Net Position( 3-Year Trend)
Net Position by Fiscal Year
TOWN OF GARNER / FINANCE GarnerNC. gov
The Town’ s Net Position
FY 22-23 FY 23-24 FY 24-25 Assets $ 177,089,780 $ 185,956,124 $ 241,362,204
Deferred outflows of resources |
|
|
|
( e. g. Town share of future pension expenses) |
11,494,431 |
11,375,494 |
11,112,665 |
Liabilities $ 100,294,870 $ 97,866,404 $ 134,220,521
Deferred inflows of resources( e. g. property taxes paid in advance)
Net Position( 3-Year Trend)
5,312,941 4,525,303 5,554,746
Net Position $ 82,976,400 $ 94,939,911 $ 112,699,602
NET POSITION IS THE DIFFERENCE between total assets and deferred outflows of resources and total liabilities and deferred inflows of resources. A positive net position means Town assets exceed liabilities.
The Town had a positive net position of $ 112,699,602 as of June 30, 2025. Overall, net position increased by $ 17.8 million in FY 24-25 due to an increase in ad valorem taxes, sales tax, utility franchise taxes, and investment earnings.
Approximately 67.3 percent of net position($ 75.9 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 $ 8 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 $ 28.7 million.
Net Position by Fiscal Year
( in millions) $ 125
112.70
$ 75 |
71.39 70.84 70.24 |
71.64 |
75.34 |
82.98 |
$ 50 |
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$ 25 |
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0 FY17-18
18-19 19-20 20-21 21-22 22-23 23-24 24-25
POPULAR ANNUAL FINANCIAL REPORT 2025 | 11