Strategic Priorities
Each year , department staff review and update the goals that guide development of their annual objectives . Departmental goals tie directly back to one or more of the goal statements from the Town ' s Strategic Plan to ensure that the basic functions of every operational unit are supporting and implementing Town Council ' s broader vision for Garner .
Fiscal Responsiveness ( FR )
Goal Statement : Ensure fiscal stability and efficient use of resources The Town ’ s strong fiscal policies and position provide financial flexibility to meet ongoing operating requirements , reduce borrowing costs for capital projects , and ensure appropriate planning has occurred to meet future needs . The Town ’ s Fiscal & Budgetary Policy Guidelines provide a framework for making financial decisions and ensure the Town has sound fiscal policies in place . These policies help the Town be responsive to various fiscal requirements and needs .
The Town has consistently maintained strong reserves to ensure that unforeseen financial situations can be addressed . At the end of FY 2023 , the Town ’ s fund balance was reported at $ 46.9 million . In addition , the Town reported an unassigned fund balance of $ 16.4 million , or 22 percent , of total general fund expenditures . A portion of this amount is considered available for spending at the Town Council ’ s discretion as it exceeds the Town ’ s policy of having an unassigned fund balance of 30 percent of general fund expenditures . As noted , this funding allows the Town to address unforeseen requirements and maintain flexibility to take advantage of strategic opportunities .
The Town ’ s strong financial policies and healthy reserves have also helped to reduce borrowing costs for large-scale capital projects . Since May 2009 , the Town ’ s credit ratings have increased from A1 to Aa1 for Moody ’ s and AA- to AAA for S & P . This has allowed the Town to borrow money at reduced interest rates , which allows for additional funding to be allocated for projects .
Moody ' s
S & P
Date Rating Date Rating May 2009 A1 May 2009 AA- Sept 2010 Aa2 May 2010 AA- April 2017 Aa1 Nov 2013 AA +
July 2018
AAA May 2023 Aa1 May 2023 AAA
Reduced borrowing rates allow the Town to take on additional projects in the capital improvement plan ( CIP ). In recent years , the Town implemented a revised capital improvement planning process designed to allow staff from multiple departments to collaborate and provide input on project requirements and how project decisions impact their operations . This input allowed for the development of a CIP that addresses the Town ’ s long-term capital requirements and highlights the future impacts on the Town ’ s operating budget .
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