New bond debt was issued in FY 19-20 to finance parks and recreational projects such as a portion of the new Garner Recreation Center in Historic Downtown Garner .
FY 19-20 FINANCIAL HIGHLIGHTS
THE FOLLOWING ARE financial highlights for
the Town of Garner during FY 19-20 ( as also noted in the 2019 Comprehensive Annual
Financial Report ):
• The assets of the Town exceeded its liabilities at the close of FY 19-20 by $ 70.2 million ( net position ). The majority of the Town ’ s assets are capital assets which are categorized as property , plant , or equipment .
• At the end of the fiscal year , the Town reported combined ending fund balances of $ 37.9 million , or an increase of $ 5.6 million , primarily due to the proceeds from new debt issued .
• At the close of FY 19-20 , the Town ’ s unassigned fund balance for the general fund was $ 13.3 million , or 34.0 percent of total general fund expenditures and transfers out for the fiscal year . This amount is available for spending at the Town ’ s discretion .
General Fund Budgetary Highlights
The general fund is the Town ’ s chief operating fund . The fund balance of the Town ’ s general fund increased $ 0.8 million during the current fiscal year . This modest increase was due to operating revenues exceeding budget projections .
Capital Projects Fund Budgetary Highlights
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 $ 4.9 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 .
10 2020 Popular Annual Financial Report