2022 Annual Comprehensive Financial Report

The intangible asset is based on City contributions to the Piedmont Triad Regional Water Authority for construction of the dam, reservoir, water treatment plant and surrounding infrastructure improvements as well as $942,887 of contributions recorded in Fiscal Year 2022, toward the City’s administrative and operating allocation. In Fiscal Year 2011, the City began amortizing the water rights over a period of 50 years with current year related amortization expense totaling $1,875,670. Accumulated amortization totals $21,304,879.

Other Intangible Assets are recorded as follows:

Software &

Accumulated Amortization

Licenses

Easements

Governmental Activities: General Government Assets $

$

3,724,035 1,190,969 4,915,004

$

3,262,662 1,070,969 4,333,631

Capital Leasing Fund

Total

$

$

$

Business-Type Activities: Water Resources Fund

$

25,461,471 1,677,871

$

5,744,570 441,548 136,305

$

5,480,104 435,148 116,537

Stormwater Fund

GTAC

Other Non-Major Enterprise Fund

90,605

49,218

49,218

Total

$

27,229,947

$

6,371,641

$

6,081,007

Software and Licenses are amortized over an estimated useful life of 3 to 7 years. Easements represent non-depreciable assets. 7. Capital Assets Capital assets, which include property, plant, equipment, infrastructure assets (e.g., roads, bridges, sidewalks and similar items) and intangible assets, are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000. One exception is intangible assets, for internally generated software, which is capitalized if greater than $100,000. All purchased capital assets of the City are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated capital assets received prior to June 15, 2015 are recorded at their estimated fair value at the date of donation. Donated capital assets received after June 15, 2015 are recorded at acquisition value. All other purchased or constructed capital assets are reported at cost or estimated historical cost. The cost of normal maintenance and repairs that do not add value to the asset or materially extend assets lives are not capitalized. General capital assets and the related accumulated depreciation are reported for the City using the straight-line method over the following estimated useful lives: Buildings, 40 years; Improvements, 20 years; Equipment, 5-20 years and Infrastructure as follows: Streets, 50 years; Sidewalks, 40 years; Bridges, 50 years; Water/Sewer, 40 years and Stormwater Improvements, 30 75 years. Depreciation of all exhaustible capital assets used by Proprietary Funds is charged as an expense against their operations. Property and equipment of the Greensboro ABC Board are stated at cost and are depreciated over their useful lives on a straight line basis as follows: Buildings, 50 years; Equipment, 3-5 years. Leasehold improvements of the Greensboro ABC Board are depreciated over the term of the lease agreement. Property, furniture and equipment of the GHDP are stated at cost and are depreciated over their useful lives on a straight-line

basis as follows: Buildings, 27 years; Furniture and Equipment, 3-5 years. Capital assets also include intangible assets which are described in D6 and D8.

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