CAFR 2016

programming options in an effort to positively impact the juvenile crime rate. For the fourth year in a row, the departments are combining to host the Summer Night Lights program. The series of free teen events will be held during the summer at times that are traditionally high risk for juvenile crime. Lastly, the new Office of Community Engagement focuses directly on the police department’s efforts related to community outreach.  Infrastructure / Growth – The City’s continued strategy is to manage the financing of essential capital projects without a tax increase for debt service. Greensboro voters authorized $228.4 million General Obligation Bonds in 2006, 2008 and 2009 for streets, fire stations, parks and other improvements. The City issued $50 million in Bond Anticipation notes in FY 13-14 which were converted to permanent financing in October 2016 in support of projects for streets, fire stations, parks and recreation facilities and Greensboro Science Center Phase II. The City continues to seek alternative funding sources to leverage local dollars wherever possible. Funding commitments with NCDOT are currently in place for $32 million for City sidewalk and roadway projects. The recommended FY16-17 budget included a $20 increase in the annual motor vehicle license fee (from $10/vehicle to $30/vehicle) to help provide additional funding for needed street resurfacing and maintenance. This fee has not been increased since FY 91-92 and provides an additional $3.9 million for street resurfacing. The City also continues to plan and implement a variety of water system improvements and maintenance efforts using debt financing and pay as you go capital financing. Water and Sewer capital improvements encompass over one-third of the FY 2017-2026 $1.62 billion Capital Improvements Plan. Capital Improvements are outlined at www.greensboro- nc.gov/index.aspx?page=4105 on the City’s website.  Customer Service/Diverse Workforce and Fiscal Management – The City’s focus on customer service, fiscal stewardship, transparency and accountability ensures the City has the right people doing the right job. The City continues its efforts to systemically review major departments and services to ensure efficiency in service delivery. In FY15-16, The City completed a review of selected General Fund user fees to ensure that fees are appropriate in the market, recouping reasonable revenue that helps relieve pressure on the city tax rate. In addition, an employee team completed an internal review of the organization, know as an environmental scan. This analysis documented the organization’s current status in areas such as financial condition, asset (roads, City facilities) condition and organizational structure. The findings will be used to better position the organization to meet the challenges of the near future. The budget also includes funding as part of the City’s efforts to recognize and promote hardworking employees through its Employee Engagement Committee. In addition, measures to continue to promote a safe and healthy workforce will be implemented through initiatives like an expanded “Minute Clinic” style program that encourages and allows employees to use Medical Services for common treatments and vaccinations. The recommended FY16-17 budget includes an average 2.75% merit increase for all employees, based on performance evaluation, as well as funding for the Public Safety Step Program. These recommendations are included within the total compensation budget developed for the FY 16-17 budget.

FACTORS AFFECTING FINANCIAL CONDITION A. Local Economy

Greensboro's diverse economy is attributed to its unique blend of trade, manufacturing and service businesses as well as its universities and colleges. Local industry is characterized by the production of a wide range of products, including aircraft, machinery, electronics equipment, textiles, apparel and tobacco, and expansion in the aircraft maintenance, transportation and financial services industries. Greensboro is home to VF Corporation, a Fortune 500 company. Six of the top 60 companies on the Fortune 500 list have operations in Greensboro, these include: Citigroup, Proctor & Gamble, UPS, FedEx, AT&T and UnitedHealth Group. This area experiences an excellent market location which has access to all major domestic and international markets from Interstate Highways 40, and 85 and the Piedmont Triad International Airport (PTIA). Plans are underway for a new interstate system (I-73) that will span North Carolina, joining Detroit and Charleston,

IV