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