2021 Annual Comprehensive Financial Report

repair of an estimated 1,007 housing units and to leverage approximately $54 million from other funds. To date, $18 million in Housing Bond funds have been committed to 1,100 units with over $100 million in anticipated leverage funds. The City’s proposed FY 2022-2031 Capital Improvements Plan (CIP) totals almost $1.5 billion in identified projects and outlines a future financing plan to maintain our current infrastructure and develop new facilities as needed. The proposed CIP includes $660 million in water and sewer infrastructure projects, nearly 44% of the total capital improvement plan.

• Customer Service, Diverse Workforce, and Fiscal Management – The City’s focus on customer service, a diverse workforce and fiscal stewardship, transparency and accountability ensures the City has the right people doing the right job. The budget continues a variety of employee development initiatives, including MentorMe (employee-to- employee mentoring program), Toastmasters, and development programs, such as Leadership Edge and Leadership Prime, designed for employees wishing to pursue supervisory roles in the organization. The FY2021-22 budget includes a 3.0% average

merit increase for all eligible employees. The recommended budget includes funding to advance sworn police and fire personnel to the appropriate next steps in the Public Safety Step Program. Finally, this budget maintains external competitiveness by adjusting general and executive pay range structures by two percent.

FACTORS AFFECTING FINANCIAL CONDITION A. Local Economy

Greensboro's diverse economy is attributed to its unique blend of trade, manufacturing and service businesses as well as its universities and colleges. Local industry is characterized by the production of a wide range of products, including aircraft, machinery, electronics equipment, textiles, apparel and tobacco, and expansion in the aircraft maintenance, transportation and financial services industries. Five of the top 50 companies on the Fortune 500 list have operations in the Greensboro area; these include UnitedHealth Group, AT&T, UPS, FedEx and Procter & Gamble. This area experiences an excellent market location that has access to all major domestic and international markets from Interstate Highways 40, and 85 and the Piedmont Triad International Airport (PTIA). Construction is underway for a new interstate system (I-73) that will span North Carolina, joining Detroit and Charleston, including Greensboro en route. In northern Greensboro, U.S. 29, between Danville and Greensboro, has also been designated as Interstate 785. Located at the center of North Carolina and the midpoint of the East Coast, Greensboro is strategically positioned at the hub of a dynamic region for major transportation, logistics, manufacturing and service industries. In addition, half of the U.S. population is within 650 miles (1,046 km.), another major advantage. With the significant presence of Federal Express and Honda Aircraft, the region continues to build on the strengths of its geographic location positioning the Triad as a global “aerotropolis” and logistics center on the U.S. East Coast. The Greensboro Urban Loop , a 44-mile state-constructed beltway around Greensboro, is in progress at a cost of approximately $1 billion, funded by the N.C. Legislature. The Southern, Eastern and Western portions of the loop have been completed and are currently open. The Northern section, with just 3.3 miles remaining, will

V