2020 Comprehensive Annual Financial Report

expenses (excluding depreciation) totaled $38,221,661 as compared to $32,980,178 for the preceding year, an increase of 15.9%. The General Fund contributed $2,900,000 toward Coliseum activities this year, the same subsidy amount as last year, mainly for operations. The General Fund also contributed $190,371 for start-up expenses related to the Steven Tanger Center for the Performing Arts which is included in the Coliseum fund for reporting purposes. The Steven Tanger Center for the Performing Arts had an anticipated grand opening in March 2020, but due to state-imposed coronavirus restrictions, this has been delayed. Revenues and expenses for a given year may fluctuate based on the nature of the associated event agreements. 5) Solid Waste Management Fund Charges for current services totaled $12,240,582 as compared to $12,618,701 for the preceding year, a decrease of 3.0%. Operating expenses (excluding depreciation) totaled $14,127,837 as compared to $13,499,214 for the preceding year, an increase of 4.7% primarily due to an increase in contracted services for hauling services and landfill fees. The decrease in charges for current services is due to decrease in refuse and compost disposal fees. In October 2006, the City completed construction of a solid waste transfer station as an alternative to the White Street Landfill, at an estimated cost of $9 million. The City issued $8.4 million in special obligation bonds in November 2005 associated with this new facility, supported with a pledge of local sales tax revenue. The final maturity of the Special Obligation Bond occurred in June, 2020. Debt service coverage by the local sales tax revenue well exceeds the 2.00 times covenant requirement, currently at more than 28 times covered. 6) Greensboro Transit Advisory Commission Charges for current services totaled $1,498,173 as compared to $2,045,903 in the preceding year, a decrease of 26.8% primarily due to transit free fares starting in March 2020 due to the coronavirus pandemic. Operating expense (excluding depreciation) totaled $24,823,714 as compared to $24,166,476, an increase of 2.7%. This operation is primarily funded with grants, property, motor vehicle and local option sales tax. 7) Parking Facilities Fund Charges for current services totaled $3,302,276 as compared to $3,237,112 in the preceding year, an increase of 2.0%. Beginning on January 1, 2020 monthly parking rates in downtown parking decks increased $8 per month, from $85 per month to $93 per month, which has contributed to the improved revenue. Operating expenses (excluding depreciation) totaled $1,783,916 as compared to $2,128,306 for the preceding year, a decrease of 16.2% due to decrease in maintenance and repair as repairs to the Greene Street and Davie Street parking decks were done in the previous year. At the end of October 2019, the City issued $29,685,000 in Limited Obligation Bonds for a downtown parking deck. A second downtown parking deck is planned for fiscal year 2021 and will also be financed with additional Limited Obligation Bonds. The debt service for both Limited Obligation Bonds will be repaid through parking fee revenue as well as property and sales tax from related downtown development.

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