COG Comprehensive Annual Financial Report

The Greensboro Transit Authority (GTA) is responsible for operating the mass transit system in the municipal area. The members of GTA’s governing board are appointed by City Council. City Council approves GTA’s budget, transit rates and maintains substantive approval over significant operating decisions. Transit taxes are levied under the taxing authority of the City and are included as part of the City’s total tax levy. The GTA is presented as an Enterprise Fund. Greensboro ABC Board operates alcoholic beverage stores, regulates the sale of such beverages and enforces alcoholic beverage laws in the City. Members of the governing body are appointed by City Council. Financial benefit is provided to the City as a portion of the Greensboro ABC Board’s profits are distributed to the City, quarterly. Each of the discretely presented component units has a June 30 year-end. Complete financial statements for the GHDP and Greensboro ABC Board component units may be obtained at their respective administrative offices. Financial transactions of the GTA and Commission are reported and audited during the City’s annual audit. No separate financial statements are prepared for these entities.

ADMINISTRATIVE OFFICES Greensboro Center City Corporation Attention: Richard Lusk P.O. Box 3136 Greensboro, North Carolina 27402-3136

Greensboro Housing Development Partnership, Inc. Attention: Sue Schwartz P.O. Box 3136 Greensboro, North Carolina 27402-3136

Greensboro ABC Board Attention: Vickee’ Armstrong

Greensboro Redevelopment Commission

Attention: Sue Schwartz

P.O. Box 16905

P.O. Box 3136

Greensboro, North Carolina 27416-0905

Greensboro, North Carolina 27402-3136

B. Governmental-Wide and Fund Financial Statements The basic financial statements include both government-wide (based on the City as a whole) and fund financial statements. The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government and its component units. For the most part, the effect of interfund activity has been removed from these financial statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. Likewise, the primary government is reported separately from certain legally separate component units for which the primary government is financially accountable. The statement of activities demonstrates the degree to which the direct expenses of a given function or segments are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues . Separate financial statements are provided for governmental funds, proprietary funds, and a fiduciary fund, even though the latter is excluded from the government-wide statements. The focus of the governmental and proprietary fund financial statements is on major funds. The City’s determination of reporting major funds considered the criteria prescribed by GASB and consistency of presentation from year to year. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. Non-major funds are summarized into a single column. Internal service funds, funds that provide goods and services to other City departments and certain outside agencies on a cost- reimbursement basis, have also been eliminated to prevent “double reporting” of their transactions. Internal service funds primarily perform services for the City’s governmental funds.

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