HomeMy WebLinkAboutCity of Greenville - Public Financial ReportPopular AnnualFinancial Report
For Year Ending June 30, 2021
Popular Annual Financial Report2
This Popular Annual Financial Report (PAFR) is designed to provide citizens and other interested parties with a
user-friendly overview of the City’s financial results and increase awareness of the audited financial statements
in the City’s 2021 Annual Comprehensive Financial Report (ACFR), or formal annual report. The 2021 ACFR was
audited by Greene Finney, LLP and has received an unmodified or “clean” audit opinion. The City submits the ACFR
to the Government Finance Officers Association of the United States and Canada annually and has received the
Certificate of Achievement for Excellence in Financial Reporting for 33 years.
The PAFR is not required to present the same level of detail as the ACFR and, therefore, may not fully conform
to generally accepted accounting principles. Rather, this report highlights the overall financial condition and trends
of the City. The debt of the City of Greenville Public Facilities Corporation (PFC), a blended component unit of the
City established for the benefit of the City, is also included with the City’s other obligations.
Electronic versions of the PAFR and ACFR are available on the City’s website at https://www.greenvillesc.gov/FinancialReports.
REPORT OVERVIEW
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TABLE OF CONTENTS
4 City Council Members & 2021 Priorities
5 City Demographics
6-7 Citywide Financial Data
8 General Fund
9 Enterprise Funds
10-11 Tourism Funds
12 Debt Reporting
13 Credit Ratings & Awards
14 GVL2040; #PlantGVL
15 Solar Panels; Bobby Pearse; Firefighter Camp
16 Unity Park; Amur Leopards
17 Sound Check; GTA Facility; Species Survival
18 Sidewalks; Wings of the City
19 Small Business Boost; AED Units
The City of Greenville is proud to present its Popular Annual Financial Report (PAFR) for the fiscal year ending June
30, 2021. This document is based on the City’s fiscal year 2021 audited financial statements and illustrates how
careful financial planning enabled us to withstand the economic challenges surrounding the COVID-19 pandemic
while planning for the next phase of the City’s growth.
Greenville’s 2021 General Fund experienced an increase of 5.6% over the 2020 operating budget and retained
significant reserves above our 20% General Fund balance target. This excellent financial condition, amid ongoing
pandemic-related challenges, was critical to maintaining essential services, adapting to COVID-19 precautions
and advancing City Council’s ten high priority initiatives.
With the proven leadership, skill and commitment of City Council and staff, Greenville will emerge from the
pandemic ready to deliver high-quality services alongside the bold strategies captured in the recently adopted
GVL2040 Comprehensive Plan.
A MESSAGE FROM THE CITY MANAGER
John McDonough City Manager
Popular Annual Financial Report4
Ken Gibson, District 3; John DeWorken, District 1; Dorothy Dowe, At Large; Wil Brasington, District 4;
Russell Stall, At Large; Knox White, Mayor; Lillian B. Flemming, District 2
CITY COUNCIL MEMBERS
2021 PRIORITIES
1 Quality Growth - Planning for balanced development that preserves the distinct character of Greenville
2 Environmental Sustainability - Protecting our climate, green space and natural resources
3 Public Safety - Maintaining a safe and secure community
4 Affordable Housing - Creating housing opportunities for all people regardless of income
5 Customer Focus - Providing outstanding customer service and a welcoming, inclusive environment
6 Transportation Infrastructure - Focusing on roadways, sidewalks, trails and bike lanes
7 Public Transit - Supporting a better public transit system
8 Public Facilities - Investing in maintenance and enhancement of public buildings
9 Economic Development - Strengthening our business environment and economy
10 Recreation & Events - Providing diverse recreation, arts and cultural experiences
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Housing
2019 Owner vs Renter
Occupied Housing
Daytime PopulationIncrease
2024 Population
Prediction
63.5% White
29.1% Black
0.3% American Indian
1.9% Asian
0.1% Pacific Islander
2.9% Other
2.2% Two or More Races
6.8% Hispanic
Population
Median Household Income
Median Age
2019 2024
$50,609 $58,487
Median Home Value
2019 2024
$288,070 $320,184
CITY DEMOGRAPHICS
Per Capita Income
$36,614
2019
$42,202
2024
36.9
2019
37.9
2024
Residents
Source: U.S. Census, 2010; ESRI 2019 and 2024 projections; U.S. 2020 Census data not available
*11.6% of housing units were vacant
Top Employers
Prisma Health System
10,013
Duke Energy Corporation
3,269
Greenville County Government
2,735
TD Bank, N.A.
