2021 Annual Comprehensive Financial Report

LEOSSA and OPEB Plans. For this purpose, the LEOSSA and OPEB Plans recognize benefit payments when due and payable in accordance with the benefit terms Investments for all plans are reported at fair value.

Government-Wide Financial Statements Governmental Business-Type Activities Activities

Deferred Outflows of Resources Pension Deferrals - LGERS Pension Deferrals - LEOSSA Subtotal Pension Deferrals

24,683,074 $

5,027,290 $

6,655,254

31,338,328 $

5,027,290 $

Current Year Pension Contributions - LGERS Current Year Pension Contributions - LEOSSA Subtotal Current Year Pension Contributions

14,590,993 $

2,971,799 $

1,733,033

16,324,026 $

2,971,799 $

Liabilities Net Pension Liability - LGERS Net Pension Liability - LEOSSA Subtotal Net Pension Liability Deferred Inflows of Resources Pension Deferrals - LGERS Pension Deferrals - LEOSSA Subtotal Unearned Revenues

72,294,216 $

14,724,425 $

27,179,927

99,474,143 $

14,724,425 $

$

1,136,186 2,148,929 3,285,115

$

231,412

$

$

231,412

12. Accounting Changes and Reclassifications The Greensboro Housing Development Partnership, Inc. implemented Accounting Standards Update (ASU) 2014-09 (Topic 606), Revenue from Contracts with Customer that was effective for fiscal years beginning after December 15, 2019. The core principle of this ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The ASU requires identification of contracts with customers, identification of performance obligations, determination of transaction price, allocation of transaction price to performance obligations and recognition of revenue when/as performance obligations are satisfied. The Partnership adopted this ASU during year ended June 30, 2021 under the modified retrospective transition methods. Adoption did not require any prior period adjustments as there were no assets or liabilities related to contracts at July 1, 2021. The Greensboro Housing Development Partnership net assets as of July 1, 2020 have been restated to correct an error in recording audit adjustments in the prior year. As a result, the balance payable to the City was overstated and net assets were understated by $10,658. II. Reconciliation of Government-Wide and Fund Financial Statements A. Explanation of certain differences between the governmental fund balance sheet and the government-wide statement of net position. The governmental fund balance sheet includes reconciliation between fund balance – total governmental funds and net position – governmental activities as reported in the government – wide statement of net position. One element of that reconciliation

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