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City treasurer reports midyear cash uptick, sales tax shifts and project borrowing
Summary
City Treasurer Kim Creech told the Fairhope City Council work session that cash balances are higher than last year largely because of borrowing for water and wastewater capital projects; sales tax is up modestly while simplified sellers use tax collections are growing faster.
City Treasurer Kim Creech gave a midyear financial review at the Fairhope City Council work session, reporting higher cash balances compared with the same period last year and explaining the primary drivers behind the change.
Creech said the main reason cash increased was borrowing for water and wastewater capital projects; those proceeds are reflected in current cash balances until projects spend the funds. She explained the city had taken loans and rollovers into utility funds to pay for planned capital work and that reimbursements for large…
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