2023 Annual Comprehensive Report

3. Reconciliation of Claims Liability

Employee

General

Risk

Risk

Total

Total

Retention

Retention

2022-23

2021-22

Balance - July 1

$

9,963,834

$ 8,283,499 $ 18,247,333 $ 15,200,330

Add: Incurred Claims (including)

IBNR's and Changes in Estimates

50,063,084 (2,633,266)

47,429,818 (48,726,682)

50,680,030 (47,633,027)

Deduct: Claims Payments

(48,215,175)

(511,507)

Balance - June 30

$

11,811,743 $ 5,138,726 $ 16,950,469 $ 18,247,333

B. Subsequent Events The City has evaluated subsequent events through October 31, 2023 in connection with the preparation of these financial statements, which is the date the financial statements were available to be issued. On October 10, 2023, the City entered into a Master Installment Purchasing Agreement with JP Morgan Chase Bank for $3,020,000 to purchase new Self-Contained Breathing Apparatus (SCBA) equipment for the Fire Department. The term of the agreement is 15 years, with a fixed interest rate of 4.26%, resulting in $1,014,214 in future interest expense. C. Commitments and Contingencies 1. Legalities The City is party to a number of civil lawsuits and other legal actions. Most of these lawsuits involve construction contracts, public right of way management, and personnel issues. Another matter involving City fees charged to developers for previous utility system capacity use is being vigorously defended. If the City does not prevail in this action, the plaintiff may seek an award as much as $8 million. In the opinion of the City’s Attorney and management, the ultimate outcome of these suits is not expected to have significant impact upon the City’s financial position. 2. Authorized capital projects at June 30, 2023 are comprised of the following:

Project

Expended Through Unexpended

June 30, 2023

Authorization

Authorization

Governmental Funds:

Special Revenue (1)

$ 181,236,303

$

147,595,365 349,639,318 497,234,683

$

33,640,938 256,032,374

Capital Projects

605,671,692

$ 786,907,995

$

$ 289,673,312

Enterprise Funds:

Water Resources

$ 744,374,688

$

583,145,636 14,888,307 152,577,983 3,614,173 68,611,886 54,884,145 877,722,130

$ 161,229,052

Stormwater Management

29,909,363 154,143,470 7,919,581 74,235,067

15,021,056 1,565,487 4,305,408 5,623,181

Coliseum

Solid Waste Management

Parking Facilities

Greensboro Transit Advisory Commission

59,542,409

4,658,264

$ 1,070,124,578

$

$ 192,402,448

(1) Includes Powell Bill Transportation Projects

40hh