Town ’ s Net Position garnernc . gov
Garner ’ s Net Position ( Three-Year Trend )
FY 18-19 FY 19-20 FY 20-21 Assets $ 133,138,590 $ 138,965,232 $ 141,361,788
Deferred outflows of resources ( e . g . Town ’ s share of future pension expenses )
3,683,445 4,274,644 8,651,086
Liabilities 63,781,739 71,120,725 75,872,342
Deferred inflows of resources ( e . g . property taxes paid in advance )
2,202,319 1,880,170 2,496,064 NET POSITION $ 70,837,977 $ 70,238,981 $ 71,644,468
NET POSITION IS the difference between total assets and deferred outflows of resources and total liabilities and deferred inflows of resources . A positive net position means Town assets exceed liabilities .
The Town had a positive net position of $ 71,644,468 as of June 30 , 2021 . Overall , net position increased by $ 1.4 million in FY 20-21 due to several new assets being added to the Town ’ s portfolio .
Approximately 93.3 percent or $ 67.2 million reflects the Town ’ s investment in capital assets . The net investment in the capital assets category is defined as the Town ’ s investment in its own assets ( e . g . land , buildings , equipment and infrastructure ) less any related debt still outstanding issued to acquire those items . The Town uses these assets to provide services .
An additional $ 5.2 million of net position is restricted . These resources are subject to specific external legal restrictions that limit the Town ’ s ability to use these funds beyond the purpose for which they are provided . The Town has an unrestricted net position of negative $ 0.8 million .
Net Position by Fiscal Year
( in millions ) $ 100
$ 75
85.65 85.69 86.20 83.87
71.39 70.84 70.24 71.64
$ 50
$ 25
0 13-14
14-15 15-16 16-17 17-18 18-19 19-20 20-21 ( fiscal year )
POPULAR ANNUAL FINANCIAL REPORT 2021 | 11