of the county bond debt service for the portion of funds used to protect the city's water supply. The outstanding watershed bonds mature from 2012 through 2018. Final Maturities were prepaid in FY 2015. (b) Assessed property values, reference Table VIII. (c) Population for 2009-10 based on City of Greensboro's Planning Department estimates, 2010-11 through 2012-13 based on North Carolina Office of State Budget and Management, thereafter based on U.S. Census Bureau. (d) Reported at par value outstanding prior to 2012 and net of related premiums, discounts and adjustments, thereafter. (e) Not available for current year.
Note: Details regarding the City's Outstanding Debt can be found in the Notes to the Financial Statements, pgs. 37y-37gg.
-193- Table XIII Page 2 of 2
Business-Type Activities (cont.)
Percentage of Special Watershed Limited Actual Assessed Percentage of Obligation Bonds Protection Obligation Other Total Primary Value of Personal Per Capita (d) Bonds (a) Bonds Financing Government Property (b) Income (c) $ 8,880,000 $ 388,075 $ $ 3,651,879 $ 484,804,216 2.0% 5.3% $ 1,795
5,454,827 204,203 3,188,454 480,731,746 2.0% 5.0 1,766
4,854,127 23,129 2,708,200 461,356,913 1.8% 4.5 1,665
4,228,427 18,351 13,710,214 465,991,529 1.8% 4.5 1,666
3,585,000 13,699,246 465,420,142 1.8% 4.4 1,647
2,930,000 13,304,533 488,040,239 1.9% 4.4 1,710
2,250,000 13,015,549 539,021,577 2.1 4.6 1,878
1,535,000 43,450,000 530,212 607,634,640 2.2 4.9 2,094
785,000 43,450,000 182,904 715,011,427 2.6 5.6 2,426
73,135,000 800,063,495 2.7 N/A (e) 2,696
-194- Table XIV Page 1 of 2
Ratio of Net General Obligation Bonded Debt To Assessed Value and Net General Obligation Debt Per Capita Fiscal Years Ended June 30, 2011-2020
General Bonded Debt Outstanding Less Amount Less Debt Total Fiscal General Obligation Available in Payable from Net Year Bonds/Notes Debt Service Water Resources Bonded Ended Debt (d) Fund and Other Revenues(c) Debt
2011 $ 188,895,000 $ 7,875,788 $ 3,262,940 $ 177,756,272
2012 183,699,738 7,237,496 3,142,172 173,320,070
2013 173,760,300 4,666,951 2,807,485 166,285,864
2014 171,399,682 4,902,876 2,462,193 164,034,613
2015 168,839,802 7,779,124 2,099,932 158,960,746
2016 173,007,017 10,694,605 1,719,996 160,592,416
2017 198,400,449 16,112,579 1,321,679 180,966,191
2018 214,067,836 22,943,898 903,566 190,220,372
2019 302,656,417 25,097,927 476,718 277,081,772
2020 328,280,441 16,804,338 311,476,103
(a) Assessed valuation represents one hundred percent (100%) of estimated market value.
(b) Population for 2009-10 based on City of Greensboro's Planning Department estimates, 2010-11 through 2012-13 based on North Carolina Office of State Budget and Management, thereafter based on U.S. Census Bureau.
(c) Includes payments from the City's Technical Service Fund, an Internal Service Fund, relating to the 800 MHZ system purchased with G.O. Bonds in 1998. Internal Service Funds are included with the governmental activities in the Statement of Net Position. As of June 30, 2010, there was no remaining general obligation debt outstanding for the Water Resources Enterprise Fund.
(d) Reported at par value outstanding prior to 2012 and net of related premiums, discounts and adjustments, thereafter.
Note: Details regarding the City's Outstanding Debt can be found in the Notes to the Financial Statements, pgs. 37y-37gg.
-195- Table XIV Page 2 of 2
Actual Ratio of Net Net Assessed Bonded Debt To Bonded Value Assessed Debt Per of Property (a) Valuation Population(b) Capita
$ 24,456,470,950 0.7% 270,063 $ 642
24,456,470,950 0.7 272,190 637
24, 660,976,137 0.7 277,080 600
25, 423,086,180 0.6 279,639 587
25,272,730,744 0.6 282,558 563
25,670,533,471 0.6 285,344 563
26, 075,817,552 0.7 287,019 631
27, 506,258,623 0.7 290,201 655
27, 942,839,631 1.0 294,722 940
29, 095,112,529 1.1 296,725 1,050
-196-
Table XV
Direct and Overlapping Governmental Activities Debt Fiscal Year Ended June 30, 2020
Estimated Share Percent of Direct and Bonded Debt Applicable Overlapping Governmental Unit Outstanding (b) To City (a) Debt
Direct Debt - City of Greensboro $ 415,565,629 100.00% $ 415,565,629
Overlapping Debt- Guilford County General Improvement Bonds 712,751,721 55.09% 392,669,527
Total Direct and Overlapping Debt $ 1,128,317,350 $ 808,235,156
(a) Percentage of Direct and Overlapping Debt is based on 6/30/20 Assessed Valuation of Guilford County as compared to the 6/30/20 Assessed Valuation of the City of Greensboro.
(b) Reported at par value outstanding, net of related premiums, discounts and adjustments.
-197- Table XVI Page 1 of 2
Legal Debt Margin Information Fiscal Years Ended June 30, 2011-2020
Fiscal Year 2011 2012 2013 2014
Debt Limit $ 1,937,582,819 $ 1,956,517,676 $ 1,972,878,091 $ 2,033,846,894 Total Net Debt Applicable to Limit 408,374,842 386,236,037 379,688,772 389,836,178
Legal Debt Margin $ 1,529,207,977 $ 1,570,281,639 $ 1, 593,189,319 $ 1,644,010,716
Legal Debt Margin as a Percentage of Debt Limit 78.92% 80.26% 80.75% 80.83%
(a) Under state finance law, the City's outstanding general obligation debt may not exceed 8 percent of total assessed property value. However, the City has established a more conservative internal limit of no more than 2 percent outstanding. By law,the general obligation debt subject to the limitation may be offset by amounts set aside for repaying general obligation bonds.
