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housing initiatives, $.0050 for economic development purposes and $.0334 for public transit. Two
special historic district taxes and a downtown business district tax for certain additional
improvements are also taxed as “special district” rates.
As of June 30, 2016, the City had collected approximately $264.5 million or 101.6% of its
amended budgeted General Fund revenues and had incurred $260.6 million or 96.5% of its
amended budgeted expenditures. The net effect on General Fund fund balance was an increase of
approximately $3.9 million this year.
The City did not contribute to the OPEB Trust Fund in FY 2016, and the overall OPEB liability
increased from $2.8 million to $6.8 million. In FY 2015, the City contributed 81.9% of the
actuarial required contribution (“ARC”) and targets 100% as a contribution goal each year. In FY
2016, higher than projected employee health-related costs prevented additional advance OPEB
payments to be made. The projected accrued OPEB actuarial liability for Greensboro retirees is
$90.3 million, with 16.8%, or more than $15 million funded as of June 30, 2016.
The State of North Carolina’s pension system, a multi-employer defined benefit plan in which the
City participates, had an overall net pension liability as of June 30, 2016. The City’s total prorata
share was $12,141,673 as reflected in the Statement of Net Position.
In FY 2016, the City spent $24.7 million and $9.5 million for federal and state-funded grant
programs, respectively, compared to $20.2 million in federal and $8.8 million in state funding last
year. Certain ARRA programs are nearing completion.
Key Ratios
2016
2015
2014
2013
2012
$ Bonded Debt Per Capita
$563
$563
$587
$600
$637
Legal Debt Margin as a % of
Debt Limit
83.47%
81.64%
80.83%
80.75%
80.26%
% of Property Tax Levy
Collected
99.28%
99.17%
98.55%
97.66%
97.77%
% Increase (Decrease) in
Assessed Property Valuation
1.6
(0.6)
3.1
0.8
1.0
Guilford County property tax revaluation occurs every five years. The most recent revaluation
occurred in 2012, effective in FY 2013, noting a gain of approximately 0.8% above FY 2012
values. The next scheduled revaluation is planned for 2017, effective in FY 2018. The assessed
property valuation for FY 2017 is expected to be within the normal range of growth and is
estimated to increase 1.5%.
The City’s net governmental general obligation bonded debt increased by $1.6 million following
the scheduled annual debt service payments and increased borrowing under the General Obligation
2014 Bond Anticipation Note; effectively maintaining the debt per capita at $563. In FY 2016, the
City issued $29.3 million of Revenue Bonds, refunding the Combined Enterprise System 2014
Bond Anticipation Note. Interest rates on the City’s variable rate debt were 0.43% and 0.42% for