2020 Comprehensive Annual Financial Report

Business-Type Activities: The Water Resources budget increased approximately $1.9 million or 1.3% for the FY 2021 budget as compared to the previous budget. Transfers of $27.8 million to the Water Resources Capital Improvements Fund are budgeted to allow for capital expenditure needs in accordance with the long-term Capital Improvement Plan as well as improve the City’s water and sewer system, including rehabilitation of older water and sewer lines. The budget does not include a water rate increase in FY 2021, however a higher rate increase of 4.5% will be necessary in FY 2022 to ensure debt coverage projections are considered adequate by management. Debt service payments will increase slightly from $29.7 million to $31.2 million, supporting the enterprise’s planned debt program. Greensboro has the second lowest water rates among North Carolina cities, (January 2020) with a water bill of 1.21% of the Median Household Income (MHI). Rates of less than 2% of MHI are considered to be favorable. Approximately 95% of all of the utility’s customers reside within the City limits. Requests for Information This financial report is designed to provide a general overview of the City of Greensboro’s finances and to demonstrate the City’s accountability for the money it receives. Questions concerning any information provided in this report or requests for additional information should be addressed to City of Greensboro Financial and Administrative Services Department, P.O. Box 3136, Greensboro, North Carolina 27402- 3136 or by calling (336) 373-2077, or by visiting our website at www.greensboro-nc.gov.

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