2,261
Bob Jones University
1,631
School District of Greenville County
1,608
Fluor Corporation
1,600
USC School of Medicine, Greenville
1,323
Hubbell Lighting Inc.
1,215
City of Greenville
1,020
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A balance sheet provides a snapshot of what the City currently owns (assets) and owes (liabilities), as well as sources (deferred
inflows) and uses (deferred outflows) that will be recognized in another year. Net position represents the City’s investment in the
assets it uses to provide services to its citizens.
Increases or decreases in net position may serve as a useful indicator of whether the City’s financial position is improving or
declining. The City’s total net position for governmental and business-type activities increased by 8% or $28.3 million from 2020 to
2021 compared to an increase of 5% or $16.7 million from 2019 to 2020. The City received the first tranche of the American Rescue
Plan Act funds in 2021 totaling $8.9 million and will use it as revenue replacement in the General Fund.
Net Position
Balance Sheet Governmental Activities
2021 2020 2019
Assets $396,758,389 366,727,719 $322,754,665
Deferred Outflows of Resources 22,219,509 17,815,643 15,494,123
Liabilities (208,081,075) (208,511,768) (174,786,346)
Deferred Inflows of Resources (10,593,354) (2,224,557) (3,353,966)
Net Position $200,303,469 173,807,037 $160,108,476
Business-Type Activities
2021 2020 2019
Assets $201,754,514 199,068,019 $199,815,947
Deferred Outflows of Resources 2,460,140 2,311,497 2,020,322
Liabilities (40,826,351) (39,929,438) (43,341,289)
Deferred Inflows of Resources (280,683) (217,856) (289,394)
Net Position $163,107,620 161,232,222 $158,205,586
CITYWIDE FINANCIAL DATA
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An income statement provides a summary of amounts received (revenues) and amounts spent (expenses). The difference between
revenues and expenses shows the City’s change in net position. A positive change in net position indicates the City had enough
revenue to cover its obligations and the ability to save for the future.
The year-over-year increase in net position of the City reflects the positive variance of revenues over expenses. There was an overall
6% increase in revenues from 2020 to 2021 compared to a decrease of 4% from 2019 to 2020. There was less than 1% change in
expenses from 2020 to 2021 and a neutral change in expenses from 2019 to 2020. The impact of these variances reflects a total
change in net position of $28.3 million from 2020 to 2021 compared to an increase of $16.7 million from 2019 to 2020.
Changes in Net Position
Income Statement Governmental Activities
2021 2020 2019
Revenues $161,413,388 148,147,090 $148,434,635
Expenses (136,369,754) (135,519,175) (133,479,208)
Transfers 1,419,874 1,070,646 (548,420)
Change in Net Position 26,463,508 13,698,561 14,407,007
Beginning Net Position 173,807,037 160,108,476 145,701,469
Cumulative Change in Accounting Principle 32,925 - -
Ending Net Position $200,303,470 173,807,037 $160,108,476
Business-Type Activities
2021 2020 2019
Revenues $31,872,391 34,089,646 $40,844,745
Expenses (28,577,119) (29,992,364) (31,980,137)
Transfers (1,419,874) (1,070,646) 548,420
Change in Net Position 1,875,398 3,026,636 9,413,028
Beginning Net Position 161,232,222 158,205,586 148,792,558
Ending Net Position $163,107,620 161,232,222 $158,205,586
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The General Fund accounts for revenues and expenditures to carry out basic governmental functions such as police and fire
protection, recreation, infrastructure improvements and administrative services.
