COG Comprehensive Annual Financial Report

downtown business district tax for certain additional improvements are also taxed as “special district” rates.  As of June 30, 2018, the City had collected approximately $280.7 million or 100.3% of its amended budgeted General Fund revenues and had incurred $281.6 million or 96.7% of its amended budgeted expenditures. The net effect on General Fund fund balance was a decrease of approximately $898 thousand this year.  The City’s net OPEB liability was $130,158,761 at June 30, 2018, as reflected in the Statement of Net Position. The plan’s fiduciary net position increased by $3.2 million due to additional contributions beyond benefit payments ($2 million) and investment income.  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, 2018. The City’s total prorata share was $39,235,440 as reflected in the Statement of Net Position.  The City’s Law Enforcement Special Separation Allowance (LEOSSA) net pension liability was $25,045,923 at June 30, 2018, as reflected in the Statement of Net Position  In FY 2018 the City spent $21.2 million and $11 million for federal and state-funded grant programs, respectively, compared to $19.6 million in federal and $12.8 million in state funding last year. Key Ratios 2018 2017 2016 2015 2014 $ Bonded Debt Per Capita $655 $631 $563 $563 $587 Legal Debt Margin as a % of Debt Limit 79.21% 76.90% 83.47% 81.64% 80.83% % of Property Tax Levy Collected 99.40% 99.41% 99.31% 99.28% 98.89% % Increase (Decrease) in Assessed Property Valuation 5.5% 1.6% 1.6% (0.6%) 3.1%  Guilford County property tax revaluation occurs every five years. The most recent revaluation occurred in 2017, effective in FY 2018, noting a gain in the property base of approximately 5.5% above FY 2017 values.  The City’s net governmental general obligation bonded debt increased by $9.3 million following the scheduled annual debt service payments and increased borrowing under the 2017 General Obligation Bond Anticipation Note; increasing the debt per capita to $655. It is the City’s policy to maintain 25% or less in variable rate general debt outstanding to help partially offset lower interest earnings in recent years and actual results were within that target.

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