2024 Annual Comprehensive Report

1) Enterprise Funds There are six separate and distinct operations accounted for in the Enterprise Funds: the Water Resources Utility Operations, Stormwater Management Services, Coliseum Complex, Solid Waste Management, Greensboro Transit Advisory Commission and Parking Facilities (Other Non-Major Fund). Depreciation is computed on all depreciable plant and equipment and is reflected as an operating expense. Depreciation expense also includes amortization of software and licenses and other intangible assets, such as water rights. The following schedule reflects the change in net position before and after depreciation/amortization for each of the enterprises compared to the preceding year. Table B-1 Change in Net Position– Business-Type Activities (In thousands of dollars )

Change in Net Position

Change in Net Position

Before Depreciation/Amortization*

After Depreciation/Amortization*

Enterprise Activities

2024

2023

2024

2023

Water Resources

$

54,070 $

56,253

$

20,309 $

22,052 (1,580) (3,178) (5,331)

Stormwater Management

( 290)

397

(2,247)

Coliseum

9,587

3,209

3,104

Solid Waste Management Greensboro Transit Advisory Commission

(4,655)

(4,845)

(5,139)

(3,018)

11,132

(6,758)

7,250 1 ,702

Parking Facilities

1,272

2,878

(664)

$

56,966 $

69,024

$

8,605

$

20,915

Total

*Excludes the effect of Internal Service Fund chargebacks. Major activities and/or changes in the Enterprise Fund operations are presented in the following comments. 2) Water Resources Fund Charges for current services totaled $150,920,389 compared to $137,823,798 for the preceding year, an increase of 9.5%. Operating expenses (excluding depreciation) increased by 22.9% and totaled $100,572,531 as compared to $81,863,234 for the preceding year. On July 1, 2023, water and sewer rates for average residential customers increased 8.5% for customers both inside and outside the City limits, largely causing the improved revenue results. On July 1, 2024, water and sewer rates for average residential customers increased 8.5% for customers both inside and outside the City limits as necessary to maintain debt service coverage covenant targets of 2.0x coverage. Actual debt service coverage has exceeded 2.0x coverage in each of the past ten years, with a current coverage of 2.18x as of June 30, 2024.

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