2024 Annual Comprehensive Report

Budget Highlights for the Fiscal Year Ending June 30, 2025 Governmental Activities:

The General Fund budget for FY 2025 was adopted at approximately $421.9 million (up 4.46%) with approximately $2.6 million in decreased appropriations over the amended FY 2024 budget. Overall the General Fund budget shows a net increase of 7.0 full-time equivalent positions, several position changes are included in a variety of General Fund departments, including Executive, Legislative, and Human Rights positions. The budget projects increases in projected revenue for property and sales taxes and user charges. Appropriated General Fund fund balance is $8.4 million, or 1.99% of the total budget, but has historically been mostly unused. The budget includes funds for the continuation of compensation increases in order to be in line with the market. The budget includes a 4% merit increase for all eligible employees, increases for starting salaries for public safety and the minimum wage for benefitted employees to increase to $18.75 per hour. The budget for FY 2025 is balanced with a 67.25 cent tax rate, which is unchanged from the rate adopted for FY 2024. In FY 2025, the Debt Service Fund budget increased from the prior adopted budget to approximately $48.4 million to allow for continued principal and interest payments for 2008, 2016, and 2022 referendum bonds. Business-Type Activities: The Water Resources budget increased approximately $21.5 million or 13.0% for the FY 2025 budget as compared to the previous budget. Transfers of $29.3 million to the Water Resources Capital Improvements Fund are budgeted in FY 2025 to allow for capital expenditure needs in accordance with the long-term Capital Improvement Plan as well as improve the City’s water and sewer system, including rehabilitation of older water and sewer lines. The budget includes an average water/sewer rate increase in FY 2024 of 8.5% for residents inside and outside of city limits. Water Resources overall staffing levels are projected to increase by 0.75 full time equivalents (FTEs), bringing one part-time FTE to a full-time FTE. There is also an increase of $167,805 to provide increased compensation for Heavy Equipment Operators. Debt service payments will increase from $33.9 million to $52.8 million, supporting the enterprise’s planned debt program which is supporting robust economic growth. Greensboro has the second lowest water rates among comparable North Carolina cities, (January 2024) with a utility bill of 1.40% of the Median Household Income (MHI). Rates of less than 2% of MHI are considered to be favorable. Approximately 94% of all of the utility’s customers reside within the City limits. Requests for Information This financial report is designed to provide a general overview of the City of Greensboro’s finances and to demonstrate the City’s accountability for the money it receives. Questions concerning any information provided in this report or requests for additional information should be addressed to City of Greensboro Financial and Administrative Services Department, P.O. Box 3136, Greensboro, North Carolina 27402 3136 or by calling (336) 373-2077, or by visiting our website at www.greensboro-nc.gov.

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