TOWN OF GARNER / FINANCE
FY 2023-24 Financial Highlights
GarnerNC . gov
The Town ’ s chief operating fund is the general fund , which support public safety services for Garner residents .
THE FOLLOWING ARE FINANCIAL highlights for the Town of Garner during FY 23-24 ( as also noted in the 2024 Annual Comprehensive Financial Report ):
The assets plus the deferred outflows of resources of the Town exceeded its liabilities and deferred inflows of resources at the close of FY 23-24 by $ 94.9 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 $ 72.1 million , or an increase of $ 8.7 million primarily due to an increase in permits and fees revenue , investment earnings and expenditures coming in under budget .
At the close of FY 23-24 , the Town ’ s unassigned fund balance for the general fund was $ 24.8 million , or 42 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 $ 6.2 million during the current fiscal year . The key factor for this increase is the increase in permit and fees revenue , investment earnings , and expenditures coming in under budget .
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 $ 2.3 million . This increase was due to the transfer in of money from the general fund .
10 | POPULAR ANNUAL FINANCIAL REPORT 2024