TOWN ’ S NET POSITION garnernc . gov
NET POSITION ( 3-YEAR TREND )
FY 19-20 FY 20-21 FY 21-22 Assets $ 138,965,232 $ 141,361,788 $ 148,687,518
Deferred outflows of resources ( e . g . Town ’ s share of future pension expenses )
4,274,644 8,651,086 8,689,878 Liabilities 71,120,725 75,872,342 76,405,448
Deferred inflows of resources |
|
|
|
( e . g . property taxes paid in advance ) |
1,880,170 |
2,496,064 |
5,634,252 |
NET POSITION $ 70,238,981 $ 71,644,468 75,337,696
NET POSITION IS the difference between total assets and deferred outflows of resources and total liabilities and deferred inflows of resources . A positive net position means Town assets exceed liabilities .
The Town had a positive net position of $ 75,337,696 as of June 30 , 2022 . Overall , net position increased by $ 3.7 million in FY 21-22 due to several revenue categories including
sales tax and building permit fees outperforming
14-15 85.69 expectations .
15-16 86.2
16-17 83.87
Approximately
17-18
90.471.39
percent of net position
18-19 70.84
($ 68.1 million ) reflects the Town ’ s investment
19-20 70.24 20-21 71.64 21-22 75.34
NET POSITION BY FISCAL YEAR
( in millions ) $ 100 in capital assets . The net investment in the capital assets category is defined as the Town ’ s investment in its own assets ( e . g . land , buildings , equipment and infrastructure ) less any related debt still outstanding issued to acquire those items . The Town uses these assets to provide services to residents .
An additional $ 4.4 million of net position is restricted . These resources are subject to specific external legal restrictions that limit the Town ’ s ability to use these funds beyond the purpose for which they are provided . The Town has an unrestricted net position of $ 2.8 million .
$ 75 |
85.69 86.20 |
83.87 |
71.39 70.84 70.24 |
71.64 |
75.34 |
$ 50 |
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|
$ 25 |
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|
|
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0 |
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14-15
15-16 16-17 17-18 18-19 19-20 20-21 21-22 ( fiscal year )
POPULAR ANNUAL FINANCIAL REPORT 2022 | 11