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38b
recorded as “Assets Held for Resale” and “Accounts, Notes and Mortgages” and “Unearned Revenues”. The
Commission is considered to almost exclusively benefit the City even though it does not provide services directly to it.
The Greensboro Transit Authority (GTA) is responsible for operating the mass transit system in the municipal area. The
members of GTA’s governing board are appointed by City Council. City Council approves GTA’s budget, transit rates
and maintains substantive approval over significant operating decisions. Transit taxes are levied under the taxing
authority of the City and are included as part of the City’s total tax levy. The GTA is presented as an Enterprise Fund.
Greensboro ABC Board operates alcoholic beverage stores, regulates the sale of such beverages and enforces alcoholic
beverage laws in the City. Members of the governing body are appointed by City Council. Financial benefit is provided
to the City as a portion of the Greensboro ABC Board’s profits are distributed to the City, quarterly.
Each of the discretely presented component units has a June 30 year-end. Complete financial statements for the GHDP
and Greensboro ABC Board component units may be obtained at their respective administrative offices. Financial
transactions of the GTA and Commission are reported and audited during the City’s annual audit. No separate financial
statements are prepared for these entities.
ADMINISTRATIVE OFFICES
Greensboro Center City Corporation
Greensboro Housing Development
Attention: Richard Lusk
Partnership, Inc.
P.O. Box 3136
Attention: Sue Schwartz
Greensboro, North Carolina 27402-3136
P.O. Box 3136
Greensboro, North Carolina 27402-3136
Greensboro ABC Board
Greensboro Redevelopment Commission
Attention: Vickee’ Armstrong
Attention: Sue Schwartz
P.O. Box 16905
P.O. Box 3136
Greensboro, North Carolina 27416-0905
Greensboro, North Carolina 27402-3136
B. Governmental-Wide and Fund Financial Statements
The basic financial statements include both government-wide (based on the City as a whole) and fund financial statements.
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report
information on all of the non-fiduciary activities of the primary government and its component units. For the most part, the
effect of interfund activity has been removed from these financial statements. Governmental activities, which normally are
supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a
significant extent on fees and charges for support. Likewise, the primary government is reported separately from certain
legally separate component units for which the primary government is financially accountable.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segments are offset by
program revenues.
Direct expenses
are those that are clearly identifiable with a specific function or segment.
Program
revenues
include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or
privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the
operational or capital requirements of a particular function or segment. Taxes and other items not properly included among
program revenues are reported instead as
general revenues
.
Separate financial statements are provided for governmental funds, proprietary funds, and a fiduciary fund, even though the
latter is excluded from the government-wide statements. The focus of the governmental and proprietary fund financial
statements is on major funds. The City’s determination of reporting major funds considered the criteria prescribed by GASB
and consistency of presentation from year to year. Major individual governmental funds and major individual enterprise
funds are reported as separate columns in the fund financial statements. Non-major funds are summarized into a single
column. Internal service funds, funds that provide goods and services to other City departments and certain outside agencies
on a cost-reimbursement basis, have also been eliminated to prevent “double reporting” of their transactions. Internal service
funds primarily perform services for the City’s governmental funds.