2019 Comprehensive Annual Financial Report (CAFR)

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 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. Also, 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, 2019 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 promoting job creation, facilitating private business and expansion, utilizing community development grants, bonds and other resources to advance economic and infrastructure development, and providing enhanced access to City contracting opportunities. The Economic Development Fund is supported by a one- half cent property tax levy and is budgeted to generate approximately $1.41 million for FY 19-20. PLAN IT GSO , is the City’s Comprehensive Plan and guiding document that articulates the vision, goals, growth policy and action plans for Greensboro through 2025. During the past year, dozens of public engagement events were held to receive citizen input for the City’s long term vision and goals. Adoption of the plan is

anticipated by early 2020. The Minority-owned and Women-owned Business Enterprise (MWBE) program is a critical element of the City’s economic development initiative. 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. In November 2016, Greensboro citizens authorized $38.5 million general obligation bonds dedicated to economic development efforts for downtown streetscape improvements, continuing development for Union Square Campus, Citywide infill development and investments in east Greensboro. The FY 19-20 budget includes economic development incentive payments to HAECO, Ecolab, Charles Aris, Coca-Cola Bottling Company, and Qorvo for existing industry expansion projects that will create at least

741 new jobs and capital investment of $149.9 million. The Economic Development Fund Budget also includes support for the Self-Help Ventures Fund to support the redevelopment of Revolution Mill that had generated a capital investment of more than $82 million and Centric Brands, a New York Based leading lifestyle brands collection to relocate to a downtown Greensboro renovated building. In addition, construction is underway for the 3,000 seat Steven Tanger Center for the Performing Arts with an anticipated opening in spring 2020 and a fourth pool at the Greensboro Aquatic Center opened September 24, 2019 to support ever expanding competitions and other programming.  Public Safety – During the past two years, the Greensboro Police Department (GPD) has led 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, with 730 people educated during fiscal year 2017-18, its first year of programs. During its second year, over 450 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 managed 200 speaker requests, educating over 400 people on general topics including personal safety, elder abuse and online bullying. The III