FINAL ADOPTED BUDGET FY2021-22

to balance the proposed FY 21 22 budget. The Recommended FY 20 21 Budget is developed in accordance with the North Carolina Local Government Budget and Fiscal Control Act and fulfills my obligation to present a balanced fiscal plan to Council for your consideration. The budget is balanced with the same tax rate as the current year, 66.25 cents. We have a great opportunity to be a City that provides the services necessary and expected, to preserve and support our community and employees, and prepares for the present and future challenges. Strategic Goals "Create an environment that promotes economic development opportunities and job creation." The City of Greensboro's approach to economic development focuses on high quality job creation, facilitating private business and economic growth in our city, and providing enhanced access to City contracting opportunities through the continued implementation of our enhanced Minority and Women's Business Enterprise ( M/WBE ) program. All of these efforts will have an impact towards the Council adopted goal of increasing median and per capita income by 15% by 2025. In November 2016, Greensboro citizens approved a $126 million bond referendum that included $38.5 million dedicated to economic development efforts. The Downtown Streetscape Master Plan has been completed through a significant public involvement effort. Design work is mostly complete for downtown streetscape improvements to Greene Street, Summit Avenue, Eugene Street, Davie Street and Bellemeade Street. These projects are expected to begin construction by early FY 21 22. Improvements will create a safe, comfortable and well connected streetscape system in the Downtown expected by our community. Improvements for the South Elm Street Redevelopment Area totaling ($4.5 million), additional investments in east Greensboro ($5 million) and city wide infill development ($4 million) are also funded through this bond referendum. City Council adopted updated economic development guidelines in March 2021 that provides tiered investments to strategic industries, to jobs paying livable wages, and in areas of the City that need investment the most. The FY 21 22 budget includes economic development incentive payments to HAECO, Charles Aris, Qorvo, and Centric Brands for existing industry expansion projects that have created at least 954 new jobs and capital investment of $169.9 million. Incentive payment is also included for Self Help Ventures Fund to support the redevelopment of Revolution Mill that has supported a capital investment of more than $82 million. City Council has approved economic development incentive support for the Fresh Market, Syngenta and PACTIV, as well as a new industry to Greensboro, Sunlight Batteries USA, Inc. These new projects have a combined estimated investment of $86.6 million with at least 124 new jobs and 1,029 retained jobs. &RXQFLO PDGH WKH ILUVW PDMRU XSGDWH RI WKH &LW\¶V &RPSUHKHQVLYH SODQ LQ -XQH RI ZLWK WKH DGRSWLRQ RI *62 , which is the primary growth policy document for the City. The City wrapped up over 150 public events that included dozens of public engagement events ranging from workshops, pop ups at public events, focus groups and online discussions netting over 6,000 individual contributions of input on the long term vision and goals for the next twenty years. GSO 2040 began implementation in September 2020, and will provide a strategic foundation for growth and development for years to come. The City of Greensboro continues to focus on the development of water and sewer infrastructure for the Greensboro Randolph Megasite project. This regional and public/private project will develop approximately 1,825 acres of land in northern Randolph County with expectations of landing one or more advanced manufacturing companies, creating jobs and significant capital investment. The first phase of the water and sewer project started in December 2020, and is anticipated to be complete in early 2022. On the horizon are the approved incentives for Publix to develop a $400 million food processing and distribution center that will also bring more than 1,000 jobs to the area. City Council has approved incentive support for Publix, pending annexation. Construction is underway, and completion is anticipated in 2022. The Publix development includes significant sewer investments in the Birch Creek area that will support this and other developments. Sewer for this project began construction in December of 2020 with expected completion in April 2022.

Adopted 2021-22 Budget

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