Popular Annual Financial Report - 2017 For fiscal year ending June 30, 2017 | Page 9

expected to help the Town obtain better interest
rates and terms for future borrowings and bond
issuances. Moody’s noted the Town’s consistently
strong financial position built on conservative
fiscal policies, a growing tax base benefitting from
Garner’s proximity to Raleigh and manageable debt
and pension burdens.
joining Raleigh and Durham as the only Triangle
municipalities to be named a Playful City USA.
The recognition honors cities and towns across the
country for putting the needs of families first so kids
can learn, grow and develop important life skills.
The Government Finance Officers of the United
States and Canada (GFOA) awarded the Certificate
of Achievement for Excellence in Financial
Reporting to the Town for its 2016 Comprehensive
Annual Financial Report (CAFR). It was the 27th
consecutive year that the Finance Department
earned the award.
JUNE
MAY The Garner Revitalization Association (GRA) was
designated for 2017 as an accredited Main Street
America program for meeting rigorous performance
standards set by the National Main Street Center.
The national nonprofit KaBoom! honored the Town
with a Playful City USA designation for the fourth
consecutive year. Garner was one of just 11 cities or
towns in the state to earn the recognition in 2017, For the third consecutive year, the Town received the
Award for Outstanding Achievement in Popular
Annual Financial Reporting from the GFOA for its
Popular Annual Financial Report (PAFR).
FY 2016-17
FINANCIAL HIGHLIGHTS
The following are financial highlights for the Town
of Garner during FY 16-17 (as also noted in the
Comprehensive Annual Financial Report):
The assets of the Town exceeded its liabilities at
the close of the fiscal year by $83.87 million (net
position). Of this amount, $18.4 million (unrestricted
net position) may be used to meet the government’s
ongoing obligations to the citizens and creditors.
At the end of the fiscal year, the Town’s governmental
funds reported combined ending fund balances of
$39.8 million, or a decrease of $6.9 million.
As of the close of the fiscal year, the Town’s
unassigned fund balance for the general fund was
$18.1 million, or 56.7 percent of total general fund
expenditures and transfers out for the fiscal year.
This amount is considered available for spending at
the Town government’s discretion.
G eneral F und B udgetary H ighlights
The general fund is the chief operating fund of the
Town. The fund balance of the Town’s general fund
2017 POPUL AR ANNUAL FINANCIAL REPORT
increased $3.3 million during the current fiscal year.
Key factors in this increase are as follows:
1. The Town recognized increases in both property
and sales tax collections during the year.
2. The Town continues to see growth in
commercial and multifamily residential
development,
resulting
in
additional
permitting and inspection fees more than
$1 million, some of which are restricted fees
committed for specific purposes (i.e. payments
in lieu of parkland).
C apital P rojects F und B udgetary H ighlights
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 decreased $10.2 million. This
decrease was due to the capital project expenditures
of previously issued bonds. The Police Department
and Town Hall have been completed in the last two
fiscal years, and the Garner Recreation Center has
begun construction, with the bulk of the project to
be in the coming fiscal year.
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