CAFR 2016

$4,983,253 in room occupancy taxes, of which $1,116,333 was remitted to the Authority for travel and tourism promotion, net of a 1% collection fee paid to the County. Piedmont Triad Regional Council (Council) The City, in conjunction with 6 counties and 25 other municipalities, established the Piedmont Triad Regional Council. The participating governments established the Council to coordinate various funding received from Federal and State agencies. Each participating government appoints one member to the Council’s governing board. The City paid membership fees of $58,517 to the Council during the fiscal year ended June 30, 2016. Piedmont Triad Airport Authority (Authority) The City has an agreement with the Authority in which it appoints one member to the board. The City has no financial obligation or investment in the operation of the Airport Authority. Complete financial statements for the Authority may be obtained through the Authority, 100A Ted Johnson Parkway, Greensboro, NC 27409. Guilford County Economic Development Alliance (Alliance) The City, in conjunction with Guilford County and the City of High Point founded the Alliance in 2016. The Alliance was founded to coordinate and align all economic development recruitment and retention activities, to enhance economic conditions within the county and the region, and present a united message to all corporate development prospects. All participants have an equal representation on the Alliance’s Leadership Council and contribute an equal amount of funding. The City contributed $100,000 in the fiscal year ended June 30, 2016. F. Related Organization Greensboro Housing Authority (Authority) The Authority was created to provide affordable housing for citizens with limited income. Although all of the members of the governing body of the Authority are appointed by the Mayor, the City has no decision in selecting the management of the Authority. Financial transactions between the City and the Authority reflect contractual agreements between the parties for the provision of services by the City. The City is not responsible for any deficits nor is it entitled to any surpluses of the Authority. The City does not significantly influence the operations of the Authority, and the Authority is not accountable to the City for its fiscal matters. In 1998, the City issued $1.5 million in General Obligation Bonds on behalf of the Authority to fund certain housing projects. The amount was being repaid by the Authority with payments in lieu of taxes, as principal and interest payments became due. As of June 30, 2015, $1.5 million has been repaid by the Authority, with excess amounts reimbursed to Guilford County and the Authority in accordance with a 2015 Memorandum of Understanding between the Authority and the City. G. Other Post-Employment Benefits (OPEB) Plan Description In addition to the pension benefits described in Note I, the City also provides post-employment benefits to retirees under a single-employer plan (“The Plan”), provided they participate in the North Carolina Local Governmental Employees Retirement System (NCLGERS), and are actively employed with the City at the time of retirement. In order to receive any benefits, retirees must have achieved 20 years of active service with the City or have reached age 60 with 5 years of active service. Healthcare, prescription drug coverage, as well as retiree and dependent life insurance are provided in the City’s Plan. Health and prescription drug coverage ends once the retiree reaches age 65 or becomes Medicare eligible, whichever comes first. The City and retirees share the cost of healthcare, based on years of service at retirement. Approximately 80% is paid by the City for 30 years of service, with less subsidy provided for fewer years of service. Dental coverage is available at full cost to the retiree. Retirees may keep their dental insurance for life. Life insurance benefits of up to $20,000 are provided to retirees until age 65, except for those retirees who were hired before March 1, 1975 (receive $2,000 at age 65 for life). Dependent coverage for each of the benefits in the Plan is available, if enrolled at the time of the employee’s retirement, at full cost to the retiree, with the exception of certain life insurance coverage. In addition, if the retiree ceases to have coverage or dies, dependent coverage will terminate. The City Council may amend the benefit provisions with a resolution. The City has elected to partially pre-pay the future overall cost of coverage for these benefits by establishing a Trust arrangement according to General Statutes 159-30.1(b). Investment of the OPEB Trust funds are made pursuant to a

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