2022 Annual Comprehensive Financial Report

Table C-3 CIP Funding Sources – 10 Year Plan

CIP Funding Source General Funds Authorized Bonds Revenue Bonds Enterprise Funds

% of Total CIP

4.6% 4.0%

26.9% 23.5% 12.0%

Grants/Other

Unauthorized Bonds 29.0% 100.0% Additional information on the City’s capital assets can be found in Note I.D.5 and IV.D of this report. B. Long-Term Debt As of June 30, 2022, the City had total bonded debt outstanding (at par) of $753,550,000 with $252,595,000 backed by the full faith, credit and taxing power of the City, $55,125,000 backed by Hotel/Motel occupancy tax of the City, $40,855,000 backed by Tanger Center parking fees, ticket fees, and hotel motel tax from the County, $64,570,000 backed by revenue generated from parking fees and property and sales tax generated from the new downtown development, $11,475,000 backed by property tax revenue, $328,930,000 backed by a revenue pledge of the Combined Enterprise System (currently Water Resources utility system). Table D-1 General Obligation, Limited Obligation, Special Obligation and Revenue Bonds – Outstanding Debt (In thousands of dollars)

Governmental

Business-Type

Activities

Activities

Total

2022

2021

2022

2021

2022

2021

252,595 $

276,585 $

General Obligation Bonds Limited Obligation Bonds

252,595 $

276,585 $ $

$

66,600

62,750

105,425 328,930

107,635 265,400 36,657

172,025 328,930

170,385 265,400 36,657

Revenue Bonds Revenue BANS

749,027 $

Total

319,195 $

339,335 $

434,355 $

409,692 $

753,550 $

The City’s total overall outstanding bonded long-term liabilities increased approximately $4.5 million during the current fiscal year due to the issuance of $47.8 million refunding Limited Obligation Bonds for coliseum improvements, and $87.9 million of Combined Enterprise System Revenue Bonds. On September 29, 2022 the city issued a $175 million Combined Enterprise System Revenue BAN having a variable interest rate and is expected to be refinanced in fiscal year 2025. The City issues these construction period type note agreements that provides a privately placed commitment to fund capital projects as the expenditures are being incurred, effectively delaying actual long-term debt issuances for several years and better matching cash flows. The City of Greensboro has a general obligation bond rating of Aaa from Moody’s Investors Service and a AAA rating from both S&P Global Ratings and Fitch Ratings. These bond ratings are a clear indication

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