Total general fund revenues for FY 16-17 were $ 31.09 million . The property tax rate increased from $. 5175 to $. 5325 per $ 100 of assessed value . The additional revenue was used exclusively for expansion of public safety services .

Property taxes account for 57.4 percent of all revenues . Property taxes ( excluding registered motor vehicles , which are collected by the N . C . Division of Motor Vehicles ) are assessed and collected by Wake County and remitted to the Town throughout the year .

Other taxes , which include the Town ’ s share of statewide sales taxes and ABC revenue , account for 20.0 percent of all revenues . Collections during this fiscal year increased 7 percent over the prior period . This category of revenues was boosted through continued improvement in the local economy and changes to the services to which sales tax are applicable .

The Town also received 8.7 percent of its revenues from permits and fees , a decrease of 9.75 percent over FY 15-16 . The FY 15-16 total was an anomaly stemming from an 80 percent spike in permitting for a handful of large construction projects . We expect this year ’ s growth to be in the historically normal range .

The total cost of general fund programs and services was $ 31.84 million . The cost of public safety programs accounted for 36.4 percent of expenditures , while general government functions accounted for 19.5 percent . Spending in the cultural / recreational category spiked 116 percent due to purchase of the Meadowbrook property , which will be redeveloped at a yet-to-be-determined time in the future . Debt service also increased significantly because FY 16-17 was the first year of debt service payments for the Town ’ s 2015 bond issuance .

Major initiatives funded in the FY 16-17 budget ( excluding Garner Bond Program projects ) included street resurfacing , funding to complete the update of the Town ’ s comprehensive growth and transportation plans and financing of vehicle and equipment replacement . Total expenditures per capita increased from $ 962 to $ 1,098 , a 14 percent rise due to increasing employee health-care costs , purchase of the Meadowbrook property , increased cost of debt service and higher cost for fire service .

Overall , general fund revenues and other financing sources exceeded expenditures and transfers by $ 3.286 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 on the bottom of the next page shows the different categories of fund balance . These categories represent any external or Town Council-initiated restrictions on how fund balance can be used .

EXPENDITURES REVENUES

Environmental protection ( 5.93 %)

Transportation ( 8.34 %)

Public safety ( 36.44 %)

Other taxes and licenses

( 20.06 %)

11 2017 POPULAR ANNUAL FINANCIAL REPORT