Property taxes are the City’s largest revenue source, comprising 40% of all General Fund revenues. The tax levy is determined by market value, assessment ratio and millage rate. The property tax revenue estimate for 2021 was $44.4 million; the taxes collected
in 2021 totaled $45.8 million or 3% above the prior year collections of $44.9 million.
Market value is determined by the Greenville County Assessor’s Office factoring in size, condition, location and sale price of
comparable properties.
Assessment ratio is the appraised market value multiplied by 4% for owner-occupied residences, 6% for commercial properties and motor vehicles, 10% for personal property and 10.5% for industrial and utilities.
Licenses and permits represent the second-largest revenue source for the City. Business licenses are among the most significant
and the most economically sensitive revenues. The City received $45.3 million, an 8.8% increase from the prior year due to an
increase in insurance business license collections.
GENERAL FUND
How Was the General Fund Money Spent?Where Did the General Fund Money Come From?
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An enterprise fund is operated like a private business, where
a fee is charged for goods or services. Annual budgets are
established for enterprise funds.
The Greenville Convention Center is one of the largest conference centers in the Southeast. The facility includes 280,000 square feet of exhibit space and 60,000 square feet of meeting space. Attendance decreased 50% from the previous year and operating revenues fell $2.8 million due to continuing COVID-19 safety protocols.
Wastewater operations, including the maintenance of 355
miles of wastewater lines, are financed by a wastewater
charge that is based on meter size. Expenses included
$2.3 million for sewer basin rehabilitation projects.
The Stormwater Management program controls the flow
of surface water through basin master planning, remedial
repairs and maintenance of open ditches and piped
drainage in City rights-of-way and easements. The 2021
budget included $1.3 million for stream restoration projects.
The Parking fund accounts for the operation of the City’s parking system, which includes 12 parking garages, totaling 7,636 spaces, and four parking lots comprising another 405 spaces. The fund purchased another parking lot in the West End section of Main Street and paid $1 million for garage rehabilitation needs in 2021.
The 14-acre Greenville Zoo is home to more than 275 animals and welcomes more than 260,000 guests each year. The Association of Zoos and Aquariums (AZA) has accredited the zoo for more than 31 years. This fund completed a 240-square-foot facility for the Amur Leopard’s Nursery and Breeding program, totaling $500,000.
ENTERPRISE FUNDS
Enterprise Fund Revenues vs Expenses
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Where Did the Tourism Funds Come From?How Were the Tourism Funds Spent?
Hospitality Tax
The City has a 2% hospitality tax on prepared meals and beverages. The proceeds help fund tourism-related activities and facilities
as allowed under state law. Revenues increased 11% over the prior year, recovering better than expected from the impact of the
pandemic. Hospitality tax funds are used to provide operating subsidies for the Greenville Zoo and Greenville Convention Center,
offset the cost of enhanced police protection and park maintenance in the Central Business District and invest in
signature sites like Falls Park and Unity Park.
State Accommodations Tax
Accommodations within the state are subject to a 2% tax. These monies are collected by the State and distributed to counties and municipalities. Per state law, the proceeds are distributed between the City’s General Fund, tourism advertising and promotion and other tourism-related expenditures. Revenues in 2021 totaled $1.9 million, 21% lower than 2020, reflecting the impact of continued pandemic travel protocols.
Local Accommodations Tax
The City has a 3% local accommodations tax. This revenue decreased 35% from the prior year due to the impact of the pandemic. The proceeds are used primarily as payment for debt incurred by the Greenville Arena District for the construction of the Bon Secours Wellness Arena, as well as defraying the costs of tourism marketing services provided by VisitGreenvilleSC. In 2021, capital projects supported by this fund included Arts in Public Places and Greenville Convention Center furniture and fixture updates.
