Net Position ( 3-Year Trend )
Net Position by Fiscal Year
The Town ’ s Net Position garnernc . gov
FY 20-21 FY 21-22 FY 22-23 Assets $ 141,361,788 $ 148,687,518 $ 177,089,780
Deferred outflows of resources ( e . g . Town ’ s share of future pension expenses )
Net Position ( 3-Year Trend )
8,651,086 8,689,878 11,494,431
Liabilities 75,872,342 76,405,448 100,294,870
Deferred inflows of resources |
|
|
|
( e . g . property taxes paid in advance ) |
2,496,064 |
5,634,252 |
5,312,941 |
Net Position $ 71,644,468 $ 75,337,696 $ 82,976,400
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 $ 82,976,400 as of June 30 , 2023 . Overall , net position increased by $ 7.6 million in FY 22-23 due to several revenue categories including sales tax and building permit fees outperforming expectations .
Approximately 76.4 percent of net position
86.2
($ 63.4 million ) reflects the Town ’ s investment
83.87
71.39 70.84 70.24 71.64 75.34 82.98
( in millions ) $ 100
Net Position by Fiscal Year
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 out-standing issued to acquire those items . The Town uses these assets to provide services to residents .
An additional $ 6.9 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 $ 12.6 million .
$ 75 |
86.20 |
83.87 |
71.39 70.84 70.24 |
71.64 |
75.34 |
82.98 |
$ 50 |
|
|
|
|
|
|
$ 25 |
|
|
|
|
|
|
0 15-16
16-17 17-18 18-19 19-20 20-21 21-22 22-23 ( fiscal year )
POPULAR ANNUAL FINANCIAL REPORT 2023 | 11