COG Comprehensive Annual Financial Report

 Infrastructure / Growth – Greensboro residents passed bond referenda in 2006, 2008 and 2009 authorizing borrowing of more than $228 million for streets, fire stations, parks and other improvements. Much of these projects are complete with the remaining $65 million, mostly street improvements, scheduled for the next two to three years. The successful 2016 $126 million bond referendum also includes $34.5 million for new parks capital improvements. $5.0 million are programmed for the initial development of the Battleground Parks District, an innovative concept that will integrate the current recreation options at the City’s Country Park with nearby Guilford Courthouse Military Park and the Greensboro Science Center. $3.0 million are allocated to citywide improvements to Greensboro’s many public tennis courts, and $4.5 million are included for further development at Gateway Gardens and Barber Park. For transportation enhancements, $4.5 million are allocated to new transit buses, $5 million for new sidewalk and intersection improvements, and $500,000 for renovations to the Galyon Depot and $18 million for street resurfacing. Voters also approved $25 million for various housing efforts, including $8 million for a Workforce Housing Initiative designed to make housing more affordable for working families with incomes slightly above poverty designations. Funds to support affordable multi-family housing, emergency repair programs, and housing for homeless and disabled veterans are also included. The City’s proposed FY 2019-2028 Capital Improvements Plan (CIP) totals $1.39 billion in identified projects and outlines a future financing plan to maintain our current infrastructure and develop new facilities as needed. Nearly 45% of the entire proposed Capital Improvements Plan is devoted to the City’s water and sewer infrastructure.  Customer Service/Diverse Workforce and Fiscal Management – The City’s focus on customer service, fiscal stewardship, transparency and accountability ensures the City has the right people doing the right job. The budget continues a variety of employee development initiatives, including MentorMe (employee to employee mentoring program), Toastmasters, and development programs, such as Leadership Edge and Leadership Prime, designed for employees wishing to pursue supervisory roles in the organization. The FY18-19 budget includes an average 3.0% merit increase for all employees, based on performance evaluation. The recommended budget includes funding to advance sworn police and fire personnel to the appropriate next steps in the Public Safety Step Program. Finally, this budget maintains external competitiveness by adjusting general and executive pay structures by 2%. Greensboro's diverse economy is attributed to its unique blend of trade, manufacturing and service businesses as well as its universities and colleges. Local industry is characterized by the production of a wide range of products, including aircraft, machinery, electronics equipment, textiles, apparel and tobacco, and expansion in the aircraft maintenance, transportation and financial services industries. Five of the top 60 companies on the Fortune 500 list have operations in Greensboro, these include: Proctor & Gamble, UPS, FedEx, AT&T and UnitedHealth Group. This area experiences an excellent market location which has access to all major domestic and international markets from Interstate Highways 40, and 85 and the Piedmont Triad International Airport (PTIA). Construction is underway for a new interstate system (I-73) that will span North Carolina, joining Detroit and Charleston, including Greensboro en route. In northern Greensboro, U.S. 29, between Danville and Greensboro, has also been designated as Interstate 785. The Urban Loop , a 44-mile state-constructed beltway around Greensboro, is in progress at a cost of approximately $1 billion, funded by the N.C. Legislature. There are four projects in various stages of construction that will complete the loop around the city, starting at the western end near Piedmont Triad International Airport and working eastward to U.S. 70. The Southern, Eastern and portions of the Western Loop have been completed and are currently open. Construction on the last leg of the Western loop is to be completed in 2020 and the Northern loop is to be completed by 2022, concluding the entire project. FACTORS AFFECTING FINANCIAL CONDITION A. Local Economy

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