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Irondale reports $15M reserves, water PFAS mitigation and employee pay gains
Summary
Mayor said the city holds about $15 million in reserves, expects FY24 audit completion, invested ~$1M in temporary PFAS treatment and spent $750,000 on temporary water tanks; he also highlighted recent raises that made Irondale among the higher-paying municipalities in Jefferson County.
The mayor reported the city’s fiscal position, recent water investments and employee compensation changes during a town-hall presentation.
On finances, the mayor said the city projected a $3 million surplus in February but that the surplus was closer to $2.3 million; he stated the city holds over $15 million in reserve. He said when he took office the reserve balance was $3 million and credited a combination of factors for the increase. The mayor said the city budgeted about $37 million in revenues and spent about $34 million in the current year; he said Lee (city finance colleague) and he are reviewing revenue assumptions for the coming year. He also said the city expects to finish the FY24 audit this week and that disclosure statements for bondholders will be prepared by city staff named Emma.
On water, the mayor said the city invested roughly $1 million in temporary measures to reduce PFAS and that the water department installed tanks ("3 quarters of a million dollars" cited for tanks) that were in place within 54 days. He said the water lead/PFAS readings are now “non-detect” after the temporary measures and credited the water staff for rapid installation.
On employees, the mayor said the city moved from being the eighth-highest paying employer in Jefferson County to the second-highest and noted multi-year raises (one year ~14%, another ~9% for public safety). He said the city pays about 94% of employee insurance premiums (family premiums under $100 per month) and offers an education reimbursement program of up to $5,000 (with a 3.0 GPA requirement).
The mayor said some capital projects were financed by a $60 million borrowing program for initial projects and that the city intends to fund later phases in cash as reserves grow.
He invited residents to a detailed financial presentation on April 16 that will include park and paving plans and promised more detailed budget information then.
