FY 2022-23 Financial Highlights garnernc . gov
The Town in FY 2022-23 issued $ 21.6 million in general obligation bonds approved by Garner voters in 2021 . The bonds are funding projects such as these stormwater infrastructure improvements on Junction Boulevard .
THE FOLLOWING ARE financial highlights for the Town of Garner during FY 2022- 23 ( as also noted in the 2023 Annual Comprehensive Financial Report ):
The assets of the Town exceeded its liabilities at the close of FY 22-23 by $ 82.98 million ( net position ). The majority of the Town ’ s assets are capital assets which are categorized as property , plant or equipment .
At the end of the fiscal year , the Town reported combined ending fund balances of $ 63.5 million , or an increase of $ 29.2 million primarily due to proceeds from the issuance of debt .
At the close of FY 22-23 , the Town ’ s unassigned fund balance for the general fund was $ 16.5 million , or 34.9 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 $ 16.4 million during the current fiscal year . The key factor for this increase is the flow of American Rescue Plan Act ( ARPA ) federal funding into the general fund under the ARPA revenue replacement guidelines .
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 increased $ 12.7 million . This increase was due to the issuance of general obligation bonds approved by voters in 2021 . The Town sold $ 21.6 million in bonds out of an authorized amount of $ 69 million in the fiscal year .
10 | POPULAR ANNUAL FINANCIAL REPORT 2023