2022 Annual Comprehensive Financial Report

in solid waste are increasing to address increases in service and contract costs. Interfund transfers are budgeted around $4.8 million less than last year’s budget due to the elimination of planned transfers from the American Rescue Plan fund. Appropriated General Fund fund balance is $5.4 million, or 1.45% of the total budget, but has historically been mostly unused. The budget includes funds for the continuation of the Police and Fire step program for appropriate ranks and the continuation program of the general employee step plan for certain position grades. The budget includes a 2% base market adjustment for general employees and a 3% merit increase for all eligible employees. The second year budget for FY 2024 is balanced with a 63.25 cent tax rate, unchanged from the adopted FY 2023 rate. In FY 2023, the Debt Service Fund budget increased from the prior adopted budget to approximately $41.2 million. The amount of general obligation and fire facilities limited obligation debt service as a percentage of General Fund expenditures is projected to be 11.0% in FY 2023. Business-Type Activities: The Water Resources budget increased approximately $7.8 million or 5.5% for the FY 2023 budget as compared to the previous budget. Transfers of $30.8 million to the Water Resources Capital Improvements Fund are budgeted to allow for capital expenditure needs in accordance with the long-term Capital Improvement Plan as well as improve the City’s water and sewer system, including rehabilitation of older water and sewer lines. The budget includes a water rate increase in FY 2023 of 4.5% for residents inside and outside of city limits. Water Resources overall staffing levels are projected to increase by 4 full time equivalents (FTEs), one electrician for the Mitchell Water Plant and an additional sewer crew consisting of a crew supervisor, heavy equipment operator and crew member. Debt service payments will decrease slightly from $28.5 million to $26.2 million, supporting the enterprise’s planned debt program. Greensboro has the second lowest water rates among comparable North Carolina cities, (January 2022) with a water bill of 0.56% of the Median Household Income (MHI). Rates of less than 2% of MHI are considered to be favorable. Approximately 94% of all of the utility’s customers reside within the City limits. Requests for Information This financial report is designed to provide a general overview of the City of Greensboro’s finances and to demonstrate the City’s accountability for the money it receives. Questions concerning any information provided in this report or requests for additional information should be addressed to City of Greensboro Financial and Administrative Services Department, P.O. Box 3136, Greensboro, North Carolina 27402 3136 or by calling (336) 373-2077, or by visiting our website at www.greensboro-nc.gov.

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