City finance director reports $124 million cash balance; projects year‑end around $108 million

City officials updated the council Sept. 2 on the city’s fiscal status, reporting roughly $124 million in cash, reserves and restricted funds as of Aug. 1 and a projected year‑end restricted cash balance near $108 million.

The presenter said the $124 million figure includes the city’s hurricane reserve, investments and restricted cash for capital projects and operations. He told the council that the projected year‑end level is about $8 million less than the previous year, and attributed two one‑time receipts in the prior year to an ALDOT bridge settlement payment and about $4 million in FEMA reimbursements related to Hurricane Sally that were received in the prior reporting period.

Staff said general fund expenses (including debt and school funding) are up slightly and highlighted the need to discuss health‑insurance coverage for group plans during the next budget cycle. The presenter estimated an expected surplus of about $22.3 million that would go to capital projects and noted recent or planned infrastructure work: nearly $43 million in capital projects completed in 2024, ongoing sidewalk work (behind schedule), the athletic complex, the veterans memorial library, senior center renovations, Contorno Park, a civic center design procurement, a fire training center and a sea‑turtle facility nearing power activation.

City staff did not provide line‑by‑line budget figures during the report; capital project schedules and any associated funding adjustments will be considered in future budget and departmental briefings.