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Finance director: $7 million in combined balances but utilities in rebuilding phase
Summary
The finance director presented a status report showing $7 million in bank balances, noting a $3.4 million increase in the Campbell Fund and a $2.3 million decrease in utilities balances; councilors were reminded that the utility funds are in a rebuilding phase and several capital or grant reimbursements are pending.
The Alexander City finance director presented a financial status report to the City Council on Jan. 27, saying the city showed roughly $7 million in combined bank balances but that those totals mask internal shifts and upcoming obligations.
"On the banking balances, [it looks like] 7,000,000 above December 23," the finance director said, while noting that the growth includes a $3,400,000 increase in the Campbell Fund and a $2,300,000 decrease in…
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