2021 Annual Comprehensive 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. 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, 2021 are composed of the following:

Fund Financial Statements

Deferred Outflows of Resources

Proprietary Funds Unamortized Bond Refunding Charges Water Resources Fund

2,049,927 $

Pension Deferrals: Water Resources Fund

2,848,035 $

Stormwater Management Fund

550,830 1,132,559 285,517 109,037 101,312 1,844,420

ColiseumFund

Solid Waste Management Fund

Greensboro Transit Advisory Commission Fund

Other Non-Major Enterprise Fund

Internal Service Funds

6,871,710

Current Year Pension Contributions: Water Resources Fund Stormwater Management Fund

1,683,569 325,614 669,494 168,778

ColiseumFund

Solid Waste Management Fund

Greensboro Transit Advisory Commission Fund

64,455 59,889

Other Non-Major Enterprise Fund

Internal Service Funds

1,090,299

4,062,098

OPEB Deferrals: Water Resources Fund

1,553,257 368,119 483,774 160,189

Stormwater Management Fund

ColiseumFund

Solid Waste Management Fund

Greensboro Transit Advisory Commission Fund

49,425 57,531 930,795

Other Non-Major Enterprise Fund

Internal Service Funds

3,603,090

Total Deferred Outflows of Resources

16,586,825 $

37g