Revenues
Expenditures
Revenues ( 3-Year Trend )
Town Revenues and Expenditures
garnernc . gov
Investment earnings ( 1.7 %)
Sales / services ( 2.1 %)
Intergov ’ t . ( 7.5 %)
Permits and fees ( 9.1 %)
Other taxes
( 20.3 %)
FY 22-23 Budget Breakdown by Percentages
Revenues
Other revenues (. 7 %)
Property taxes ( 58.6 %)
Environmental protection incl . solid waste
( 5.9 %)
Transportation incl . street maintenance
( 9.5 %)
Debt service ( 10.7 %)
Cultural / recreational
( 10.8 %)
Expenditures
Public safety ( 40.5 %)
General government ( 22.6 %)
TOTAL GENERAL FUND revenues for FY 2022-23 were $ 52.1 million . The property tax rate increased by 4 cents to $. 5521 per $ 100 of assessed value . Two cents of the tax rate increase are dedicated to debt service on the $ 69 million bond package that Garner voters overwhelmingly approved in the 2021 municipal elections . In addition , the rate increase funds 15 additional positions for Garner Fire-Rescue to operate a new station that is under construction .
Property taxes account for 58.6 percent of all revenues . Property taxes ( excluding registered motor vehicles , which are collected by the N . C .
Division of Motor Vehicles ) are assessed and collected by Wake County and remitted to the Town throughout the year .
Other taxes , which include the Town ’ s share of statewide sales taxes and ABC revenue , account for 20.3 percent of all revenues . Collections during this fiscal year increased 10.8 percent over the prior period . The main driver of growth in this category was robust local sales and use tax revenues .
The Town received 9.1 percent of its revenues from permits and fees . The primary revenue in
Revenues ( 3-Year Trend )
|
FY 20-21 |
FY 21-22 |
FY 22-23 |
Property taxes |
$ 24,227,212 |
$ 26,803,879 |
$ 30,528,827 |
Other taxes and licenses |
8,519,512 |
9,550,714 |
10,582,534 |
Intergovernmental revenues |
4,103,224 |
3,624,180 |
3,883,395 |
Permits and fees |
2,339,338 |
4,788,172 |
4,752,262 |
Sales and services |
470,445 |
806,313 |
1,067,396 |
Investment earnings |
35,463 |
-149,032 |
877,131 |
Other revenues |
317,642 |
795,324 |
376,485 |
Total |
$ 40,012,836 |
$ 46,219,550 |
$ 52,068,030 |
12 | POPULAR ANNUAL FINANCIAL REPORT 2023