Lifetime Citizen Portal Access — AI Briefings, Alerts & Unlimited Follows
Officials say audits will be caught up and potential outside financing could speed Alexander City capital projects
Loading...
Summary
Councilors and staff reported an $8.5 million general‑fund position, described true reserves of roughly $2.9 million, and said outside lenders have signaled interest in financing capital projects if audits are brought up to date; superintendents were asked to deliver project plans by June 1.
City officials used the council meeting to outline the city’s near‑term fiscal position and to flag a possible near‑term opportunity to accelerate capital projects.
A council speaker highlighted that Alexander City’s utility collections were strong: “our people in Alexander City last month's cycle paid 99.6% of the billings,” a remark used to illustrate local revenue reliability. City finance staff reported the general fund balance at $8,500,000 but clarified that the city’s true designated reserves total roughly $2.9 million (approximately $1,500,000 from city reserve plus $1,400,000 in the Wells Fargo general account). Staff urged council discussion on dedicating additional funds to reach a 90‑day reserve target.
Officials also said they have received preliminary interest from two financial institutions willing to provide funds for major capital projects, but that access to those offers is contingent on getting audits current. A council speaker said superintendents have been asked to provide detailed plans by June 1 listing proposed work and estimated costs so the council can consider borrowing proposals during the June meeting cycle.
Finance staff further warned of large outstanding obligations and bills that will need to be managed in the budget process, and the council discussed the timing of requests to borrow to support projects in 2026 rather than waiting until later years.
Community‑development staff also noted the city has applied to the National League of Cities legacy cohort for technical assistance and has discussed federal‑level coordination with Senator Britt’s office, steps officials framed as complementary to local funding and planning work.
Officials emphasized that audit completion and clearer reserve policy will be prerequisites for committing to outside capital financing.
