2019 Comprehensive Annual Financial Report (CAFR)

The City of Greensboro’s total budget for the 2019-2020 fiscal year has been approved for $566.5 million. This budget includes a property tax rate increase of three cents to 66.25 cents per $100 property value. The City’s last property tax increase was 11 years ago for the fiscal year 2007-08 budget. Water and sewer rates increased by 4.0% for both customers inside and outside the City limits in FY 2020, allowing for the City’s commitment to improving its water quality and infrastructure. Despite the increase, residents still maintain one of the lowest water and sewer rates in North Carolina. The budget also includes a $2.50 per household fee allowing the City to continue its recycling program. B. Long-Term Financial Planning As of June 30, 2019, the City has $102,574,302 in authorized (2009 and 2016) and unissued general obligation bonds in the following functional areas to fund various governmental projects. We anticipate phasing the issuance of these bonds over the next five years in accordance with Greensboro’s capital improvement program, Council’s strategic priorities and the economic outlook, and as current bonds mature: Economic Development $31,830,000 Parks and Recreational Facilities 24,200,000 Transportation 17,260,000 Housing 14,600,000 Refunding 13,500,000 Greensboro Science Center 1,184,302 The City continues to use a construction-draw note program to fund significant capital improvements with conversion to permanent financing typically within two to three years. This includes an $85 million note, issued in June 2018, for the water and sewer improvements for 2018-2020 capital projects. The $90.4 million project for the Steven Tanger Center for the Performing Arts (Tanger Center) in downtown Greensboro is currently under construction with an estimated opening date in spring 2020. The project is being funded by a public/private partnership with $43.4 million in public funds provided by the City and $41.8 million in private funds raised by the Community Foundation of Greater Greensboro and approximately $5.2 million in other contributions. The facility will be designed as a multi-use venue with diverse programming for all ages and is estimated to attract 300,000 patrons annually, extending educational opportunities for families through exposure to high quality performances in a local setting. Donor pledges towards funding of the project have exceeded $40 million, including a single private pledge of $7.5 million from Steven Tanger, granting naming rights for the facility. Inside the Tanger Center will include large lobbies, grand stairs, multiple elevators, pre-functionary spaces, a patio overlooking Lebauer Park and a large backstage working space to support the largest Broadway and traveling performing arts shows. The Tanger Center will permanently include a first class performance line array sound system, an electronic acoustical enhancement sound system for symphonic events, and an LED lighting stage plot to bring the latest in technological enhancements to the state-of-the-art facility. The City plans to pay the debt service associated with such financing from a portion of the County’s hotel/motel occupancy tax revenues, facility fees and parking-related revenues.

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