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Cape Coral staff propose $3 million economic development reserve to fund incentives
Summary
City staff presented a policy amendment to create a committed $3 million economic development reserve funded by a prior budget amendment; staff will present a resolution to memorialize the change at the Sept. 17 City Council meeting.
Crystal Feas, the city—s Financial Services Director, told the Committee of the Whole on Sept. 10 that the administration is proposing an amendment to the city—s financial management policies to create a dedicated economic development reserve.
Feas said the reserve "will be replenished each year so that it has a balance of $3,000,000 at the start of each fiscal year." She told council members that $3 million was already appropriated through "budget amendment number…
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