2019 Popular Annual Financial Report volume 1 | Page 13

“other revenues” can be attributed to additional 89.3 percent, after a significant land purchase in
landfill reimbursements from Wake County and FY 18-19.
reimbursements received from the City of New
Bern for aid rendered during a natural disaster.
Major initiatives funded in the FY 18-19 budget
(excluding Garner Bond Program projects) in-
The total cost of general fund programs and cluded street resurfacing, vehicle and equipment
services was $35.42 million. The cost of public replacements, and six newly created positions.
safety programs accounted for 36.4 percent Total expenditures per capita increased from
of expenditures, while general government $1,004 to $1,105 (10.0 percent) because FY 18-19
functions accounted for 21.4 percent. Spending numbers included a $2.4 million purchase of land
in the cultural/recreational category increased by for future park development.
G eneral F und E xpenditures
FY 16-17 FY 17-18 FY 18-19
General government $6,212,951 $6,960,076 $7,578,884
Public safety 11,605,337 12,989,182 12,906,345
Transportation 2,656,663 2,899,718 3,564,911
Environmental protection 1,888,478 1,895,800 2,041,794
Cultural/recreational 6,045,834 2,936,533 5,558,172
Debt service 3,435,669 3,748,006 3,773,106
$31,844,932 $31,429,315 $35,423,212
TOTAL
F und B alance
O
VERALL, GENERAL FUND expenditures
and transfers exceeded revenues and
other financing sources by $2.2 million,
which was deducted from 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 external or Town Council-initiated
restrictions on how fund balance can be used.
Unassigned is the least restrictive and can be
used for any purpose. Unassigned fund balance
at the end of FY 18-19 totaled $15.6 million, an
amount equal to 43.9 percent of expenditures.
The Town’s policy is a minimum of 30 percent.
Total fund balance stood at $28.4 million.
C ategories of
F und B alance
in FY 18-19
Nonspendable $111,008
Restricted 3,853,148
Committed 6,017,106
Assigned 2,888,904
Unassigned
TOTAL
2019 P opular A nnual F inancial R eport
15,559,536
$28,429,702
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