-198- Table XV Page 2 of 2 I
Legal Debt Margin Calculation for Fiscal Year 2020 Assessed Value $ 29,095,112,529 Debt Limit (8 % of assessed value) 2,327,609,002 (a) Debt Applicable to Limit: Bonds Authorized and Unissued 43,785,000 General Obligation Bonds 303,680,000 Other Long Term Debt 82,574,250 Less: Amount Set Aside For Repayment of General Obligation and Other Debt (18,880,807) Total Net Debt Applicable to Limit 411,158,443 Legal Debt Margin $ 1,916,450,559
2015 2016 2017 2018 2019 2020
$ 2,021,818,460 $ 2,053,642,678 $ 2,086,065,404 $ 2,200,500,690 $ 2,235,427,170 $ 2,327,609,002 371,141,667 339,424,148 481,893,974 457,378,275 412,446,683 411,158,443
$ 1,650,676,793 $ 1,714,218,530 $ 1,604,171,430 $ 1,743,122,415 $ 1,822,980,487 $ 1,916,450,559
81.64% 83.47% 76.90% 79.21% 81.55% 82.34%
-199- Table XVII Page 1 of 2
Pledged Revenue Coverage Fiscal Years Ended June 30, 2011-2020
Water Resources Enterprise Fund (a) Fiscal Year Less Ended Gross Operating Net Available Debt Service Expenditures (e) Coverage June 30 Revenues(c) Expenses(d) Revenue Principal Interest Total (f)
2011 $ 91,649,195 $ 51,317,135 $ 40,332,060 $ 9,960,000 $ 9,674,910 $ 19,634,910 2.05
2012 89,165,280 52,808,830 36,356,450 8,825,000 8,797,162 17,622,162 2.06
2013 90,137,572 53,436,646 36,700,926 9,400,000 8,256,635 17,656,635 2.08
2014 94,065,880 52,225,483 41,840,397 8,225,000 7,697,524 15,922,524 2.63
2015 100,831,399 54,576,115 46,255,284 10,390,000 7,364,313 17,754,313 2.61
2016 107,510,348 59,641,631 47,868,717 12,470,000 7,411,881 19,881,881 2.41
2017 113,528,568 60,151,659 53,376,909 13,640,000 7,913,609 21,553,609 2.48
2018 118,696,607 65,966,936 52,729,671 14,295,000 9,160,931 23,455,931 2.25
2019 121,712,471 67,406,920 54,305,551 16,135,000 9,916,086 26,051,086 2.08
2020 123,775,941 70,376,467 53,399,474 15,545,000 9,494,341 25,039,341 2.13
(a)The City issued Water and Sewer Revenue bonds in the amount of : $50,000,000 dated June 1995 (refunded in 2001 and 2005) $40,000,000 dated June 1998 (partially refunded in 2006 and 2009) $45,740,000 dated June 2001 (partially refunded in 2006) $43,435,000 dated July 2003 (partially refunded in 2006) $40,780,000 dated June 2005 (partially refunded in 2012) $48,040,000 dated June 2007 (partially refunded in 2015) $53,180,000 dated April 2009 (partially refunded in 2018) $29,310,000 dated February 2016 $64,700,000 dated August 2017 Portions of the 1998, 2001, 2003, 2005, 2007 and 2009 variable rate issues were refunded in August 2014. All of the 2014 bonds were subsequently refunded in 2020.
(b) The City issued Landfill Special Obligation Bonds in the amount of $16,000,000 dated May 1997 and $8,400,000 dated November 2005. The 1997 and 2005 bonds are matured.
(c)Gross revenues are for the combined Water Resources Enterprise Fund for the fiscal year.
(d) Operating expenses exclude depreciation and bond interest.
(e)Includes principal and interest of revenue bonds only.
(f) The most restrictive required coverage is 1.50.
(g)As defined in Articles 40 and 42 of the Sales Tax Act.
(h) The required coverage is 2.00.
-200- Table XVII Page 2 of 2
Solid Waste Management Fund (b) Sales Tax Revenue Debt Service Expenditures Coverage Pledged (g) Principal Interest Total (h)
$ 14,766,660 $ 1,945,000 $ 375,826 $ 2,320,826 6.36
15,632,609 2,010,000 289,460 2,299,460 6.80
15,468,649 575,000 250,700 825,700 18.73
16,308,065 600,000 227,700 827,700 19.70
18,065,312 625,000 195,617 820,617 22.01
18,820,580 655,000 170,516 825,516 22.80
20,185,006 680,000 143,667 823,667 24.51
21,135,944 715,000 109,521 824,521 25.63
22,777,547 750,000 73,625 823,625 27.66
23,479,511 785,000 35,979 820,979 28.60
-201-
Table XVIII
Demographic and Economic Statistics 2011-2020
Total Personal Income Median Per Calendar (thousands of Household Capita Median School Unemployment Year Population(a) dollars) (b) Income(c) Income(d) Age(c) Enrollment(e) Rate(f)
2011 270,063 (g) $ 9,215,360 $ 41,399 $ 34,123 (h) 38 71,227 10.4%
2012 272,190 9,636,887 41,973 35,405 34 71,587 9.3
2013 277,080 10,153,597 41,987 (i) 36,645 36 72,603 8.0
2014 279,639 (c) 10,372,370 41,040 37,092 34 72,388 6.8
2015 282,558 10,675,606 40,827 37,782 35 72,191 6.4
2016 285,344 11,203,461 44,934 39,263 36 71,908 5.2
2017 287,019 11,671,054 45,064 (c) 40,663 34 71,747 5.0
2018 290,201 12,291,754 47,043 42,356 36 71,928 4.6
2019 294,722 12,815,256 45,787 43,189 36 71,698 4.6
2020 296,725 (j) 49,748 (j) 35 71,414 9.4
(a) Greensboro Planning Department estimates.
(b) Calculated using Population and Per Capita Income totals.
(c) U.S. Census Bureau American Community Survey.
(d) Bureau of Economic Analysis (For Guilford County).
