2019 Popular Annual Financial Report volume 1 | Page 14

B ond P rogram /L ong -T erm D ebt
A number of bond-funded street and sidewalk projects were in the planning or design phase in FY 18-19.
T
HE TOWN OF GARNER con-
tinued construction of the
projects approved in the 2013
bond referendums and issued $4.05
million in new general obligation
bonds in FY 18-19.
Construction continued on the Garner
Recreation Center—a signature proj-
ect in the 2013 Bond Program—in
FY 18-19. A number of street and
sidewalk projects were in planning
or design in FY 18-19, including a
roundabout at the Ackerman/Hebron
Church/White Oak roads intersection,
improvements to the U.S. 70/New
Rand Road intersection and sidewalk
projects along Vandora Springs Road
and Spring Drive.
Debt per capita increased slightly by
1.8 percent to $1,140 in FY 18-19.
This is attributable to a 4.3 percent
debt increase offset by a 2.4 percent
population increase. Debt per capita
in FY 18-19 was the second lowest in
the last five years, following FY 17-18.
14
*
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 rating, 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.
L ong -T erm D ebt
General
obligation
bonds
Installment
financing
agreements
TOTAL
FY 16-17 FY 17-18 FY 18-19
$28,345,000 $27,345,000 $30,090,000
8,577,324 7,717,118 6,173,617
$36,922,324 $35,062,118 $36,563,617
2019 P opular A nnual F inancial R eport