2024 Annual Comprehensive Report

 The City of Greensboro maintained its AAA general obligation credit rating from Standard and Poor’s along with its Aaa rating from Moody’s Investors Service. In FY 2024, Fitch Ratings changed its rating criterial for general obligation debt and as a result of these changes, downgraded the City’s general obligation rating from AAA to AA+. Most notable changes underlying the new rating were due to heavier weighting of certain economic metrics, such as Median Household Income in the area. At such time, Fitch also withdrew the rating at the City’s request. Earlier in the year, Fitch rated the City’s Enterprise System Revenue Bonds AAA, and at the City’s request, also withdrew that rating. S&P Global Ratings (S&P) General Obligation Bonds Currently AAA Target AAA Enterprise System Revenue Bonds Currently AAA Target AAA Limited Obligation Bonds Currently AA+ Target AA+ Moody’s Investors Service (Moody’s) General Obligation Bonds Currently Aaa Target Aaa Enterprise System Revenue Bonds Currently Aa1 Target Aaa Limited Obligation Bonds Currently Aa2 Target Aa1 OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis are intended to serve as an introduction to the City of Greensboro’s basic financial statements. The financial statements include two kinds of statements that present different views of the City: 1) Government-Wide Financial Statements and 2) Fund Financial Statements. Both perspectives, however, are essential and complementary components that allow the user to address relevant questions, broaden a basis for comparison, and enhance the City’s accountability. Another element of the basic financial statements is the notes to the financial statements. In addition to the basic financial statements, this report contains other supplemental information that will enhance the reader’s understanding of the financial condition of the City of Greensboro. (See Figure 1) Figure 1 Required Components of Annual Financial Report

Management’s Discussion and Analysis

Basic Financial Statements

Notes to the Financial Statements

Fund Financial Statements

Government-Wide Financial Statements

Summary

Detail

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