2020 Comprehensive Annual Financial Report

venture agreement provided that each participant annually contribute funds to acquire land, a reservoir and to construct the Randleman Dam. The reservoir, dam and water treatment plant projects are complete and water began flowing through the system to Greensboro in October, 2010. The City’s funding share was originally 59.4%, or $33,858,000, based on a percentage of future raw water allocations. Initial City contributions, funded from the Water and Sewer Capital Reserve Fund, total $34,063,761, including $205,761 for staff administration and equipment fees paid from City operations. Additional cash payments were subsequently made on a pay-as-you-go basis to further fund reservoir, infrastructure, water treatment plant construction and other improvements for a total net Greensboro investment of $74,334,461 net of amortization of $17,572,398 as of June 30, 2020. The City contributed annual member dues in the amount of $938,394 in FY 2020 to cover the Authority’s administrative and operating costs. In December 2004, the City received a reimbursement of $5,244,257 from Randolph County to acquire a portion of Greensboro’s future raw water allocation which effectively reduced the City’s share of the project to 53.1%. The City, on average, receives 6.96 million gallons per day from this source. In 2016 the water plant expanded capacity from 12.675 Million Gallons per Day (MGD) to 14.7 MGD, effectively increasing the City’s allocation to 7.83 MGD, as authorized by City Council on July 19, 2016. Total planned plant capacity is 48 MGD. The City’s investment is reported in the Water Resources Enterprise Fund as an Intangible Asset, representing future water rights, amortized over a 50-year term. According to the joint venture agreement, the participating governments do not have an equity interest in the joint venture, but rather rights to purchase future water from the project. Complete financial statements for the Authority may be obtained from the Authority’s administrative office at P.O. Box 1326 Randleman, NC 27317. E. Jointly Governed Organization Greensboro/Guilford County Tourism Development Authority (Authority) The City, in conjunction with Guilford County (County), established the Authority to promote regional tourism. The City appoints five members of the Authority’s thirteen-member board. The Authority receives a percentage of room occupancy taxes which are levied on gross receipts from rental accommodations within the County. The tax is levied at 6% for establishments within the City limits of Greensboro, of which 3% is levied by the City and 3% is levied by the County. The City contributes 20% of its portion to the Authority. During Fiscal Year 2019-20, the City levied $4,457,141 in room occupancy taxes, of which $891,428 was remitted to the Authority for travel and tourism promotion, net The City, in conjunction with 6 counties and 25 other municipalities, established the Piedmont Triad Regional Council. The participating governments established the Council to coordinate various funding received from Federal and State agencies. Each participating government appoints one member to the Council’s governing board. The City paid membership fees of $76,619 to the Council during the fiscal year ended June 30, 2020. Piedmont Triad Airport Authority (Authority) The City has an agreement with the Authority in which it appoints one member to the board. The City has no financial obligation or investment in the operation of the Airport Authority. Complete financial statements for the Authority may be obtained through the Authority, 100A Ted Johnson Parkway, Greensboro, NC 27409. Guilford County Economic Development Alliance (Alliance) The City, in conjunction with Guilford County and the City of High Point founded the Alliance in 2016. The Alliance was founded to coordinate and align all economic development recruitment and retention activities, to enhance economic conditions within the county and the region, and present a united message to all corporate development prospects. All participants have an equal representation on the Alliance’s Leadership Council and contribute an equal amount of funding. of a 1% collection fee paid to the County. Piedmont Triad Regional Council (Council)

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