2023 Annual Comprehensive Report

2.43%, up from 0.68% in the prior year. Interest earnings were the equivalent of nearly 3.23 cents on the tax rate for FY 2023 compared to 1.01 cents last year. B. Proprietary Funds Proprietary Funds provide the same type of information found in the government-wide financial statements but in more detail. Other factors concerning the finances of the proprietary funds have already been addressed in the discussion of the City of Greensboro’s business-type activities. General Fund Budgetary Highlights The General Fund budget for FY 2023 was adopted at $371,906,514 (excluding carry-forward encumbrances) and represents an increase of approximately 13.0% compared to the adopted FY 2022 budget. Encumbrances of $7,062,792 were carried forward from FY 2022 commitments. There were a few significant variances from the original and final amended budgets for FY 2023. The largest of these was a $15.4 million dollar increase in ARPA-Enabled Projects expenditures. As of June 30, 2023, the City had collected $433.8 million or 103% of its budgeted General Fund revenues and had incurred $409.9 million or 94.0% of its budgeted expenditures. Significant differences between actual results and the final amended budget are highlighted below: • Overall General Fund revenues were more than the final amended budget (excluding appropriated fund balance) by approximately $10.9 million primarily due to increased property and sales taxes collected. • Actual expenditures compared to final budget were less by $26.1 million or approximately 6.0%, noting approximately $1.0 million savings in general government, $1.9 million savings in police operations, $2.7 million savings in engineering and building maintenance, $4.2 million in field operations relating to stormwater maintenance and materials recovery, and approximately $1.6 million savings in culture and recreation and $14.6 million of unspent appropriations for ARPA-enabled projects. • FY 2023 included a 2% base market adjustments and a 3% average merit increase for general employees, along with funding to advance sworn policy and fire personnel to the appropriate next steps in the Public Safety Step Compensation Program. In addition, City Council approved various other salary adjustments for public safety and general employees during the year.

Capital Asset and Debt Administration A. Capital Assets

The City’s investment in capital assets including intangible assets for both its governmental and business-type activities as of June 30, 2023, amounts to $1,877,213,791 (net of accumulated depreciation/amortization). These assets include buildings, roads and bridges, land, machinery and equipment, park facilities, vehicles and intangible assets such as easements, software and licenses and water rights among other types of assets. This investment represents an increase of $110,985,238 or 6.3% over the prior year.

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