2021 Annual Comprehensive Financial Report

implemented by the State of North Carolina in 2013 called “Tax and Tag Together”. North Carolina’s vehicle registration program only allows a vehicle to be registered by the State with corresponding payment of local property tax due. The City of Greensboro’s total budget for the 2021-22 fiscal year has been approved for $619.7 million. The budgeted property tax rate remains the same at 66.25 cents per $100 property value. The City’s last property tax increase was two years ago for the fiscal year 2019-20 budget with an increase of three cents from 63.25 to 66.25 cents per $100 property value, primarily to support debt service. The FY 2021-22 budget includes a water and sewer rate increase of 4.5% for customers both inside and outside the city limits. This modest rate increase is essential to maintain system maintenance and residents still have one of the lowest water and sewer rates in North Carolina. Rate increases were suspended in fiscal year 2020 21 due to the pandemic. B. Long-Term Financial Planning As of June 30, 2021, the City has $43,785,000 in authorized (2016) and unissued general obligation bonds in the following functional areas to fund various governmental projects. We anticipate phasing the issuance of these bonds within the next two years in accordance with Greensboro’s capital improvement program, Council’s strategic priorities and the economic outlook, and as current bonds mature: Economic Development $14,635,000 Parks and Recreational Facilities 12,595,000 Transportation 9,955,000 Housing 6,600,000 The City continues to use a construction-draw note program to fund significant capital improvements with conversion to permanent financing typically within two to three years. This includes an $85 million note, issued in June 2020, for water and sewer improvements for 2020-2022 capital projects. The $94 million project for the Steven Tanger Center for the Performing Arts (Tanger Center), with seating capacity of approximately 3,000, is located in downtown Greensboro and was completed in March 2020. The project was funded by a public/private partnership with $43.4 million in public funds provided by the City and $41.8 million in private funds raised by the Community Foundation of Greater Greensboro and approximately $8.8 million in other contributions. The facility, designed as a multi-use venue with diverse programming for all ages, is estimated to attract 300,000 patrons annually, extending educational opportunities for families through exposure to high quality performances in a local setting. Donor pledges towards funding of the project exceeded $40 million, including a single private pledge of $7.5 million from Steven Tanger, granting naming rights for the facility. Inside the Tanger Center are large lobbies, grand stairs, multiple elevators, pre-functionary spaces, a patio overlooking Lebauer Park and an expansive backstage working space to support the largest Broadway and traveling performing arts shows. The Tanger Center includes a first class performance line array sound system, an electronic acoustical enhancement sound system for symphonic events, and an LED lighting stage plot to bring the latest in technological enhancements to the state-of-the-art facility. The City plans to pay the debt service associated with such financing from a portion of the County’s hotel/motel occupancy tax revenues, ticket fees and parking-related revenues. The Tanger Center opened its doors to host its first event on September 2, 2021 followed by an award winning lineup of national touring Broadway plays, major concerts and events, and comedy and family shows.

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