CAFR 2016

housing initiatives, $.0050 for economic development purposes and $.0334 for public transit. Two special historic district taxes and a downtown business district tax for certain additional improvements are also taxed as “special district” rates.  As of June 30, 2016, the City had collected approximately $264.5 million or 101.6% of its amended budgeted General Fund revenues and had incurred $260.6 million or 96.5% of its amended budgeted expenditures. The net effect on General Fund fund balance was an increase of approximately $3.9 million this year.  The City did not contribute to the OPEB Trust Fund in FY 2016, and the overall OPEB liability increased from $2.8 million to $6.8 million. In FY 2015, the City contributed 81.9% of the actuarial required contribution (“ARC”) and targets 100% as a contribution goal each year. In FY 2016, higher than projected employee health-related costs prevented additional advance OPEB payments to be made. The projected accrued OPEB actuarial liability for Greensboro retirees is $90.3 million, with 16.8%, or more than $15 million funded as of June 30, 2016.  The State of North Carolina’s pension system, a multi-employer defined benefit plan in which the City participates, had an overall net pension liability as of June 30, 2016. The City’s total prorata share was $12,141,673 as reflected in the Statement of Net Position.  In FY 2016, the City spent $24.7 million and $9.5 million for federal and state-funded grant programs, respectively, compared to $20.2 million in federal and $8.8 million in state funding last year. Certain ARRA programs are nearing completion. Key Ratios 2016 2015 2014 2013 2012 $ Bonded Debt Per Capita $563 $563 $587 $600 $637 Legal Debt Margin as a % of Debt Limit 83.47% 81.64% 80.83% 80.75% 80.26% % of Property Tax Levy Collected 99.28% 99.17% 98.55% 97.66% 97.77% % Increase (Decrease) in Assessed Property Valuation 1.6 (0.6) 3.1 0.8 1.0  Guilford County property tax revaluation occurs every five years. The most recent revaluation occurred in 2012, effective in FY 2013, noting a gain of approximately 0.8% above FY 2012 values. The next scheduled revaluation is planned for 2017, effective in FY 2018. The assessed property valuation for FY 2017 is expected to be within the normal range of growth and is estimated to increase 1.5%.  The City’s net governmental general obligation bonded debt increased by $1.6 million following the scheduled annual debt service payments and increased borrowing under the General Obligation 2014 Bond Anticipation Note; effectively maintaining the debt per capita at $563. In FY 2016, the City issued $29.3 million of Revenue Bonds, refunding the Combined Enterprise System 2014 Bond Anticipation Note. Interest rates on the City’s variable rate debt were 0.43% and 0.42% for

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