2021 Annual Comprehensive Financial Report

 As of June 30, 2021, the City had collected approximately $320.0 million or 102.3% of its amended budgeted General Fund revenues (including appropriated fund balance) and had incurred $299.6 million or 95.8% of its amended budgeted expenditures. The net effect on General Fund fund balance was an increase of approximately $20.4 million this year.  The City’s net OPEB liability was $124,450,254 at June 30, 2021, as reflected in the Statement of Net Position. The plan’s fiduciary net position increased by $8.2 million primarily due to $5.9 million increase in the fair value of investments over prior year and $2.0 in additional contributions beyond benefit payments.  The State of North Carolina’s pension system, a multi-employer defined benefit plan in which the City participates, had an overall net pension liability as of June 30, 2021. The City’s total prorata share was $87,018,641 as reflected in the Statement of Net Position.  The City’s Law Enforcement Special Separation Allowance (LEOSSA) net pension liability was $27,179,927 at June 30, 2021, as reflected in the Statement of Net Position.  In FY 21 the City spent $48.1 million and $10.3 million for federal and state-funded grant programs, respectively, compared to $40.0 million in federal and $14.8 million in state funding last year. Key Ratios

2021 $991

2020

2019 $940

2018 $655

2017 $631

$ Bonded Debt Per Capita

$1,050

Legal Debt Margin as a % of Debt Limit

83.54% 82.34% 81.55% 79.21% 76.90%

% of Property Tax Levy Collected

99.56% 99.36% 99.35% 99.54% 99.41%

% Increase (Decrease) in Assessed Property Valuation

2.1% 4.1% 1.6% 5.5% 1.6%

 Guilford County property tax revaluation occurs every five years. The most recent revaluation occurred in 2017, effective in FY 2018, noting a gain in the property base of approximately 5.5% above FY 2017 values. The next scheduled revaluation is planned for 2022, effective in FY 2023 and is expected to be higher than the normal growth of 5%.  The City’s net governmental general obligation bonded debt (General bond debt outstanding less amount available in debt service fund) decreased by $16.2 million following the scheduled annual debt service payments and the issuance of tax exempt general obligation refunding bonds for $16,755,000; decrease the debt per capita to $991.  The City of Greensboro maintained its AAA general obligation credit rating from Standard and Poor’s and Fitch Ratings along with its Aaa rating from Moody’s Investors Service.

2c