2019 Popular Annual Financial Report volume 1 | Page 10

The approximately 72.5 acres on East Garner Road that the Town purchased in FY 18-19 are expected to be developed as a
park at a yet-to-be-determined date. The Town used some of its reserves to make the purchase.
FY 18-19 F inancial H ighlights
T
HE FOLLOWING ARE financial highlights for
the Town of Garner during FY 18-19 (as also
noted in the 2019 Comprehensive Annual
Financial Report):
• The assets of the Town exceeded its lia-
bilities at the close of FY 18-19 by $70.8
million (net position). Of this amount,
$3.3 million (unrestricted net position)
may be used to meet the government’s
ongoing obligations to residents and
creditors.
• At the end of the fiscal year, the Town
reported combined ending fund balances
of $32.2 million, or a decrease of $1.1
million, due to expenditures on one-time
capital purchases.
• At the close of FY 18-19, the Town’s
unassigned fund balance for the
general fund was $15.6 million, or
43.9 percent of total general fund
10
expenditures and transfers out for the
fiscal year. This amount is available
for spending at the Town’s discretion.
G eneral F und B udgetary H ighlights
The general fund is the Town’s chief operating
fund. The fund balance of the Town’s general
fund decreased $2.2 million during the current
fiscal year. The decrease was almost entirely
attributed to the Town using some its reserve
funds for one-time expenditures including the
purchase of approximately 72.5 acres of land for
future park development.
C apital P rojects F und B udgetary H ighlights
The capital projects fund is a multiyear fund used
to account for the acquisition or construction of
major facilities or infrastructure. Fund balance
of the capital projects fund increased $1.1
million. This increase was due to the issuance
of new bond debt to finance additional street
and sidewalk improvements as well as parks and
recreational projects.
2019 P opular A nnual F inancial R eport