CAFR 2016

C. Commitments and Contingencies 1. Legalities

The City is party to a number of civil lawsuits and other legal actions. Most of these lawsuits involve construction contracts, public right of way management, and personnel issues. In the opinion of the City’s Attorney and management, the ultimate outcome of these suits is not expected to have significant impact upon the City’s financial position. 2. Authorized capital projects at June 30, 2016 are comprised of the following:

Project

Expended Through Unexpended

Authorization

June 30, 2016

Authorization

Governmental Funds:

Special Revenue (1)

$

54,410,054 421,822,201 476,232,255

$

40,593,840 240,038,035 280,631,875

$

13,816,214 181,784,166 195,600,380

Capital Projects

$

$

$

Enterprise Funds:

Water Resources

$

343,693,770 17,965,301 66,775,505

$

261,048,576 12,083,374 47,913,455

$

82,645,194 5,881,927 18,862,050

Stormwater Management War Memorial Coliseum Solid Waste Management

8,329,433

7,937,006

392,427 273,948

Parking

500,998

227,050

$

437,265,007

$

329,209,461

$

108,055,546

Component Units: GTA

$

20,972,911

$

20,061,510

$

911,401

(1) Includes Powell Bill Transportation Projects.

3. Financial Assistance Programs The City participates in a number of Federal and State financial assistance programs. For the Fiscal Year ended June 30, 2016, these programs were subject to audit in accordance with the Single Audit Act Amendments of 1996, the new Uniform Grant Guidance and the State Single Audit Implementation Act. The amount, if any, of expenditures which may be disallowed by the granting agencies resulting from this and other audits cannot be determined at this time, although the City expects such amounts if any, to be immaterial. 4. Operating Lease Agreement – ABC Board The Greensboro ABC Board has operating leases agreements for various store and office properties. Rental expense for the year ended June 30, 2016 totaled $637,155. Future lease payments, less payments under sublease agreement, are as follows:

Lease

Fiscal Year

Payments

2016-17 2017-18 2018-19 2019-20 2020-21

$

466,500 338,900 262,900 109,000

95,300 1,272,600 $

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