Comprehensive Annual Financial Report FY 2016

tax-exempt and taxable general obligation bonds, respectively, and 0.42% for tax-exempt revenue bonds at June 30, 2016. It is the City’s policy to maintain 25% or less in variable rate general debt outstanding to help partially offset lower interest earnings in recent years.  The City of Greensboro maintained its AAA general obligation credit rating from Standard and Poor’s and Fitch Ratings along with its Aaa rating from Moody’s Investors Service. Standard and Poor’s (S&P) General Obligation Bonds Currently AAA Target AAA Certificates of Participation Currently AA+ Target AA+ Enterprise System Revenue Bonds Currently AAA Target AAA Limited Obligation Bonds Currently AA+ Target AA+ Moody’s Investors Service (Moody’s) General Obligation Bonds Currently Aaa Target Aaa Certificates of Participation Currently Aa2 Target Aa1 Enterprise System Revenue Bonds Currently Aa1 Target Aaa Limited Obligation Bonds Currently Aa2 Target Aa1 Fitch Ratings (Fitch) General Obligation Bonds Currently AAA Target AAA Certificates of Participation Currently AA+ Target AA+ Enterprise System Revenue Bonds Currently AAA Target AAA Limited Obligation Bonds Currently AA+ Target AA+ OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis are intended to serve as an introduction to the City of Greensboro’s basic financial statements. The financial statements include two kinds of statements that present different views of the City: 1) Government-Wide Financial Statements and 2) Fund Financial Statements. Both perspectives, however, are essential and complementary components that allow the user to address relevant questions, broaden a basis for comparison, and enhance the City’s accountability. Another element of the basic financial statements is the notes to the financial statements. In addition to the basic financial statements, this report contains other supplemental information that will enhance the reader’s understanding of the financial condition of the City of Greensboro. (See Figure 1)

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