2023 Annual Comprehensive Report

The budget includes funds for the continuation of compensation increases in order to be in line with the market. The budget includes a 4% merit increase for all eligible employees, increases for starting salaries for public safety and the minimum wage for benefitted employees to increase to $18.00 per hour. The budget for FY 2024 is balanced with a 67.25 cent tax rate, a four cent increase from the adopted FY 2023 rate. In FY 2024, the Debt Service Fund budget increased from the prior adopted budget to approximately $46.9 million to allow for initial principal and interest payments for 2022 referendum bonds issued in FY2023. Business-Type Activities: The Water Resources budget increased approximately $17.6 million or 11.8% for the FY 2024 budget as compared to the previous budget. Transfers of $32.7 million to the Water Resources Capital Improvements Fund are budgeted to allow for capital expenditure needs in accordance with the long-term Capital Improvement Plan as well as improve the City’s water and sewer system, including rehabilitation of older water and sewer lines. The budget includes an average water/sewer rate increase in FY 2024 of 8.5% for residents inside and outside of city limits. Water Resources overall staffing levels are projected to increase by 7 full time equivalents (FTEs), one laboratory coordinator to assist with additional state mandated water testing, and a new sewer construction crew. Debt service payments will increase from $26.2 million to $33.9 million, supporting the enterprise’s planned debt program. Greensboro has the second lowest water rates among comparable North Carolina cities, (January 2023) with a water bill of 0.53% of the Median Household Income (MHI). Rates of less than 2% of MHI are considered to be favorable. Approximately 94% of all of the utility’s customers reside within the City limits. Requests for Information This financial report is designed to provide a general overview of the City of Greensboro’s finances and to demonstrate the City’s accountability for the money it receives. Questions concerning any information provided in this report or requests for additional information should be addressed to City of Greensboro Financial and Administrative Services Department, P.O. Box 3136, Greensboro, North Carolina 27402 3136 or by calling (336) 373-2077, or by visiting our website at www.greensboro-nc.gov.

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