2022 Annual Comprehensive Financial Report

B. Proprietary Funds Proprietary Funds provide the same type of information found in the government-wide financial statements but in more detail. Other factors concerning the finances of the proprietary funds have already been addressed in the discussion of the City of Greensboro’s business-type activities. General Fund Budgetary Highlights The General Fund budget for FY 2022 was adopted at $329,255,081 (excluding carry-forward encumbrances) and represents an increase of approximately 7.4% compared to the adopted FY 2021 budget. Encumbrances of $5,409,307 were carried forward from FY 2021 commitments. There were no significant variances from the original and final amended budgets for FY 2022. The increase amounting to approximately $5 million, was primarily for certain American Rescue Pan Act (ARPA) enabled expenditures and implementation of a Police Take Home Vehicle program. As of June 30, 2022, the City had collected $338.5 million or 99.5% of its budgeted General Fund revenues and had incurred $328.2 million or 96.5% of its budgeted expenditures. Significant differences between actual results and the final amended budget are highlighted below: • Overall General Fund revenues were less than the final amended budget by approximately $1.6 million primarily due to $1.3 million of net budgeted transfers, relating to the ARPA planning and certain fund closure. • Actual expenditures compared to final budget were less by $11.9 million or approximately 3.5%, noting approximately $2.2 million savings in general government, $1.7 million savings in police operations, $1.8 million savings in engineering and building maintenance, $1.9 million in field operations relating to stormwater maintenance and approximately $4.2 million savings in culture and recreation. • FY 2022 included a 3% average merit increase for employees, along with funding to advance sworn policy and fire personnel to the appropriate next steps in the Public Safety Step Compensation Program.

Capital Asset and Debt Administration A. Capital Assets

The City’s investment in capital assets including intangible assets for both its governmental and business-type activities as of June 30, 2022, amounts to $1,766,228,553 (net of accumulated depreciation/amortization). These assets include buildings, roads and bridges, land, machinery and equipment, park facilities, vehicles and intangible assets such as easements, software and licenses and water rights among other types of assets. This investment represents an increase of $37,472,440 or 2.2% over the prior year.

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