Net Position ( 3-Year Trend )
Net Position by Fiscal Year
TOWN OF GARNER / FINANCE GarnerNC . gov
The Town ’ s Net Position
FY 21-22 FY 22-23 FY 23-24 Assets $ 148,687,518 $ 177,089,780 $ 185,956,124
Deferred outflows of resources |
|
|
|
( e . g . Town share of future pension expenses ) |
8,689,878 |
11,494,431 |
11,375,494 |
Liabilities $ 76,405,448 $ 100,294,870 $ 97,866,404
Deferred inflows of resources ( e . g . property taxes paid in advance )
Net Position ( 3-Year Trend )
5,634,252 5,312,941 4,525,303
Net Position $ 75,337,696 $ 82,976,400 $ 94,939,911
NET POSITION IS THE DIFFERENCE between total assets plus deferred outflows of resources and total liabilities and deferred inflows of resources . A positive net position means Town assets plus deferred outflows of resources exceed its liabilities plus deferred inflows of resources .
The Town had a positive net position of $ 94,939,911 as of June 30 , 2024 . Overall , net position increased by $ 11.96 million in FY 23- 24 due to several revenue categories including property taxes , sales tax , investment earnings and building permit fees outperforming expectations .
Approximately 74.4 percent of net position ($ 70.6 million ) reflects the Town ’ s investment 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 outstanding issued to acquire those items . The Town uses these assets to provide services to residents . An additional $ 5.6 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 $ 18.7 million .
Net Position by Fiscal Year
$ 75 |
71.39 70.84 70.24 |
71.64 |
75.34 |
$ 50 |
|
|
|
$ 25 |
|
|
|
0 FY 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24
POPULAR ANNUAL FINANCIAL REPORT 2024 | 11