2024 Annual Comprehensive Report

GOVERNMENT-WIDE FINANCIAL ANALYSIS Net position may serve over time as a useful indicator of a government’s financial position. In the case of the City of Greensboro, assets and deferred outflows exceeded liabilities and deferred inflows by $1,326,962,292 at the close of June 30, 2024 compared to $1,309,146,197 in the previous year. The net position for the City as a whole increased 1.4% at June 30, 2024, or $17.8 million. The increase in governmental activities was primarily driven by $25.5 million increase from prior year in property tax receipts following a $.04 rate increase and higher than projected assessed property valuation growth, and higher investment earnings that were offset by higher employee salary expenses and other increased operational costs due to price inflation factors. The largest portion of the City of Greensboro’s net position $1,117,539,788 (84.2%) represents its investment in capital assets (e.g. land, building, machinery, and equipment) less any related debt used to acquire those assets that is still outstanding. The resources needed to repay the debt must be provided from sources other than capital assets, since they cannot be used to liquidate the liabilities. An additional portion of the City of Greensboro’s net position $261,607,911 (19.7%), represents resources that are subject to enabling legislation or external restrictions on how they may be used. Unrestricted net deficit, the residual amount of assets that can be used without constraints established by debt covenants, enabling legislation, or other legal requirements changed from ($19,647,663) at June 30, 2023 to ($52,185,407), down approximately $32.5 million at the end of this year, with the decrease largely attributable to increases in amounts required to be restricted by state statute for receivables, encumbrances, and other accounts. Investment income increased $19.2 million from the prior year. The City’s overall unrestricted cash levels increased by approximately $13.9 million to approximately $368.6 million. However, it should be noted that of the total reported “unrestricted” amount, only approximately $38.0 million is available and unobligated in the General Fund to provide working capital to finance day-to-day governmental activities and fund unforeseen circumstances in the future.

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