2022 Annual Comprehensive Financial Report

The City, on average, receives 6.96 million gallons per day from this source. In 2016 the water plant expanded capacity from 12.675 Million Gallons per Day (MGD) to 14.7 MGD, effectively increasing the City’s allocation to 7.83 MGD, as authorized by City Council on July 19, 2016. Total planned plant capacity is 48 MGD. The City’s investment is reported in the Water Resources Enterprise Fund as an Intangible Asset, representing future water rights, amortized over a 50-year term. According to the joint venture agreement, the participating governments do not have an equity interest in the joint venture, but rather rights to purchase future water from the project. Complete financial statements for the Authority may be obtained from the Authority’s administrative office at P.O. Box 1326 Randleman, NC 27317. E. Jointly Governed Organization Greensboro/Guilford County Tourism Development Authority (Authority) The City, in conjunction with Guilford County (County), established the Authority to promote regional tourism. The City appoints five members of the Authority’s thirteen-member board. The Authority receives a percentage of room occupancy taxes which are levied on gross receipts from rental accommodations within the County. The tax is levied at 6% for establishments within the City limits of Greensboro, of which 3% is levied by the City and 3% is levied by the County. The City contributes 20% of its portion to the Authority. During Fiscal Year 2021-22, the City levied $5,969,998 in room occupancy taxes, of which $1,193,999 was remitted to the Authority for travel and tourism promotion, net The City, in conjunction with 6 counties and 25 other municipalities, established the Piedmont Triad Regional Council. The participating governments established the Council to coordinate various funding received from Federal and State agencies. Each participating government appoints one member to the Council’s governing board. The City paid membership fees of $77,782 to the Council during the fiscal year ended June 30, 2022. Piedmont Triad Airport Authority (PTAA) The City has an agreement with the PTAA in which it appoints one member to the board. The City has no financial obligation or investment in the operation of the PTAA. Complete financial statements for the PTAA may be obtained through the PTAA, 100A Ted Johnson Parkway, Greensboro, NC 27409. Guilford County Economic Development Alliance (Alliance) The City, in conjunction with Guilford County and the City of High Point founded the Alliance in 2016. The Alliance was founded to coordinate and align all economic development recruitment and retention activities, to enhance economic conditions within the county and the region, and present a united message to all corporate development prospects. All participants have an equal representation on the Alliance’s Leadership Council and contribute an equal amount of funding. F. Related Organization Greensboro Housing Authority (GHA) The GHA was created to provide affordable housing for citizens with limited income. Although all of the members of the governing body of the GHA are appointed by the Mayor, the City has no decision in selecting the management of the GHA. Financial transactions between the City and the GHA reflect contractual agreements between the parties for the provision of services by the City. The City is not responsible for any deficits nor is it entitled to any surpluses of the GHA. The City does not significantly influence the operations of the GHA, and the GHA is not accountable to the City for its fiscal matters. G. Other Postemployment Benefits (OPEB) Plan Description and Benefits Provided In addition to the pension benefits described in Note I, the City also provides postemployment benefits to retirees under a single employer plan (“The Plan”), provided they participate in the North Carolina Local Governmental Employees Retirement of a 1% collection fee paid to the County. Piedmont Triad Regional Council (Council)

37mm