2019 Comprehensive Annual Financial Report (CAFR)

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, 2019 are composed of the following:

Fund Financial Statements

Deferred Outflows of Resources

Proprietary Funds Unamortized Bond Refunding Charges Water Resources Fund

$ 3,253,360

Pension Deferrals: Water Resources Fund

$ 3,078,386

Stormwater Management Fund

583,197 1,184,146 327,761

ColiseumFund

Solid Waste Management Fund

Greensboro Transit Advisory Commission Fund

97,309 109,144

Other Non-Major Enterprise Fund

Internal Service Funds

2,050,394

7,430,337

Current Year Pension Contributions: Water Resources Fund

1,228,705 232,777 472,639 130,822

Stormwater Management Fund

ColiseumFund

Solid Waste Management Fund

Greensboro Transit Advisory Commission Fund

38,840 43,564 818,392

Other Non-Major Enterprise Fund

Internal Service Funds

2,965,739

OPEB Deferrals: Water Resources Fund

639,736 150,166 163,033 65,692 22,858 23,993 386,830

Stormwater Management Fund

ColiseumFund

Solid Waste Management Fund

Greensboro Transit Advisory Commission Fund

Other Non-Major Enterprise Fund

Internal Service Funds

1,452,308

Total Deferred Outflows of Resources

$ 15,101,744

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