2021 Annual Comprehensive Financial Report

spent in the near future to finance the City’s programs, as opposed to the government-wide statements which provides both a short and a long-term focus, a reconciliation is provided on the page following the fund statements that explains the relationship or differences between the two views. The governmental fund financial statements can be found on pages 7-19 of this report. Proprietary Funds - Services for which the City charges customers a fee are generally reported in proprietary funds. Accounted for like the government-wide statements, proprietary funds provide both long and short-term financial information and in addition include the statement of cash flows. A reconciliation statement is once more provided following these funds to explain the differences between them. The Internal Service Funds are an accounting device used to accumulate and allocate costs internally among the City’s various functions. Because these services predominantly benefit governmental rather than business-type functions, they have all been included within governmental activities in the government-wide statements. Individual fund data for the Internal Service Funds is provided in the form of combining statements located on pages 151-167. The proprietary fund financial statements can be found on pages 20-31 of this report. Fiduciary Funds - The City is the trustee, or fiduciary, for its LEOSSA Pension Trust, with all assets held and administered in a trust account invested with the State Treasurer. In addition, the Other Post Employment (OPEB) Trust Fund was established as an irrevocable trust in FY 2009. The City is responsible for ensuring that the assets reported in these funds are used only for their intended purposes. All of the City’s fiduciary activities are reported in a separate statement of fiduciary net position and a statement of changes in fiduciary net position. We exclude these activities from the government-wide financial statements because the City cannot use these assets to finance its operations. The basic fiduciary fund financial statements can be found on pages 32-33 of this report. C. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found starting on page 37a of this report. D. Required Supplementary Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the City of Greensboro’s progress in funding its obligation to provide pension benefits and other post-employment benefits other than pensions to certain of its retirees. Required supplementary information can be found on pages 38-49 of this report. E. Other Supplementary Information The combining statements referred to earlier in connection with nonmajor governmental funds and Internal Service Funds are presented immediately following the required supplementary information on pensions and other post-employment benefits. Combining and individual fund statements and schedules can be found starting on page 50 of this report.

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