(e) Greensboro City and Guilford County Consolidated School System.
(f) US Department of Labor: Bureau of Labor Statistics.
(g) Source was changed in 2011 to North Carolina Office of Budget and Management.
(h) Source was changed in 2011 to U.S. Department of Commerce, Bureau of Economic Analysis (For Greensboro-High Point).
(i) Greensboro Economic Development Alliance.
(j) Information not available.
-202- Table XIX Page 1 of 2
Principal Employers in the City and the Metropolitan Area June 30, 2020 and June 30, 2011
2020 Percentage of Product or Total Employer Service Employees Rank Employment
Cone Health Health Care 10,320 1 2.77% Guilford County School System Public Schools 9,866 2 2.65 US Postal Service Postal Service 4,700 3 1.26 United Healthcare Insurance 3,000 4 0.81 City of Greensboro Local Government 2,962 5 0.80 Ralph Lauren* Apparel 2,681 6 0.72 Guilford County Government Local Government 2,660 7 0.72 Volvo Group Truck Manufacturing 2,650 8 0.71 University of North Carolina, Greensboro Education 2,460 9 0.66 HAECO (Timco Aviation) Aviation Products 2,000 10 0.54 High Point Regional Health System * Health Care Bank of America (Nations Bank) Banking Services American Express, Inc. Financial Services TYCO Electronics (AMP, Inc.) Electronics
Totals 43,299 11.64%
Source: North Carolina Department of Commerce, The Triad Business Journal Employees presented are based on calendar years. The 2020 total is 371,920 The 2011 total is 269,666 * In Guilford County
-203- Table XIX Page 2 of 2
2011 Percentage of Total Employees Rank Employment
8,408 2 3.12% 10,132 1 3.76 2,800 4 1.04
2,985 3 1.11
2,437 6 0.90
2,542 5 0.94
2,245 7 0.83 2,000 8 0.74 2,000 9 0.74 2,000 10 0.74
37,549 13.92%
-204-
Table XX
Full-Time Equivalent City Government Employees by Function/Program Fiscal Years Ended June 30, 2011-2020
Fiscal Year
Function/Program 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
General Government 245 242 248 251 247 249 254 243 241 255 Public Safety 1,378 1,410 1,459 1,463 1,480 1,492 1,498 1,504 1,503 1,503 Transportation 80 77 77 77 75 74 73 74 72 71 Engineering and Building Maintenance 177 152 154 156 165 164 166 167 166 167 Field Operations 256 254 259 257 256 255 254 254 254 254 Environmental Services 17 16 11 11 11 11 11 11 11 11 Culture and Recreation 328 323 322 299 299 295 278 275 276 274 Neighborhood Development 32 27 27 24 25 25 41 38 27 29 Economic Opportunity 57 71 71 71 58 41 42 41 27 28 Water Operations 146 145 148 149 171 172 173 176 179 180 Sewer Operations 172 172 172 173 161 160 161 164 163 168 Stormwater Management 76 77 77 78 80 80 80 80 81 82 Coliseum Operations 69 70 73 73 74 75 78 81 87 98 Solid Waste Management (Disposal) 34 34 33 36 36 36 36 36 36 36 Parking Facilities 11 11 11 11 13 144 1 14 14 14
Total 3,078 3,081 3,142 3,129 3,151 3,143 3,159 3,158 3,137 3,170
Source: City Adopted Budget FY 2020-21
-205- Table XXI Page 1 of 2
Operating Indicators by Function Fiscal Years Ended June 30, 2011-2020
Fiscal Year
Function 2011(a) 2012 2013 2014 2015 2016
General Government Development plans submitted 123 193 211 222 226 251 Zoning violations investigated 2,026 2,389 2,389 1,975 2,722 2,526 Budget adjustments 297 287 287 250 236 242 Water and sewer mains inspected 67,378 59,715 59,715 63,358 57,171 64,017 Work orders completed 11,831 11,164 11,202 12,248 12,089 11,034 Roadway footage inspected 67,810 208,315 171,464 226,158 139,987 274,994 Sidewalk footage inspected 5,956 223,146 218,423 118,099 162,730 193,450 Payments/receipts processed 1,073,695 1,065,499 1,080,858 1,069,970 1,075,809 1,075,836 Employment applications processed 8,485 10,535 10,535 17,588 8,970 26,200 Public Safety Police Response calls for service 146,830 142,524 125,579 126,402 118,386 128,864 Average patrol response time (all types) 9:49 9:40 10:42 9:01 9:49 12:34 Fire Total fire responses 1,197 1,128 1,037 1,056 1,079 1,044 Fire investigations conducted 255 267 267 300 204 219 Total responses 30,816 33,027 33,027 33,803 33,417 36,237 Transportation Total route miles 3.50 2.1 3.7 3.7 3.7 3.8 Number of passengers (millions) 4.6 4.7 4.8 4.7 4.5 4.1 Engineering and Inspections Inspections performed on closed dwellings/units ** 175 1,143 3,055 3,228 2,723 4,522 Inspections performed on Local Ordinance Enforceme 3,738 17,296 17,372 17,783 15,657 17,764 Environmental Services Educational initiatives (per month) 925 950 965 975 985 989 Users of household hazardous waste disposal facility 19,500 21,000 21,008 20,423 19,903 24,985 Waste collected (pounds) 425,000 540,000 1,636,263 1,566,466 1,741,788 1,653,802 Water Operations Water customer accounts 101,544 102,116 102,637 103,051 103,563 104,158 Significant industrial users 35 35 35 35 35 35 Meters read annually 1,250,816 1,245,139 1,243,448 1,235,484 1,243,572 1,260,804 Water meters 102,006 102,512 102,937 102,957 103,631 105,067 New connections 541 572 521 414 512 595 Water main breaks 140 130 132 252 327 304 Average water MGD treated daily 26 25 24 23 24 23 Average daily consumption (millions of gallons) 34 34 34 32 33 33 Sewer Operations Average wastewater MGD treated daily 28 27 26 30 32 34 Coliseum Operations Total number of events 899 1,016 1,002 1,021 853 905 Total attendance (millions) 1.5 1.4 1.4 1.5 1.4 1.1 Aquatic Center Total number of events 100 124 128 127 149 Total attendance 120,884 153,675 148,914 149,574 188,348 Solid Waste Management Residential refuse collected (average tons per month) 5,128 5,039 4,977 4,561 4,555 4,760 Recyclables collected (average tons per month) 2,426 2,375 2,391 2,372 2,291 2,316 Yard waste collected (average tons per month) 1,297 1,238 1,171 1,265 1,103 1,088 White goods collected (average items per month) 60 46 42 41 88 88 Phase II (tons processed per year) 43,906 42,710 37,337 37,337 36,613 35,915 Phase III (tons processed per year) 7,778 7,321 7,377 7,125 6,456 47,142 Transfer Station (tons processed per year) 223,296 218,290 206,070 196,574 202,536 221,989 Compost Facility (tons processed per year) 30,735 31,623 27,921 32,229 29,657 29,538
(a) 2010 and 2011 column is an estimate based on the individual department's data. * This is for minimum housing, nuisance, vehicles and zoning. ** This represents the number of reinspections performed on minimum housing cases. Sources: City Departments (Police, GTA, Planning, Water, Field Operations), Budget Documents and CAFR.
