COG Comprehensive Annual Financial Report

Other Intangible Assets are recorded as follows:

Software &

Accumulated Amortization

Easements

Licenses

Governmental Activities: General Government Assets $

$

3,409,874 830,969 4,240,843

$

3,375,669 824,639 4,200,308

Capital Leasing Fund

Total

$

$

$

Business-Type Activities: Water Resources Fund

$

22,485,034 1,446,291

$

5,257,672 409,548

$

4,967,662 356,894

Stormwater Fund Other Non-Major Enterprise Fund

49,218

49,218

Total

$

23,931,325

$

5,716,438

$

5,373,774

Software and Licenses are amortized over an estimated useful life of 3 to 7 years. Easements represent non-depreciable assets. 6. Capital Assets Capital assets, which include property, plant, equipment, infrastructure assets (e.g., roads, bridges, sidewalks and similar items) and intangible assets, are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,000. One exception is intangible assets, for internally generated software, which is capitalized if greater than $100,000. All purchased capital assets of the City and GTA are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated capital assets received prior to June 15, 2015 are recorded at their estimated fair value at the date of donation. Donated capital assets received after June 15, 2015 are recorded at acquisition value. All other purchased or constructed capital assets are reported at cost or estimated historical cost. General infrastructure assets, including annexed streets that were acquired, or received substantial improvements subsequent to July 1, 1980 are reported at estimated historical cost using deflated replacement values. The cost of normal maintenance and repairs that do not add value to the asset or materially extend assets lives are not capitalized. General capital assets and the related accumulated depreciation are reported for the City and GTA using the straight-line method over the following estimated useful lives: Buildings, 40 years; Improvements, 20 years; Equipment, 5-20 years and Infrastructure as follows: Streets, 50 years; Sidewalks, 40 years; Bridges, 50 years; Water/Sewer, 40 years and Stormwater Improvements, 30-75 years. Depreciation of all exhaustible capital assets used by Proprietary Funds is charged as an expense against their operations. Property and equipment of the Greensboro ABC Board are stated at cost and are depreciated over their useful lives on a straight- line basis as follows: Buildings, 50 years; Equipment, 3-5 years. Leasehold improvements of the Greensboro ABC Board are depreciated over the term of the lease agreement. Property, furniture and equipment of the GHDP are stated at cost and are depreciated over their useful lives on a straight-line

basis as follows: Buildings, 27 years; Furniture and Equipment, 3-5 years. Capital assets also include intangible assets which are described in D. 5. 7. Deferred Outflows/Inflows of Resources and Unearned Revenues

In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, Deferred Outflows of Resources , represents a consumption of net position that applies to a future period and so will not be recognized as an expense or expenditure until then. The City has three items that meet this criterion, an unamortized loss on bond defeasance for General Obligation and Water and Sewer Refunding bonds, the accumulated decrease in fair value of hedging derivatives for Series 1998 General Obligation bonds and contributions made to the pension plans in the 2018 fiscal year. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, Deferred Inflows of Resources, 38f