Long-Term Debt ( 3-Year Trend )
Capital Projects / Long-Term Debt
garnernc . gov
Rendering of the Caddy Road Public Safety Building , partially funded by voter-approved GO bonds .
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 .
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 planning and began construction on a number of projects that were authorized as part of the Town ’ s 2021 bond referendum .
Design planning and acquisition of land for right-of-way continued on several street and sidewalk projects highlighted by a roundabout on White Oak Road and improvements along Jones Sausage Road .
Another significant capital project funded by the 2021 bond package is construction of a new fire station for Garner Fire-Rescue ( Caddy Road Public Safety Building ) to serve a rapidly growing area of south Garner . The new station is a joint effort between Garner and Wake County as it will house a Wake County EMS unit too . Net bonded debt per capita increased to
General obligation bonds
Installment financing agreements
Long-Term Debt ( 3-Year Trend )
FY 20-21 FY 21-22 FY 22-23
$ 35,167,000 $ 33,345,000 $ 53,142,000
4,359,223 4,507,243 2,625,691
Total $ 39,526,223 $ 37,852,243 $ 55,767,691
$ 1,550 in FY 22-23 . The increase is linked to issuing $ 21.6 million in new debt . This bond sale was the first of several installments that will occur over coming years for the $ 69 million bond package approved by voters in November 2021 .
14 | POPULAR ANNUAL FINANCIAL REPORT 2023