TOURISM FUNDS
Other Tourism Funds
The City also receives Sunday alcohol permit funds and admission taxes from tourism related sources.
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Selected Tourism Funds - Gross Revenues
Selected Tourism Funds - Fund Balance
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The City maintains an active debt management program to achieve
long-term goals, reinvest in capital infrastructure and promote public-
private partnerships. The City’s use of long-term debt and pay-as-you-go financing allows the City to have a flexible Capital Improvement Program
while protecting its long-term financial position.
Debt Issuance
The City issued Stormwater Revenue Bonds of $3.1 million in support of
the Unity Park project, Hospitality Tax Revenue Bonds of $3.2 million to
refund the Series 2011 Hospitality Tax Revenue Bonds and a $1.1 million
capital lease for a fire apparatus. The Stormwater bonds were issued for a
15-year term at an interest rate of 1.61%, the Hospitality Tax bonds were
issued for a 10-year term at an interest rate of 1.23% and the capital
lease was issued for a five-year term at an interest rate of .85%.
Planned debt issuance for 2022 includes a $32 million Neighborhood
Infrastructure Bond for road improvements, sidewalk construction, parks
and recreation center improvements and transportation management
projects, and a $1.5 million Wastewater Revenue Bond.
Total Debt Service By Year
Outstanding Debt By TypeDEBTREPORTING
*The Installment Purchase debt relates to the City of Greenville Public Facilities Corporation. For more information, see the City’s financial statements.
43.5%
26.6%
11.7%
5.7%
3.4%
0.7%3.6%
4.9%
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Coolest New Weekend City
“Greenville lures in visitors with an absolutely
astonishing downtown, anchored by a 60-foot waterfall
and expansive green space.”
The Breakout Cities on the Forefront
of America’s Economic Recovery
“Rising stars such as Greenville, S.C., built out vibrant
economies even before the pandemic; now, they are
drawing new workers and businesses.”
Best Place to Travel in May
“Voted one of the best cities in the U.S. in this year’s
Readers’ Choice Awards, Greenville is a great under-the-
radar South Carolina option.”
The South’s Best Cities on the Rise 2021
“The walkable downtown, Instagrammable Main Street,
and chef-driven culinary scene are easy draws.”
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2021 Project Highlights
GVL2040
City Council Priorities: Quality Growth, Affordable Housing
Project Cost: $696,402
Adopted by City Council in February 2021, GVL2040 is a comprehensive
plan that lays out a vision for balanced growth over the next two decades.
Top priorities identified by residents include preserving 35% of Greenville’s
remaining vacant land as open space; providing access to high-quality
affordable housing by making 10% of new housing income restricted; and
investing in public transit, bike lanes, trails and other safe mobility options
to reduce car dependence.
#PlantGVL
City Council Priority: Environmental Sustainability
Project Cost: Ongoing, $27,308
When a study by the Green Infrastructure Center found that only 36% of the City of Greenville is currently under a tree canopy, the City
responded with a goal to plant 1,000 trees annually in parks, public spaces and street rights-of-way. As part of the effort, the City has
also given away more than 1,000 trees to residents and is encouraging them to plant the trees on private property.
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Solar Panel Installation at theDavid Hellams Community Center
City Council Priorities: Environmental Sustainability, Public Facilities
Project Cost: $100,196
The City installed nearly 100 solar panels on the community center’s roof. A $10,000 South Carolina Energy Office grant supported the project. It is expected to reduce electricity costs by $4,000 in the first year. The project included clean energy education for summer camp children and residents in the nearby special emphasis neighborhood.
Firefighter Training Camp
City Council Priority: Public Safety
Project Cost: $12,500
The Fire Department hosted a free seven-week training camp
for high school juniors, seniors and 2021 graduates interested
in becoming firefighters. Those who completed the training
achieved National Fire Protection Association certification and
were eligible for hire.
