COG Comprehensive Annual Financial Report

The budget serves as the foundation for the City’s financial planning and control. Annually, the City Manager presents a proposed budget to Council for review as well as to the citizens of Greensboro for questions and/or concerns. North Carolina General Statutes require all governmental units to adopt a balanced budget by July 1 of each year for all funds for which a budget is required. Activities of the General Fund, Special Revenue Funds (except for Grant Project Funds), Debt Service Fund, and Proprietary Funds are included in the annual appropriated budget. Project-length financial plans are adopted for Grant and Capital Projects Funds. The City Manager may make transfers of appropriations within funds and department heads may make transfers of appropriations within a department. Transfers of appropriations between funds, however, require approval by the City Council. Budget- to-actual comparisons are provided in this report for each individual governmental fund for which an appropriated annual budget has been adopted. Budgetary control is facilitated by the use of a personnel/payroll data system that requires every position, including applicable fringe benefits, be budgeted. Also, the North Carolina General Statutes require an encumbrance system and a finance officer’s “preaudit” certification that budgeted funds are available prior to the placement of all purchase orders, contracts and electronic payments. Outstanding purchase orders and contracts are reported as a restriction of fund balance at June 30, 2018 in the category “Stabilization by State Statute.” The appropriated budget is prepared by fund, function (e.g., public safety), and department (e.g., police). A budgetary comparison for the General Fund is presented beginning on page 12 as part of the Basic Financial Statements. Detailed budget to actual comparisons for other funds with annual and project-length budgets are presented in the supplementary information subsection of this report, which starts on page 68. COUNCIL BUDGET PRIORITIES Four strategic goals are the primary focus of funding within the City’s budget:  Economic Development and Job Creation – The City’s approach to economic development focuses on promoting job creation, facilitating private business and expansion, utilizing community development grants, bonds and other resources to advance economic development and infrastructure development, and providing enhanced access to City contracting opportunities. The Economic Development Fund is supported by a one-half cent property tax levy that generates approximately $1.39 million per year. Since FY 14-15, the City revised its Minority and Women’s Business Enterprise (MWBE) program with a new coordinator and staff, advancing goals of promoting an inclusive bidding process. A disparity study update was completed in FY17-18 to assess the effectiveness of efforts to achieve MWBE goals. City Council will consider recommendations from the study for enhancements to the MWBE Program in early FY 18-19. Another update to be completed over the next fiscal year is the City’s Comprehensive Plan, a guiding document that articulates the vision, goals and action plan for Greensboro through 2025. In November 2016, Greensboro citizens authorized $38.5 million general obligation bonds dedicated to economic development efforts for downtown streetscape improvements, continuing development for Union Square Campus, Citywide infill development and investments in east Greensboro. The FY 18-19 budget includes economic development incentive payments to HAECO, Ecolab and Charles Aris for existing industry expansion projects that will create at least 581 new jobs and capital investment of $95.6 million. The Economic Development Fund Budget also includes support for the NC A&T Track Event, regional economic development initiatives through the Guilford County Economic Development Alliance, and $500,000 to support Economic Development programs identified through the Community Partners Board process.  Public Safety – During FY 17-18, the Police Department continued its focus on increasing community collaboration and partnerships to address crime trends, improving police facilities, and ensuring the department remains at the forefront of innovative police initiatives. The department continues to work with community stakeholders on the Safer City Summit initiative, a community grass roots collaborative addressing violent crime. There is also a concerted effort to work with Guilford County partners in addressing the opioid crisis through education and identifying community resources and programs to better assist those experiencing opioid-related addictions and life-threatening overdoses. The Department launched its first year of the “Students Overcoming Situations” program in partnership with the Greensboro Police Foundation and Guilford County Schools to teach the value of safety and decision making through social and emotional learning competencies. To date the program has engaged over 850 first and fifth grade students from various schools throughout the city. III