2024 Annual Comprehensive Report

Licenses and permits amounted to $4,790,476 compared to previous year revenues of $4,924,461 a decrease of 3.0%. The decrease is primarily due to a decrease in the number of construction permits during FY 2024. Fines and forfeitures amounted to $1,257,746 as compared to the previous year's collection of $1,376,495, a decrease of 8.6% compared to last year. The decrease was primarily due to a reduction in false burglar alarm fines FY 2024. Charges for current services amounted to $32,211,852 as compared to the previous year's revenue of $31,217,323 an increase of 3.2%. Cash Management The City's investment policy is to minimize credit and market risks while maintaining a competitive yield on its portfolio. Accordingly, deposits were either insured by federal depository insurance or collateralized. All collateral on deposits was held either by the City or its agent. All investments held by the City during the year and at June 30, 2024 are classified in various levels of fair value hierarchy as defined by the Governmental Accounting Standards Board. The City's cash management program provided the City with interest earnings excluding fair market value adjustments totaling $22,076,133 for the fiscal year ended June 30, 2024 as compared to $12,348,440 in the prior year. Cash balances are analyzed daily to forecast the amount of funds required and amounts available for investment. The average amount of funds invested per month totaled $536,034,765 during the year. The City's average yield on investments for the year was 4.12%, up from 2.43% in the prior year. Interest earnings were the equivalent of nearly 5.68 cents on the tax rate for FY 2024 compared to 3.23 cents last year. B. Proprietary Funds Proprietary Funds provide the same type of information found in the government-wide financial statements but in more detail. Other factors concerning the finances of the proprietary funds have already been addressed in the discussion of the City of Greensboro’s business-type activities. General Fund Budgetary Highlights The General Fund budget for FY 2024 was adopted at $403,879,804 (excluding carry-forward encumbrances) and represents an increase of approximately 8.5% compared to the adopted FY 2023 budget. Encumbrances of $10,165,522 were carried forward from FY 2023 commitments. There were a few significant variances from the original and final amended budgets for FY 2024. The largest of these was a $7.9 million dollar increase in ARPA-Enabled Projects expenditures. As of June 30, 2024, the City had collected $405.8 million or 102% of its budgeted General Fund revenues and had incurred $408.9 million or 96.3% of its budgeted expenditures. Significant differences between actual results and the final amended budget are highlighted below: • Overall General Fund revenues were more than the final amended budget (excluding appropriated fund balance) by approximately $8.4 million primarily due to increased property and sales taxes collected. • Actual expenditures compared to final budget were less by $15.6 million or approximately 6.0%, noting approximately $2.8 million savings in general government, $2.4 million savings

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