Long-Term Debt( 3-Year Trend)
TOWN OF GARNER / FINANCE
GarnerNC. gov
Capital Projects / Long-Term Debt
THE TOWN OF GARNER continued planning and began construction on several projects that were authorized as part of the Town’ s 2021 bond referendum.
Design planning and acquisition of land for rightof-way continued on several street and sidewalk projects, most notably a roundabout on White Oak Road and improvements along Jones Sausage Road.
Another significant capital project funded by the 2021 bond package is phase 1 construction of Yeargan Park. Phase 1 site amenities will include four athletic fields, an inclusive playground, and a shelter including restrooms. This is a signature project of the bond package with construction expected to be completed in the fall of 2026.
Net bonded debt per capita increased to $ 1,787 in FY 24-25. The increase is linked to issuing $ 30.2 million in new debt. This bond sale was the second of several installments that will occur over coming years for the $ 69 million bond package approved by voters in 2021.
Garner’ s GO Bond Ratings
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.
In FY 24-25, design and land acquisition work continued on several street projects, including construction of a roundabout on White Oak Road.
General obligation bonds
Installment financing agreements
Long-Term Debt( 3-Year Trend)
FY 22-23 FY 23-24 FY 24-25
$ 53,142,000 $ 50,204,847 $ 77,499,847
2,625,691 1,846,619 6,831,999
Total $ 55,767,691 $ 52,051,466 84,331,846
14 | POPULAR ANNUAL FINANCIAL REPORT 2025