2018 Popular Annual Financial Report For the fiscal year ending June 30, 2018 | Page 13

The total cost of general fund programs and
services was $31.43 million. The cost of public
safety programs accounted for 41.33 percent of
expenditures, while general government func-
tions accounted for 22.14 percent. Spending
in the cultural/recreational category decreased
by 51.4 percent, which was more in line with
historical spending after a significant land pur-
chase in FY 16-17.
Major initiatives funded in the FY 17-18 budget
(excluding Garner Bond Program projects) includ-
ed street resurfacing, funding to complete the
update of the Town’s comprehensive growth and
transportation plans and financing of vehicle and
equipment replacement. Total expenditures per
capita decreased from $1,098 to $1,004 (8.6 per-
cent) because FY 16-17 numbers included a $2.9
million purchase of land for future development.
G eneral F und E xpenditures
FY 15-16 FY 16-17 FY 17-18
General government $6,780,440 $6,212,951 $6,960,076
Public safety 10,751,421 11,605,337 12,989,182
Transportation 2,708,200 2,656,663 2,899,718
Environmental protection 1,853,286 1,888,478 1,895,800
Cultural/recreational 2,795,777 6,045,834 2,936,533
Debt service 2,792,645 3,435,669 3,748,006
$27,681,769 $31,844,932 $31,429,315
TOTAL
F und B alance
O
VERALL, GENERAL FUND REVENUES and
other financing sources exceeded expendi-
tures and transfers by $650,000, which was
added to the Town’s fund balance. Fund balance is
akin to a savings account for the Town and can be
used to fund capital projects, balance the budget and
for emergencies or cash flow during the year.
The chart to the right shows the different categories
of fund balance. These categories represent any ex-
ternal or Town Council-initiated restrictions on how
fund balance can be used. Unassigned is the least
restrictive and can be used for any purpose. Unas-
signed fund balance at the end of FY 17-18 totaled
$17.73 million, an amount equal to 56 percent of ex-
penditures. The Town’s policy is a minimum of 30 per-
cent. Total fund balance stood at $30.59 million.
2018 POPULAR ANNUAL FINANCIAL REPORT
C ategories of
F und B alance
in FY 17-18
Nonspendable
$45,752
Restricted 4,172,519
Committed 6,503,558
Assigned 2,145,498
Unassigned
TOTAL
17,726,861
$30,594,188
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