City Council Priority: Public Facilities
Project Cost: $562,510
This popular center in the heart of the North Main
community sustained significant damage in 2018 when a tree fell on it. The center reopened in June 2021 following an extensive restoration project, which included repairs to the building, construction of a new ADA-compliant parking lot and much-needed updates to the center’s furniture, fixtures and equipment.
Bobby Pearse
Community Center
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Unity Park Construction
& Reedy River Restoration
City Council Priorities: Environmental Sustainability, Recreation & Events
Project Cost: Ongoing, $56 Million+
The City broke ground on Unity Park in July 2020. Major construction
components of the 60-acre park were completed, including the restoration
of a half-mile section of the Reedy River and adjacent wetlands, Michelin
Green, an expansive nine-acre green space, and the extension of the
Swamp Rabbit Trail multi-use path. The park is projected to open in the
Spring of 2022.
Amur Leopard’s Exhibit & Nursery
City Council Priorities: Recreation & Events, Public Facilities
Project Cost: $507,005
This new 240-square-foot facility includes three rooms and a viewing window, which allows zoo visitors to observe newborn cubs as they grow. The zoo has had two sets of cubs since introducing the Amur leopards in 2017. Amur leopards are a critically endangered species, with an estimated wild population of around 100.
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Sound Check
City Council Priority: Recreation & Events
Project Cost: $20,200
After streaming this concert series virtually for one month in the spring of
2020, it returned in 2021 as a live outdoor concert series on Wednesday
nights from April through September. Patrons could reserve a private
viewing area for $10 or watch from the lawn at no charge on a first-
come, first-served basis.
New GTA Facility
City Council Priority: Recreation & Events
Project Cost: Ongoing
Autumn, the Greenville Zoo’s female Masai giraffe, gave birth
to a female calf named Providence on February 21, 2021. Like
most animals at the Greenville Zoo, the giraffes are part of the
Species Survival Program, which monitors captive populations
and makes breeding recommendations to ensure long-term
viable populations without removing animals from the wild.
Species Survival
City Council Priority: Public Transit
Project Cost: Ongoing, $576,532
The City contributed $576,532 to the Greenville Transit Authority as part of the local match for the construction of a new maintenance facility. Greenville County donated approximately 26 acres of land valued at $1.2 million for the site. Federal grants, proceeds from land sales and other local partners will combine for a final project cost of $41 million. The new facility will allow Greenlink to expand its fleet and improve its maintenance efficiencies to meet the ever-growing demand for transit service enhancements.
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City Council Priority: Recreation & Events
Project Cost: Ongoing, $45,390+
In April, Greenville became the first city on the East Coast to host Wings of the City, a traveling exhibit of nine monumental sculptures
created by Jorge Marín. Installed in Falls Park and on the Peace Center campus, the sculptures drew thousands of visitors through
October 2021.
Wings of the City
East Parkins Mill Road Sidewalks
City Council Priority: Transportation Infrastructure
Project Cost: $680,890
As part of the City’s Neighborhood Sidewalk Targeted Expansion Program
(NSTEP), approximately 2,500 feet of new sidewalk, curb and gutter, curb
lawn and storm drainage improvements occurred along East Parkins Mill.
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AED Units in Police Cars
City Council Priority: Public Safety
Project Cost: $190,000
Every patrol car in the Police Department’s fleet is now equipped with an Automated External Defibrillator (AED). When every second counts, this life-saving equipment enables officers, who are often the first on the scene, to immediately render aid. In addition to the 114 vehicles, there are also 13 AEDs in buildings and training facilities frequently used by officers.
City Council Priorities: Economic Development, Customer Focus
Project Cost: $250,000
The City offered 250 one-time, $1,000 grants to small, local business owners to help them recover from the economic impact of
COVID-19. Eligible businesses included restaurants, bars, hotels, retail stores and personal services with a physical storefront in the
city limits with two to 49 employees.
Small Business Boost Fund
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