Bond Activity / Long-Term Debt
THE TOWN OF Garner continued construction of the projects approved in the 2013 bond referendums but did not issue any further general obligation bonds during FY 15- 16 . Completed bond projects in FY 15-16 included the new police station at 912 7th Ave ., new concessions buildings to service the ballfields at South Garner and Garner Recreational Parks and a sidewalk project along Timber Drive .
The Garner Bond Program funded new concessions buildings at the ballfields at South Garner and Garner Recreational Parks .
The Town entered into a $ 630,000 installment loan for the purchase of vehicles and equipment in FY-15-16 . Overall , total debt decreased by $ 998,852 during the fiscal year . Debt per capita fell by 11.7 percent to $ 1,221 in FY 15-16 . The decline was due to the retirement of approximately $ 1.6 million in debt as well as an increase in the Town ’ s population .
Garner ’ s Long-Term Debt
General obligation bonds
Installment financing agreements
FY 15-16
FY 14-15
$ 29,335,000 $ 29,760,000
5,800,674 6,374,526
TOTAL $ 35,135,674 $ 36,134,526
Debt Per Capita
$ 1,400 $ 1,383
$ 1,221
1,050
700
350
$ 538 $ 499
$ 858
0
FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 15-16
10 2016 Popular Annual Financial Report