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

Made with FlippingBook - Online Brochure Maker