2024 Annual Comprehensive Report

FY 2024 general levy tax rate increased from $.6325 in the prior year to $.6725 per $100 and includes $.0100 for housing initiatives and $.0350 for public transit. Two special historic district taxes and a downtown business district tax for certain additional improvements are also taxed as “special district” rates.  As of June 30, 2023, the City had collected approximately $405.8 million or 102.1% of its amended budgeted General Fund revenues (excluding appropriated fund balance) and had incurred $408.9 million or 96.3% of its amended budgeted expenditures. The net effect on General Fund fund balance was a decrease of approximately $3.0 million this year.  The City’s net OPEB liability was $112,023,869 at June 30, 2024, as reflected in the Statement of Net Position. The plan’s fiduciary net position increased by $5 million primarily due to the increase in the fair value of investments over the prior year, reflecting the improved interest rate environment. The City places its funds with the State Treasurer for investment with approximately 60% in an Equity Index Fund and 40% in a Bond Index Fund.  The State of North Carolina’s pension system, a multi-employer defined benefit plan in which the City participates, had an overall net pension liability as of June 30, 2024. The City’s total prorata share was $151,737,374 as reflected in Note I-1 on page 40nn.  The City’s Law Enforcement Special Separation Allowance (LEOSSA) net pension liability was $31,775,509 at June 30, 2024, as reflected in Note I-2 on page 40qq.  In FY 24 the City spent $28.5 million and $18.6 million for federal and state-funded grant programs, respectively, compared to $98.8 million in federal and $10.9 million in state funding last year. Approximately $56 million of the City’s spending from its $59.4 American Rescue Plant Act award occurred in FY 2023, as well as additional one-time fiscal recovery funds in the Transit and Water Resources funds. Key Ratios

2024

2023

$ Bonded Debt Per Capita

$1,008

$1,102

Legal Debt Margin as a % of Debt Limit

85.80%

84.04%

% of Property Tax Levy Collected

99.43%

99.43%

% Increase (Decrease) in Assessed Property Valuation

1.5%

29.6%

 Guilford County property tax revaluation normally occurs every five years. The most recent revaluation occurred in 2022, effective in FY 2023, noting a gain in the property base of approximately 23.8% above FY 2022 values. The next revaluation will occur in four years, as required by state regulations when certain valuation calculations are met and will be effective in FY 2027.  The City’s governmental general obligation bonded debt decreased by $27.0 million due to scheduled principal payments, and premium amortization; decreasing the debt per capita to $1,008.

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