2024 Annual Comprehensive Report

On June 25, 2024, the City issued up to $275,000,000 in taxable ($20,000,000) and nontaxable ($255,000,000) Combined Enterprise System Revenue Bond Anticipation Notes according to an Advance and Note Purchase Agreement with PNC Bank. The 2024 A&B Bond Anticipation Notes bear interest at a variable rate and are expected to be converted to permanent financing by June 2026. The City of Greensboro’s proposed ten-year Capital Improvements Program (CIP) includes approximately $2.8 billion for projects that will be undertaken during FY 2025-2034 and outlines a future financing plan to maintain the City’s current infrastructure and develop new facilities where needed to help achieve the City Council’s strategic service priorities. A substantial portion of the CIP relates to Water Resources projects. Additional amounts are planned for Parks and Recreation, Neighborhood Development and Fire Department projects. While the substantial portion of the CIP is funded by bonds and Enterprise Fund operations, the CIP is also funded by grant revenue, including community contributions, community development efforts, transit and other sources. During the 10-year planning period, grants are projected to be available to support a variety of Transportation projects, including sidewalk construction, greenway projects, road projects, and transit improvements. Total grant funding in the CIP equates to $297 million, approximately 10.5% of the total CIP. Unauthorized bond funding represents $515 million or 18.2% of the current plan. The CIP also includes $71 million categorized as other revenue. For the fiscal year ended June 30, 2024, General Fund Revenues were $405.8 million, a decrease of $28 million over the prior year and approximately 102.1% of amended budget. Even though property taxes increased by four cents in FY 2024, General Fund revenues were less by $56 million than in the prior year, attributable to completion of the one-time $59.4 million funding allocation received from the City’s American Rescue Plan Act award in FY 2023. General Fund expenditures were $408.9 million, a decrease of $1.0 million over the prior year, and approximately 96.3% of amended budget and in line with past results. The City of Greensboro’s total budget for the 2024-25 fiscal year has been approved for $802.0 million. The budget included a property tax rate of 67.25 cents per $100 property value. Water and sewer fees will increase 8.5 percent, while still maintaining one of the lowest water rates compared to other North Carolina cities. C. Additional Awards and Special Recognition In September 2024, the Greensboro Science Center received the top score by the Morey Group, a national market research and consulting firm, for the highest score among 59 science museums in the largest 100 market in the US. Morey Group’s analysis looked at five performance indicators: attendance, market capture, admission price, Google ratings, and visitor frequency. For the seventh consecutive year, WalletHub has ranked Greensboro among the top 40 Best-Run Cities in America. Greensboro ranks 27 th among 148 cities in the 2024 report. WalletHub compared the quality of services received against the City’s total budget to determine a municipality’s operating efficiency and effectiveness of local leadership. In October 2023, The City was named a Family Forward NC Certified Employer by the North Carolina Early Childhood Foundation’s Family Forward NC initiative. Greensboro is the first metro city in the state to become certified. A Family Forward NC Employer Certification designates employers that offer policies and practices that support the health and well-being of working families and children. In September 2023, the City’s J. Spencer Love Tennis Center received the Outstanding Facility Award presented by the United States Tennis Association (USTA). The complex is one of 29 national winners for excellence in the construction and renovation of tennis facilities. The facility recently added six clay courts and new lighting among other facility improvements. With 19 courts, Spencer Love is the state’s largest public clay court complex.

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