2020 Comprehensive Annual Financial Report

downtown business district tax for certain additional improvements are also taxed as “special district” rates.  As of June 30, 2020, the City had collected approximately $299.1 million or 99.6% of its amended budgeted General Fund revenues and had incurred $297.9 million or 96.3% of its amended budgeted expenditures. The net effect on General Fund fund balance was an increase of approximately $1.2 million this year.  The City’s net OPEB liability was $131,940,179 at June 30, 2020, as reflected in the Statement of Net Position. The plan’s fiduciary net position increased by $3.1 million due to additional contributions beyond benefit payments ($2.0 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, 2020. The City’s total prorata share was $68,298,994 as reflected in the Statement of Net Position.  The City’s Law Enforcement Special Separation Allowance (LEOSSA) net pension liability was $22,410,694 at June 30, 2020, as reflected in the Statement of Net Position.  In FY 20 the City spent $40.0 million and $14.8 million for federal and state-funded grant programs, respectively, compared to $27.2 million in federal and $10.4 million in state funding last year. Key Ratios

2016 $563

2017 $631

2018 $655

2019 $940

2020

$ Bonded Debt Per Capita

$1,050

Legal Debt Margin as a % of Debt Limit 82.34%

81.55%

79.21%

76.90%

83.47%

% of Property Tax Levy Collected

99.36%

99.35%

99.54%

99.41%

99.32%

% Increase (Decrease) in

Assessed Property Valuation

4.1%

1.6%

5.5%

1.6%

1.6%

 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 (General bond debt outstanding less amount available in debt service fund) increased by $34.4 million following the scheduled annual debt service payments and the issuance of tax exempt and taxable public improvement general obligation bonds for $63,140,000 and $13,440,000, respectively; increasing the debt per capita to $1,050. 2c