2024 Annual Comprehensive Report

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CoverCover
Title PageTitle Page
Table of ContentsTOC1
Introductory SectionI
Letter of TransmittalI
Certificate of Achievement for Excellence in Financial ReportingXVIII
Organizational ChartXX
Greensboro City CouncilXXI
Financial Section1a
Report of the Independent Auditor1a
Management's Discussion of Analysis2a
Basic Financial Statements3
I. Government-Wide Financial Statements3
Statement of Net Position3
Statement of Activities5
II. Fund Financial Statements7
Balance Sheet-Governmental Funds7
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position9
Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds..10
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities12
Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual - General Fund14
Statement of Net Position - Proprietary Funds22
Reconciliation of the Statement of Net Position of Proprietary Funds to the Statement of Net Position26
Statement of Revenues, Expenses, and Changes in Net Position - Proprietary Funds27
Reconciliation of the Statement of Revenues, Expenses, and Changes in Net Position of Proprietary Funds to the Statement of Activities29
Statement of Cash Flows - Proprietary Funds30
Statement of Fiduciary Net Position - Fiduciary Funds34
Statement of Changes in Fiduciary Net Position - Fiduciary Funds35
Statement of Net Position - Component Units36
Statement of Activities - Component Units37
III. Notes to the Financial Statements39a
Required Suplementary Information40
Law Enforcement Officers’ Special Separation Allowance (LEOSSA) Pension Benefit Trust41
Schedule of Changes in Net Pension Liability and Related Ratios.41
Schedule of Employer Contributions43
Schedule of Investment Returns45
Other Postemployment Benefit Plan (OPEB) Trust47
Schedule of Changes in Net OPEB Liability and Related Ratios47
Schedule of Employer Contributions49
Schedule of Investment Returns51
Local Government Employees’ Retirement System53
Employer’s Proportionate Share of Net Pension Liability (Asset) and Employer Contributions.53
Combining and Individual Fund Statements and Schedules55
Combining Balance Sheet - Nonmajor Funds55
Governmental Funds55
Special Revenue Funds56
Capital Projects Funds60
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor Funds64
Governmental Funds64
Special Revenue Funds65
Capital Projects Funds69
Schedule of Changes in Long-Term Debt-Enterprise Funds and Water Resources Capital Assets73
Schedules of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual74
Special Revenue Funds74
State Highway Allocation76
Cemetery77
Hotel/Motel Occupancy Tax78
Special Tax Districts79
Housing Partnership Revolving80
Community Development81
HOME Program Fund83
Workforce Investment Act84
State and Federal Grants86
State and Federal Grants (ARRA)90
Emergency Rental Assistance- Guilford County Fund91
Emergency Rental Assistance 2- Guilford County Fund92
Opioid Settlement Fund93
Emergency Telephone System94
Debt Service Fund96
Capital Projects Funds97
Street and Sidewalk98
State Highway Allocation99
General Capital Improvements100
General Capital Improvements II101
Capital Improvements Bond — Series 2024102
Street Improvements Bond — Series 2010103
Transportation Bond — Series 2016104
Parks and Recreation Bond — Series 2016105
Housing Bond — Series 2016106
Community & Economic Development Bond — Series 2016107
Fire Station Bond — Series 2019108
Transportation Bond — Series 2022109
Parks and Recreation Bond — Series 2022110
Fire Station Bond — Series 2022111
Law Enforcement Bond — Series 2022112
Housing Bond — Series 2022113
Perpetual Care Fund114
Enterprise Funds115
Schedules of Revenues, Expenses, and Changes in Fund Balance-Budget and Actual (Non-GAAP)116
Water Resources117
Water Resources Bond — Series 2014119
Water Resources Bond Fund — Series 2018120
Water Resources Bond Fund — Series 2022121
Water Resources Capital Improvement123
Water Resources Extension Project124
Stormwater Management125
Stormwater Capital Improvement127
Coliseum128
Performing Arts Fund130
Performing Arts Center Capital Project132
Coliseum Capital Improvement Bond133
Coliseum Capital Improvement134
Tanger Center Capital Improvement135
Solid Waste Management136
Solid Waste Capital Improvement138
Greensboro Transit Advisory Commission139
Greensboro Transit Advisory Commission Grant Fund141
Parking Facilities142
Parking Facilities Capital Project144
Parking Facilities Bond145
Internal Service Funds146
Combining Statement of Net Position147
Combining Statement of Revenues, Expenses and Changes in Net Position149
Combining Statement of Cash Flows151
Schedule of Changes in Long-Term Debt153
Schedules of Revenues, Expenses, and Changes in Fund Balance-Budget and Actual (Non-GAAP)154
Equipment Services155
Equipment Services Capital Project157
Technical Services158
Technical Services Capital Project160
Information Systems161
Graphic Services163
Guilford Metro Communications165
Employee Risk Retention167
General Risk Retention169
Capital Leasing171
Fiduciary Funds173
Statement of Fiduciary Net Position – Fiduciary Funds174
Statement of Changes in Fiduciary Net Position – Fiduciary Funds175
Debt Schedule176
Schedule of Long-Term Bonds/BANs Debt – at Par176
Statistical Section (unaudited)178
I. Financial Trends179
Net Position by Component179
Changes in Net Position, Expenses, Program Revenues, and Net (Expenses)/Revenue181
Changes in Net Position, General Revenues and Total Changes in Net Position183
Fund Balances, Governmental Funds185
Changes in Fund Balances, Governmental Funds187
II. Revenue Capacity189
Tax Revenues by Source, Governmental Funds189
Schedule of Ad Valorem Taxes Receivable190
Analysis of Current Tax Levy191
Assessed Value and Estimated Actual Value of All Taxable Property192
Direct and Overlapping Property Tax Rates194
Principal Property Taxpayers195
Property Tax Levies and Collections197
III. Debt Capacity199
Ratios of Outstanding Debt by Type199
Ratio of Net General Obligation Bonded Debt201
Computation of Direct and Overlapping Bonded Debt202
Legal Debt Margin Information203
Pledged Revenue Coverage205
IV. Demographic and Economic Information207
Demographic and Economic Statistics207
Principal Employers208
Full-Time Equivalent City Government Employees by Function/Program210
V. Operating Information211
Operating Indicators by Function211
Capital Asset Statistics by Function213
Single Audit Section215
Report of Independent Auditors on Internal Control Over Financial Reporting and On Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards216
Report of Independent Auditors on Compliance For Each Major Federal Program and Internal Control Over Compliance In Accordance with OMB Uniform Guidance and the State Single Audit Implementation Act218
Report of Independent Auditors on Compliance For Each Major State Program and Internal Control Over Compliance In Accordance with Uniform Guidance and the State Single Audit Implementation Act221
Schedule of Findings and Questioned Costs224
Corrective Action Plan228
Summary Schedule of Prior Year Findings231
Schedule of Expenditures of Federal Awards232
Schedule of Expenditures of State Awards235
Notes to the Schedule of Expenditures of Federal and State Awards236

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