-206- Table XXI Page 2 of 2
Fiscal Year (cont.)
2017 2018 2019 2020
276 234 231 241 1,638 1,481 1,454 2,455 299 294 380 339 104,193 124,479 33,317 83,758 11,915 11,627 12,215 11,273 593,300 559,819 632,854 449,451 317,708 183,787 196,631 257,310 1,063,506 1,052,640 1,055,742 1,038,828 26,979 34,785 33,059 22,720
126,957 153,607 149,812 143,057 10:04 10:10 10:42 9:12
1,079 1,133 955 1,101 204 281 281 338 33,417 39,153 42,276 38,952
3.9 4.1 4.4 4.0 4.0 3.7 3.5 2.8
3,851 1,746 1,366 1,476 11,351 11,122 10,076 21,933
996 1,002 1,005 1,015 26,059 24,885 28,577 29,141 1,680,460 1,576,670 1,841,139 1,900,314
104,591 105,551 106,100 106,840 35 35 29 29 1,268,460 1,281,684 1,287,876 1,386,828 105,705 106,807 107,323 107,916 638 1,102 516 740 302 423 319 319 24 23 22 22 34 33 32 32
33 32 37 36
933 951 941 739 1.2 1.1 1.1 1.0
122 140 167 100 146,835 168,384 186,055 121,922
4,801 4,942 5,115 5,621 2,195 2,094 2,054 1,657 1,067 1,007 1,210 914 117 111 123 138 39,145 39,617 44,980 46,391 32,741 6,663 7,533 8,284 205,504 181,236 209,163 207,733 29,512 35,210 41,026 31,387
-207- Table XXII Page 1 of 2
Capital Asset Statistics by Function Fiscal Years Ended June 30, 2011-2020 Fiscal Year
Function 2011(j) 2012 2013 2014 2015 (a) General Government: Melvin Municipal Office Building (square footage) 131,475 131,475 131,475 131,475 131,475 Service Center (square footage) 156,757 156,757 156,757 156,757 156,757 Cone Building (square footage) 35,316 35,316 35,316 35,316 35,316 J. Edward Kitchen Operations Center (square footage) 119,000 119,000 119,000 119,000 119,000 Public Safety: (b) Police Stations 6 6 7 7 7 District Offices 4 4 4 4 4 Patrol Units 349 292 239 239 239 (c) Fire Fire Stations 23 24 24 24 25 Fire Trucks 46 43 41 41 41 Auxiliary Response Vehicles 21 21 44 44 44 (d) Transportation: Streets (miles) 1,022 1,026 1,030 1,030 1,031 Highways (miles) 438 370 367 366 373 Sidewalks (miles) 453 475 475 490 503 Streetlights 25,698 25,812 25,920 26,083 26,653 Traffic signals 611 618 625 635 632 Metered Spaces 1,071 1,071 1,066 1,064 1,064 (e) Culture and Recreation: Libraries Main Building/Branches 6 6 7 7 8 Mobile Library - Reading Railroad 1 1 Parks and Recreation Parks, Open Spaces, Beautification Areas 492 492 490 490 491 Acres 6,186 6,186 5,527 5,527 5,538 Arboretum/ Bicentennial Garden/Bog Garden/Arts Center/Historical Tannenbaum Park 7 7 7 6 6 Camp for Special Populations/Recreation Centers/ Multicultural Center 12 12 12 12 12 Golf Courses 3 3 2 2 2 Tennis Courts 111 111 111 111 111 Swimming Pools 6 6 5 5 5 Ball Fields 96 96 96 96 96 Basketball Courts 45 45 45 45 45 Cemeteries 4 4 4 4 4 (i) Yard Waste Vehicles (f) Water Management: Peak consumption (millions of gallons) 46 42 44 40 42 Average Annual System Capacity (millions of gallons) 42 47 47 47 47 Public Water Main (miles) 1,479 1,479 1,481 1,486 1,490 (f) Sewer Management: Public Sanitary Sewer (miles) 1,404 1,407 1,408 1,410 1,416 Treatment Capacity (millions of gallons per day) 56 56 56 56 56 (f) Stormwater Management: Storm Sewer (miles) 1,056 1,073 1,094 1,107 1,194 Coliseum (Arena, Auditorium, Special (g) Events Center, Meeting Rooms): Arena Seating Capacity 23,500 23,500 23,500 21,800 21,800 Auditorium Seating Capacity 2,400 2,400 2,400 2,400 (k) Special Events Center Capacity (with Mini-Arena) (in square feet) 167,000 167,000 167,000 167,000 167,000 ACC Hall of Champions (in square feet) 9,000 9,000 9,000 9,000 9,000 White Oak Amphitheatre (seating capacity) 7,688 7,688 7,688 7,688 7,688 Terrace (in square feet) 12,000 12,000 12,000 12,000 12,000 Aquatic Center Capacity (in square feet) 78,323 78,323 78,323 78,323 Aquatic Center Seating Capacity 2,500 2,500 2,500 2,500 Odeon Theatre Seating Capacity 302 302 302 302 Swarm Fieldhouse Seating Capacity Swarm Fieldhouse Capacity in square feet Solid Waste Management (h) Landfill 1 1 1 1 1 (i) Solid Waste Vehicles 94 94 94 96 96 (d) Parking Facilities: Davie Street Parking Deck (number of spaces) 415 415 415 415 415 Greene Street Parking Deck (number of spaces) 706 706 706 706 706 Church Street Parking Deck (number of spaces) 417 417 417 417 417 Bellemeade Street Parking Deck (number of spaces) 1,276 1,276 1,276 1,276 1,276
(a) City of Greensboro Engineering Department (b) City of Greensboro Police Department (c) City of Greensboro Fire Department (d) City of Greensboro Transportation Department (e) City of Greensboro Library and Parks and Recreation Departments (f) City of Greensboro Water Resources Department (g) City of Greensboro Coliseum Department (h) City of Greensboro Environmental Services Department (i) City of Greensboro Financial & Administrative Services Department (j) 2011 column is an estimate based on the individual department's data. (k) Auditorium was removed for parking expansion project.
