COG Comprehensive Annual Financial Report

Activity for ABC Board for the year ended June 30, 2018, was as follows:

Beginning Balance

Increases

Decreases

Ending Balance

Capital Assets, Non-depreciable: Land

$ 1,784,586

$

$

$ 1,784,586

Capital Assets, Depreciable: Buildings Improvements Other Than Buildings Furniture, Fixtures, Machinery and Equipment Total Capital Assets, Depreciable Less Accumulated Depreciation/Amortization for: Buildings Improvements Other Than Buildings Furniture, Fixtures, Machinery and Equipment Total Accumulated Depreciation

4,775,422 515,719 2,462,237 7,753,378

9,055 5,486

4,784,477 521,205 2,611,536 7,917,218

149,299 163,840

(1,114,040) (417,108) (1,761,632) (3,292,780)

(129,686) (30,502) (210,116) (370,304)

(1,243,726) (447,610) (1,971,748) (3,663,084)

Total Capital Assets, Depreciable-Net

4,460,598

(206,464)

4,254,134

ABC Board Capital Assets, Net

$ 6,245,184 $ (206,464) $

$ 6,038,720

D. Closure and Postclosure Care Cost – White Street Landfill The City owns and operates a regional landfill site located in the northeast portion of the City. State and federal laws require the City to place a final cover on its White Street landfill site and to perform certain maintenance and monitoring functions at the site for thirty years after closure. The City reports a portion of these closure and postclosure care costs as an operating expense in each period based on landfill capacity used as of each June 30. The $26,547,931 reported as landfill closure and postclosure care liability at June 30, 2018 is based on 100% use of the estimated capacity of Phase II and Phase III, Cells 1 and 2. Phase III, Cell 3 is estimated at 56.8% of capacity. In November 2005, the City issued $8.4 million in Special Obligation bonds for the purpose of constructing a solid waste transfer facility. This facility, which opened in 2006, is located in an industrial section of western Greensboro and accepts waste from the City’s solid waste collection services and from private haulers, with waste transported off-site daily to a private site outside of the City. It is expected that White Street Landfill will only be utilized for disposal of construction, demolition debris, yard waste and certain incinerated waste and in the event that the transfer station is not operational. The estimated liability amounts are based on what it would cost to perform all closure and postclosure care in the current year. Actual costs may be higher due to inflation, changes in technology, or changes in regulations. At June 30, 2018, the City had expended $3,876,035 to complete closure of the White Street facility, Phase II and $2,535,980 to begin closure activities at the construction and demolition site located on top of the municipal waste filled space. The balance of closure costs, estimated at $13,614,989 and an estimated $12,932,942 for postclosure care will be funded over the remaining life of the landfill, estimated to be 20 to 25 years. E. Pollution Remediation Obligations Greensboro staff have identified specific City-owned properties where either it is known or reasonably believed that the sites contain certain pollutants. Most of the properties have not completed an environmental assessment of the impact or have active remediation systems in place, however each site has been reported to a North Carolina regulatory agency as having a current or reportable incident, thus voluntarily obligating the City for certain remediation activities. In addition, the City entered an administrative agreement with a state agency to voluntarily assess a site. None of the reported pollution creates an imminent endangerment to public health or welfare and many of the sources of impact have already been eliminated, as reasonably appropriate. 38w