2024 Annual Comprehensive Report

for the General Fund is presented in Exhibit A-7 as part of the Basic Financial Statements. Detailed budget to actual comparisons for other funds with annual and project-length budgets are presented in this report beginning with the “Special Revenue Funds” section.

COUNCIL BUDGET PRIORITIES Five strategic goals are the primary focus of funding within the City’s budget:

• Economic Development and Job Creation - The City’s approach to economic development focuses on creating an environment that promotes job creation, facilitates private business expansion, and utilizes community development grants, bonds and other resources to advance economic and infrastructure development. In June 2020, Greensboro City Council adopted GSO2040 , the City’s Comprehensive Plan and guiding document that articulates the vision, goals, growth policy and action plans for Greensboro through 2040. The Minority-owned and Women-owned Business Enterprise (MWBE) program is a critical element of the City’s economic development initiatives. In March 2021, City Council adopted updated economic development guidelines that provide tiered investments to strategic industries and promote jobs with livable wages. During FY 2023-24, economic incentive award payments have supported The Fresh Market, Publix, and Charles Aris, an executive talent firm in downtown Greensboro. In June 2023, ProKidney, a development-stage regenerative medicine company, was awarded a $13.2 incentive package by the City to develop a $450 million manufacturing center in Greensboro. The company plans include 330 new jobs paying an average of $74,636 and none less than $15 per hour.

• Public Safety - The Greensboro Police Department (GPD) remains focused on crime reductions through creative strategies that combine technology with innovative police initiatives, allowing the department to remain at the forefront of its profession. A core focus over the past several years has been improving public safety position pay to ensure Greensboro remains competitive in recruiting and retaining these critical employees. Since FY 2021-22, police and fire salaries have increased more than 30%, and recent benchmarking shows proposed starting salaries to be leading the market. The FY 2024 25 budget includes funding necessary to continue this commitment through 4% pay adjustments. The Office of Community Safety, created in September 2022, focuses on collaboration and cooperation between City leadership, the GPD, and the community to enhance public safety. In July 2022, voters passed a bond referendum which includes $6 million for police facilities and $14 million for fire facilities.

Further, through the American Rescue Plan Act (ARPA) enabled funds, Council approved $9 million to develop additional fire facilities. With the number of annexed areas the Council has approved and the pace of the City’s growth and development, adequate Fire Department services continue to be a top priority. The City’s 911 services are one of the best in the nation. The Department has won numerous awards, and continues to perform exceptional service for our residents, especially those in need. • Affordable Housing - The successful 2022 bond referendum included $30 million for housing initiatives and was supported by voters by a wide favorable margin. Of this bond amount, $20 million will be directed towards the preservation and construction of affordable rental housing, $5 million towards access to homeownership, and $5 million toward neighborhood reinvestment. While $30 million is not enough to meet the housing needs of our residents, it will leverage federal, state, and other housing funding

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