CAFR 2017

 As of June 30, 2017, the City had collected approximately $267.9 million or 99.5% of its amended budgeted General Fund revenues and had incurred $269.1 million or 94.1% of its amended budgeted expenditures. The net effect on General Fund fund balance was a decrease of approximately $1.2 million this year.  The City contributed $500,000 to the OPEB Trust Fund in FY 2017, and the overall OPEB liability increased from $6.8 million to $11.3 million. In FY 2017, the City contributed 53.1% of the actuarial required contribution (“ARC”) and has budgeted $2.8 million of the $11.8 million ARC for FY 2018. In FY 2016, higher than projected employee health-related costs prevented additional advance OPEB payments to be made. The projected accrued OPEB actuarial liability for Greensboro retirees is $108 million, with 14.1%, or more than $15 million funded as of June 30, 2017.  The State of North Carolina’s pension system, a multi-employer defined benefit plan in which the City participates, had an overall net pension liability as of June 30, 2017. The City’s total prorata share was $54,381,226 as reflected in the Statement of Net Position.  The City’s LEOSSA Pension Benefit Trust had a net pension liability of $25,009,255 at June 30, 2017, as reflected in the Statement of Net Position  In FY 2017 the City spent $19.5 million and $12.8 million for federal and state-funded grant programs, respectively, compared to $24.7 million in federal and $9.5 million in state funding last year. Certain ARRA programs are nearing completion. Key Ratios 2017 2016 2015 2014 2013 $ Bonded Debt Per Capita $631 $563 $563 $587 $600 Legal Debt Margin as a % of Debt Limit 76.90% 83.47% 81.64% 80.83% 80.75% % of Property Tax Levy Collected 99.35% 99.28% 99.17% 98.55% 97.66% % Increase (Decrease) in Assessed Property Valuation 1.6% 1.6% (0.6%) 3.1% 0.8%  Guilford County property tax revaluation occurs every five years. The most recent revaluation occurred in 2017, effective in FY 2018, noting a gain in the property base of approximately 5.1% above FY 2017 values.  The City’s net governmental general obligation bonded debt increased by $20.4 million following the scheduled annual debt service payments and increased borrowing under the General Obligation 2016 Bond Anticipation Note; increasing the debt per capita to $631. In FY 2017, the City issued approximately $62.6 million of General Obligation Bonds, refunding the General Obligation 2014 Bond Anticipation Note and portions of the Series 2006A and 2008A General Obligation Bonds. Interest rates on the City’s variable rate debt were 0.80% and 1.13% for tax-exempt and taxable general obligation bonds, respectively, and 0.80% for tax-exempt revenue bonds at June 30, 2017.

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