2023 Annual Comprehensive Report

 As of June 30, 2023, the City had collected approximately $433.8 million or 103.0% of its amended budgeted General Fund revenues (excluding appropriated fund balance) and had incurred $409.9 million or 94.0% of its amended budgeted expenditures. The net effect on General Fund fund balance was an increase of approximately $23.9 million this year.  The City spent the remaining $56.0 million received of the original $59.4 million American Rescue Plan Act award from the United States Treasury as of June 30, 2023 for revenue replacement purposes.  The City’s net OPEB liability was $114,680,147 at June 30, 2023, as reflected in the Statement of Net Position. The plan’s fiduciary net position increased by $4 million primarily due to the increase in the fair value of investments over the prior year.  The State of North Carolina’s pension system, a multi-employer defined benefit plan in which the City participates, had an overall net pension liability as of June 30, 2023. The City’s total prorata share was $131,886,996 as reflected in Note I-1 on page 40qq.  The City’s Law Enforcement Special Separation Allowance (LEOSSA) net pension liability was $29,497,172 at June 30, 2023, as reflected in Note I-1 on page 40tt.  In FY 23 the City spent $98.8 million and $10.9 million for federal and state-funded grant programs, respectively, compared to $62.9 million in federal and $13.7 million in state funding last year. Key Ratios 2023 2022 $ Bonded Debt Per Capita $1,102 $912

Legal Debt Margin as a % of Debt Limit

84.04%

81.05%

% of Property Tax Levy Collected

99.43%

99.39%

% Increase (Decrease) in Assessed Property Valuation

29.6%

0.2%

 Guilford County property tax revaluation normally occurs every five years. The most recent revaluation occurred in 2022, effective in FY 2023, noting a gain in the property base of approximately 23.8% above FY 2022 values. The next revaluation will occur in four years, as required by state regulations when certain valuation calculations are met.  The City’s governmental general obligation bonded debt increased by $58.5 million following the issuance of $78.46 million of 2016 and 2022 referendum bonds offset by scheduled annual debt service payments; increasing the debt per capita to $1,102.  The City of Greensboro maintained its AAA general obligation credit rating from Standard and Poor’s and Fitch Ratings along with its Aaa rating from Moody’s Investors Service.

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