2021 Annual Comprehensive Financial Report

Revenues and expenses for a given year may fluctuate based on the nature of the associated event agreements. 5) Solid Waste Management Fund Charges for current services totaled $14,030,248 as compared to $12,240,582 for the preceding year, an increase of 14.6%. Operating expenses (excluding depreciation) totaled $15,407,945 as compared to $14,127,837 for the preceding year, an increase of 9.1% primarily due to an increase in contracted services for hauling services and landfill fees. The increase in charges for current services primarily relates to private disposal fees. 6) Greensboro Transit Advisory Commission Charges for current services totaled $661,975 as compared to $1,498,173 in the preceding year, a decrease of 55.8% primarily due to free transit fares starting in March 2020 due to the coronavirus pandemic. Effective January 2, 2021, transit fares were reinstated at normal fare rates. Operating expense (excluding depreciation) totaled $21,545,652 as compared to $24,823,714, a decrease of 13.2%. This operation is primarily funded with grants, property, motor vehicle and local option sales tax. 7) Parking Facilities Fund Charges for current services totaled $2,128,981 as compared to $3,302,276 in the preceding year, a decrease of 35.5%. The decrease in parking fee revenue was due to employees working from home and event cancellation during the pandemic. Operating expenses (excluding depreciation) totaled $2,355,461 as compared to $1,783,916 for the preceding year, an increase of 32.0% due to increase in maintenance and repair expenses. At the end of October 2019, the City issued $29.7 million of Limited Obligation Bonds for the Eugene Street Parking Deck. On January 28, 2021 the City issued $35.8 million for the February One Parking Deck another downtown parking deck. The debt service for both Limited Obligation Bonds will be repaid through parking fee revenue as well as property and sales tax from related downtown development.

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