2019 Comprehensive Annual Financial Report (CAFR)

Government-Wide Financial Statements

Governmental

Business-Type

Activities

Activities

Deferred Outflows of Resources Pension Deferrals - LGERS Pension Deferrals - LEOSSA Subtotal Pension Deferrals

$ 27,494,747 1,462,165 $ 28,956,912 $ 10,974,232 1,436,697 $ 12,410,929

$ 5,379,943

$ 5,379,943

Current Year Pension Contributions - LGERS Current Year Pension Contributions - LEOSSA Subtotal Current Year Pension Contributions

$ 2,147,347

$ 2,147,347

Liabilities Net Pension Liability - LGERS Net Pension Liability - LEOSSA Subtotal Net Pension Liability Deferred Inflows of Resources Pension Deferrals - LGERS Pension Deferrals - LEOSSA Subtotal Unearned Revenues

$ 49,370,367 22,248,656 $ 71,619,023

$ 9,660,382

$ 9,660,382

$

1,617,531 3,124,444 4,741,975

$ 316,505

$

$ 316,505

12. Accounting Changes and Reclassifications The City implemented Governmental Accounting Standards Board (GASB) Statement No. 88 Certain Disclosures Related to Debt, Including Direct Borrowing and Direct Placements , in the fiscal year ending June 30, 2019. The implementation of the statement required the City to add additional essential information related to debt in the notes of the financial statements. On April 16, 2019, the City Council of the City of Greensboro passed a resolution to dissolve the Greensboro Transit Authority “GTA” and replace it with the Greensboro Transit Advisory Commission “GTAC”. The City determined that the Greensboro Transit Advisory Commission met the requirement for inclusion in the City’s financial statements as a Major Enterprise Fund. Accordingly, Business-Type Activities Beginning Net Assets, were increased by $58,318,736. In addition, the GTAC Beginning Net Assets were restated by ($549,926) for implementation of pension and OPEB-related accounting standards. The notes and schedules were changed to conform to this adjustment beginning balances were adjusted $174,731 for pension liability LGERs and compensated absences of $65,692. The ABC Board implemented Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Post-Employment Benefits Other Than Pensions , in the fiscal year ended June 30, 2019. The implementation of the statement required the Board to record beginning total OPEB liability and the effects on net position of benefit payments and administrative expenses paid by the Board related to OPEB during the measurement period. As a result, the Board’s net positon for the year ended June 30, 2018 decreased by $611,218. 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.”

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