2023 Annual Comprehensive Report

CIP Funding Sources – 10 Year Plan

CIP Funding Source Revenue Bonds Enterprise Funds

% of Total CIP

41.4% 18.3% 18.0%

Grants/Other

Unauthorized Bonds 22.3% 100.0% Additional information on the City’s capital assets can be found in Note I.D.6 and IV.D of this report. B. Long-Term Debt As of June 30, 2023, the City had total bonded debt outstanding (at par) of $840,280,450 with $309,770,000 backed by the full faith, credit and taxing power of the City, $52,690,000 backed by Hotel/Motel occupancy tax of the City, $39,505,000 backed by Tanger Center parking fees, ticket fees, and hotel motel tax from the County, $62,395,000 backed by revenue generated from parking fees and property and sales tax generated from the new downtown development, $10,835,000 backed by property tax revenue, $365,085,450 backed by a revenue pledge of the Combined Enterprise System (currently Water Resources utility system). Table D-1 General Obligation, Limited Obligation, Special Obligation and Revenue Bonds – Outstanding Debt (In thousands of dollars)

Governmental

Business-Type

Activities

Activities

Total

2023

2022

2023

2022

2023

2022

General Obligation Bonds Limited Obligation Bonds

$ 309,770 $ 252,595$

$

$ 309,770 $ 252,595

63,525

66,600

101,900 314,290 50,795

105,425 328,930

165,425 314,290 50,795

172,025 328,930

Revenue Bonds Revenue BANS

Total

$ 373,295 $ 319,195 $ 466,985 $ 434,355 $ 840,280 $ 753,550

The City’s total overall outstanding bonded long-term liabilities increased approximately $86.7 million during the current fiscal year due to the issuance of $78.5 million General Obligation Bonds for public improvements. As of June 30, 2023 the City had one outstanding construction period type note agreement that provides a privately placed commitment to fund capital projects as the expenditures are being incurred, effectively delaying actual long-term debt issuances for several years and better matching cash flows. A $175 million Combined Enterprise System Revenue BAN having a variable interest rate is expected to be refinanced in fiscal year 2024. $50.8 million of the note capacity was drawn as of June 30, 2023. The City of Greensboro has a general obligation bond rating of Aaa from Moody’s Investors Service and a AAA rating from both S&P Global Ratings and Fitch Ratings. These bond ratings are a clear indication of the sound financial condition of the City of Greensboro. Greensboro’s credit worthiness is a major factor in securing the highest possible general obligation bond rating. This credit worthiness, according

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