2020 Comprehensive Annual Financial Report

3. Reconciliation of Claims Liability Changes in the City’s claims liability balance during Fiscal Years 2020 and 2019 are as follows:

Employee

General

Risk

Risk

Total

Total

Retention

2019-20

2018-19

Retention

Balance-July 1

$ 11,356,279 $ 6,123,261 $ 17,479,540 $ 16,141,849

Add: Incurred Claims (including)

IBNR's and Changes in Estimates

39,707,129 (39,464,000)

2,320,947 (1,658,203)

42,028,076 (41,122,203)

45,638,427 (44,300,736)

Deduct: Claims Payments

Balance - June 30

$ 11,599,408 $ 6,786,005 $ 18,385,413 $ 17,479,540

B. Subsequent Events The City has evaluated subsequent events through October 28 , 2020 in connection with the preparation of these financial statements, which is the date the financial statements were available to be issued. On July 8, 2020 the City sold $16.755 million Series 2020D refunding General Obligation Bonds to forward refund the Series 2010B General Obligation Bonds. The bonds have an average fixed interest rate of 1.31% with a final maturity of October 1, 2030. The net present value interest savings as a result of the refunding was $1,802,978. C. Commitments and Contingencies 1. Legalities The City is party to a number of civil lawsuits and other legal actions. Most of these lawsuits involve construction contracts, public right of way management, and personnel issues. In the opinion of the City’s Attorney and management, the ultimate outcome of these suits is not expected to have significant impact upon the City’s financial position.

2. Authorized capital projects at June 30, 2020 are comprised of the following: Project Expended Through

Unexpended Authorization

June 30, 2020

Authorization

Governmental Funds:

Special Revenue (1)

$ 62,247,445 $

43,624,116 $ 18,623,329

Capital Projects

489,512,689

303,271,036

186,241,653

$ 551,760,134 $

346,895,152 $ 204,864,982

Enterprise Funds:

Water Resources

$ 463,085,708 $

376,377,462 $ 86,708,246

Stormwater Management

23,609,363 122,519,842 1,051,141 64,194,855

8,106,761

15,502,602 4,826,240

Coliseum

117,693,602

Solid Waste Management

390,403

660,738

Parking Facilities

31,995,419

32,199,436

Greensboro Transit Advisory Commission

36,012,655

27,701,950

8,310,705

$ 710,473,564 $

562,265,597 $ 148,207,967

(1) Includes Powell Bill Transportation Projects

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