2022 Annual Comprehensive Financial Report

in need. In order to strengthen recruitment and retention nighttime shift differential pay of $3,600 is included in the compensation changes for Guilford Metro 911. Fire facility growth and maintenance continues with the replacement of Fire Station #7 and #56 that were completed in November 2021 and January 2022, respectively. The Public Safety Training Facility’s 60 year-old buildings were replaced during summer 2020 with a new five-story drill tower and three-story burn building, funded by bonds. • Affordable Housing - In the 2016 bond referendum, voters approved $25 million in Housing Bonds to support the development and repair of an estimated 1,007 housing units and to leverage approximately $54 million from other funds. The 2022 bond referendum included an additional $30 million and was supported by voters by a wide favorable margin. Of this bond amount, $20 million will be directed towards the preservation and construction of affordable rental housing, $5 million towards access to homeownership and neighborhood reinvestment, respectively. While $30 million is not enough to meet the housing needs of our residents, it will leverage federal, state, and other housing funding opportunities to implement the goals of the Housing GSO Plan adopted by City Council in 2020. Additionally, remaining and future bonds will be used to continue the implementation of the plan. The Neighborhood Development Department is being re-branded, as Housing and Neighborhood Development Department, and restructured to strengthen our approach to plan implementation. Implementation of the plan will also help reach the Council adopted goal of 1,000 additional housing units affordable for residents earning up to 60% of average median income. The FY 2022-23 budget includes an increase in the dedicated portion of the tax rate for the Nussbaum Housing Fund from 0.69 cents to 1.00 cent. This will help to provide an additional $1.1 million in support of housing programming outlined in the Housing GSO plan. Further, the Down Payment Assistance program available to City residents will be revamped to provide designated funding and programming to assist City employees. Council recently provided support of $2 million towards the delivery of affordable housing units through revenues made available from the American Rescue Plan Act funds. • Transportation and Infrastructure - New economic development opportunities will have direct impacts on our infrastructural capacity as more people and businesses move into our city. The FY 2023-2032 Capital Improvements Plan (CIP) totals over $1.9 billion in projects, and outlines a future financing plan to maintain our current infrastructure and develop new facilities as needed. The capital budget continues the commitments previously adopted by Council to invest in Greensboro’s future to address diverse transportation priorities across the City for walkers, bikers, transit riders, drivers and those who use our greenway network. The successful 2016 bond referendum included $34.5 million for capital improvements to, and expansion of, Parks and Recreation facilities; $28 million for transportation enhancements, including $18 million for enhanced roadway resurfacing; $4.5 million for new transit buses; and $5 million for new sidewalk and intersection improvements. As of September 2022, $89 million of the 2016 bond referendum amount has been spent or encumbered, while the remaining is planned for projects currently in Progress. The July 2022 bond referendum of $135 million builds on the progress already made. The 2022

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