Irondale mayor defends city finances, cites $100 million in bonds and announces retail deal progress

Mayor Stewart said at a July budget town-hall meeting that Irondale’s outstanding bonded debt is about $100,000,009.45 as of July 25, not the larger figures circulating on social media, and that the city holds roughly $26.5 million in combined restricted and unrestricted bank balances.

The mayor opened the event by addressing residents’ concerns about the city’s fiscal health and the sources of what he called “disinformation.” He said the city has $17 million in reserves, $15 million in the general fund, $2 million in a water reserve and the equivalent of 200 days of operating cash on hand: “If the city did not bring in $1 for the next 7 months, we would still be able to sustain our operations,” he said. He added that the city had paid $6.2 million in bond payments through July, about 16% of the annual budget.

Why it matters: The remarks were presented as an attempt to rebut public claims that Irondale is insolvent and to explain how bond borrowing funded visible capital work. Stewart tied the city’s borrowing to projects voters approved in a property-tax referendum and to the administration’s “Blueprint Irondale.” He said much of the borrowed $60 million has already been spent on capital projects and that about $33 million remains in bond funds to complete them.

Details on debt and accounting

Stewart told attendees that earlier-circulated figures — including totals he cited from the 2024 audit and social posts — can be…