COG Comprehensive Annual Financial Report

In FY 2019, the Debt Service Fund budget increased from the prior adopted budget to approximately $29.4 million. The amount of general obligation debt service as a percentage of General Fund expenditures is projected to be 10.1% in FY 2019, in line with the City’s target goal of 10%. Business-Type Activities: The Water Resources budget increased approximately $7.8 million or 6.1% for the FY 2019 budget as compared to the previous budget. Transfers of $32.2 million to the Water Resources Capital Reserve Fund are budgeted to allow for capital expenditure needs in accordance with the long-term Capital Improvement Plan as well as improve the City’s water and sewer system, including rehabilitation of older water and sewer lines. Water Resources overall staffing levels are projected to increase by 2 FTEs to oversee asset maintenance at the Mitchell and Townsend Water Treatment Plants. Debt service payments will increase from about $25.6 million to $28.7 million, supporting the enterprise’s planned debt program. Water Resources instituted a rate increase of 3.5% for customers inside and outside the City limits on July 1, 2018, which is expected to generate $3.9 million in additional revenues. The rate increase equates to approximately $1.53 more per month for customers inside the City and approximately $3.82 more per month for those outside and still positions Greensboro as having the second lowest water rates among North Carolina cities, (January 2018) with a water bill of 1.23% of the Median Household Income (MHI). Rates of less than 2% of MHI are considered to be favorable. Approximately 95% of all of the utility’s customers reside within the City limits. Requests for Information This financial report is designed to provide a general overview of the City of Greensboro’s finances and to demonstrate the City’s accountability for the money it receives. Questions concerning any information provided in this report or requests for additional information should be addressed to City of Greensboro Financial and Administrative Services Department, P.O. Box 3136, Greensboro, North Carolina 27402- 3136 or by calling (336) 373-2077, or by visiting our website at www.greensboro-nc.gov.

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