Long-Term Debt ( 3-Year Trend )
TOWN OF GARNER / FINANCE
GarnerNC . gov
Capital Projects / Long-Term Debt
Garner ’ s GO Bond Ratings
Yeargan Park is a major project funded by the 2021 Bond Program . Residents will see construction on the park get underway in early 2025 .
AAA ( Extremely Strong )
Aa1 ( 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 and acquisition of land for right-ofway 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 was construction of the Caddy Road Public Safety Station to serve a rapidly growing area of south Garner . The new station is a joint effort between Garner and Wake County and houses a Wake County EMS unit in addition to the fire department . The new station officially opened in June 2024 .
Non-bonded debt is also being utilized for renovation of a building adjacent to the Town
General obligation bonds
Installment financing agreements
Long-Term Debt ( 3-Year Trend )
FY 21-22 FY 22-23 FY 23-24
$ 33,345,000 $ 53,142,000 $ 50,204,847
4,507,243 2,625,691 1,846,619
Total $ 37,852,243 $ 55,767,691 $ 52,051,466
Hall campus that will provide needed office and meeting space for Town staff .
Net bonded debt per capita decreased to $ 1,266 in FY 23-24 . The decrease is linked to increasing population and the reduction of bonded debt . The bond sales approved in 2021 encompass several installments that will occur over the coming years for a total of $ 69 million .
14 | POPULAR ANNUAL FINANCIAL REPORT 2024