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City administrator reports $124M in cash, $22.3M expected surplus, and updates on major projects
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 anticipates "about 22,300,000.0, going into our surplus," funds earmarked for capital projects.
Hamley credited departments for operations during a record summer season and reviewed recent capital work, including an athletic complex, veterans memorial library improvements, senior center renovations, Contorno Park construction, sidewalk projects (behind schedule), the Sea Turtle facility (power expected within a week or two), the Civic Center design procurement (11 proposals under review), a pickleball project, and the fire training center. He noted two unusual revenue items in the prior year (an ALDOT bridge settlement payment and a $4,000,000 FEMA payment tied to Hurricane Sally) that affected last year's totals.
Council members asked follow-up questions about local traffic and signage near a veterinary clinic, and staff said they would follow up. Hamley also noted health-insurance coverage questions that will be part of the next budget cycle.
