2023 Annual Comprehensive Report

• Customer Service, Diverse Workforce, and Fiscal Management – The City’s focus on customer service, a diverse workforce and fiscal stewardship, transparency and accountability ensures the City has the right people doing the right job. The budget continues a variety of employee development initiatives, including MentorMe (employee-to-employee mentoring program), Toastmasters, and development programs, such as Leadership Edge and Leadership Prime, designed for employees wishing to pursue supervisory roles in the organization. The FY 2023-24 budget continues progress toward Council's desire to support and provide for our employees. Recognizing the need to compete successfully in a tight labor market, in FY 2022-23 salary increases for Fire were 9% to 21%, Police 9% to 12%, and phased increases during the fiscal year for General Employees totaling 9%. Building on the compensation increases implemented in FY 2022-23, the FY 2023 24 budget includes an increase of 10.6% for Police Officers across the Department beginning in September 2023. Starting salaries for Police Officers will increase 13.1% and 4% increase for Firefighters beginning December 2023. These increases bring starting salaries for our Police Officers and Firefighters in line with the market. In addition to these increases, the FY 2023-24 budget also includes 4% average merits and 4% general steps for all other eligible employees.

FACTORS AFFECTING FINANCIAL CONDITION A. Local Economy

Greensboro's diverse economy is attributed to its unique blend of trade, manufacturing and service businesses as well as its universities and colleges. Local industry is characterized by the production of a wide range of products, including aircraft, machinery, electronics equipment, textiles, apparel and tobacco, and expansion in the aircraft maintenance, transportation and financial services industries. Five of the top 50 companies on the Fortune 500 list have operations in the Greensboro area; these include UnitedHealth Group, AT&T, UPS, FedEx and Procter & Gamble.

Greensboro and North Carolina in general are transforming from the traditional manufacturing base noted in the late 80’s and early 90’s to a strong service sector and high-tech presence with significant business diversification in recent years. The Greensboro-High Point metropolitan area ranked in the top ten for the 10 of the 11 years spanning 2012 through 2022 for regions of its size by Site Selection magazine for metro areas enriched by corporate capital

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