FY 2017-18 FINAL ADOPTED BUDGET

CITY MANAGER’S BUDGET MESSAGE

Mayor and City Council, City of Greensboro

May 16, 2017

The City of Greensboro’s approach to economic development focuses on advancing these key principles: promoting job creation, facilitating private business and expansion in our city and providing enhanced access to City contracting opportunities through the continued implementation of our enhanced Minority and Women’s Business Enterprise (MWBE) program. In December 2016, City Council adopted an Economic Development Focus Strategy identifying areas of interest and emphasis such as Piedmont Triad International Airport, Downtown, Revolution Mill and the Joint School of Nanoscience and Engineering. In November 2016, Greensboro citizens passed $126 million in general obligation bonds, $38.5 million of which are dedicated to economic development efforts. Projects included are downtown streetscape improvements ($25 million), further development for Union Square ($4.5 million), further investments in east Greensboro ($5 million) and citywide infill development ($4 million). $18 million for enhanced resurfacing efforts are also included. The Economic Development (ED) Fund receives a dedicated one-half cent of the property tax, generating approximately $1.3 million annually. Among other City funding, the ED Fund provided support last year for the Renaissance Plaza Shopping Center and Community Cooperative Project and has programmed $475,000 for stabilizing and renovating the downtown Cascade Saloon building. The budget also includes support for economic development partners such as the Greensboro Chamber of Commerce – Economic Development Services, Guilford County Economic Development Alliance, Greensboro Community Development Fund, the Greensboro Partnership Launch Lab (Lab Accelerator), Triad Stage and East Greensboro NOW. The Gate City Boulevard Gateway Corridor remains an area of key emphasis within the City’s overall economic development strategic goals. Phase One of the Streetscape Improvement Project, extending from Pinecroft Road to Coliseum Boulevard, should be completed by summer 2017. The Downtown Greenway, which will ultimately encircle the downtown with a four mile walking and biking greenway, continues to make progress. Much of the greenway will be constructed or under contract by the end of FY 17-18. The 2016 Parks and Recreation Bonds included funding for Phase 4 (final phase) of the greenway plus funding for the Atlantic & Yadkin (A & Y) Greenway Extension project.

Council Members: As a City government and team, we continue to work together to create an environment for sustained economic growth and vitality, high quality of life, and exceptional public safety for our citizens, businesses, and visitors. We accomplish this through our daily efforts to provide high quality services, living our core values (honesty, integrity, stewardship, and respect), and through a continuous focus on customer service excellence and improvement. In addition, we continue to monitor both our cost of doing business and the level/quality of the services provided to ensure our residents continue to receive value for their tax dollar, both in absolute terms and when compared to our peer cities. For FY 17-18, this budget supports both the Council’s and community’s top service priorities while responding to the many operating and capital needs of our organization. Per Council direction on April 18, 2017, the recommended budget fully funds the 2008, 2009 and 2016 bond referenda passed by Greensboro voters. By maintaining the current tax rate of 63.25 cents (for the eighth consecutive year) but increasing the portion dedicated to debt service from 8.0 cents to 9.75 cents, the budget ensures sufficient resources for timely completion on 2008 and 2009 projects and activity soon on 2016 projects. The recommended budget also includes several Council directed employee compensation items that ensure our salaries remain market competitive, including the next scheduled minimum wage increases, pay structure adjustments for all employees and continuation of the in-range program. In addition, this budget provides necessary resources to support several critical outside agency requests, ensures the City organization can continue to properly maintain our existing facilities and infrastructure, upgrades needed technology to ensure we continue to operate effectively and efficiently, maintains the City’s AAA bond rating, and properly values and recognizes the many important contributions of our outstanding City employees. As a City team, we look forward to working together to continue to grow Greensboro as a city where residents and visitors can live, learn, play and do business. One City, One Team!

Strategic Goals “Create an environment that promotes economic development opportunities and job creation.”

4