-208- Table XXII Page 2 of 2
Fiscal Year (cont)
2016 2017 2018 2019 2020
131,475 131,475 131,475 131,475 131,475 156,757 156,757 156,757 156,757 156,757 35,316 35,316 35,316 35,316 35,316 119,000 119,000 119,000 119,000 119,000
7 6 6 6 6 4 4 4 5 5 243 243 243 224 242
25 25 25 26 26 44 44 44 44 44 44 44 44 44 44
1,032 1,033 1,088 1,087 1, 095 371 371 457 387 388 521 525 543 560 596 26,806 26,873 26,877 26,995 27,161 648 667 697 707 706 1,064 1,064 1,064 1,064 1,064
8 8 8 14 14
491 342 351 399 447 5,538 10,743 11,160 8,555 8,812
6 6 6 6 6
12 12 12 12 12 2 2 2 2 2 111 111 111 91 91 5 5 5 5 5 96 96 97 75 75 45 45 45 45 45 4 4 4 4 4
44 43 42 43 43 47 47 47 47 47 1,494 1,503 1,510 1,511 1,514
1,416 1,424 1,434 1,420 1,426 56 56 56 56 56
1,233 1,260 1,276 1,238 1,252
21,800 21,800 21,800 21,800 21,800 (k) (k) (k) (k) (k)
167,000 167,000 167,000 167,000 167,000 9,000 9,000 9,000 9,000 9,000 7,688 7,688 7,688 7,688 7,688 12,000 12,000 12,000 12,000 12,000 78,323 78,323 78,323 78,323 100,323 2,500 2,500 2,500 2,500 2,500 302 302 302 302 302 2,200 2,200 2,200 2,200 2,200 40,000 40,000 40,000 40,000 40,000
1 1 1 1 1 96 96 98 98 98
415 415 415 415 415 706 706 706 706 706 417 417 417 417 417 1,276 1,276 1,276 1,276 1,276
-209-
Single Audit Section
The Single Audit Section is established to comply with the Federal and State Single Audit Acts. These Acts establish audit requirements for state and local governments that receive federal and state financial assistance. It provides for independent audits of financial operations, including compliance with certain provisions of federal law and regulations. These requirements are established to ensure that audits are made on an organization-wide basis, rather than on a grant-by-grant basis. The accompanying financial statements are presented to reflect state and federal participation in various projects and programs, as adopted by the Greensboro City Council.
-210- Report of Independent Auditor on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards
To the Honorable Mayor and Members of the City Council City of Greensboro, North Carolina
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the accompanying financial statements of the governmental activities, the business-type activities, the discretely presented component units, each major fund, and the aggregate remaining fund information of the City of Greensboro, North Carolina (the “City”), as of and for the year ended June 30, 2020, and the related notes to the financial statements, which collectively comprises the City’s basic financial statements, and have issued our report thereon dated October 28, 2020. Our report includes a reference to other auditors who audited the financial statements of the City of Greensboro ABC Board (the “Board”), a discretely presented component unit, and Greensboro Housing Development Partnership (the “Partnership”), a discretely presented component unit, as described in our report on the City’s financial statements. This report does not include the results of the other auditors’ testing of internal control over financial reporting or compliance and other matters that are reported separately by those auditors. The financial statements of the Board, and the Partnership were not audited in accordance with Government Auditing Standards.
Internal Control over Financial Reporting In planning and performing our audit of the financial statements, we considered the City’s internal control over financial reporting (“internal control”) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the City’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
211 cbh.com Compliance and Other Matters As part of obtaining reasonable assurance about whether the City’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statement. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Raleigh, North Carolina October 28, 2020
212 Report of Independent Auditor on Compliance for Each Major Federal Program and on Internal Control over Compliance in Accordance with OMB Uniform Guidance and the State Single Audit Implementation Act
To the Honorable Mayor and Members of the City Council City of Greensboro, North Carolina
Report on Compliance for Each Major Federal Program We have audited the City of Greensboro, North Carolina (the “City”), compliance with the types of compliance requirements described in the OMB Compliance Supplement and the Audit Manual for Governmental Auditors in North Carolina, issued by the Local Government Commission, that could have a direct and material effect on each of the City’s major federal programs for the year ended June 30, 2020. The City’s major federal programs are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs.
Our audit, described below, did not include the operations of the City of Greensboro ABC Board (the “Board”), a discretely presented component unit, the Greensboro Housing Development Partnership (the “Partnership”), and a discretely presented component unit. Our audit, described below, did not include the operations of these component units since they were audited by other auditors.
Management’s Responsibility Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal programs.
Auditor’s Responsibility Our responsibility is to express an opinion on compliance for each of the City’s major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), and the State Single Audit Implementation Act. Those standards, the Uniform Guidance, and the State Single Audit Implementation Act require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the City’s compliance with those requirements and performing such other procedures, as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the City’s compliance.
