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Finance director reports healthy reserves; bond proceeds in bank for Civic Center, council told
Summary
A staff financial report on March 20 said the city's reserve fund balance and general-fund operating balance remain healthy, sales tax and business-license revenue are near or above budgeted expectations, and bond proceeds for the Civic Center are now in the bank.
A city finance staff member identified in the meeting as "Mister Collins" presented the February 28 financial report to the Mobile City Council on March 20, saying the city's reserve fund balance was $58,626,210 and the general-fund operating balance was $116,650,760.
Collins said year-to-date sales-tax receipts were $79,940,184 against a budgeted $81,117,564 and noted that sales tax is collected in arrears. He reported business-license revenue at $45,252,987 year to date, approximately $2.5 million above last year and several million above budget. "That is a healthy number," Collins said.
On the capital side, Collins said total capital revenues to date were about…
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