CAPITAL PROJECTS / LONG-TERM DEBT garnernc . gov
Garner ’ s GO Bond Ratings
AAA Aa1
( Extremely Strong )
( Extremely Strong )
A municipality ’ s general obligation ( GO ) bond rating indicates its credit worthiness . The stronger the rating , the lower the credit risk . The Town of Garner ’ s extremely strong bond ratings underscore its ability to fulfill its debt obligations on an ongoing basis .
Rendering of planned Yeargan Park , to be funded by voter-approved GO bonds .
It is considered extraordinarily difficult for a municipality Garner ’ s size to earn its current ratings . Strong bond ratings can result in better interest rates and terms for future borrowings and bond issuances .
THE TOWN OF GARNER continued construction on several projects authorized in the 2013 bond referendum while also planning projects that are part of another referendum that was approved in November 2021 .
The new Garner Recreation Center , one of the key projects in the 2013 Bond Program , opened in August 2021 . Several street and sidewalk projects were finished in FY 21-22 , highlighted by improvements to New Rand Road .
Another significant capital project begun was an expansion of the Town Hall campus . The Town purchased a commercial building adjacent to Town Hall to provide muchneeded office and storage space for departments . Staff from several departments including Engineering and IT will relocate to the new facility once it is renovated . The Town used about $ 2.3 million of reserves to
LONG-TERM DEBT ( 3-YEAR TREND )
FY 19-20 FY 20-21 FY 21-22
General |
|
|
|
obligation |
|
|
|
bonds |
$ 36,525,000 |
$ 35,167,000 |
$ 33,345,000 |
Installment |
|
|
|
financing |
|
|
|
agreements |
4,798,222 |
4,359,223 |
4,507,243 |
TOTAL $ 41,323,222 $ 39,526,223 $ 37,852,243
purchase the building .
Debt per capita decreased to $ 999 in FY 21-22 . The decrease can be attributed to only one new liability taken on ( the purchase of future parkland for $ 1.1 million ) as well as overall debt decreasing by 5.2 percent as it continues to be paid down . Debt per capita in FY 21-22 was the lowest it has been in the last five years .
14 | POPULAR ANNUAL FINANCIAL REPORT 2022