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tax-exempt and taxable general obligation bonds, respectively, and 0.42% for tax-exempt revenue
bonds at June 30, 2016. It is the City’s policy to maintain 25% or less in variable rate general debt
outstanding to help partially offset lower interest earnings in recent years.
The City of Greensboro maintained its AAA general obligation credit rating from Standard and
Poor’s and Fitch Ratings along with its Aaa rating from Moody’s Investors Service.
Standard and Poor’s (S&P)
General Obligation Bonds
Currently AAA
Target AAA
Certificates of Participation
Currently AA+
Target AA+
Enterprise System Revenue Bonds
Currently AAA
Target AAA
Limited Obligation Bonds
Currently AA+
Target AA+
Moody’s Investors Service (Moody’s)
General Obligation Bonds
Currently Aaa
Target Aaa
Certificates of Participation
Currently Aa2
Target Aa1
Enterprise System Revenue Bonds
Currently Aa1
Target Aaa
Limited Obligation Bonds
Currently Aa2
Target Aa1
Fitch Ratings (Fitch)
General Obligation Bonds
Currently AAA
Target AAA
Certificates of Participation
Currently AA+
Target AA+
Enterprise System Revenue Bonds
Currently AAA Target AAA
Limited Obligation Bonds
Currently AA+
Target AA+
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the City of Greensboro’s basic
financial statements. The financial statements include two kinds of statements that present different
views of the City: 1) Government-Wide Financial Statements and 2) Fund Financial Statements. Both
perspectives, however, are essential and complementary components that allow the user to address
relevant questions, broaden a basis for comparison, and enhance the City’s accountability. Another
element of the basic financial statements is the notes to the financial statements. In addition to the basic
financial statements, this report contains other supplemental information that will enhance the reader’s
understanding of the financial condition of the City of Greensboro. (See Figure 1)