Financial Highlights garnernc . gov
The fund balance of the capital projects fund decreased by $ 3.7 million in FY 20-21 due in part to ongoing street and sidewalk improvements work .
THE FOLLOWING ARE financial highlights for the Town of Garner during FY 20-21 ( as also noted in the 2021 Annual Comprehensive Financial Report ):
The assets of the Town exceeded its liabilities at the close of FY 20-21 by $ 71.6 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 $ 34.6 million , or an increase of $ 3.2 million , primarily due to spending down debt proceeds on capital projects .
At the close of FY 20-21 , the Town ’ s unassigned fund balance for the general fund was $ 13.4 million , or 33.3 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 $ 0.48 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 . The fund balance of the capital projects fund decreased $ 3.7 million . This decrease was due to ongoing capital projects construction including street and sidewalk improvements as well as parks and recreational projects .
10 | POPULAR ANNUAL FINANCIAL REPORT 2021