2019 Comprehensive Annual Financial Report (CAFR)

B. Subsequent Events The City has evaluated subsequent events through October 31, 2019 in connection with the preparation of these financial statements, which is the date the financial statements were available to be issued. On October 29, 2019 the City sold $29.7 million Series 2019 taxable Limited Obligation bonds to support the construction of the Eugene Street Parking Deck in Downtown Greensboro. The bonds have average fixed interest rate of 3.37% with a final maturity of November 1, 2044. 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, 2019 are comprised of the following:

Project

Expended Through

Unexpended Authorization

Authorization

June 30, 2019

Governmental Funds:

Special Revenue (1)

$ 59,213,402 $

42,759,634 $ 16,453,768

Capital Projects

459,356,851

232,359,036

226,997,815

$ 518,570,253 $

275,118,670 $ 243,451,583

Enterprise Funds:

Water Resources

$ 415,320,491 $

319,188,624 $ 96,131,867

Stormwater Management

21,555,439 124,501,626 1,051,141 60,509,855

9,295,728 90,664,978

12,259,711 33,836,648

Coliseum

Solid Waste Management

314,795

736,346

Parking

12,312,416

48,197,439

Greensboro Transit Advisory Commission

18,547,154

15,044,861

3,502,293

$ 641,485,706 $

446,821,402 $ 194,664,304

3. Financial Assistance Programs The City participates in a number of Federal and State financial assistance programs. For the Fiscal Year ended June 30, 2019 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.

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