2018 Popular Annual Financial Report For the fiscal year ending June 30, 2018 | Page 14

B ond P rogram /L ong -T erm D ebt
Construction on the Garner Recreation Center continued in FY 17-18.
T
HE TOWN OF GARNER contin-
ued construction of the projects
approved in the 2013 bond ref-
erendums but did not issue any further
general obligation bonds in FY 17-18.
Garner opened its new Town Hall—
a signature project in the 2013 Bond
Program—in FY 17-18. Construction
continued on another major bond
project, the Garner Recreation Center,
which will open in 2019. Another com-
pleted bond project in FY 17-18 was a
new picnic shelter at Garner Recreation-
al Park. A number of sidewalk projects
were in planning or design in FY 17-
18, including sidewalks along Vandora
Springs Road, Spring Drive and Timber
Drive.
Debt per capita decreased by 12 percent
to $1,120 in FY 17-18. This is attributable
to an 8 percent population increase with
no debt increase. Debt per capita in FY
17-18 was the lowest it has been since
FY 13-14 when it stood at $865.
13
G arner ’ s GO B ond R atings
*
AAA * (Extremely Strong)
Aa1 (Extremely Strong)
A municipality’s general obligation (GO) bond rating
indicates its credit worthiness. The stronger the rat-
ing, the lower the credit risk. The Town of Garner’s
extremely strong bond ratings underscore its ability
to fulfill its debt obligations on an ongoing basis.
* S&P upgraded the Town’s bond rating in July 2018.
L ong -T erm D ebt
General
obligation
bonds
Installment
financing
agreements
TOTAL
FY 15-16 FY 16-17 FY 17-18
$29,335,000 $28,345,000 $27,345,000
5,800,674 8,577,324 7,717,118
$36,134,526 $36,922,324 $35,062,118
2018 POPULAR ANNUAL FINANCIAL REPORT