2021 Annual Comprehensive Financial Report

City’s high level of commitment to developing a standard of excellence throughout the organization that meets or exceeds National Recreation and Park Association and CAPRA national standards. The City has over 3,000 acres of developed park sites and over 8,000 acres of undeveloped land from open space dedications. There are five regional parks and two public golf courses that represent over one-half of the City’s park system at over 3,500 acres. In 2017, 2018, 2019, and 2020 the City of Greensboro ranked in the top 10, ranking #3 in 2020, by the Center for Digital Government (CDG) in its annual Digital Cities Survey for cities with a population of 250,000 to 500,000. The CDG is a national research and advisory institute focused on information technology policies and best practices for state and local governments. The survey recognizes cities that use technology to improve services and boost efficiencies. In 2018, Greensboro stood out for its mobile progress, including the TransLoc Rider app that allows real-time tracking of city buses and its Park mobile app that allows drivers to

pay to park at all meters and parking lots using the online mobile payment system. In 2019, Greensboro was recognized for using technology to tackle social challenges, enhance services and strengthen cybersecurity. In 2020, Greensboro was identified for their efforts in using technology to undertake varied responses to the pandemic, enhance citizen interactions with government and continue strategic initiatives to enhance services. This is the sixth Digital Cities Survey Award for Greensboro. Greensboro has also been recognized for its effort in forming the Tri-Gig High Speed Broadband Initiative . The regional partnership plans to take advantage of existing fiber optic cable infrastructure previously installed for Greensboro’s traffic-light system. The partnership hopes to provide the next-generation of high-speed broadband infrastructure needed to meet the technological needs of current and future businesses, public institutions, educational institutions, and local residents at a substantial discount from current market prices. The Piedmont Triad Regional Council selected North State Communications as its preferred vendor for delivering high-speed internet services to the region. The Greensboro region is well suited for sizeable computing centers and high tech companies due to the significant electric power grid developed in previous years to accommodate large textile manufacturing operations, along with existing fiber optic and advanced telecommunications infrastructure. In addition, legislation was passed that extends tax incentives to smaller data center customers in North Carolina and makes it a state with one of the lowest investment thresholds. AT&T, Facebook, Apple, Google and IBM among other large-scale data centers and tech companies, have operations in North Carolina. FY 2021 General Fund revenues are reported at 102.4% of budgeted amounts with 95.8% of budgeted expenditures spent. General fund revenues and transfers in totaling $319.9 million were greater than budgeted amounts by $7.1 million while expenditures and transfers out totaled $299.6 million; less than budgeted amounts by $13.3 million. The fiscal year 2020-21 budget provided for a $9.4 million General Fund balance appropriation; however, the use of the appropriation was not needed. The fund balance policy target of 9% of the subsequent General Fund budget was maintained ($29.6 million) and the General Fund reserve for capital projects increased from $6.5 million to $15.8 million. This reserve amount is recorded directly within the General Fund accounts. Property tax collections were 99.6% of the current year’s levy, slightly higher than at the same time last year, with overall collections approximating close to 100% over a two to three year period from levy date. The continued high collection rate is further bolstered by the motor vehicle property tax system

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