Revenues and Expenditures garnernc . gov
General Fund Expenditures ( Three-Year Trend )
FY 18-19 FY 19-20 FY 20-21 General government $ 7,578,884 $ 7,970,199 $ 9,349,738
Public safety ( police and fire )
Transportation ( incl . street maintenance )
Environmental protection ( incl . solid waste and recycling )
12,906,345 13,279,336 15,643,025
3,564,911 3,622,653 5,435,599
2,041,794 2,170,760 2,277,683
Cultural / recreational 5,558,172 3,466,375 3,624,123 Debt service 3,773,106 8,569,581 3,994,431 TOTAL $ 35,423,212 $ 39,078,904 $ 40,324,599
accounting for 60.6 percent of all revenues . Fee in lieu of park land which is paid by residential developers is another revenue stream that exceeded prior year collections .
The total cost of general fund programs and services was $ 40.3 million . The cost of public safety programs accounted for 38.8 percent of expenditures ; general government functions accounted for 23.2 percent . Expenditures were up across the board due to additional personnel added and rising operating costs .
The property tax base increase due to revaluation in the FY 20-21 budget enabled the Town to fund several priorities including five new public safety positions necessitated primarily by continued growth , critical building maintenance needs , and prepare for a bond referendum in November 2021 . Total expenditures per capita increased from $ 1,140 in FY 19-20 to $ 1,233 for FY 20-21 .
Fund Balance
Categories of Fund Balance in FY 20-21
Nonspendable $ 81,970 Restricted 5,172,033 Committed 8,813,089 Assigned 2,150,675 Unassigned 13,446,655 TOTAL $ 29,664,422
OVERALL , GENERAL FUND revenues and other financing sources exceeded expenditures and transfers by $ 0.5 million , which was added to the Town ’ s fund balance . Fund balance is akin to a savings account for the Town and can be used to fund capital projects , balance the budget and for emergencies or cash flow during the year .
The chart to the right shows the different categories of fund balance . These categories represent any external or Town Council-initiated restrictions on how fund balance can be used . Unassigned is the least restrictive and can be used for any purpose . Unassigned fund balance at the end of FY 20-21 totaled $ 13.4 million , an amount equal to 33.3 percent of expenditures . The Town ’ s policy is a minimum of 30 percent . Total fund balance stood at $ 32.0 million .
POPULAR ANNUAL FINANCIAL REPORT 2021 | 13