Revenues
Expenditures
Revenues ( 3-Year Trend )
TOWN OF GARNER / FINANCE
GarnerNC . gov
Town Revenues and Expenditures
Investments ( 3.5 %)
Sales / services ( 1.6 %)
Permits / fees
( 9.9 %)
Intergov ’ t ( 6.8 %)
Other taxes
( 17.5 %)
FY 23-24 Budget Breakdown by Percentages
Other revenues ( 0.8 %)
Revenues
Property taxes ( 59.9 %)
Environmental protection incl . solid waste
( 5.4 %)
Transportation incl . street maintenance
( 9.8 %)
Debt service ( 10.8 %)
Cultural / recreational
( 9.9 %)
Expenditures
Public safety ( 40.9 %)
General government ( 23.2 %)
TOTAL GENERAL FUND REVENUES for FY 23-24 were $ 63.4 million . The property tax rate increased by 7.49 cents to 62.7 cents 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 nine additional positions , police camera upgrades , staffing and operations for the new Caddy Road Public Safety Station , parks maintenance and facilities repairs .
Property taxes account for 59.9 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 17.5 percent of all revenues . Collections in this fiscal year increased 4.6 percent over the prior period . The main driver of growth in this category was robust local sales and use tax revenues .
The Town received 9.9 percent of its revenues
Revenues ( 3-Year Trend )
|
FY 21-22 |
FY 22-23 |
FY 23-24 |
Property taxes |
$ 26,803,879 |
$ 30,528,827 |
$ 37,957,195 |
Other taxes and licenses |
9,550,714 |
10,582,534 |
11,073,560 |
Intergovernmental revenue |
3,624,180 |
3,883,395 |
4,340,979 |
Permits and fees |
4,788,172 |
4,752,262 |
6,290,315 |
Sales and services |
806,313 |
1,067,396 |
1,019,630 |
Investment earnings |
-149,032 |
877,131 |
2,206,724 |
Other revenues |
795,324 |
376,485 |
528,325 |
Total |
$ 46,219,550 |
$ 52,068,030 |
$ 63,416,728 |
12 | POPULAR ANNUAL FINANCIAL REPORT 2024