COG Comprehensive Annual Financial Report

The Randleman Dam, Lake and Water Plant Project (managed by the Piedmont Triad Regional Water Authority, “PTRWA”) is designed to meet long-term future water needs. PTRWA constructed a 12.675 MGD Water Treatment Plant (expandable to 48 MGD) which began pumping treated water to Greensboro in early October 2010. Approximately $2.5 million was paid to PTRWA in FY2018 for current water purchases from this supply. Greensboro has acquired certain water rights in this project, along with five other governmental units. Due to ongoing interlocal water purchase agreements with neighboring communities, conservation measures, the purchase of a small dam on the Haw River, along with approximately 7.8 million gallons of water per day available to be piped from Randleman, the City has been able to adequately manage its water supply with an annual average production capacity of 48 MGD. 3) Stormwater Management Fund Charges for current services totaled $10,011,215 as compared to $9,686,669 for the preceding year, an increase of 3.4%. Operating expenses (excluding depreciation) increased by 5.7% and totaled $7,830,552 as compared to $7,409,503, the increase is largely attributed to increased personnel and benefit expense. The stormwater program monitors and manages the quality and quantity of stormwater runoff and helps protect limited water resources throughout the City. Residential stormwater fees range from $1.50 to $3.90 based on the square footage of impervious property area owned and fund program operations as well as related capital improvement projects. 4) Coliseum Fund Charges for current services totaled $23,938,373 as compared to $23,582,188 for the preceding year, an increase of 1.5%. The total number of events in FY 2017-18 increased from 933 to 951. The overall facility attendance decreased from 1.2 million to 1.1 million in FY 2018; revenues increased due to large concert events yielding more admission revenue. The Greensboro arena has hosted eleven Men’s ACC Basketball Tournaments from 1995 to 2015, and Greensboro is scheduled to again host in 2020. Along with hosting the Women’s ACC Basketball Tournament from 2000 to 2016, the arena has hosted other NCAA Regional events. Greensboro is widely recognized as the “Tournament Town”. Operating expenses (excluding depreciation) totaled $28,593,974 as compared to $29,144,279 for the preceding year, a decrease of 1.9%. The General Fund contributed $2,900,000 toward Coliseum activities this year, $200,000 more than the subsidy last year, mainly for operations. The General Fund also contributed $80,572 for start- up expenses related to the Steven Tanger Center for the Performing Arts which is consolidated with the Coliseum fund for reporting purposes. Revenues and expenses for a given year may fluctuate based on the nature of the associated event agreements. 5) Solid Waste Management Fund Charges for current services totaled $10,669,680 as compared to $12,616,110 for the preceding year, a decrease of 15.4%. Operating expenses (excluding depreciation) totaled $12,086,176 as compared to $13,015,058 for the preceding year, a decrease of 7.1% primarily due to reduced refuse transfer station expenses. The decrease in charges for current services is due to the landfill roadway project and the disposal of excavated materials in Phase III of the White Street Landfill that occurred last year. The City entered into a contract with an Apex, North Carolina firm to convert methane gas at the White Street landfill into electricity and to sell it to Duke Energy. This gas is in surplus of the amount that the City currently gives to International Textile Group (ITG) in support of their manufacturing operation and local jobs. Over the 15-year term of the contract, it is estimated that the City will receive approximately $155,000 on average each year for a total estimate of $2.33 million, while continuing to provide ITG with its current supply of the landfill gas. Closure activities of certain landfill cells are also currently in progress.

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