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Lynn Haven finance staff says city is solvent but rebuild leaves $7.4 million local share
Summary
At a July budget workshop, Lynn Haven finance staff said the city is meeting obligations and has roughly $17.9 million in unassigned general fund cash, but the rebuilt city hall's funding gap leaves about $7.44 million ultimately to be covered locally after FEMA and insurance, and the city must budget roughly $2.8 million a year for disaster-bond debt service through 2033.
At a budget workshop July 18, Lynn Haven finance staff told commissioners the city is solvent and meeting payroll and accounts payable, but that the rebuilt city hall and outstanding disaster-recovery obligations will create multi-year debt-service demands. "We are solvent. We are meeting all of our financial obligations," Finance Presenter Kiki Roman said during her presentation.
Roman said a snapshot of cash on hand includes roughly $17,900,000 in unassigned general-fund cash as of the end of fiscal 2024, while the city also holds restricted balances in enterprise funds. She warned that a single cash balance is only one piece of the picture: "That document gives you at the end of the fiscal year... the unassigned fund balance" and is the best single-number indicator of flexible funds, she said.
On the city hall…
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