FY 15-16 Financial Highlights
THE FOLLOWING ARE financial highlights for the Town of Garner during FY 15-16 ( as also noted in the Comprehensive Annual Financial Report ):
• The assets of the Town exceeded its liabilities at the close of the fiscal year by $ 86.20 million ( net position ). Of this amount , $ 21.21 million ( unrestricted net position ) may be used to meet the government ’ s ongoing obligations to the citizens and creditors .
• At the end of the fiscal year , the Town ’ s governmental funds reported combined ending fund balances of $ 46.7 million , or a decrease of $ 997,000 .
• As of the close of the fiscal year , the Town ’ s unassigned fund balance for the general fund was $ 17.9 million , or 64.7 percent of total general fund expenditures and transfers out for the fiscal year . This amount is considered available for spending at the Town government ’ s discretion .
General Fund Budgetary Highlights
The Town of Garner in FY 15-16 saw an increase in water and sewer fees and inspections fees due in part to a rise in multi-family residential development .
The general fund is the chief operating fund of the Town . The fund balance of the Town ’ s general fund increased $ 2.9 million during the current fiscal year . Key factors in this increase are as follows :
• The Town took in increased water and sewer capacity fees and inspection fees due to a rise in commercial and multi-family residential development .
• The Town recognized a savings in personnel costs due to retirements of longtenured employees . This turnover in employment also delayed some projects approved for the fiscal year .
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 . Fund balance of the capital projects fund decreased $ 3.9 million . This decrease was due to expenditures on capital projects of the previous year issuance of general obligation bonds .
6 2016 Popular Annual Financial Report