City reports $12 million state cash-flow loan to cover recovery reimbursements, bringing total state loans to nearly $17 million

Assistant City Manager Ben Woody told the City Council during the Sept. 4 agenda briefing that the city has received a third state cash-flow loan related to recovery, "just over $12,000,000," bringing the total of the city's state cash-flow loans to “just under $17,000,000.”

Woody described the loans as non-forgivable, 0% interest bridge financing designed to support city cash flow until FEMA public assistance reimbursements are received. "These loans...help the overall city cash flow and strengthen our balance sheet as we move into the recovery process," Woody said.

Woody clarified the loans cannot be used as revenue to fund non-Hurricane Helene expenses; they are intended to bridge timing gaps for eligible recovery costs. Council members asked clarifying questions but did not take formal action at the briefing. The loans were presented as a consent-agenda-related item that will appear in the Sept. 9 business meeting materials.

The briefing did not provide a detailed repayment timetable; staff indicated additional financial details will be included in the formal agenda packet.