2025 Annual Comprehensive Report

During the current fiscal year, management identified several errors in prior year financial statements:

• Coliseum Fund: A Subscription-Based Technology Arrangement (SBITA) asset was omitted from the financials. Its inclusion resulted in an increase in net position of $132,489. • Water Resources Fund: Assets that were included in construction in progress should have been capitalized in the prior year. This correction resulted in a decrease in net position of $38,771. • Opioid Settlement Fund: The fund balance and governmental activities net position were restated to correct the timing of recognition of opioid settlement revenue, which was received within the 90-day availability period following the fiscal year ended June 30, 2024. This correction increased both the Opioid Settlement Fund balance and the governmental activities net position by $1,776,807 as well as increasing deferred inflows by $4,591,040. • Effective July 1, 2024, the Equipment Services Capital Project Fund was reclassified as a Capital Project Fund. In the financial statements for the year ended June 30, 2024, it was incorrectly reported as part of Internal Service Funds. In Other Governmental Funds and Governmental activities fund balance and net position decreased by $1,513,878. • The Redevelopment Commission Fund, a discretely presented component unit, was restated by $220,678 to recognize revenue from prior-year loans. A full allowance was also established, as the City does not expect to collect on the loans, because any future excess funds earned will be used by the Redevelopment Commission to support program-related activities.

Beginning Balances as Previously Reported

Implementation of GASB 101

Error Correction

Change in Reporting Entity

Beginning Balance as Restated

Government-Wide

Governmental Activities Business-Type Activities Total Primary Government

$

398,600,517 928,361,775 1,326,962,292

1,530,307

$ 10,115,596

$ (1,513,878)

$

408,732,542 919,986,687 1,328,719,229

211,739

(8,586,827) 1,528,769

1,742,046

(1,513,878)

Governmental Funds Major Funds: General Fund

123,616,114 28,997,807 162,158,886 314,772,807

123,616,114 28,997,807 162,421,815 315,035,736

Debt Service

Other Governmental Funds

262,929 262,929

Total Governmental Funds

-

Business-Type Funds

Water Resources

689,166,197 66,912,987 110,180,111 (32,236,044) 71,397,432 12,690,976 918,111,659 55,068,130 10,966,458 3,832,381 (337,540) (5,615,954) 6,368,117 24,202,486 5,265,405 99,749,483

138,972 25,396 17,480 16,278

(8,719,316)

680,585,853 66,938,383 110,330,080 (32,219,766) 71,406,287 12,695,734 909,736,571 55,084,752 10,971,645 3,845,116 (335,001) (5,556,514) 6,372,275 24,202,486 5,265,405 99,850,164

Stormwater Management

Coliseum

132,489

Solid Waste Management

Greensboro Transit Advisory Commission

8,855 4,758

Parking Facilities

Total Business-Type Funds

$

211,739

(8,586,827)

-

Internal Service Funds

Equipment Services Technical Services Information Services

16,622

5,187

12,735

Graphic Services

2,539

Guilford Metro Communications

59,440

Employee Risk Retention General Risk Retention

4,158

Capital Leasing

Total Internal Service Funds

$

100,681

Component Unit

Redevelopment Commission

3,266,314 3,266,314

(220,678)

(441,356) (441,356)

3,045,636 3,045,636

Total Component Unit

$

$

$ (220,678)

$

$

39k