Opinion on Each Major Federal Program In our opinion, the City complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2020.
213 cbh.com Report on Internal Control over Compliance Management of the City is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the City’s internal control over compliance with the types of requirements that could have a direct and material effect on a major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing our opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose.
Raleigh, North Carolina October 28, 2020
214 Report of Independent Auditor on Compliance for Each Major State Program and Internal Control over Compliance in Accordance with Uniform Guidance and the State Single Audit Implementation Act
To the Honorable Mayor and Members of the City Council City of Greensboro, North Carolina
Report on Compliance for Each Major State Program We have audited the City of Greensboro, North Carolina (the “City”), compliance with the types of compliance requirements described in the Audit Manual for Governmental Auditors in North Carolina, issued by the Local Government Commission that could have a direct and material effect on each of the City’s major State programs for the year ended June 30, 2020. The City’s major State programs are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs.
Our audit, described below, did not include the operations of the City of Greensboro ABC Board (the “Board”), a discretely presented component unit, the Greensboro Housing Development Partnership (the “Partnership”), and a discretely presented component unit. Our audit, described below, did not include the operations of these component units since they were audited by other auditors.
Management’s Responsibility Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its state programs.
Auditor’s Responsibility Our responsibility is to express an opinion on compliance for each of the City’s major state programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; applicable sections of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) as described in the Audit Manual for Governmental Auditors in North Carolina, and the State Single Audit Implementation Act. Those standards, the Uniform Guidance, and the State Single Audit Implementation Act require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major State program occurred. An audit includes examining, on a test basis, evidence about the City’s compliance with those requirements and performing such other procedures, as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for each major State program. However, our audit does not provide a legal determination on the City’s compliance.
Opinion on Each Major State Program In our opinion, the City complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major State programs for the year ended June 30, 2020.
215 cbh.com Report on Internal Control over Compliance Management of the City is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the City’s internal control over compliance with the types of requirements that could have a direct and material effect on a major State program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing our opinion on compliance for each major State program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a State program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a State program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance with a type of compliance requirement of a State program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose.
Raleigh, North Carolina October 28, 2020
216 CITY OF GREENSBORO, NORTH CAROLINA SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED JUNE 30, 2020
Section I. Summary of Auditor’s Results
Financial Statements
Type of report the auditor issued on whether the financial statements audited were prepared in accordance to U.S. GAAP: Unmodified
Internal control over financial reporting:
Material weakness(es) identified? yes X no
Significant deficiency(ies) identified that are not considered to be material weaknesses? yes X none reported
Noncompliance material to financial statements noted? yes X no
Federal Awards
Internal control over major federal programs:
Material weakness(es) identified? yes X no
Significant deficiency(ies) identified that are not considered to be material weaknesses? yes X none reported
Noncompliance material to federal awards? yes X no
Type of auditor’s report issued on compliance for major federal programs: Unmodified
Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? yes X no
Identification of major federal programs:
CFDA No. Name of Federal Program or Cluster 20.205 Highway Planning and Construction
Dollar threshold used to distinguish between Type A and Type B Programs: $ 1,198,449
Auditee qualified as low-risk auditee? X yes no
217 CITY OF GREENSBORO, NORTH CAROLINA SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED JUNE 30, 2020
State Awards
Internal control over major State programs:
Material weakness(es) identified? yes X no
Significant deficiency(ies) identified that are not considered to be material weaknesses? yes X none reported
Noncompliance material to State awards? yes X no
Type of auditor’s report issued on compliance for major State programs: Unmodified
Any audit findings disclosed that are required to be reported in accordance with the State Single Audit Implementation Act yes X no
Identification of major State programs:
State Program Name Non-State System Street-Aid Allocation – “Powell Bill” State Maintenance Assistance for Urban and Small Urban Program Rural Building Reuse Program
Other major State program for the City of Greensboro is Highway Planning and Construction. Therefore, this program has been included in the list of major federal programs above.
Section II. Financial Statement Findings
None reported.
Section III. Federal Award Findings and Questioned Costs
None reported.
Section IV. State Award Findings and Questioned Costs
None reported.
