2023 Annual Comprehensive Report

Debt obligations recorded in the Coliseum Enterprise Fund, not contemplated to be repaid with the Fund’s own resources, are reported as general government debt for financial reporting purposes, according to guidance in NCGAS Statement No. 1.

Ending Balance

Internal Service Funds: Other Liabilities: Lease Liabilities

$ 13,549,335

IT Subscription Financing Agreements

8,206,262 1,205,300 14,541,643

Compensated Absences

Pension & OPEB

Internal Service Fund Long-Term Liability

$ 37,502,540

K. Annual Leave and Sick Leave The City’s policy permits employees to accumulate up to 30 days of earned but unused annual leave, which would be paid to employees upon separation from the City. Accumulated annual leave at June 30, 2023 amounted to $20,233,811 of which $17,105,310 relates to Governmental Activities and $3,128,501 relates to Business-Type Activities. Changes in accumulated annual leave are as follows:

Balance 7/1/2022

Balance 6/30/2023

Due Within

Current Year

Increase

Decrease

One Year

Fund Type

Governmental Activities Business-Type Activities

$ 15,556,565 12,439,075 $ $ (10,890,330)

$

17,105,310 $

8,552,585 1,841,348 10,393,933

2,821,221

2,936,739

(2,629,459)

3,128,501

$ 18,377,786 15,375,814 $ $ (13,519,789)

$

20,233,811 $

Greensboro ABC Board employees may accumulate up to 30 days earned leave. The balance of the accumulated leave liability is not considered to be material. Operations of the GHDP are performed by employees of the City. Accordingly, there is no recorded liability for employee leave amounts for GHDP at June 30, 2023. City employees had accumulated sick leave benefits of $96,279,966 at June 30, 2023, based on compensation rates in effect on that date. Sick leave does not vest, but any unused sick leave accumulated at the time of retirement may be used in the determination of length of service for retirement benefit. Since the City has no obligation for the accumulated sick leave until it is actually taken, no accrual has been made for sick leave. The same policy is followed by the Greensboro ABC Board. V. Other Information A. Risk Management The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City protects itself from potential loss through a combination of purchased commercial insurance for primary and/or excess liability coverage and self-funded risk retention. Self-funded risks are primarily for health, employee workers’ compensation, general, professional, law enforcement, vehicle and underground storage tank liabilities. The City purchases Flood Insurance coverage through the Blanket Property insurance policy with an annual aggregate flood limit of $50,000,000 with deductibles ranging from $100,000 to $500,000 per location depending on the size and location of the facility. One location is covered solely by the City’s self-funded insurance plan. The City has not had a flood loss in the past 40 plus years that amounted to more than $100,000. Bonding in the following amounts is held for City employees involved in financial transactions: Finance Officer, $1,000,000, Tax Collector, $100,000, and Employee Blanket Bond, $100,000. All operating funds of the City participate in the risk

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