2022 Annual Comprehensive Financial Report

For the past five consecutive years (2017-2021), the City of Greensboro ranked in the top 10, ranking #3 in 2020, by the Center for Digital Government (CDG) in its annual Digital Cities Survey for cities with a population of 250,000 to 500,000. The CDG is a national research and advisory institute focused on information technology policies and best practices for state and local governments. The survey recognizes cities that use technology to improve services and boost efficiencies. In 2021, Greensboro launched a GIS public application to search building permit data going back 10 years, released a police transparency dashboard, and standardized equipment and software used by three City drone teams to achieve shared resources and best practices. In 2020, Greensboro was identified for their efforts in using technology to undertake varied responses to the pandemic, enhance citizen interactions with government and continue strategic initiatives to enhance services. In 2019, Greensboro was recognized for using technology to tackle social challenges, enhance services and strengthen cybersecurity. In 2018, Greensboro stood out for its mobile progress, including the TransLoc Rider app that allows real-time tracking of city buses and its Park mobile app that allows drivers to pay to park at all meters and parking lots using the online mobile payment system. This is the seventh Digital Cities Survey Award for Greensboro. Greensboro has also been recognized for its effort in forming the Tri-Gig High Speed Broadband Initiative . The regional partnership plans to take advantage of existing fiber optic cable infrastructure previously installed for Greensboro’s traffic-light system. The partnership hopes to provide the next-generation of high-speed broadband infrastructure needed to meet the technological needs of current and future businesses, public institutions, educational institutions, and local residents at a substantial discount from current market prices. The Piedmont Triad Regional Council selected North State Communications as its preferred vendor for delivering high-speed internet services to the region. The Greensboro region is well suited for sizeable computing centers and high tech companies due to the significant electric power grid developed in previous years to accommodate large textile manufacturing operations, along with existing fiber optic and advanced telecommunications infrastructure. In addition, legislation was passed that extends tax incentives to smaller data center customers in North Carolina and makes it a state with one of the lowest investment thresholds. AT&T, Facebook, Apple, Google and IBM among other large-scale data centers and tech companies, have operations in North Carolina. B. Long-Term Financial Planning As of June 30, 2022, the City has $43,785,000 in authorized (2016) and unissued general obligation bonds in the following functional areas to fund various governmental projects. We anticipate phasing the issuance of these bonds within the next two years in accordance with Greensboro’s capital improvement program, Council’s strategic priorities and the economic outlook, and as current bonds mature: Economic Development $14,635,000 Parks and Recreational Facilities 12,595,000 Transportation 9,955,000 Housing 6,600,000 On September 29, 2022, the City issued up to $175,000,000 in taxable ($25,000,000) and nontaxable ($150,000,000) Combined Enterprise System Revenue Bond Anticipation Notes according to an Advance and Note Purchase Agreement with Truist Bank. The 2022A&B Bond Anticipation Note bears interest at a variable rate being the lessor of 18$ per annum and the maximum rate permitted by law. The final maturity of the 2022A&B Bond Anticipation Note is not expected to exceed September 29, 3030. The City of Greensboro’s proposed ten-year Capital Improvements Program (CIP) includes approximately $1.9 billion for projects that will be undertaken during FY 2023-2032 and outlines a future financing plan to maintain the City’s current infrastructure and develop new facilities where needed to help achieve the City Council’s strategic service priorities. A substantial portion of the CIP relates to Street Improvements and Water

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