2020 Comprehensive Annual Financial Report

section for deferred inflows of resources. This separate financial statement element, Deferred Inflows of Resources, represents an acquisition of net position that applies to a future period and so will not be recognized as revenue until then. The City has certain items that meet the criterion for this category – prepaid taxes, prepaid assessments, deferrals of pension expense, and deferrals of Other Post Employment Benefit expense. In addition, property tax, notes, and other accounts receivable are included at the fund level in the financial statements. The City reports unearned revenue on its government-wide and fund financial statements. Unearned revenues arise when potential revenue does not meet both the “measureable” and “available” criteria for recognition in the current period (fund financial statements). Unearned revenues also arise when resources are unearned by the City and received before it has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying expenditures (fund financial statements and government-wide financial statements). In subsequent periods, when both revenue recognition criteria are met, or when the City has a legal claim to the resources, the liability for unearned revenue is removed from the applicable financial statement and revenue is recognized. Deferred Outflows/Inflows of Resources and Unearned Revenues in the fund and basic financial statements at June 30, 2020 are composed of the following:

Fund Financial Statements

Deferred Outflows of Resources

Proprietary Funds Unamortized Bond Refunding Charges Water Resources Fund

$ 2,535,105

Pension Deferrals: Water Resources Fund

$ 2,330,172

Stormwater Management Fund

450,653 926,778 233,654 89,151 82,783

ColiseumFund

Solid Waste Management Fund

Greensboro Transit Advisory Commission Fund

Other Non-Major Enterprise Fund

Internal Service Funds

1,509,198

5,622,389

Current Year Pension Contributions: Water Resources Fund

1,460,002 282,363 580,686 146,399

Stormwater Management Fund

ColiseumFund

Solid Waste Management Fund

Greensboro Transit Advisory Commission Fund

55,859 51,869 945,610

Other Non-Major Enterprise Fund

Internal Service Funds

3,522,788

OPEB Deferrals: Water Resources Fund

1,895,670 449,270 590,421 195,503

Stormwater Management Fund

ColiseumFund

Solid Waste Management Fund

Greensboro Transit Advisory Commission Fund

60,321 70,214

Other Non-Major Enterprise Fund

Internal Service Funds

1,135,987

4,397,386

Total Deferred Outflows of Resources

$ 16,077,668

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