2023 Annual Comprehensive Report

make transfers of appropriations within funds and department heads may make transfers of appropriations within a department. Transfers of appropriations between funds, however, require approval by the City Council. Budget-to actual comparisons are provided in this report for each individual governmental fund for which an appropriated annual budget has been adopted. Budgetary control is facilitated by the use of a personnel/payroll data system that requires every position, including applicable fringe benefits, be budgeted. In addition, the North Carolina General Statutes require an encumbrance system and a finance officer’s “preaudit” certification that budgeted funds are available prior to the placement of all purchase orders, contracts and electronic payments. Outstanding purchase orders and contracts are reported as a restriction of fund balance at June 30, 2023 in the category “Stabilization by State Statute.” The appropriated budget is prepared by fund, function (e.g., public safety), and department (e.g., police). A budgetary comparison for the General Fund is presented in Exhibit A-7 as part of the Basic Financial Statements. Detailed budget to actual comparisons for other funds with annual and project-length budgets are presented in this report beginning with the “Special Revenue Funds” section.

COUNCIL BUDGET PRIORITIES Four strategic goals are the primary focus of funding within the City’s budget:

• Economic Development and Job Creation - The City’s approach to economic development focuses on creating an environment that promotes job creation, facilitates private business expansion, and utilizes community development grants, bonds and other resources to advance economic and infrastructure development. PLAN IT GSO is the City’s Comprehensive Plan and guiding document that articulates the vision, goals, growth policy and action plans for Greensboro through 2025. In June 2020, Greensboro City Council adopted the updated plan, now called GSO2040 . As part of this plan, the City completed over 150 public events that included dozens of public engagement initiatives ranging from workshops, pop-ups at public events, focus groups and on-line discussions netting over 6,000 individual contributions of input on the long-term vision and goals for the next twenty years. The Minority-owned and Women-owned Business

Enterprise (MWBE) program is a critical element of the City’s economic development initiatives. Equity and inclusion are two of the City’s core values. In our effort to achieve these priorities, visions and values, the City is updating its Disparity Study which will outline recommendations for achieving the City’s MWBE goals for increased utilization in construction and professional services. The Disparity Study will also support efforts to improve branding and outreach for the MWBE office over the next several years. In 2021, the City achieved MWBE utilization of 34.9% in construction services and 20.4% in professional services. To facilitate economic

growth in our city, especially among minority and women businesses, the FY 2023-24 budget includes over $969,000 and 8.25 FTEs in support of our MWBE program, an increase of over $93,000. During FY 2022 23, Council added 2.75 positions to the office. Included was a Construction Outreach Specialist who was hired to strengthen the office’s ability to engage and incorporate MWBE contractors with City Projects. In November 2016, Greensboro citizens authorized $38.5 million general obligation bonds dedicated to economic development efforts. For one element, the Downtown Streetscape Master Plan design work has been completed, construction is underway and is expected to be complete by fall 2024. This project includes improvements for Greene Street, Summit Avenue, Eugene Street, Davie Street and Bellemeade Street. These projects will create a safe, comfortable and well-connected streetscape system. In March 2021, City Council adopted updated economic development guidelines that provide tiered investments to strategic industries and promote jobs with livable wages. During FY 2022-23, economic incentive award payments have supported The Fresh Market, Self-Help Venture, Pactiv and Charles Aris. Investment funds for Self Help Ventures support the redevelopment of Revolution Mill that has created a capital investment of more than $82 million. In March 2018, City Council approved up to $20 million in incentives for Publix to develop a $400 million food processing and distribution center on the east side of

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