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C. Commitments and Contingencies
1.
Legalities
The City is party to a number of civil lawsuits and other legal actions. Most of these lawsuits involve construction contracts,
public right of way management, and personnel issues. In the opinion of the City’s Attorney and management, the ultimate
outcome of these suits is not expected to have significant impact upon the City’s financial position.
2.
Authorized capital projects at June 30, 2016 are comprised of the following:
Project
Expended Through Unexpended
Authorization
June 30, 2016
Authorization
Governmental Funds:
Special Revenue
(1)
54,410,054
$
40,593,840
$
13,816,214
$
Capital Projects
421,822,201
240,038,035
181,784,166
476,232,255
$
280,631,875
$
195,600,380
$
Enterprise Funds:
Water Resources
343,693,770
$
261,048,576
$
82,645,194
$
Stormwater Management
17,965,301
12,083,374
5,881,927
War Memorial Coliseum
66,775,505
47,913,455
18,862,050
Solid Waste Management
8,329,433
7,937,006
392,427
Parking
500,998
227,050
273,948
437,265,007
$
329,209,461
$
108,055,546
$
Component Units:
GTA
20,972,911
$
20,061,510
$
911,401
$
(1)
Includes Powell Bill Transportation Projects.
3. Financial Assistance Programs
The City participates in a number of Federal and State financial assistance programs. For the Fiscal Year ended June 30, 2016,
these programs were subject to audit in accordance with the Single Audit Act Amendments of 1996, the new Uniform Grant
Guidance and the State Single Audit Implementation Act. The amount, if any, of expenditures which may be disallowed by the
granting agencies resulting from this and other audits cannot be determined at this time, although the City expects such amounts if
any, to be immaterial.
4. Operating Lease Agreement – ABC Board
The Greensboro ABC Board has operating leases agreements for various store and office properties. Rental expense for the year
ended June 30, 2016 totaled $637,155. Future lease payments, less payments under sublease agreement, are as follows:
Lease
Fiscal Year
Payments
2016-17
466,500
$
2017-18
338,900
2018-19
262,900
2019-20
109,000
2020-21
95,300
1,272,600
$