218 CITY OF GREENSBORO, NORTH CAROLINA SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS
FOR THE YEAR ENDED JUNE 30, 2020
None reported.
219 Federal Programs Schedule of Expenditures of Federal Awards For the Fiscal Year Ended June 30, 2020
CFDA Grant Passed Through Total Federal Federal Grantor/Pass-Through Grant or/Program Title Number Award Number to Subrecipients Expenditures
Department of Housing and Urban Development: CDBG Entitlement Grants Cluster: Community Development Block Grants 14.218 B-13-MC-37-0007 $ $ 51,124 Community Development Block Grants 14.218 B-14-MC-37-0007 197,013 Community Development Block Grants 14.218 B-15-MC-37-0007 138,632 Community Development Block Grants 14.218 B-16-MC-37-0007 211,074 Community Development Block Grants 14.218 B-17-MC-37-0007 106,847 Community Development Block Grants 14.218 B-18-MC-37-0007 88,768 341,976 Community Development Block Grants 14.218 B-19-MC-37-0007 197,845 1,947,363 COVID-19 - Community Development Block Grants 14.218 B-20-MW-37-0007 240,732 240,732 Total CDBG Entitlement Grants Cluster 527,345 3,234,761
Home Investment Partnerships Program - 2015 14.239 M-15-DC-37-0206 10,145 423,026 Home Investment Partnerships Program - 2016 14.239 M-16-DC-37-0206 10,145 412,837 Home Investment Partnerships Program - 2017 14.239 M-17-DC-37-0206 161,303 Home Investment Partnerships Program - 2018 14.239 M-18-DC-37-0206 13,036 47,953 Home Investment Partnerships Program - 2019 14.239 M-19-DC-37-0206 27,853 142,401 Emergency Solutions Grants Program - 2020 14.231 E-19-MC-37-0007 173,796 173,796 HOPWA - FY17-18 14.241 NCH17-F003 133,655 133,655 HOPWA - FY18-19 14.241 NCH18-F003 169,805 169,805 Lead Based Paint & Healthy Homes Grant - 2017 14.900 NCLHB064017 480,975 Total Other Community Development Programs 538,435 2,145,751
Office of Fair Housing & Equal Opportunity: Fair Housing Assistance Program 14.401 FF-204K-13-4013 16,873 Fair Housing Assistance Program 14.401 FF-204K-14-4013 36,604 Fair Housing Assistance Program 14.401 FF-204K-16-4013 10 ,600 Fair Housing Assistance Program 14.401 FF-204K-17-4013 31,254 Total Office of Fair Housing & Equal Opportunity 95,331
Total Department of Housing and Urban Development 1,065,780 5,475,843
Department of Justice: Office of Justice: Equitable Sharing Program 16.922 227,968 Public Safety Partnership and Community Policing Grants- Project Safe Neighborhoods 2016-2018 16.609 2016-GP-BX-0010 78,366 Crime Victim Assistance - GCC 17-19 Child Response 16.575 PROJ012236 54,452 Crime Victim Assistance - GCC 20 Child Response 16.575 PROJ013581 37,238 Total Office of Justice-Direct $ $ 398,024
-220- Federal Programs Schedule of Expenditures of Federal Awards For the Fiscal Year Ended June 30, 2020
CFDA Grant Passed Through Total Federal Federal Grantor/Pass-Through Grant or/Program Title Number Award Number to Subrecipients Expenditures
Passed through NC Department of Crime Control and Public Safety and/or the City of High Point: Justice Assistance Grants Programs: Edward Byrne Justice Assistance Grant - 2016 16.738 2016-DJ-BX-1074 $ $ 27,470 Edward Byrne Justice Assistance Grant - 2017 16.738 2017-DJ-BX-0813 42,423 85,941 Edward Byrne Justice Assistance Grant - 2018 16.738 2018-DJ-BX-0251 2,995 103,948 Overdose Crisis Grant 16.738 PROJ012776 23,886 Total Justice Assistance Grants Programs 45,418 241,245
Total Office of Justice 45,418 639,269
Total Department of Justice 45,418 639,269
Department of the Treasury: Equitable Sharing 21.016 597,599 Total Department of the Treasury 597,599
Department of Homeland Security: Passed through NC Department of Public Safety: Emergency Management: Metro Medical Response System 2003 97.XXX 233-01-0040 117,089 Homeland Security Grant Program 2018 97.067 EMW-2018-SS-00053 3,028 Total Homeland Security 120,117
Total Passed through NC Department of Public Safety 120,117
Total Department of Homeland Security 120,117
Department of Labor: Employment Training Administration Workforce Innovation and Opportunity Act Cluster: WIOA Adult Program 2018 17.258 AA-32191-18-55-A-37 242,407 485,197 WIOA Adult Program 2019 17.258 AA-33241-19-55-A-37 838,306 1,121,822 WIOA Dislocated Worker 2018 17.278 AA-32191-18-55-A-37 291,347 450,085 WIOA Dislocated Worker 2019 17.278 AA-33241-19-55-A-37 174,471 290,943 WIOA Youth Activities 2018 17.259 AA-32191-18-55-A-37 521,931 622,048 WIOA Youth Activities 2019 17.259 AA-33241-19-55-A-37 570,153 798,093 2018 Administration Cost Pool 17.258 AA-32191-18-55-A-37 6,644 2018 Administration Cost Pool 17.259 AA-32191-18-55-A-37 6,163 2018 Administration Cost Pool 17.278 AA-32191-18-55-A-37 8,517 2019 Administration Cost Pool 17.258 AA-33241-19-55-A-37 162,802 2019 Administration Cost Pool 17.259 AA-33241-19-55-A-37 41,872 2019 Administration Cost Pool 17.278 AA-33241-19-55-A-37 115,822 2017 Finish Line 17.258 AA-30962-17-55-A-37 17,917 43,584 2018 Finish Line 17.258 AA-32191-18-55-A-37 63,866 63,866 2019 Finish Line 17.258 AA-33241-19-55-A-37 125,666 Guilford Bus Service 17.259 AA-30962-17-55-A-37 48,412 Infrastructure 17.259 AA-33241-19-55-A-37 202,799 Total Workforce Innovation and Opportunity Act Cluster: 2,720,398 4,594,335
Total Department of Labor $ 2,720,398 $ 4,594,335
-221- Federal Programs Schedule of Expenditures of Federal Awards For the Fiscal Year Ended June 30, 2020
CFDA Grant Passed Through Total Federal Federal Grantor/Pass-Through Grant or/Program Title Number Award Number to Subrecipients Expenditures
Department of Transportation: Federal Transit Administration: Section 5303 Metro Planning - 2019-20 20.505 WBS: 36230.15.19.6 $ $ 96,113 Total Federal Transit Administration 96,113 Federal Transit Cluster: Section 5307 Operating Assistance - 2019-20 20.507 2,802,549 Section 5307 Capital & Operating FY18 20.507 NC-2018-056-00 43,249 Section 5307 Capital & Operating FY19 20.507 NC-2019-035-00 37,367 CARES Act Section 5307 20.507 NC-2020-023-00 8,082,101 Section 5339 Bus Replacement FY18 20.526 NC-2018-059-00 35,450 608,199 Section 5339 Bus Replacement FY19 20.526 NC-2019-034-00 499,262 Section 5339b Bus Depot Renovation FY16 20.526 NC-2017-058-00 14,832 Section 5339c Low or No Emission Bus FY18 20.526 NC-2019-016-00 5,447 CMAQ FY16 20.507 NC-2017-040-01 880,429 CMAQ Flex 20.507 NC-2019-055-01 1,940,502 CMAQ Flex to 5307 20.507 NC-2019-019-00 526,720 Total Federal Transit Cluster 35,450 15,440,657 Transit Services Programs Cluster: Section 5310 Enhance Mobility - 2018 20.513 NC-2018-063-00 243,277 Section 5310 Enhance Mobility - 2019 20.513 NC-2019-041-00 29,358 255,943 Transit Services Programs Cluster 29,358 499,220
