Capital Projects / Long-Term Debt garnernc . gov
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 several projects approved in the 2013 bond referendum while also planning towards another referendum in November of 2021 .
Construction ended on the Garner Recreation Center , one of the key projects in the 2013 Bond Program . Several street and sidewalk projects were finished in FY 20-21 , including improvements to New Rand Road as well as new sidewalks along Timber Drive .
Another significant capital project was the creation of a Garner History Museum . The Town worked with the Garner Area Historical Society ( GAHS ) to renovate the historic train depot into a museum after it was moved to a new location . The new museum site contains the renovated depot , a train caboose , and the offices of the GAHS . The Town used about $ 350,000 of its reserve to fund this project .
General obligation bonds
Installment financing agreements
Long-Term Debt ( Three-Year Trend )
FY 18-19 FY 19-20 FY 20-21
$ 30,090,000 $ 36,525,000 $ 35,167,000
6,173,617 4,798,222 4,359,223
TOTAL $ 36,563,617 $ 41,323,222 $ 39,526,223
Debt per capita decreased slightly by 0.9 percent to $ 1,172 in FY 20-21 . This is attributable to only a small amount ($ 927,000 ) of additional debt being issued to fund the purchase of vehicles while overall total debt decreased by 4.4 percent as it continued to be paid down . Debt per capita in FY 20-21 was the second lowest in the last five years .
14 | POPULAR ANNUAL FINANCIAL REPORT 2021