2022 Annual Comprehensive Financial Report

 Guilford County property tax revaluation occurs every five years. The most recent revaluation occurred in 2022, effective in FY 2023, noting a gain in the property base of approximately 23.8% above FY 2022 values.  The City’s net governmental general obligation bonded debt (General bond debt outstanding less amount available in debt service fund) decreased by $23.3 million following the scheduled annual debt service payments; decreasing the debt per capita to $912.  The City of Greensboro maintained its AAA general obligation credit rating from Standard and Poor’s and Fitch Ratings along with its Aaa rating from Moody’s Investors Service. S&P Global Ratings (S&P) General Obligation Bonds Currently AAA Target AAA Enterprise System Revenue Bonds Currently AAA Target AAA Limited Obligation Bonds Currently AA+ Target AA+ Moody’s Investors Service (Moody’s) General Obligation Bonds Currently Aaa Target Aaa Enterprise System Revenue Bonds Currently Aa1 Target Aaa Limited Obligation Bonds Currently Aa2 Target Aa1 Fitch Ratings (Fitch) General Obligation Bonds Currently AAA Target AAA Enterprise System Revenue Bonds Currently AAA Target AAA Limited Obligation Bonds Currently AA+ Target AA+ OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis are intended to serve as an introduction to the City of Greensboro’s basic financial statements. The financial statements include two kinds of statements that present different views of the City: 1) Government-Wide Financial Statements and 2) Fund Financial Statements. Both perspectives, however, are essential and complementary components that allow the user to address relevant questions, broaden a basis for comparison, and enhance the City’s accountability. Another element of the basic financial statements is the notes to the financial statements. In addition to the basic financial statements, this report contains other supplemental information that will enhance the reader’s understanding of the financial condition of the City of Greensboro. (See Figure 1)

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