Passed through NC Department of Transportation Highway Planning, Research and Construction Programs Cluster: M-0532 K -State Planning & Research/PL 104(f) Funds 2019 20.205-5 WBS: 48476.1.11 540,524 EB-6033 F - Safe Routes to School Non-infrastructure 20.205 WBS: 48778.4.7 16,200 38,950 C-5702 CM - Clean Fuel Advanced Technology 20.205 WBS: 44907.1.24 23,013 C-5601 EB - Clean Fuel Advanced Technology 20.205 CMAQ-00SS(020) 122,720 B-5553 - Ballinger Road Bridge Replacement 20.205 WBS: 46311.1, 46311.2, 46311.3 15,754 EL-5101 DJ - Sidewalk Construction 20.205 WBS: 41823.1, 41823.3 3,517,806 EL-5101 DL - Sidewalk Improvement 20.205 WBS: 41823.1, 41823.2, 41823.3 2,522,742 EL-5101 DM - Sidewalk Construction 20.205 WBS: 41823.1, 41823.2, 41823.3 1,882,259 EL-5101 DO - Greenway Project 20.205 WBS: 41823.2, 41823.3 70,650 C-5555 E - Guilford College/New Garden Rd 20.205 WBS: 45540.1, 45540.2, 45540.3 175,534 EB-5716 - Holden Rd/Lindsay St Sidewalk 20.205 WBS: 50412.3.1 857,449 EB-5876 - Holden Road Sidewalk 20.205 WBS: 47271.3.1 202,334 EB-5877 - Farmington Sidewalk 20.205 WBS: 47272.1, 47272.2, 47272.3 34,054 EB-5878 - Meadowview Sidewalk 20.205 WBS: 47273.1, 47273.2, 47273.3 3,882 EB-5883 - Wendover Avenue Sidewalk 20.205 WBS: 47279.1.1 37,823 U-5306 A - Streets Improvement 20.205 WBS: 47026.2, 47026.3 202,066 U-5306 B - Streets Improvement 20.205 WBS: 47026.2, 47026.3 2,086,562 U-5532 A - Aycock & Walker Pedestrian Improvement 20.205 WBS: 46297.1, 46297.2, 46297.3 8,214 U-5532 D - General Sidewalk Improvement 20.205 WBS: 46297.3.5 695 U-5532 E - General Sidewalk Improvement 20.205 WBS: 46297.3 340 U-5532 F - General Sidewalk Improvement 20.205 WBS: 46297.3.7 392 Total Highway Planning, Research and Construction Programs Cluster 16,200 12,343,763
Total Department of Transportation 81,008 28,379,753
Department of the Interior: Passed through NC Department of Cultural Resources: Office of Archives and History State Historic Preservation Office Federal Historic Preservation Fund Grant FY19 15.904 11,460 11,460 LWCF Keeley Park Phase 2 Grant 15.916 37,732 Total Office of Archives and History State Historic Preservation Office 11,460 49,192
Total Department of Interior 11,460 49,192
Department of Agriculture: USDA Local Food Promotion Program (LFPP) 10.172 16LFPPNC0019 92,179 92,179 Total Department of Agriculture 92,179 92,179
Total Federal Financial Assistance $ 4,016,243 $ 39,948,287
-222- State Programs Schedule of Expenditures of State Awards For the Fiscal Year Ended June 30, 2020
CFDA Grant Total State State Grantor/Program Title Number Award Number Expenditures
Department of Cultural and Natural Resources: Office of Arts and Libraries: State Aid to Public Libraries $ 337,505 Total Office of Arts and Libraries 337,505
Total Department of Cultural and Natural Resources 337,505
Department of Commerce: Building Reuse Program 500,000 Total Department of Commerce 500,000
Department of Environmental Quality: Community Waste Reduction and Recycling Grant Program 25,223 Total Department of Environmental Quality 25,223
Passed through the Community Foundation of Greater Greensboro Eastern Triad Workforce Initiative 43,921 Total Community Foundation of Greater Greensboro 43,921
Department of Public Safety: Division of Emergency Management: Regional Hazardous Materials Response Team - 2019-20 RRT 5 - 2020 69,000 Total Division of Emergency Management 69,000
Total Department of Public Safety 69,000
Department of Transportation: Federal Transit Administration: Metropolitan Transportation Planning and State and Non-Metropolitan Planning and Research: 20-08-105 - Section 5303 Metro Planning - 2019-20 20.505 WBS: 36230.15.19.6 12,014 Total Federal Transit Administration 12,014
Highway Planning, Research and Construction Cluster: U-5306 A - Street Improvement 20.205 WBS: 47026.2, 47026.3 50,516 U-5306 B - Street Improvement 20.205 WBS: 47026.2, 47026.3 521,640 U-5326 - Intersection Improvement 20.205 WBS: 45484.2.1, 45484.3.1 2,493,939 Total Highway Planning, Research and Construction Cluster 3,066,095
Department of Transportation - Miscellaneous: 20-SM-007 - State Maintenance Assistance Program Funds WBS: 36234.11.19.2 1,735,321 20-AT-105 - Advanced Technology Grant FY20 WBS: 36235.3.4.8 288,608 Total Department of Transportation- Miscellaneous 2,023,929
Powell Bill: 2019 Allocation WBS: 32570 3,621,839 2020 Allocation WBS: 32570 5,074,274 Total Powell Bill 8,696,113
Total Department of Transportation 13,798,151
Total State Financial Assistance $ 14,773,800
-223- Notes to the Schedule of Expenditures of Federal and State Awards For the Fiscal Year Ended June 30, 2020
Note 1. Basis of Presentation
The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of the City of Greensboro under the programs of the federal government and the State of North Carolina for the year ended June 30, 2020. The information in this SEFSA is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of the City of Greensboro, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Greensboro
Note 2. Summary of Significant Accounting Policies
Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The City of Greensboro has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
-224- Office of the City Manager City of Greensboro Post Office Box 3136 Greensboro NC 27402-3136 336-373-2002
Office of Financial & Administrative Services City of Greensboro Post Office Box 3136 Greensboro NC 27402-3136
of Greensboro 336-373-2077 Y Cit