Finance Committee approves amendment reallocating funds for equipment, insurance adjustments and playground upgrades

The City of Charleston Finance Committee on May 19 unanimously approved Resolution 25-43, an amendment to the FY2024–25 general fund budget that reallocates funds to cover equipment replacement and adjust insurance-claims accounts.

Mr. Wood, presenting the amendment, said the change covers three separate items. He told the committee the city will shift funds to pay for a backhoe damaged in a transport incident; after insurance and salvage, the net city cost to replace the machine is about $67,000. He also said the amendment realigns budget lines because the city has had several significant insurance claims this fiscal year, including a separate settlement later on the agenda involving Dutch Miller Subaru.

Mr. Wood added the city has received $25,000 from a settlement related to Lipitor (Pfizer) and that those funds will be allocated toward improvements at city playgrounds. He named Oakmont Park as one site where new equipment has been identified but said the allocation could purchase equipment for other parks as needed.

The committee moved the resolution and approved it by voice vote. No objections were recorded.

Why it matters: The amendment funds are meant to keep core services and equipment replacement on schedule while ensuring insurance-related expenses are accounted for in the proper budget lines. The designated $25,000 from the pharmaceutical settlement is a one-time earmark for park equipment and will not cover all identified needs.

Next steps: The resolution was adopted and the budget changes will be implemented in the city accounting system as directed by the finance staff.