2021 Annual Comprehensive Financial Report

make transfers of appropriations within funds and department heads may make transfers of appropriations within a department. Transfers of appropriations between funds, however, require approval by the City Council. Budget- to-actual comparisons are provided in this report for each individual governmental fund for which an appropriated 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, 2021 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 12 as part of the Basic Financial Statements. Detailed budget to actual comparisons for other funds with annual and project-length budgets are presented in this report beginning on page 71.

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, and 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. In 2020, the City achieved MWBE utilization of 15.5% in construction services and 20.5% in professional services. 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 nearing completion for downtown streetscape improvements for Greene Street, Summit Avenue, Eugene Street, David Street and Bellemeade Street. These projects are expected to begin construction by end of 2021 and will create a safe, comfortable and well-connected streetscape system. In March 2021, City Council adopted updated economic development guidelines that provide tiered investments to strategic industries and promote jobs with livable wages. The FY 2021-22 budget includes economic development incentive payments to HAECO, Charles Aris, 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 1,029 retained jobs. The most recent incentive was awarded by City Council on August 17, 2021 to Procter & Gamble Manufacturing Company for $1.8 million to construct a manufacturing facility and create 46 new full-time jobs with an average annual salary of $62,609. The project is expected to generate approximately $110 million in capital investment. On the horizon are the approved incentives for Publix, pending annexation, to develop a $400 million food processing and

III