2020 Comprehensive Annual Financial Report

Charges for current services amounted to $26,626,110 as compared to the previous year's revenue of $25,177,520 an increase of 5.6%. The increase is primarily due to an increase in general fund waste/trash collection from the prior year due to a $2.50 monthly solid waste fee that was administered to all single-family dwellings in FY 2020. Cash Management The City's investment policy is to minimize credit and market risks while maintaining a competitive yield on its portfolio. Accordingly, deposits were either insured by federal depository insurance or collateralized. All collateral on deposits was held either by the City or its agent. All investments held by the City during the year and at June 30, 2020 are classified in various levels of fair value hierarchy as defined by the Governmental Accounting Standards Board. The City's cash management program provided the City with interest earnings excluding fair market value adjustments totaling $9,487,999 for the fiscal year ended June 30, 2020 as compared to $7,906,665 in the prior year. Cash balances are analyzed daily to forecast the amount of funds required and amounts available for investment. The average amount of funds invested per month totaled $373,016,381 during the year. The City's average yield on investments for the year was 2.54%, up from 2.31% in the prior year. Interest earnings were the equivalent of nearly 3.28 cents on the tax rate for FY 2020 compared to 2.85 cents last year. B. Proprietary Funds Proprietary Funds provide the same type of information found in the government-wide financial statements but in more detail. Other factors concerning the finances of the proprietary funds have already been addressed in the discussion of the City of Greensboro’s business-type activities. General Fund Budgetary Highlights The General Fund budget for FY 2020 was adopted at $305,020,725 (excluding carry-forward encumbrances) and represents an increase of approximately 4.5% compared to the adopted FY 2019 budget. Encumbrances of $3,689,130 were carried forward from FY 2019 commitments. There were no significant variances from the original and final amended budgets for FY 2020. As of June 30, 2020, the City had collected $299.1 million or 99.6% of its budgeted General Fund revenues and had incurred $297.9 million or 96.3% of its budgeted expenditures. Significant differences between actual results and the final amended budget are highlighted below: • Overall General Fund revenues were less compared to the final amended budget by approximately $1.2 million primarily due to decrease in intergovernmental charges, construction permits and charges for current services, specifically waste/trash collection, and Parks and Recreations admissions and charges. Revenue generated from waste and trash collection was lower than the final amended budget by approximately $1.35 million. • Actual expenditures compared to final budget were less by $11.6 million or approximately 3.7%, noting approximately $3.4 million savings in police operations, $2.4 million savings in engineering and building maintenance and approximately $2.5 million savings in culture and recreation.

2s