TOWN OF GARNER / FINANCE
FY 24-25 Financial Highlights
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In FY 24-25, the Town sold $ 30.2 million in general obligation bonds to support projects including construction of phase 1 of Yeargan Park on East Garner Road.
THE FOLLOWING ARE FINANCIAL highlights for the Town of Garner during FY 24-25( as also noted in the 2025 Annual Comprehensive Financial Report):
The assets of the Town exceeded its liabilities at the close of FY 24-25 by $ 112.7 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 $ 112.9 million, or an increase of $ 46.7 million primarily due to the sale of $ 30.2 million in general obligation bonds in April 2025.
At the close of FY 24-25, the Town’ s unassigned fund balance for the general fund was $ 34.6 million, or 52.7 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 $ 13.5 million during the current fiscal year. The key factor for this increase is the increase in ad valorem( property) taxes.
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 $ 27.4 million. This increase was due to the issuance of general obligation bonds approved by voters in November 2021. During the fiscal year, the Town sold $ 30.2 million in bonds out of a total authorized amount of $ 69 million.
10 | POPULAR ANNUAL FINANCIAL REPORT 2025