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City administrator reports $124M in cash, $22.3M expected surplus, and updates on major projects

City of Orange Beach City Council

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Summary

City Administrator Ford Hamley reported roughly $124 million in city cash and reserves as of early August, expects year-end cash near $108 million, and projected an approximate $22.3 million surplus to support capital projects; staff updated council on sidewalks, sea-turtle facility power, civic center proposals and other capital efforts.

City Administrator Ford Hamley presented a financial update to the Committee of the Whole on Sept. 2, reporting that "we have a $124,000,000 in the bank right now," which includes hurricane reserves, investments and restricted cash. Hamley said the city is currently projecting year-end cash around $108,000,000 and…

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