BOND PROGRAM / LONG-TERM DEBT
Garner ’ s GO Bond Ratings
AAA Aa1
( Extremely Strong )
( 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 .
It is considered extraordinarily difficult for a municipality Garner ’ s size to earn its current ratings . Strong bond ratings can result in better interest rates and terms for future borrowings and bond issuances .
THE TOWN OF GARNER continued construction of the projects approved in the 2013 bond referendums and issued $ 7.19 million in new general obligation bonds in FY 19-20 .
Construction proceeded on the Garner Recreation Center , one of the key projects in the 2013 Bond Program . Several street and sidewalk projects were in construction in FY 19-20 , including improvements to New Rand Road as well as new sidewalks along Spring Drive , Vandora Springs Road , and Timber Drive .
Debt per capita increased slightly by 0.9 percent to $ 1,280 in FY 19-20 . This is attributable to a
General obligation bonds
Installment financing agreements
Long-Term Debt
FY 17-18 FY 18-19 FY 19-20
$ 27,345,000 $ 30,090,000 $ 36,525,000
7,717,118 6,173,617 4,798,222 TOTAL $ 35,062,118 $ 36,563,617 $ 41,323,222
14.0 percent debt increase versus a 4.7 percent population increase . Debt per capita in FY 19-20 was the highest in the last five years due to the final sale of 2013 general obligation bonds .
14 2020 Popular Annual Financial Report