Expenditures ( 3-Year Trend )
Categories of Fund Balance in FY 22-23
garnernc . gov
Public safety ( police and fire-rescue )
Expenditures ( 3-Year Trend )
FY 20-21 FY 21-22 FY 22-23 $ 15,643,025 $ 16,573,982 $ 19,061,406
General government 9,349,738 9,544,324 10,666,184
Transportation ( incl . street maintenance )
5,435,599 5,858,366 4,468,398
Debt service 3,994,431 4,050,673 5,053,164
Cultural / recreational 3,624,123 6,030,107 5,076,795
Environmental protection ( incl . solid waste and recycling )
2,277,683 2,428,722 2,789,690
Total $ 40,324,599 $ 44,486,174 $ 47,115,637
this category is building permit fees accounting for 60.0 percent of all revenues . This category is representative of the explosive residential and commercial growth Garner has been experiencing for several years and continues to see .
The total cost of general fund programs and services was $ 47.1 million . The cost of public safety programs accounted for 40.5 percent of expenditures , while general government functions accounted for 22.6 percent . Expenditures increased year over year due to inflationary pressures on the costs of providing services including labor costs .
The FY 22-23 budget provided much-needed funding to meet growth demands . Along with additional firefighters and funding to pay for capital projects , the budget addressed a few other critical needs in public safety such as life safety equipment and fire inspections staffing . This budget also recognized a challenge related to growth as typically there is a lag of several years between the approval of development and additional revenue in Town coffers . During this time , staff time is required to review , approve , monitor and inspect developments . The FY 2022- 23 budget addressed both opportunities and challenges that have come along due to growth .
Fund Balance — The Town ’ s ‘ Savings Account ’
Overall , general fund revenues and other financing sources exceeded expenditures and transfers by $ 16.4 million , which was added to the Town ’ s fund balance . Fund balance is akin to a savings account for the Town and can be used to fund capital projects , emergencies , balancing the budget and managing cash flow during the year .
The chart to the right shows the different categories of fund balance . These categories represent any external or Town Council-initiated restrictions on how fund balance can be used . Unassigned is the least restrictive and can be used for any purpose . Unassigned fund balance at the end of FY 22-23 totaled nearly $ 16.5 million , an amount equal to 34.9 percent of the Town ’ s total expenditures . The Town ’ s fund balance policy calls for a minimum unassigned balance of 30 percent . Total fund balance in the general fund stood at $ 46.9 million .
Categories of Fund Balance in FY 22-23
Unassigned $ 16,458,656 Assigned 3,450,998 Committed 18,388,018 Restricted 8,504,460 Nonspendable 112,597 Total $ 46,914,729
POPULAR ANNUAL FINANCIAL REPORT 2023 | 13