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FY 2021-22 FINANCIAL HIGHLIGHTS
The fund balance of the capital projects fund decreased $ 1.2 million . The decrease was due to ongoing capital projects , which primarily involve street and sidewalk work such as the Vandora Springs Road sidewalk project .
THE FOLLOWING ARE financial highlights for the Town of Garner during FY 21- 22 ( as also noted in the 2022 Annual Comprehensive Financial Report ):
The assets of the Town exceeded its liabilities at the close of FY 21-22 by $ 75.3 million ( net position ). The majority of the Town ’ s assets are capital assets that are categorized as property , plant or equipment .
At the end of the fiscal year , the Town reported combined ending fund balances ( including capital fund balance ) of $ 34.3 million , or a decrease of $ 300,000 , primarily due to spending down debt proceeds on capital projects .
At the close of FY 21-22 , the Town ’ s unassigned fund balance for the general fund was $ 13.7 million , or 30.8 percent of total general fund expenditures and transfers out for the fiscal year . This amount is available for spending at the Town ’ s discretion .
General Fund Budgetary Highlights
The general fund is the Town ’ s chief operating fund . The fund balance of the Town ’ s general fund increased $ 880,000 during the current fiscal year . This modest increase was due to operating revenues exceeding budget projections .
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 $ 1.2 million . This decrease was due to ongoing capital projects , which are primarily street and sidewalk improvements .
10 | POPULAR ANNUAL FINANCIAL REPORT 2022