CAFR 2017

Fund to support those purposes. Additionally, a transit tax of 3.50 cents was levied for the public transit system. Since 2017 was a county-wide property tax revaluation year, the established “revenue neutral” rate was 61.14 cents for FY 2018. 1.5 cents was directed to be allocated to debt service. The FY 17-18 adopted budget includes a net reduction of about one (1) full-time equivalent position across all operating and non-operating funds, with the largest increase in the Water Resources Fund, with a net increase of 6.5 FTE positions. Approximately $1.15 million is expected to be used from FY 2018 General Fund Capital Reserve Funding for upgrades to the card entry building security system ($450,000), Public Safety Training Center and technology upgrades ($300,000) and Cultural Arts Building elevator upgrade ($400,000). The property tax base for FY 2018 is estimated at $27.5 billion and is expected to be higher than the prior year by 5%, due to property revaluation in the city. Sales tax revenues, including revenue from the rental vehicle gross receipts, are projected to increase by approximately 4.3% in FY 2018. State collected local revenues, including the Electric Utility Sales Tax, Piped Natural Gas Sales Tax and Beer and Wine Taxes, are projected to increase slightly for shared utility taxes and to decrease by about 8% to $822,000 for piped natural gas sale. Water and sewer system rates increased 3.25% for residents inside the city and 5.5% for residents outside city limits, effective July 1, 2017 to help fund significant water and wastewater system improvements due to regulatory requirements and other infrastructure needs. The Randleman Dam pumped water to the City for the first time in October 2010, through a newly installed 30-inch feeder main from the Randleman plant; 7.4 million gallons per day (MGD) are received on average from this source, securing the City’s future water supply. B. Long-Term Financial Planning The City currently has $258,237,486 in authorized (2008, 2009, and 2016) and unissued general obligation bonds in the following functional areas to fund various governmental projects. We anticipate phasing the issuance of these bonds over the next five years in accordance with Greensboro’s capital improvement program, Council’s strategic priorities and the economic outlook, and as current bonds mature: Street Improvements $134,036,848 Parks and Recreational Facilities 39,740,536 Economic Development 38,500,000 Housing 25,130,800 Refunding 12,625,000 Greensboro Science Center 8,204,302 The City continues to use a construction-draw note program to fund significant capital improvements with conversion to permanent financing typically within two to three years. This includes a $50 million note, issued in 2014, for general capital improvements. General Obligation Bonds were issued and the Bond Anticipation Note was redeemed in October 2016, with another $50 million note issued in April 2017 to accommodate further general capital financing needs. Other short-term facilities are in place to finance, $30 million for construction of a performing arts center and $20 million for additional Coliseum Complex improvements. Repayment of the latter is expected from hotel/motel occupancy tax receipts. The planned $78.1 million project to construct the Steven B. Tanger Center for the Performing Arts in downtown Greensboro continued this past year. The official groundbreaking ceremony took place in April, 2017, with plans for Phase 1 construction to be completed by December. The City hopes to have a general contractor selected for Phase 2 of the project – construction of the 3,000 seat arts center – by the end of 2017. The project is being funded by a public/private partnership, with $39.6 million in public funds provided by the City and $38.5 million in private funds. The facility will be designed as a multi-use venue with diverse programming for all ages and is estimated to attract 300,000 patrons annually, extending educational opportunities for families through exposure to high quality performances in a local setting. Donor pledges towards funding of the project have exceeded $38 million, including a single private pledge of $7.5 million from Steven Tanger, granting naming

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