2024 Annual Comprehensive Report

Restricted Net Position represents liquid assets (typically generated from certain revenues and bond proceeds) which have third party (statutory, bond covenant or granting agency) limitations on their use. Restrictions may also be imposed by law through constitutional provisions or enabling legislation. Unrestricted Net Position represents net position that does not meet the definitions of “Restricted” or “Net Investment in Capital Assets”. Unrestricted net position may be assigned or committed for management’s or the Board’s specific internal purposes. Unrestricted net position does not equate to net position available for appropriation which is calculated using statutory guidelines. 11. Defined Benefit Pension and OPEB Plans The City participates in one cost-sharing, multiple-employer, defined benefit pension plan that is administered by the State: the Local Governmental Employees’ Retirement System (LGERS). The LEOSSA Plan and the OPEB Plan are single-employer Trusts administered by the City. For purposes of measuring the net pension asset (liability), deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the LGERS and additions to/deductions from LGERS’ fiduciary net position have been determined on the same basis as they are reported by LGERS. For this purpose, plan member contributions are recognized in the period in which the contributions are due. The City of Greensboro’s employer contributions are recognized when due and the City of Greensboro has a legal requirement to provide the contributions. Benefits and refunds are recognized when due and payable in accordance with the terms of LGERS. For purposes of measuring the net liabilities, deferred outflows and inflows of resources related to the LEOSSA and OPEB Plans and LEOSSA and OPEB expense, information about the fiduciary net position of the LEOSSA and OPEB Plans and additions to/deductions from the fiduciary net position have been determined on the same basis as they are reported by the LEOSSA and OPEB Plans. For this purpose, the LEOSSA and OPEB Plans recognize benefit payments when due and payable in accordance with the benefit terms. Investments for all plans are reported at fair value.

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