2019 Comprehensive Annual Financial Report (CAFR)

same as the prior year at $.6325 and includes $.0069 for housing initiatives, $.0050 for economic development purposes and $.0350 for public transit. Two special historic district taxes and a downtown business district tax for certain additional improvements are also taxed as “special district” rates.  As of June 30, 2019, the City had collected approximately $287.4 million or 100.5% of its amended budgeted General Fund revenues and had incurred $285.2 million or 96.4% of its amended budgeted expenditures. The net effect on General Fund fund balance was an increase of approximately $2.2 million this year.  The City’s net OPEB liability was $114,454,833 at June 30, 2019, as reflected in the Statement of Net Position. The plan’s fiduciary net position increased by $2.6 million due to additional contributions beyond benefit payments ($1.2 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, 2019. The City’s total prorata share was $59,030,749 as reflected in the Statement of Net Position.  The City’s Law Enforcement Special Separation Allowance (LEOSSA) net pension liability was $22,248,656 at June 30, 2019, as reflected in the Statement of Net Position  In FY 2019 the City spent $27.2 million and $10.4 million for federal and state-funded grant programs, respectively, compared to $21.2 million in federal and $11.0 million in state funding last year. Key Ratios 2019 2018 2017 2016 2015 $ Bonded Debt Per Capita $940 $655 $631 $563 $563 Legal Debt Margin as a % of Debt Limit 81.55% 79.21% 76.90% 83.47% 81.64% % of Property Tax Levy Collected 99.32% 99.51% 99.41% 99.31% 99.28% % Increase (Decrease) in Assessed Property Valuation 1.6% 5.5% 1.6% 1.6% (0.6%)  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 increased by $86.9 million following the scheduled annual debt service payments and the issuance of tax exempt and taxable public improvement general obligation bonds for $135,360,000 and $10,400,000, respectively; increasing the debt per capita to $940. It is the City’s policy to maintain 25% or less in variable rate general

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