2023 Annual Comprehensive Report

Transfers are used to move unrestricted revenues to finance various programs that the government must account for in other funds in accordance with budgetary authorizations, including amounts provided as matching funds for various grant programs. During the fiscal year ended June 30, 2023, the remaining American Rescue Plan Act (“ARPA”) funds of $56.4 million, out of the total $59.4 million awarded to the City from the U.S. Treasury, were transferred from the ARPA Fund into the General Fund. In addition, ARPA funds of $33.7 million and $8.0 million representing ARPA Community Asset Renewal projects and a Transformative Community Project, respectively, were transferred out of the General Fund. The remaining $14.7 million in ARPA funds will remain and be expended out of the General Fund for additional ARPA projects. `The Greensboro ABC Board transferred 5,223,377 to the General Fund in Fiscal Year 2023, which was recorded as Intergovernmental Revenue. J. Long-Term Debt Long-term Bonded Debt of the City consists of General Obligation Bonds, which are collateralized by the full faith, credit and taxing power of the City and are issued for both general governmental improvements. The City’s legal debt margin as of June 30, 2023 is $2,592,430,771. Long-term Bonded Debt consists of the following: 1. General Governmental Improvement General Obligation Bonds These outstanding tax-exempt and taxable bonds bear interest, payable monthly at fixed rates from 2.00% to 5.00%. Principal is payable annually in varying amounts through 2043.

General Obligation Bonds

$309,770,000

2. Defeased Bonds In prior years, the City defeased General Obligation Bonds by placing the proceeds of new bonds in an irrevocable trust to provide for all future debt service payments on the old debt. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the City’s financial statements. At June 30, 2023, $39,200,000 of General Obligation Bonds outstanding are considered defeased. For details of all General Obligation outstanding bond issues refer to the Schedule of General Long Term Bonds/BANs Debt on pages 176-179.

3. General Obligation Bonds Debt Service Requirements to Maturity are:

Governmental Activities Annual Requirements

Fiscal Year

Principal

Interest

Total

2023-24 2024-25 2025-26 2026-27 2027-28

$

23,175,000 $

12,855,581 $

36,030,581 35,141,756 34,004,719 31,732,431 30,788,125 119,785,450 90,961,069 34,522,769 412,966,900

23,230,000 23,125,000 21,925,000 21,920,000 88,640,000 76,455,000 31,300,000

11,911,756 10,879,719 9,807,431 8,868,125 31,145,450 14,506,069 3,222,769

2029-2033 2034-2038 2039-2043

$

309,770,000 $

103,196,900 $

40y