2021 Annual Comprehensive Financial Report

3. Reconciliation of Claims Liability Changes in the City’s claims liability balance during Fiscal Years 2021 and 2020 are as follows:

Employee

General

Risk

Risk

Total

Total

Retention

2020-21

2019-20

Retention

Balance - July 1

$

11,599,408

6,786,005 $

18,385,413 $

17,479,540 $

Add: Incurred Claims (including)

IBNR's and Changes in Estimates

40,067,069 (43,169,521)

1,215,894 (1,298,525)

41,282,963 (44,468,046)

42,028,076 (41,122,203)

Deduct: Claims Payments

Balance - June 30

$

8,496,956

6,703,374 $

15,200,330 $

18,385,413 $

B. Subsequent Events The City has evaluated subsequent events through October 31, 2021 in connection with the preparation of these financial statements, which is the date the financial statements were available to be issued. On October 19, 2021 the City sold $22.705 million Series 2021A Taxable Limited Obligation Refunding Bonds to refund the Series 2014 tax-exempt Coliseum Limited Obligation Bonds and $25.140 million Series 2021B Taxable Limited Obligation Refunding bonds to refund the Series 2018A tax-exempt Coliseum Limited Obligation Bonds. The Series A bonds have an average fixed interest rate of 2.68% with a final maturity of April 1, 2040 and net present value interest savings as a result of the refunding was $661,953. The Series B bonds have an average fixed interest rate of 2.78% with a final maturity of April 1, 2042 and net present value interest savings as a result of the refunding was $135,070. C. Commitments and Contingencies 1. Legalities The City is party to a number of civil lawsuits and other legal actions. Most of these lawsuits involve construction contracts, public right of way management, and personnel issues. In the opinion of the City’s Attorney and management, the ultimate outcome of these suits is not expected to have significant impact upon the City’s financial position. 2. Authorized capital projects at June 30, 2021 are comprised of the following:

Project

Expended Through Unexpended

June 30, 2021

Authorization

Authorization

Governmental Funds:

Special Revenue (1)

$

112,089,686 513,009,224 625,098,910

$

57,143,673 356,839,372 413,983,045

$

54,946,013 156,169,852

Capital Projects

$

$

211,115,865 $

Enterprise Funds:

Water Resources

$

521,518,289 28,109,363 128,122,226 1,051,141 70,982,766 40,565,674 790,349,459

$

418,941,460

102,576,829 $

Stormwater Management

9,387,538

18,721,825 6,329,892

Coliseum

121,792,334

Solid Waste Management

497,666

553,475

Parking Facilities

46,972,251

24,010,515

Greensboro Transit Advisory Commission

34,648,295 632,239,544

5,917,379

$

$

158,109,915 $

(1) Includes Powell Bill Transportation Projects

37gg