2020 Comprehensive Annual Financial Report

annual budget has been adopted. Budgetary control is facilitated by the use of a personnel/payroll data system that requires every position, including applicable fringe benefits, be budgeted. In addition, the North Carolina General Statutes require an encumbrance system and a finance officer’s “preaudit” certification that budgeted funds are available prior to the placement of all purchase orders, contracts and electronic payments. Outstanding purchase orders and contracts are reported as a restriction of fund balance at June 30, 2020 in the category “Stabilization by State Statute.” The appropriated budget is prepared by fund, function (e.g., public safety), and department (e.g., police). A budgetary comparison for the General Fund is presented beginning on page 11 as part of the Basic Financial Statements. Detailed budget to actual comparisons for other funds with annual and project-length budgets are presented in the supplementary information subsection of this report, which starts on page 66.

COUNCIL BUDGET PRIORITIES Four strategic goals are the primary focus of funding within the City’s budget:

• Economic Development and Job Creation – The City’s approach to economic development focuses on creating an environment that promotes job creation, facilitates private business expansion, utilizes community development grants, bonds and other resources to advance economic and infrastructure development. PLAN IT GSO is the City’s Comprehensive Plan and guiding document that articulates the vision, goals, growth policy and action plans for Greensboro through 2025. In June 2020, Greensboro City Council adopted the updated plan, now called GSO2040. As part of this plan, the City completed over 150 public events that included dozens of public engagement initiatives ranging from workshops, pop-ups at public events, focus groups and on-line discussions netting over 6,000 individual contributions of input on

the long-term vision and goals for the next twenty years. The Minority-owned and Women-owned Business Enterprise (MWBE) program is a critical element of the City’s economic development initiatives. In February 2019, City Council adopted enhancements to the MWBE Program Plan to intentionally incorporate the utilization of minority and women owned businesses as an integral part of the City contracting process. While the program continues to improve, the City achieved overall MWBE utilization of 20.27% for 2019. In November 2016, Greensboro citizens authorized $38.5 million general obligation bonds dedicated to economic development

efforts. The Downtown Streetscape Master Plan has been completed through a significant public involvement effort. Design work is underway for downtown streetscape improvements for Greene Street, Summit Avenue, Eugene Street, David Street and Bellemeade Street. These projects are expected to begin construction by spring 2021 and will create a safe, comfortable and well-connected streetscape system. The FY 20-21 budget includes economic development incentive payments to HAECO, Charles Aris, Coca-Cola Bottling Company, Qorvo, and Centric Brands for existing industry expansion projects that have created at least 954 new jobs and capital investment of $170 million. Investment funds are also included for Self Help Ventures Fund to support the redevelopment of Revolution Mill that has supported a capital investment of more than $82 million. City Council has approved economic development incentive support for The Fresh Market, Syngenta and PACTIV, as well as a new industry to Greensboro, Sunlight Batteries USA, Inc. These new projects have a combined estimated investment of $87 million with at least 124 new jobs and 1,024 retained jobs. • Public Safety – The Greensboro Police Department (GPD) continues to lead robust community engagements by hosting a number of community collaborations geared at increasing awareness and education on critical topics affecting our community. Topics included Opioid Abuse, Active Shooters Responses and Gang Awareness. Over 850 children participated in the “Students Overcoming Situations” program, a partnership with Guilford County Schools to teach the value of safety and decision making through social and emotional learning competencies. The Police Foundation manages 300 speaker requests, educating over 5,000 people on general topics including personal safety, children’s safety, active shooters III