2022 Annual Comprehensive Financial Report

Special Revenue Funds

State Highway Allocation Fund This fund was established to account for Powell Bill Funds which are derived from a one and three-fourths cents per gallon fuel tax. The State of North Carolina collects these monies and returns a proportionate share to local governments based on local street mileage and population. Expenditures and transfers from this fund are restricted to specific highway construction and maintenance costs. Cemetery Fund The Cemetery Fund is responsible for the operation and maintenance of three cemeteries. The cemeteries are perpetually endowed by the Perpetual Care Fund which receives one-fourth of all cemetery lot sales. All interest earned by the Perpetual Care Fund is restricted for operations of the Cemetery Fund. Hotel/Motel Occupancy Tax Fund This fund was established to account for a 3% room occupancy tax levied on hotels and motels located within the City limits. This tax revenue is dedicated for debt service improvements at the Greensboro Coliseum Complex. Economic Development Fund The Economic Development Fund was established to support three programs within the City. The Workforce Development Adult and Youth Programs subsidized work experience will assist with paid internships and technical education with hopes of citizens being hired for permanent positions. The Assistance Marketing and Support, as well as the Small Business Loan Pool, aids businesses with advertising and expansion in order to enhance Economic Development within the City of Greensboro. These efforts are funded with a dedicated tax rate of 0.50 cents. Special Tax Districts Fund This fund was established to account for a special tax on property in the College Hill and Dunleath Historic Districts, as authorized by voter referendum, and a Business Improvement District in downtown Greensboro. Housing Partnership Revolving Fund The Housing Partnership Revolving Fund is supported by 0.69 cents of the property tax rate. This revenue provides resources to fund low and moderate income housing initiatives approved by City Council, including grant/loan programs, construction/renovation projects, and cooperative efforts with private and not-for-profit organizations. Community Development Fund The purpose of the Community Development Fund is to account for projects financed primarily with Community Development Block Grant funds which are used for revitalization of low and moderate income areas.

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