2018 Popular Annual Financial Report For the fiscal year ending June 30, 2018 | Page 10

New construction resulted in an increase in property tax collections in FY 17-18.
FY 2017-18 F inancial H ighlights
T
HE FOLLOWING ARE FINANCIAL high- G eneral F und B udgetary H ighlights
lights for the Town of Garner during FY
17-18 (as also noted in the Comprehensive The general fund is the chief operating fund
of the Town. The fund balance of the Town’s
Annual Financial Report):
general fund increased $650,000 during the
• The assets of the Town exceeded its liabil- current fiscal year. Key factors in this increase
ities at the close of the fiscal year by $71.4 are as follows:
million (net position). Of this amount, $6.4
• The Town recognized increases in both
million (unrestricted net position) may be
property and sales tax collections during
used to meet the government’s ongoing
the year.
obligations to the citizens and creditors.
• The Town’s investment program generated
more than double the investment income
• At the end of the fiscal year, the Town’s
over the previous fiscal year.
governmental funds reported com-
bined ending fund balances of $33.3
C apital P rojects F und B udgetary H ighlights
million, or a decrease of $6.5 million,
due to expenditures on bond projects. The capital projects fund is a multiyear fund used
to account for the acquisition or construction of
• At the close of FY 17-18, the Town’s unas- major facilities or infrastructure. Fund balance of
signed fund balance for the general fund the capital projects fund decreased $7.1 million.
was $17.7 million, or 56.2 percent of total This decrease was due to capital project expen-
general fund expenditures and transfers ditures of proceeds of previously issued bonds on
out for the fiscal year. This amount is avail- projects including Town Hall and the Garner Rec-
able for spending at the Town’s discretion. reation Center, to be completed in FY 2018-19.
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2018 POPULAR ANNUAL FINANCIAL REPORT