2022 Annual Comprehensive Financial Report

 The General Fund budget for the fiscal year ended June 30, 2022 was adopted with a $.6206 per $100 assessed valuation property tax rate. The total FY 2022 general levy tax rate remained the same from prior year at $.6625 and includes $.0069 for housing initiatives and $.0350 for public transit. Two special historic district taxes and a downtown business district tax for certain additional improvements are also taxed as “special district” rates.  As of June 30, 2022, the City had collected approximately $338.5 million or 99.5% of its amended budgeted General Fund revenues (including appropriated fund balance) and had incurred $328.2 million or 96.5% of its amended budgeted expenditures. The net effect on General Fund fund balance was an increase of approximately $10.3 million this year.  The City received the final allocation of the $59.4 million American Rescue Plan Act award from the United States Treasury in June 2022, with $3.4 million spent as of June 30, 2022 on revenue replacement.  The City’s net OPEB liability was $118,633,659 at June 30, 2022, as reflected in the Statement of Net Position. The plan’s fiduciary net position decreased by $4.2 million primarily due to $4.9 million decrease in the fair value of investments over prior year.  The State of North Carolina’s pension system, a multi-employer defined benefit plan in which the City participates, had an overall net pension liability as of June 30, 2022. The City’s total prorata share was $35,743,062 as reflected in Note I-1 on page 37tt.  The City’s Law Enforcement Special Separation Allowance (LEOSSA) net pension liability was $26,734,978 at June 30, 2022, as reflected in Note I-1 on page 37ww.  In FY 22 the City spent $62.9 million and $13.7 million for federal and state-funded grant programs, respectively, compared to $48.1 million in federal and $10.3 million in state funding last year. Key Ratios

2022 $912

2021 $991

2020

2019 $940

2018 $655

$ Bonded Debt Per Capita

$1,050

Legal Debt Margin as a % of Debt Limit

81.05% 83.54% 82.34% 81.55% 79.21%

% of Property Tax Levy Collected

99.39% 99.56% 99.36% 99.35% 99.54%

% Increase (Decrease) in Assessed Property Valuation

0.2% 2.1% 4.1% 1.6% 5.5%

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