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City finance staff warns Lynn Haven faces multimillion-dollar FEMA gap from Hurricane Michael
Summary
Finance staff told the commission that FEMA adjustments have reduced federal receivables tied to Hurricane Michael, leaving Fund 101 in a roughly $900,000 negative cash position and likely requiring a $2.3 million transfer from the General Fund; longer-term impacts may total $22–23 million on the General Fund.
City finance staff told the Lynn Haven City Commission that ongoing FEMA audits and allocations for Hurricane Michael projects have cut the city's expected federal receivables substantially, creating an immediate cash shortfall.
Staff reported that Fund 101 (disaster recovery) is currently about $900,000 in a negative cash position and that the city will make a roughly $2.3 million payment from…
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