Final Adopted Budget FY23-24

Funding Overview The Capital Improvements Program relies on a variety of funding sources to accomplish its many efforts. These include debt financing; enterprise funding; General fund revenues; state shared revenues; and grants from the state government, federal government, or private sources. Funding Sources

Funding Sources

3.2%

18.3%

Enterprise Funds Grants Authorized Bonds

6.4%

2016 Authorized Bonds 2022 Authorized Bonds Unauthorized Bonds Revenue Bonds Other

41.4%

0.8%

4.1%

3.5%

22.3%

Highlights

Of the $228.4 million in General Obligation bonds authorized by voter approval in 2006, 2008, and 2009 the City has $17.4 million of those dollars planned to be spent by FY 25-26. The 2016 referendum authorized the issuance of an additional $126 million in bonds of which $71.8 million is planned to be spent in the next ten years. Most recently, in 2022 voters passed a bond referendum of $135 million. Projects include $70 million for Parks & Recreation, $30 million for affordable housing, $15 million for transportation, $14 for fire facilities, and $6 million for police facilities. The bond dollars included in the CIP account for 8.4% of the total capital needs in the City of Greensboro. Debt service costs associated with the debt issuance to fund authorized bond projects is scheduled at $36 million in FY 23-24. The CIP includes several funding sources other than bonds. About $854,746,615 million, or 41.4%, of CIP funding over the next ten years is expected to come from Water Resources revenue bonds. The current figure is an increase of almost $341 million, or 14.5%, over last fiscal year. The CIP also includes approximately $461 million of Unauthorized Bond funded projects, which is a decrease of $53.3 million from last fiscal year. These bond funds are used for projects which replace aging infrastructure, facilities, major equipment, targeted programs to support affordable housing efforts, new facilities based on future demand and growth, and other capital needs identified by departments for planning purposes. Total unauthorized bond projects reflect the identification of the next generation of capital needs across that the City will need to address in the coming fiscal years.

Adopted 2023-24 Budget

151