2021 Annual Comprehensive Financial Report

B. Business-Type Activities Business-type activities decreased the City of Greensboro’s net position by $1.2 million, largely attributable to lack of income generated in Coliseum and Transit due to COVID-19 operations. The General Fund continued to support the Coliseum and solid waste operations; water and sewer were sufficient to cover operations. 1) Enterprise Funds There are six separate and distinct operations accounted for in the Enterprise Funds: the Water Resources Utility Operations, Stormwater Management Services, Coliseum Complex, Solid Waste Management, Greensboro Transit Advisory Commission and Parking Facilities (Other Non-Major Fund). Depreciation is computed on all depreciable plant and equipment and is reflected as an operating expense. Depreciation expense also includes amortization of software and licenses and other intangible assets, such as water rights. The following schedule reflects the change in net position before and after depreciation/amortization for each of the enterprises compared to the preceding year. Table B-1 Change in Net Position– Business-Type Activities (In thousands of dollars )

Change in Net Position

Change in Net Position

Before Depreciation/Amortization*

After Depreciation/Amortization*

Enterprise Activities

2021

2020

2021

2020

Water Resources

$

49,702

$

49,783

$

17,483

$

19,782

Stormwater Management

1,283

1,950

(612)

(38)

Coliseum

(7,860)

31,945

(13,849)

26,109

Solid Waste Management Greensboro Transit Advisory Commission

862

637

460

237

710

10,611

(2,646) (2,705) (1,869)

6,943 1,193

Parking Facilities

(1,624) 43,073

1,763

Total

$

$

96,689

$

$

54,226

*Excludes the effect of Internal Service Fund chargebacks. Major activities and/or changes in the Enterprise Fund operations are presented in the following comments. 2) Water Resources Fund Charges for current services totaled $122,354,716 compared to $119,676,814 for the preceding year, an increase of 2.2%. Operating expenses (excluding depreciation) decreased by 2.0% and totaled $69,629,079 as compared to $71,048,740 for the preceding year. On July 1, 2020, water and sewer rates did not increase for customers both inside and outside the City limits due to the economic impact of the coronavirus pandemic. On July 1, 2021, water and sewer rates for average residential customers increased 4.5% for customers both inside and outside the City

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